Fourth Quarter and Full Year 2016
Highlights:
Huttig Building Products, Inc. (“Huttig”) (NASDAQ:HBP), a leading
domestic distributor of millwork, building materials and wood
products, today reported financial results for the fourth quarter
and year ended December 31, 2016.
“I am incredibly proud of our performance in
2016, a year in which we generated record operating margins since I
joined the company in 1999,” said Jon Vrabely, Huttig’s President
and CEO. “We continue to invest in our growth, as evidenced
by the expansion of our Huttig-Grip product line and the completion
of our newest high capacity door line in Florida. We
anticipate significant new investments in 2017 to continue our
growth and profitability.”
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SUMMARY OF FOURTH QUARTER AND FULL YEAR 2016
RESULTS |
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(unaudited) |
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(In Millions, Except Per Share
Data) |
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Three Months Ended December 31, |
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2016 |
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2015 |
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Net sales |
$ |
164.4 |
|
100.0 |
% |
|
$ |
155.4 |
|
100.0 |
% |
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Gross margin |
|
35.6 |
|
21.7 |
% |
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|
32.0 |
|
20.6 |
% |
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Operating
expenses |
|
33.8 |
|
20.6 |
% |
|
|
30.5 |
|
19.6 |
% |
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|
Operating income |
|
1.8 |
|
1.1 |
% |
|
|
1.5 |
|
1.0 |
% |
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Income from continuing
operations before taxes |
|
1.2 |
|
0.7 |
% |
|
|
0.7 |
|
0.5 |
% |
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Net (loss) income |
|
(0.2 |
) |
-0.1 |
% |
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|
0.4 |
|
0.3 |
% |
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Income from continuing
operations per share - |
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basic and
diluted |
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0.04 |
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0.03 |
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Net (loss) income per
share - basic and diluted |
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(0.01 |
) |
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0.02 |
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Twelve Months Ended December 31, |
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2016 |
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2015 |
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Net sales |
$ |
713.9 |
|
100.0 |
% |
|
$ |
659.6 |
|
100.0 |
% |
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Gross margin |
|
151.2 |
|
21.2 |
% |
|
|
133.3 |
|
20.2 |
% |
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Operating
expenses |
|
128.5 |
|
18.0 |
% |
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|
119.2 |
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18.1 |
% |
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Gain on disposal of
assets |
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- |
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0.0 |
% |
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(0.4 |
) |
-0.1 |
% |
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Operating income |
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22.7 |
|
3.2 |
% |
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14.5 |
|
2.2 |
% |
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Income from continuing
operations before taxes |
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20.5 |
|
2.9 |
% |
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12.2 |
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1.8 |
% |
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Net income |
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16.3 |
|
2.3 |
% |
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26.0 |
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3.9 |
% |
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Income from continuing
operations per share - |
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basic and
diluted |
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0.52 |
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1.17 |
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Net income per share
- basic and diluted |
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0.64 |
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1.04 |
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Results of Operations
Fourth Quarter 2016 Compared to Fourth
Quarter 2015
Net sales from continuing operations were $164.4
million in 2016, which were $9.0 million, or approximately 6%,
higher than 2015. The increase was primarily due to higher levels
of construction activity, the addition of a new product line and
the acquisition of BenBilt which was completed on April 4,
2016.
Sales in the major product categories changed as
follows in 2016 from 2015: millwork sales increased 11% to $91.4
million, building product sales increased 3% to $60.2 million, and
wood products decreased 14% to $12.8 million with a 6% increase in
sales of engineered wood products and a 32% decrease in sales of
other wood products. Fluctuations across product categories can
occur based on general market conditions, new product incentives,
promotions, changes in product lines, and commodity pricing, among
other things.
Gross margin increased approximately 11% to
$35.6 million, or 21.7% of sales, in 2016 as compared to $32.0
million, or 20.6% of sales, in 2015. The increase in gross
margin percentage was primarily due to our operational initiatives,
as well as improved product mix as we continue to expand our
value-add capabilities to service the repair/remodel construction
segment.
Operating expenses increased 11% to $33.8
million, or 20.6% of sales, in 2016, compared to $30.5 million, or
19.6% of sales, in 2015. The increase in operating expenses
was primarily due to an increase in personnel costs, which
increased $1.7 million, principally due to wage increases, hiring
of additional personnel, and expenses attributable to higher
variable costs associated with increased sales. Non personnel
expenses were $1.6 million higher in 2016 as compared to 2015
primarily due to the acquisition of BenBilt.
