morning. ones during stepped six associates period. last our on our so Thanks, day first had I start and first minimize to And BlueLinx up weeks. who terrible go lost out this families. eight the the hearts loved also those to over many truly thank want to I thanking have help to good who Mary, They're taking our by to have COVID-XX the nation's has pandemic today and professionals every healthcare want responders. risks devastating impact
deemed operate, that our chain remained our and that every that state in fortunate essential are intact. business supply has has been We we
remain and our work continue to will to associates. of trade our have top support dedication our continue to customers safety commitment been the infrastructure. and priority with nation's We've our the serve been we our and day-to-day and well-being our housing as pandemic Their during through COVID-XX operations able partners
team we to associates, responsible business February, The late preparedness procedures respect new and COVID-XX all their the implementing decisions employee emergency primary pandemic. our mission our duration through prioritize for In families of with and to safety communities. policies formed and a to is health the cross-functional protect
other many immediately social companies, distancing when employees. and officials we by guidelines for Like health sanitation instituted recommended our
policies We employees as essential and present. new home well regarding implemented be to also were procedures work instituted visitors, services as from for locations required business-critical deliveries where
this uphold to have among to cases our operations policies new I during And report these as am that time. date, core thankfully, associates. X,XXX BlueLinx we of pleased functioning we our COVID-XX are effectively reported no
operational results this exited We we demonstrate which in several momentum in we XXXX with and realizing the challenges beginning existing half earnings we year fourth and the sales were last of our we of half the undertook. relationships capitalize first those on early response in strategies March, of efficiencies calls issues our and first the to second faced Our events. detail processes, the to successfully supplier those the the our over through enhancing ready year, quarter XXXX initiatives that addressed during customers key were discussed and on We've executing quarter building partners. the and
are business position currently and Our did quarter the We that that acutely during of environment putting result the move now XXXX actions facing BlueLinx quarter environment in first in are pandemic. had of solid for we in the And bearing quickly on the several earlier first to we're that a quarter we that took reflection time. facing. first are as the made contributed a results results business progress significant of our the a little aware we yet,
balance our monetize to strategy to delever sheet. our on executing continued own estate We our real
additional term have loan terms by through this In of eliminate $XX when by completion on our year transactions balance now pay We covenant fiscal an with million, down the leverage $XX we earlier million. properties. term of year end sale-leaseback primarily additional its million to we the XX since $XX XXXX, achieve which connection to reduced the also down principal the amend able the loan, of could reaches were an paying the
consists owned Our is future remaining available is which for still $XX valued at properties, million real estate, of and XX monetization. approximately
disruption, be currently in about While needed still recognize historical properties estate real leverage amount of that term the over the covenant. eliminate we of would to the value loan's market a that is is XX% market state these the
longer-term We operating actually flow our of results constriction near monetization, repayment, sheet a on and as as drawing real facility. generating balance estate additional several including our potential cash ABL loan both our well through and have sources term for operating
XXXX. ratio and also In work anticipation the our also third in addition to we our covenant to markets, we amend through challenges additional as renegotiated ABL our to liquidity loan, navigate able we turbulent of our on to quarters both second a we term for increase of X.XX did in short-term quarter. late the leverage provide March were the And our to significantly in loan favorably term second
products impact building the and We economy early that realized likely the March disruptive overall have COVID-XX would by industry. to a U.S.
felt also with anticipated loan by me I team, I that our year, that we addition in expenses our and This to economic necessary. anticipated on for my Board to compelled six be reducing base be many salary to $X BlueLinx would our the ABL would soon would our months. inform that term operating terms impact realization, the be In enhancing curtailing earlier coupled
salaries I'm XX% voted XX% down team period Board a voluntarily then an to and base that management down to part that two for their quarters. took by And cash its next unanimously same for executive compensation the the proud take of be by
workforce. In actions, a almost deferred our have furloughed addition to of initiated capital also expenditures, and these certain freeze, XX% delayed all hiring we benefits approximately salaried
was to heavily customers our scrutinized associates mitigate the these revenue. our to of The salaried impact furlough and
centralized areas redeploy times functional during and to inventory and payment authorization to daily We that associates detailed also review attention heightened receivable market require forecasting. were analytics, accounts of such as disruption, assessment, able several
highly a uncertain of quickly geographical also our analysis across we to daily rigorous implemented a footprint. changes variable cost to light environment, market react In demand
We costs will market can the in both so that monitor continue efficiency needed, our conditions adverse operating and ahead. quickly we the to for fixed if react our given potential days
pressure On relatively March. end held pleasantly seeing our a note, the April were of volume towards despite well how we to sales positive surprised up downward see in
fiscal from year product the about line when that X% siding revenue was lost X, which May over down XX% factor ended previously in discontinued and we've sales only during Our period prior down our on the discussed. April, about you
revenue existing a decline reflective From protracted to housing of We or contracts impact, completed while the is steep when rapid down the XXXX, two weeks modest remain around revenue were remainder relatively significantly period in our the sequential in during the of if negatively our same excluding and a X%. starts believe decline perspective, were XX% and of single-family month down the in homebuilding period. month, April impacted that about a decline the continue may siding more was compared first volume over
What will compared to which in the is the single-family today starts be extent we that housing uncertain. U.S. the do pandemic market remains March course, affected seasonally-adjusted housing about know and declined further from by XX.X% the that Of economy come and positive February to February were momentum a we down March see April. when the out seeing. was the basis, on results we for decline levels to expect a dramatically
March Index, from experienced April. to Another Builders the a XX-point data decline Confidence point that which we track is
tell While certain areas unemployment slowly now especially of it of rate and a face. early what will the reopening to are their economies, we country strong when housing activity, too levels still see at the historic we is considering reemergence
drives that environment growing on if negative have markets, the housing safer away complexes a positive from short-term living sentiment however, effect in while or long-term market, impact have it pandemic is, will homeowners, suburbs. potential a the millennials, the apartments in in particularly large multifamily metropolitan to single-family may it There a
become that environment, improving adapt changing to environment improvements The improvements and nimble us this know conditions. rapidly that crisis, we we we market remain reap and has we stronger operational this critical these even driving as company. and than further expect past are go in of we In efficiencies COVID-XX must will benefits ever, even to have compelled more the an to finding and emerge continue once we processes, and current
believe long-term at operations which the leader have our strategies, length drive short-term, intact. liquidity doing tumultuous Our things environment. industry. to the the are our the In to all we and business discussed we in as a in navigate level calls company next we We through this remain previous right and will
coming the begins in everything in economy position We successfully and to be its will manage growth to and doing when and pursue continue ready sales to the to recovery. profitable power months ahead company our are weeks the
started joined in on are Kelly challenging new Kelly and most Electric. holding decade today our We one than with jumped and has leadership times industrial and with Janzen. BlueLinx companies, including General by the right major joins positions Financial Kelly has Company's after company the in a financial April history. BlueLinx Chief of during joined interesting more XX our Officer, at
BlueLinx WestRock, process team Hughes. recently Officer and BlueLinx drive operational expertise fortunate the is to wealth prior oil joining and most financial with Kelly and experience Accounting have company, us The services to corrugated company, efficiencies technical within Kelly's of that $XX that, and for brings was consumer greater organization. to Company. Baker our will an packaging Chief field background billion someone for She a our help and even
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