Huttig Building Products, Inc. Announces Third Quarter 2013 Results
November 01 2013 - 6:00AM
Marketwired
Huttig Building Products, Inc. Announces Third Quarter 2013 Results
ST. LOUIS, MO--(Marketwired - Nov 1, 2013) - Huttig Building
Products, Inc. (OTCQB: HBPI), a leading domestic distributor of
millwork, building materials and wood products, today announced
results of operations for the three months ended September 30,
2013.
Third Quarter 2013 Highlights
- Huttig reported third quarter 2013 sales of $153.3 million, an
increase of 9% from the 2012 third quarter.
- Huttig reported operating income of $3.8 million in 2013
compared to $4.4 million in 2012, which included a $2.4 million
gain on disposal of assets.
- Huttig reported income from continuing operations of $3.2
million in 2013 compared to $3.7 million in 2012, which included a
$2.4 million gain on disposal of assets.
- Huttig's total available liquidity was $53.7 million at
September 30, 2013.
"We are pleased with our continued financial improvement in the
third quarter. It is our tenth consecutive quarter of improved
net income over the comparable prior year period, excluding
significant special items," said Jon Vrabely, Huttig's President
and CEO. "We continue to focus on executing our profitable growth
strategy which we believe will be aided by the recent execution of
a supply agreement with CPG Building Products that authorizes
Huttig to distribute the entire line of AZEK and TimberTech
decking, railing and trim products in 13 locations through the east
region. We are generating positive cash flow from operations and
positive earnings, which increases our ability to pursue growth
opportunities as the market recovers."
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Summary of Third Quarter Results |
($
in millions, except per share data) |
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Three Months Ended September 30, |
|
|
2013 |
|
2012 |
Net sales |
|
$ |
153.3 |
|
100.0% |
|
$ |
141.1 |
|
100.0% |
Gross margin |
|
$ |
30.8 |
|
20.1% |
|
$ |
27.6 |
|
19.6% |
Operating expenses |
|
$ |
27.0 |
|
17.6% |
|
$ |
25.6 |
|
18.1% |
Gain on disposal of assets |
|
$ |
- |
|
- |
|
$ |
2.4 |
|
1.7% |
Operating income |
|
$ |
3.8 |
|
2.5% |
|
$ |
4.4 |
|
3.1% |
Income from continuing operations |
|
$ |
3.2 |
|
2.1% |
|
$ |
3.7 |
|
2.6% |
Net income from continuing operations per share - basic and
diluted |
|
$ |
0.13 |
|
|
|
$ |
0.15 |
|
|
Cash provided by operating activities |
|
$ |
9.5 |
|
|
|
$ |
2.7 |
|
|
Balance Sheet
At September 30, 2013, Huttig had $3.0 million of cash and cash
equivalents plus $50.7 million of excess availability under its
credit facility for total available liquidity of $53.7
million. A year ago, Huttig had $1.0 million of cash and cash
equivalents plus $36.2 million of excess availability under its
credit facility for total available liquidity of $37.2 million.
Total debt was $62.4 million and $62.5 million at September 30,
2013 and 2012, respectively.
More detailed information about Huttig's financial results for
the three and nine months ended September 30, 2013 is included in
Huttig's Quarterly Report on Form 10-Q, which was filed on October
31, 2013.
About Huttig
Huttig Building Products, Inc., currently in its 128th year of
business, is one of the largest domestic distributors of millwork,
building materials and wood products used principally in new
residential construction and in home improvement, remodeling and
repair work. Huttig distributes its products through 27
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 contains forward-looking information as
defined by the Private Securities Litigation Reform Act of 1995.
This information presents management's expectations, beliefs, plans
and objectives regarding future financial performance, and
assumptions or judgments concerning such performance. Any
discussions contained in this press release, except to the extent
that they contain historical facts, are forward-looking and
accordingly involve estimates, assumptions, judgments and
uncertainties. There are known and unknown factors that could cause
actual results or outcomes to differ materially from those
addressed in the forward-looking information. Such known factors
are detailed in the Company's Annual Report on Form 10-K for the
year ended December 31, 2012 and its Quarterly Report on Form 10-Q
for the quarter ended September 30, 2013 filed with the Securities
and Exchange Commission and in other reports filed by the Company
with the Securities and Exchange Commission from time to
time.