Net interest expense was $0.6 million in 2016
and 2015.
An income tax provision of $0.1 million was
recognized for the fourth quarter 2016 compared to $0.2 million for
fourth quarter 2015.
As a result of the foregoing factors, we
reported income from continuing operations of $1.1 million in 2016
as compared to $0.7 million in 2015.
Fiscal 2016 Compared to Fiscal
2015
Net sales from continuing operations were $713.9
million in 2016, which were $54.3 million, or approximately 8%,
higher than 2015. The increase was primarily due to higher levels
of construction activity, the addition of a new product line and
the acquisition of BenBilt which was completed on April 4,
2016.
Sales in the major product categories changed as
follows in 2016 from 2015: millwork sales increased 12% to $363.9
million, building product sales increased 5% to $278.8 million, and
wood products increased 1% to $71.2 million with a 12% increase in
sales of engineered wood products and a 7% decrease in sales of
other wood products. Fluctuations across product categories can
occur based on general market conditions, new product incentives,
promotions, changes in product lines, and commodity pricing, among
other things.
Gross margin increased approximately 13% to
$151.2 million, or 21.2% of sales, in 2016 as compared to $133.3
million, or 20.2% of sales, in 2015. The increase in gross
margin percentage was primarily due to our operational initiatives,
as well as improved product mix as we continue to expand our
value-add capabilities to service the repair/remodel construction
segment.
Operating expenses increased 8% to $128.5
million, or 18.0% of sales, in 2016, compared to $119.2 million, or
18.1% of sales, in 2015. The increase in operating expenses
was primarily due to an increase in personnel costs, which
increased $6.7 million, principally due to wage increases, hiring
of additional personnel, and expenses attributable to higher
variable costs associated with increased sales. We recorded total
stock-based compensation expense of $1.7 million in 2016 compared
to $1.8 million in 2015. Non personnel expenses were $2.1
million higher in 2016 as compared to 2015 primarily due to the
acquisition of BenBilt.
Net interest expense was $2.2 million in 2016
compared to $2.3 million in 2015. The decrease was primarily
due to lower average debt in 2016 versus 2015.
An income tax provision of $7.2 million was
recognized for the year ended December 31, 2016. An income tax
benefit of $17.2 million was recognized for the year ended
December 31, 2015. The 2015 income tax benefit primarily relates to
the Company’s release of all of its valuation allowance related to
federal and a significant portion of certain state net operating
loss carryforwards.
As a result of the foregoing factors, we
reported income from continuing operations of $13.3 million in 2016
as compared to $29.4 million in 2015.
Adjusted EBITDA was $28.3 million in 2016,
representing a 50% increase over Adjusted EBITDA of $18.9 million
for the prior year. Adjusted EBITDA is a non-GAAP measurement. See
attached reconciliation of Non-GAAP Financial Measures.
Balance Sheet
Total available liquidity was $76.8 million at
December 31, 2016, representing a 13% increase over total liquidity
of $68.1 million at December 31, 2015. At December 31, 2016,
total available liquidity included $0.3 million of cash plus $76.5
million of availability under the credit facility, while at
December 31, 2015, total available liquidity included $0.3 million
of cash plus $67.8 million of availability under the credit
facility.
Conference Call
Huttig Building Products, Inc. will host a conference call
Thursday, March 2, 2017 at 10:00 a.m. Central Time. Participants
can listen to the call live via webcast by going to the investor
portion of Huttig’s website at www.huttig.com. Participants
can also access the live conference call via telephone at (800)
230-1085 or (612) 332-0530 (international). The conference ID for
this call is 418419.
Following the live webcast, a replay will be
available approximately two hours after the webcast on our website
for at least 30 days.
