Tuesday, building products distributor BlueLinx Holdings Inc. (BXC), reported a narrower net loss for the fourth quarter due to a 34.1% decline in expenses.
The Atlanta, Georgia-based company reported a net loss for the fourth quarter of $25.1 million or $0.81 per share, narrower than $34.1 million or $1.10 per share in the year-ago period. The loss was attributed to the ongoing downturn in the housing market and various restructuring charges.
Revenues for the quarter decreased 35.6% to $501.5 million from $778.9 million in the same period a year ago, reflecting a 41.2% decline in structural product sales and a 26.9% sales decline in specialty products.
Gross profit for the fourth quarter totaled $46.4 million, down 29.8% from $66.1 million in the prior year period, due to lower unit volume associated with the decline in housing start.
Gross margin was 9.3% for the period, compared to 8.5% in the prior year period. Gross margin for the fourth quarter 2008 was negatively impacted by rapid decline in margins on certain structural metal products.
Total operating expenses declined 34.1% to $73.3 million from $111.2 million in the same period a year ago.
Operating loss for the quarter narrowed to $26.8 million from $45.1 million in the fourth quarter of last year.
For the full year, net loss was $31.7 million or $1.02 per share, compared to $27.9 million or $0.91 per share last year. Net sales for the period declined to $2.8 billion from $3.8 billion a year ago.
BXC is currently trading at $2.10, down $0.33 or 13.58%.
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