ATLANTA, Jan. 06, 2017 (GLOBE NEWSWIRE) -- BlueLinx Holdings Inc. (NYSE: BXC ), announced today that it has recently completed the sale of its non-operating facility in Wausau, Wisconsin, generating approximately $1.1 million in net proceeds. With this sale, BlueLinx has realized approximately $34.1 million in net proceeds from certain real estate sales since announcing its deleveraging plan last year.
BlueLinx has other non-operating facilities under contract with various purchasers and continues to actively market several company-owned operating facilities for possible sale leaseback transactions. The Company expects that through the outright sale of the properties in which it no longer operates and the sale leaseback transactions in certain facilities that will remain, that it will cumulatively pay off more than $60 million of its mortgage balance in the second quarter of 2017 since extending earlier in 2016.
As discussed in the March 2016 earnings call, the desktop valuation of BlueLinx’s real estate properties as of fiscal 2015 year-end was $332 – $352 million. The collective value of the eight non-operating facilities sold during 2016 has been consistent with the prior year desktop valuations.
“We are pleased with the property sales we completed in 2016. There is still more value in our facilities and we are encouraged with the additional real estate transactions we have planned,” said Susan O’Farrell, Senior Vice President and Chief Financial Officer.
About BlueLinx Holdings Inc. BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building and industrial products in the United States. The Company is headquartered in Atlanta, Georgia and operates its distribution business through its national network of distribution centers. BlueLinx is traded on the New York Stock Exchange under the symbol BXC. Additional information about BlueLinx can be found on its website at www.BlueLinxCo.com .
Forward-looking Statements This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to return to profitability, and our guidance regarding anticipated financial results. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of BlueLinx’s control that may cause its business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the prices, supply and/or demand for products that it distributes, general economic and business conditions in the United States; the activities of competitors; changes in significant operating expenses; changes in the availability of capital and interest rates; adverse weather patterns or conditions; acts of cyber intrusion; and other factors described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended January 2, 2016, its Quarterly Reports on Form 10-Q, and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, and changes in expectation or otherwise, except as required by law.
BlueLinx Contact Information: Susan O’Farrell, SVP, CFO & Treasurer BlueLinx Holdings Inc. (770) 953-7000 Natalie Poulos, Investor Relations BlueLinx Holdings Inc. (770) 953-7522 investor.relations@bluelinxco.com