About Huttig
Huttig, currently in its 132nd 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. Huttig'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 United States 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. Factors that could cause
actual results or outcomes to differ materially from those
addressed in the forward-looking information, include, but are not
limited to, the strength of construction, home improvement and
remodeling markets and the recovery of the homebuilding industry to
levels consistent with historical averages; the cyclical nature of
our industry; the cost of environmental compliance, including
actual expenses we may incur to resolve proceedings we are involved
in arising out of a formerly owned facility in Montana; any
limitations on our ability to utilize our deferred tax assets to
reduce future taxable income and tax liabilities; our ability to
comply with, and the restrictive effect of, the financial covenant
under our credit facility; the loss of a significant
customer; deterioration of our customers’ creditworthiness or our
inability to forecast such deteriorations; changes in commodity
prices; termination of key supplier relationships; competition with
existing or new industry participants; goodwill impairment; the
seasonality of our operations; significant uninsured claims;
federal and state transportation regulations; fuel cost increases;
our failure to attract and retain key personnel;
deterioration in our relationship with our unionized
employees, including work stoppages or other disputes; and the
financial impact of litigation or contingencies. Other important
factors that could cause actual results or outcomes to differ
materially from those addressed in the forward-looking information,
include, but are not limited to, those detailed in Huttig's Annual
Report on Form 10-K for the year ended December 31, 2015 filed with
the Securities and Exchange Commission and in other reports filed
by Huttig with the Securities and Exchange Commission from time to
time.
Non-GAAP Financial Measures
Huttig supplements its reporting of net income
with non-GAAP measurement of Adjusted EBITDA. This supplemental
information should not be considered in isolation or as a
substitute for GAAP measures.
Huttig defines Adjusted EBITDA as net income
adjusted for interest, income taxes, depreciation and amortization
and other special significant items as listed in the table
below.
Huttig presents Adjusted EBITDA because it is a
primary measure used by management, and by similar companies in the
industry, to evaluate operating performance and Huttig believes it
enhances investors’ overall understanding of the financial
performance of our business. Adjusted EBITDA is not a
recognized term under GAAP and does not purport to be an
alternative to net income as a measure of operating
performance. Huttig compensates for the limitations of using
non-GAAP financial measures by using them to supplement GAAP
results to provide a more complete understanding of the factors
affecting the business. Because not all companies use
identical calculations, Huttig’s presentation of Adjusted EBITDA
may not be comparable to other similarly titled measures of other
companies.
Adjusted EBITDA (unaudited)
The following table presents a reconciliation of
net income, the most directly comparable financial measure under
GAAP, to Adjusted EBITDA for the periods presented (in
millions):
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Three Months Ended |
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Twelve Months Ended |
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December 31, |
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December 31, |
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2016 |
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2015 |
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2016 |
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2015 |
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Net (loss) income |
$ |
(0.2 |
) |
|
$ |
0.4 |
|
$ |
16.3 |
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$ |
26.0 |
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Discontinued
operations |
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1.3 |
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0.3 |
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(3.0 |
) |
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3.4 |
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Interest expense,
net |
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0.6 |
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0.6 |
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2.2 |
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2.3 |
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Income tax expense
(benefit) |
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0.1 |
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0.2 |
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7.2 |
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(17.2 |
) |
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Depreciation and
amortization |
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1.1 |
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0.8 |
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3.9 |
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3.0 |
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Stock compensation
expense |
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0.5 |
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0.5 |
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1.7 |
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1.8 |
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Gain on disposal of
assets |
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- |
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- |
