LUMBERYARDS

BlueLinx announces expiration of rights offering

BY Ken Clark

Atlanta-based LBM distributor BlueLinx Holdings Inc. announced the expiration of the subscription period for its previously announced $40 million rights offering.

The subscription period for the rights offering expired at 5:00 p.m., New York City time, on March 27, 2013. The rights offering was over subscribed and, as a result, BlueLinx expects to receive net proceeds of approximately $38.7 million from the offering. 

Following the issuance of the newly subscribed shares, which is expected to occur on or about April 1, 2013, BlueLinx will have approximately 86,612,039 total shares outstanding.

The company serves about 11,500 customers nationwide, including dealers, industrial manufacturers and home improvement retailers. 

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LMC goes Hollywood as it recognizes excellence

BY Ken Clark

Wayne, Pa.-based LMC — Lumbermens Merchandising Corp. — a nationwide lumber and building materials buying group in the United States and the Bahamas, held its annual meeting in Anaheim, Calif., sporting a Hollywood theme. 

This first LMC Annual Meeting ever to take place on the West Coast was well attended by both LMC dealers and suppliers. The number of new attendees was the highest for any LMC annual meeting to date. 

LMC announced new dealers joining the group, particularly in Alaska, which puts the buying group in all 50 states.

John Somerville, LMC’s president and CEO, said the meeting is important for their independent lumberyards and building material dealers for its educational advantages and the relationships it builds between LMC Dealers and LMC Suppliers. “LMC’s brand ‘Building Business Together’ comes alive at these events,” said Somerville. “We see an upbeat atmosphere of optimism among both LMC dealers and suppliers. Indicators show that positive things are happening in the housing market, and if the market develops like many of the industry experts predict, LMC dealers are positioned well for capturing this growth. With the support of our supplier community we are primed for solid growth in 2013, coming off a strong 2012.”

Special recognition was given to Leonard Safrits, Beaufort, N.C.-based Safrit’s Building Supply during the event. Safrit’s received industry recognition for operational excellence. 

LMC Dealers reviewed nearly 100 new products on display designating the top three as best new products of the year. First prize was awarded to Velux for its new energy-saving Solar Powered “Fresh Air” Skylight.  Belwith Products took the second prize award for its Light Integrated Decorative Trim. Home Tops received third prize recognition for its new Odyssey Hand Rail Illumination. 

LMC’s 2014 Annual Meeting is scheduled for March 5 through 7 in Tampa, Fla.

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Kimal Lumber feels a recovery

BY HBSDealer Staff

An article in Florida’s Business Observer documents the return to profitability of Kimal Lumber. 

It wasn’t easy.

Kimal Lumber president and CEO Al Bavry told the newspaper that the LBM industry has struggled since 2006. “It’s been humbling,” he told the newspaper. “But as we come out on the other side, we feel like we are stronger now.” 

The company said it returned to profitability last year, something it had not done since 2006.

Kimal has Florida locations in Nokomis, Englewood and Venice.

Read the article here

 

 

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