Susan C. O’Farrell
O’Farrell accepted the position, effective May 19, and will replace Doug Goforth, who is leaving the company to pursue other interests. To assist in the transition, Goforth has agreed to serve in an advisory capacity until early June.
O’ Farrell has been a senior financial executive holding several roles with The Home Depot since 1999. As the vice president of finance, she led teams supporting the retail organization. Most recently, she was responsible for the finance function for The Home Depot’s At Home Services Group. She began her career with Andersen Consulting LLP, leaving as an associate partner in 1996 for a strategic information systems role with AGL Resources.
First Quarter Financials
“We are pleased to report fiscal first quarter 2014 adjusted EBITDA of $1 million,” said Mitch Lewis, president and CEO. “This result is encouraging, particularly in light of the unusually severe winter, which reduced demand for building materials. Adjusted EBITDA of $1 million during the seasonally low quarter is the company’s first positive adjusted EBITDA in the first quarter since 2007, an improvement of approximately $2.4 million from the first quarter of 2013, and reflects the impact certain key initiatives are making in our business. We also ended the first quarter with $89.3 million in excess availability on the company’s revolving credit facilities, which is a significant increase from $45.8 million at fiscal year end 2013. We are continuing to explore additional financial alternatives to further improve the company’s liquidity to provide a strong foundation for the company’s future success.”
Revenues on a same center basis for the fiscal first quarter ending April 5, 2014 decreased $29.8 million, or 6.3 percent, compared to the fiscal first quarter ending March 30, 2013. Taking into account closed centers, revenues for the 2014 fiscal first quarter fell 11.8 percent to $443.9 million from $503.2 million in the year-ago period. The same center sales decline was mainly due to weather impacts on structural unit volumes, as well as certain product price declines relative to year-ago levels.
Adjusted EBITDA for the 2014 fiscal first quarter improved to $1 million from an adjusted EBITDA loss of $1.4 million for the same period a year ago.
BlueLinx Holdings Inc. is a leading distributor of building products in North America.