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- |
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(0.4 |
) |
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Adjusted
EBITDA |
$ |
3.4 |
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$ |
2.8 |
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$ |
28.3 |
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$ |
18.9 |
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HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
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CONSOLIDATED STATEMENTS OF
INCOME |
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(In millions, except per share
data) |
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(unaudited) |
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Three Months Ended December
31, |
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Year Ended December 31, |
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2016 |
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2015 |
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2016 |
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2015 |
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Net sales |
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$ |
164.4 |
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$ |
155.4 |
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$ |
713.9 |
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$ |
659.6 |
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Cost of
sales |
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|
128.8 |
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|
123.4 |
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|
562.7 |
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|
526.3 |
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Gross
margin |
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|
35.6 |
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|
32.0 |
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|
151.2 |
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|
133.3 |
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Operating
expenses |
|
|
33.8 |
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|
30.5 |
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|
128.5 |
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|
119.2 |
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Gain on disposal of
assets |
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— |
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— |
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— |
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(0.4 |
) |
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Operating
income |
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1.8 |
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1.5 |
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22.7 |
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14.5 |
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Interest expense,
net |
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0.6 |
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0.6 |
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2.2 |
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2.3 |
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Income from continuing
operations before income taxes |
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1.2 |
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0.9 |
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20.5 |
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12.2 |
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Provision (benefit) for
income taxes |
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0.1 |
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0.2 |
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7.2 |
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(17.2 |
) |
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Net income from
continuing operations |
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|
1.1 |
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|
0.7 |
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|
13.3 |
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|
29.4 |
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Net (loss) income from
discontinued operations, net of tax |
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(1.3 |
) |
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(0.3 |
) |
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3.0 |
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(3.4 |
) |
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Net (loss) income |
|
$ |
(0.2 |
) |
|
$ |
0.4 |
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$ |
16.3 |
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$ |
26.0 |
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Net income from
continuing operations per share - basic and diluted |
|
$ |
0.04 |
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$ |
0.03 |
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|
$ |
0.52 |
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$ |
1.17 |
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Net (loss) income from
discontinued operations per share - basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.12 |
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$ |
(0.14 |
) |
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Net (loss) income per
share - basic and diluted |
|
$ |
(0.01 |
) |
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$ |
0.02 |
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$ |
0.64 |
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$ |
1.04 |
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Weighted average shares
outstanding: |
