Huttig Announces Share Repurchase
December 20 2012 - 4:22PM
Marketwired
Huttig Building Products, Inc. ("Huttig") (OTCQB: HBPI), a leading
domestic distributor of millwork, building materials and wood
products, today announced that it has completed a repurchase of 1.0
million shares of its common stock at $1.10 per share from its
largest stockholder, The Rugby Group Limited. The share repurchase
was effected in a private transaction and the aggregate purchase
price was funded with available funds.
Jon Vrabely, President and CEO, stated, "Throughout the entire
unprecedented downturn in the housing market over the past five
years, we have focused on preserving the long-term value
proposition of the company, managing the integrity of the balance
sheet and protecting the interests of our shareholders. To that
end, we have been successful in meeting our objectives without
adding significant debt to the balance sheet or diluting our
shareholders. We are extremely pleased that our financial
performance and liquidity position have provided us the opportunity
to deliver meaningful value to our shareholders through this
transaction."
About Huttig Building Products, Inc.
Huttig Building Products, founded in 1885 and headquartered in
St. Louis, MO, is a leading domestic distributor of millwork,
building materials and wood products used principally in new
residential construction and home improvement, remodeling and
repair work. Huttig has relationships with leading manufacturers
and distributes its products through 27 wholesale distribution
centers serving 41 states. The Company's wholesale distribution
centers sell principally to building materials dealers, national
buying groups, home centers, and industrial users, including makers
of manufactured homes.
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. All of these forward-looking statements are based on
estimates and assumptions made by our management that, although
believed by Huttig Building Products, Inc. to be reasonable, are
inherently uncertain. Forward-looking statements involve risks and
uncertainties, including, but not limited to, economic,
competitive, governmental and technological factors outside of
Huttig Building Products, Inc.'s control that may cause its
business, strategy or actual results to differ materially from the
forward-looking statements. These risks and uncertainties are
described in the "Risk Factors" section in the Company's Annual
Report on Form 10-K for the year ended December 31, 2011 and in its
periodic reports filed with the Securities and Exchange Commission
from time to time. Given these risks and uncertainties, you are
cautioned not to place undue reliance on forward-looking
statements. Huttig Building Products, Inc. undertakes no obligation
to publicly update or revise any forward-looking statement as a
result of new information, future events, changes in expectation or
otherwise, except as required by law.
For more information about Huttig: Don Hake investor@huttig.com
www.huttig.com
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