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HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(unaudited) |
|
(In Millions, Except Per Share Data) |
|
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|
|
|
|
|
|
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Net sales |
|
$ |
153.3 |
|
|
$ |
141.1 |
|
|
$ |
426.7 |
|
|
$ |
395.5 |
|
Cost of sales |
|
|
122.5 |
|
|
|
113.5 |
|
|
|
343.0 |
|
|
|
319.2 |
|
|
Gross margin |
|
|
30.8 |
|
|
|
27.6 |
|
|
|
83.7 |
|
|
|
76.3 |
|
Operating expenses |
|
|
27.0 |
|
|
|
25.6 |
|
|
|
77.7 |
|
|
|
73.9 |
|
Gain on disposal of assets |
|
|
- |
|
|
|
(2.4 |
) |
|
|
- |
|
|
|
(2.4 |
) |
|
Operating income |
|
|
3.8 |
|
|
|
4.4 |
|
|
|
6.0 |
|
|
|
4.8 |
|
Interest expense, net |
|
|
0.5 |
|
|
|
0.7 |
|
|
|
1.9 |
|
|
|
2.2 |
|
Income from continuing operations before income
taxes |
|
|
3.3 |
|
|
|
3.7 |
|
|
|
4.1 |
|
|
|
2.6 |
|
Provision for income taxes |
|
|
0.1 |
|
|
|
- |
|
|
|
0.1 |
|
|
|
- |
|
Income from continuing operations |
|
|
3.2 |
|
|
|
3.7 |
|
|
|
4.0 |
|
|
|
2.6 |
|
Loss from discontinued operations, net of taxes |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
(0.4 |
) |
|
|
(0.3 |
) |
Net income |
|
$ |
3.0 |
|
|
$ |
3.6 |
|
|
$ |
3.6 |
|
|
$ |
2.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations per share - basic
and diluted |
|
$ |
0.13 |
|
|
$ |
0.15 |
|
|
$ |
0.16 |
|
|
$ |
0.10 |
|
Net loss from discontinued operations per share - basic
and diluted |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Net income per share - basic and diluted |
|
$ |
0.12 |
|
|
$ |
0.14 |
|
|
$ |
0.15 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares outstanding |
|
|
22.9 |
|
|
|
23.0 |
|
|
|
22.7 |
|
|
|
22.9 |
|
|
Diluted shares outstanding |
|
|
22.9 |
|
|
|
23.0 |
|
|
|
22.8 |
|
|
|
22.9 |
|
|
|
|
|
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HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(unaudited) |
(In Millions) |
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
September 30, |
2013 |
|
2012 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|
Cash and equivalents |
|
$ |
3.0 |
|
$ |
2.3 |
|
$ |
1.0 |
|
Trade accounts receivable, net |
|
|
60.3 |
|
|
41.7 |
|
|
57.5 |
|
Inventories |
|
|
61.3 |
|
|
55.0 |
|
|
56.5 |
|
Other current assets |
|
|
5.6 |
|
|
7.3 |
|
|
6.5 |
|
|
Total current assets |
|
|
130.2 |
|
|
106.3 |
|
|
121.5 |
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT |
|
|
|
|
|
|
|
|
|
|
Land |
|
|
4.3 |
|
|
4.3 |
|
|
4.3 |
|
Building and improvements |
|
|
24.1 |
|
|
23.8 |
|
|
23.7 |
|
Machinery and equipment |
|
|
33.0 |
|
|
31.2 |
|
|
30.9 |
|
|
Gross property, plant and equipment |
|
|
61.4 |
|
|
59.3 |
|
|
58.9 |
|
Less accumulated depreciation |
|
|
45.4 |
|
|
43.7 |
|
|
43.1 |
|
|
Property, plant and equipment, net |
|
|
16.0 |
|
|
15.6 |
|
|
15.8 |
|
|
|
|
|
|
|
|
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OTHER ASSETS: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
6.3 |
|
|
6.3 |
|
|
8.2 |
|
Other |
|
|
2.0 |
|
|
2.2 |
|
|
1.6 |
|
Deferred income taxes |
|
|
7.2 |
|
|
7.1 |
|
|
7.3 |
|
|
Total other assets |
|
|
15.5 |
|
|
15.6 |
|
|
17.1 |
TOTAL ASSETS |
|
$ |
161.7 |
|
$ |
137.5 |
|
$ |
154.4 |
|
|
|
|
|
|
|
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|
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(unaudited) |
|
(In Millions, Except Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
September 30, |
|
|
|
2013 |
|
|
2012 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
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|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
0.3 |
|
|
$ |
0.6 |
|
|
$ |
- |
|
|
Trade accounts payable |
|
|
50.6 |
|
|
|
31.2 |
|
|
|
40.7 |
|
|
Deferred income taxes |
|
|
7.2 |
|
|
|
7.1 |
|
|
|
7.3 |
|
|
Accrued compensation |
|
|
3.9 |
|
|
|
4.1 |
|
|
|
3.9 |
|
|
Other accrued liabilities |
|
|
13.0 |
|
|
|
14.3 |
|
|
|
15.2 |
|
|
|
|