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Basic and
diluted shares outstanding |
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|
24.6 |
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|
24.1 |
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24.5 |
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24.1 |
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HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
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CONSOLIDATED BALANCE
SHEETS |
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December 31, |
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2016 |
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2015 |
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(In millions) |
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ASSETS |
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Current Assets: |
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Cash and
equivalents |
|
$ |
0.3 |
|
$ |
0.3 |
|
|
Trade
accounts receivable, net |
|
|
59.3 |
|
|
56.3 |
|
|
Inventories |
|
|
81.0 |
|
|
64.3 |
|
|
Other
current assets |
|
|
9.5 |
|
|
7.3 |
|
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Total
current assets |
|
|
150.1 |
|
|
128.2 |
|
|
|
|
|
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Property, Plant and
Equipment: |
|
|
|
|
|
|
Land |
|
|
5.0 |
|
|
4.3 |
|
|
Building
and improvements |
|
|
29.7 |
|
|
26.5 |
|
|
Machinery
and equipment |
|
|
43.5 |
|
|
37.3 |
|
|
Gross
property, plant and equipment |
|
|
78.2 |
|
|
68.1 |
|
|
Less
accumulated depreciation |
|
|
53.3 |
|
|
50.9 |
|
|
Property,
plant and equipment, net |
|
|
24.9 |
|
|
17.2 |
|
|
|
|
|
|
|
|
|
Other Assets: |
|
|
|
|
|
|
Goodwill |
|
|
9.5 |
|
|
6.3 |
|
|
Other |
|
|
7.5 |
|
|
1.7 |
|
|
Deferred
income taxes |
|
|
10.3 |
|
|
24.0 |
|
|
Total
other assets |
|
|
27.3 |
|
|
32.0 |
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
202.3 |
|
$ |
177.4 |
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
|
CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
(In millions) |
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
Current
maturities of long-term debt |
|
$ |
1.0 |
|
$ |
1.2 |
|
|
Trade
accounts payable |
|
|
47.2 |
|
|
43.6 |
|
|
Deferred
income taxes |
|
|
- |
|
|
4.9 |
|
|
Accrued
compensation |
|
|
6.8 |
|
|
5.5 |
|
|
Other
accrued liabilities |
|
|
15.1 |
|
|
13.8 |
|
|
Total
current liabilities |
|
|
70.1 |
|
|
69.0 |
|
|
Non-current
Liabilities: |
|
|
|
|
|
|
Long-term
debt, less current maturities |
|
|
54.5 |
|
|
47.4 |
|
|
Other
non-current liabilities |
|
|
7.2 |
|
|
8.1 |
|
|
Total
non-current liabilities |
|
|
61.7 |
|
|
55.5 |
|
|
|
|
|
|
|
|
|
Shareholders’
Equity: |
|
|
|
|
|
|
Preferred
shares; $.01 par (5,000,000 shares authorized) |
|
|
- |
|
|
- |
|
|
Common
shares; $.01 par (50,000,000 shares authorized: 25,638,862
shares issued and outstanding at December 31, 2016 and
24,977,208 at December 31, 2015) |
|
|
0.3 |
|
|
0.2 |
|
|
Additional paid-in capital |
|
|
42.8 |
|
|
41.6 |
|
|
Retained
earnings |
|
|
27.4 |
|
|
11.1 |
|
|
Total
shareholders’ equity |
|
|
70.5 |
|
|
52.9 |
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders’ Equity |
|
$ |
202.3 |
|
$ |
177.4 |
|
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
(In millions) |
Cash Flows From
Operating Activities: |
|
|
|
|
|
|
|
|
Net
(loss) income |
|
$ |
(0.2 |
) |
|
$ |
0.4 |
|
|
$ |
16.3 |
|
|
$ |
26.0 |
|
Adjustments to reconcile net income to cash provided by
operations: |
|
|
|
|
|
|
|
|
Net loss (income) from discontinued operations |
|
|
1.3 |
|
|
|
0.3 |
|
|
|
(3.0 |
) |
|
|
3.4 |
|
Depreciation and amortization |
|
|
1.1 |
|
|
|
0.8 |
|
|
|
3.9 |
|
|
|
3.0 |
|
Non-cash interest expense |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.4 |
|
Stock compensation expense |
|
|
0.5 |
|
|
|
0.5 |
|
|
|
1.7 |
|
|
|
1.8 |
|
Deferred taxes |
|
|
(0.5 |
) |
|
|
0.2 |
|
|
|
8.8 |
|
|
|
(19.1 |
) |
Gain on disposal of capital assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.4 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
|
19.4 |
|
|
|
17.8 |
|
|
|
(1.5 |
) |
|
|
(7.8 |
) |
Inventories |
|
|
3.4 |
|
|
|
6.7 |
|
|
|
(14.6 |
) |
|
|
1.5 |
|
Trade accounts payable |
|
|
(10.0 |
) |
|
|
(8.4 |
) |
|
|
2.7 |
|
|
|
4.2 |
|
Other |
|
|
0.4 |
|
|
|
- |
|
|
|
(0.7 |
) |
|
|
3.2 |
|
Cash provided by continuing operating activities |
|
|
15.5 |
|
|
|
18.4 |
|
|
|
14.0 |
|
|
|
16.2 |
|
Cash (used in) provided by discontinued operating
activities |
|
(0.6 |
) |
|
|
(0.4 |
) |
|
|
3.0 |
|
|
|
0.9 |
|
Total cash provided by operating activities |
|
|
14.9 |
|
|
|
18.0 |
|
|
|
17.0 |
|
|
|
17.1 |
|
Cash Flows From
Investing Activities: |
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(1.4 |
) |
|
|
(0.2 |
) |
|
|
(4.1 |
) |
|
|
(2.8 |
) |
Acquisition |
|
|
- |
|
|
|
- |
|
|
|
(17.3 |
) |
|
|
- |
|
Proceeds
from disposition of capital assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2.5 |
|
Cash used in investing activities |
|
|
(1.4 |
) |
|
|
(0.2 |
) |
|
|
(21.4 |
) |
|
|
(0.3 |
) |
Cash Flows From
Financing Activities: |
|
|
|
|
|
|
|
|
(Payments) borrowings of debt, net |
|
|
(14.0 |
) |
|
|
(19.7 |
) |
|
|
6.0 |
|
|
|
(14.7 |
) |
Repayments of capital lease and other obligations |
|
|
(0.3 |
) |
|
|
(0.6 |
) |
|
|
(1.2 |
) |
|
|
(1.7 |
) |
Repurchase of shares of common stock |
|
|
- |
|
|
|
- |
|
|
|
(0.4 |
) |
|
|
(0.6 |
) |
Cash (used in) provided by financing activities |
|
|
(14.3 |
) |
|
|
(20.3 |
) |
|
|
4.4 |
|
|
|
(17.0 |
) |
Net
decrease in cash and equivalents |
|
|
(0.8 |
) |
|
|
(2.5 |
) |
|
|
- |
|
|
|
(0.2 |
) |
Cash and equivalents,
beginning of year |
|
|
1.1 |
|
|
|
2.8 |
|
|
|
0.3 |
|
|
|
0.5 |
|
Cash and equivalents,
end of year |
|
$ |
0.3 |
|
|
$ |
0.3 |
|
|
$ |
0.3 |
|
|
$ |
0.3 |
|
|
|
|
|
|
|
|
|
|
For more information, contact:
Don Hake
investor@huttig.com
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