BlueLinx reported today a $860,000 net loss for the third quarter of 2013. Though the loss is an improvement over its last-year 3Q net loss of $3.2 million, it's a fall from last quarter's $3.2 million net profit.
3Q net sales for the Atlanta-based distributor fell 1.4% to $549 million from $557 million in 2013. The company was able to cut its selling, general, and administrative costs to $56.1 million this quarter, down from $57.2 million this time last year.
BlueLinx's earnings announcement focused on adjusted EBITDA for only those centers open in 2013 and 2014's third quarters. It defined adjusted EBITDA as net income plus interest expense and all interest expense-related items, plus income taxes, stock compensation, depreciation and amortization, and excluding "other non-cash items and certain other adjustments."
Same-center net sales rose 3% to $549.8 million, and same-center adjusted EBITDA rose to $11.1 million from a $7.2 million a year earlier. "These results continue our positive year over year trend since our first quarter and reflect continued momentum in executing our initiatives," said Mitch Lewis, president and CEO.
BlueLinx announced a restructuring plan in June 2013 that included the "realignment of headquarters resources" and the potential closing of five distribution centers. Three months later, in September 2013, it closed facilities in Portland, Ore.; Sioux Falls, S.D.; Stockton, Calif.; Phoenix; and Boise, Idaho. Also last September, BlueLinx sold an office building in Denver.