Total current liabilities |
|
|
75.0 |
|
|
|
57.3 |
|
|
|
67.1 |
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current maturities |
|
|
62.1 |
|
|
|
59.2 |
|
|
|
62.5 |
|
|
Other non-current liabilities |
|
|
1.5 |
|
|
|
1.9 |
|
|
|
2.0 |
|
|
|
|
Total non-current liabilities |
|
|
63.6 |
|
|
|
61.1 |
|
|
|
64.5 |
|
|
|
|
|
|
|
|
|
|
|
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|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares; $.01 par (5,000,000 shares
authorized) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Common shares; $.01 par (50,000,000 shares authorized:
24,314,942; 23,920,195; and 24,896,596 shares issued at September
30, 2013, December 31, 2012 and September 30, 2012,
respectively) |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
Additional paid-in capital |
|
|
39.6 |
|
|
|
39.2 |
|
|
|
40.1 |
|
|
Accumulated deficit |
|
|
(16.7 |
) |
|
|
(20.3 |
) |
|
|
(17.5 |
) |
|
|
|
Total shareholders' equity |
|
|
23.1 |
|
|
|
19.1 |
|
|
|
22.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
161.7 |
|
|
$ |
137.5 |
|
|
$ |
154.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(unaudited) |
|
(In Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3.0 |
|
|
$ |
3.6 |
|
|
$ |
3.6 |
|
|
$ |
2.3 |
|
|
Adjustments to reconcile net income to net cash
provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from discontinued operations |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.3 |
|
|
|
Depreciation and amortization |
|
|
0.8 |
|
|
|
0.8 |
|
|
|
2.3 |
|
|
|
2.4 |
|
|
|
|
Stock-based compensation |
|
|
0.3 |
|
|
|
0.2 |
|
|
|
0.8 |
|
|
|
0.6 |
|
|
|
Gain on disposal of assets |
|
|
- |
|
|
|
(2.4 |
) |
|
|
- |
|
|
|
(2.4 |
) |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
|
(1.2 |
) |
|
|
(0.9 |
) |
|
|
(18.6 |
) |
|
|
(18.1 |
) |
|
|
|
Inventories |
|
|
(2.6 |
) |
|
|
3.4 |
|
|
|
(6.3 |
) |
|
|
(11.7 |
) |
|
|
|
Trade accounts payable |
|
|
6.6 |
|
|
|
(4.0 |
) |
|
|
19.4 |
|
|
|
12.4 |
|
|
|
|
Other |
|
|
2.4 |
|
|
|
1.9 |
|
|
|
(0.7 |
) |
|
|
2.8 |
|
|
|
|
Total cash provided by (used in) operating activities |
|
|
9.5 |
|
|
|
2.7 |
|
|
|
0.9 |
|
|
|
(11.4 |
) |
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(0.2 |
) |
|
|
(0.6 |
) |
|
|
(1.5 |
) |
|
|
(1.5 |
) |
|
Proceeds from disposition of capital assets |
|
|
- |
|
|
|
3.3 |
|
|
|
- |
|
|
|
3.3 |
|
|
|
Total cash (used in) provided by investing activities |
|
|
(0.2 |
) |
|
|
2.7 |
|
|
|
(1.5 |
) |
|
|
1.8 |
|
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings (payments) of debt, net |
|
|
(7.7 |
) |
|
|
(6.0 |
) |
|
|
1.7 |
|
|
|
9.9 |
|
|
Repurchase shares of common stock |
|
|
- |
|
|
|
- |
|
|
|
(0.4 |
) |
|
|
- |
|
|
|
Total cash (used in) provided by financing activities |
|
|
(7.7 |
) |
|
|
(6.0 |
) |
|
|
1.3 |
|
|
|
9.9 |
|
Net increase (decrease) in cash and equivalents |
|
|
1.6 |
|
|
|
(0.6 |
) |
|
|
0.7 |
|
|
|
0.3 |
|
Cash and equivalents, beginning of period |
|
|
1.4 |
|
|
|
1.6 |
|
|
|
2.3 |
|
|
|
0.7 |
|
Cash and equivalents, end of period |
|
$ |
3.0 |
|
|
$ |
1.0 |
|
|
$ |
3.0 |
|
|
$ |
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
|
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Interest paid |
|
$ |
0.5 |
|
|
$ |
0.6 |
|
|
$ |
1.7 |
|
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$ |
1.9 |
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Income taxes paid |
|
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- |
|
|
|
- |
|
|
|
0.1 |
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0.1 |
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For additional information: Don Hake Huttig Building Products,
Inc. 555 Maryville University Drive, # 400 St. Louis, MO 63141 PO
Box 1041 Chesterfield, MO 63006 Investor@huttig.com
Huttig Building Products (NASDAQ:HBP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Huttig Building Products (NASDAQ:HBP)
Historical Stock Chart
From Jul 2023 to Jul 2024