Second Quarter 2017
Highlights:
Huttig Building Products, Inc. (“Huttig” or the “Company”)
(NASDAQ:HBP), a leading domestic distributor of millwork, building
materials and wood products, today reported financial results for
the second quarter ended June 30, 2017.
“During the second quarter of 2017 we continued to make
significant investments in the execution of our comprehensive
strategic plan,” said Jon P. Vrabely, President and CEO of Huttig
Building Products. “These investments in capital and
operating expenses are required to fundamentally transform our
business to consistently deliver profitable growth in the
intermediate and long term.”
|
|
|
|
|
|
|
|
|
SUMMARY OF SECOND
QUARTER AND SIX MONTHS
ENDED JUNE 30, 2017 RESULTS |
|
|
(unaudited) |
|
|
(In Millions, Except Per Share
Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
2017 |
|
2016 |
|
|
Net sales |
$ |
198.7 |
100.0 |
% |
|
$ |
197.9 |
100.0 |
% |
|
|
Gross margin |
|
42.2 |
21.2 |
% |
|
|
42.2 |
21.3 |
% |
|
|
Operating expenses |
|
38.1 |
19.2 |
% |
|
|
32.2 |
16.3 |
% |
|
|
Operating income |
|
4.1 |
2.1 |
% |
|
|
10.0 |
5.1 |
% |
|
|
Income from continuing
operations before taxes |
|
3.4 |
1.7 |
% |
|
|
9.4 |
4.7 |
% |
|
|
Net income |
|
2.2 |
1.1 |
% |
|
|
10.4 |
5.3 |
% |
|
|
Income from continuing
operations per share - |
|
|
|
|
|
|
|
basic and
diluted |
|
0.09 |
|
|
|
0.23 |
|
|
|
Net income per share
- basic and diluted |
|
0.09 |
|
|
|
0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2017 |
|
2016 |
|
|
Net sales |
$ |
374.4 |
100.0 |
% |
|
$ |
356.7 |
100.0 |
% |
|
|
Gross margin |
|
77.7 |
20.8 |
% |
|
|
74.2 |
20.8 |
% |
|
|
Operating expenses |
|
75.1 |
20.1 |
% |
|
|
61.1 |
17.1 |
% |
|
|
Operating income |
|
2.6 |
0.7 |
% |
|
|
13.1 |
3.7 |
% |
|
|
Income from continuing
operations before taxes |
|
1.3 |
0.3 |
% |
|
|
12.0 |
3.4 |
% |
|
|
Net income |
|
1.3 |
0.3 |
% |
|
|
11.8 |
3.3 |
% |
|
|
Income from continuing
operations per share - |
|
|
|
|
|
|
|
basic and
diluted |
|
0.05 |
|
|
|
0.29 |
|
|
|
Net income per share
- basic and diluted |
|
0.05 |
|
|
|
0.47 |
|
|
Results of Operations
Three Months Ended June 30, 2017
Compared to Three Months Ended June 30, 2016
Net sales were $198.7 million, which was
$0.8 million, or less than 1 percent, higher than in
2016. The modest change in net sales was due to the general
increase in housing activity offset in part by the effect of our
special promotional winter buy sales which drove sales into the
first quarter of 2017 from the second quarter of 2017.
Millwork sales increased 4 percent to
$100.4 million, primarily due to increased construction
activity. Building products sales decreased 1percent to $79.9
million primarily due to our special promotional winter buy sales
which drove sales in the first quarter of 2017 from the second
quarter of 2017. Wood product sales decreased 12 percent in
2017 to $18.4 million as we continue to de-emphasize this
lower margin category.
Gross margin was $42.2 million in both 2017
and 2016. As a percentage of sales, gross margin was 21.2
percent in 2017, compared to 21.3 percent in 2016.
Operating expenses increased $5.9 million
to $38.1 million in 2017, compared to $32.2 million in
2016. The increase was primarily due to higher costs as a
result of hiring additional sales and warehouse personnel related
to our Huttig-Grip and Repair and Remodel growth initiatives.
The increase was also impacted by legal fees incurred defending our
Huttig-Grip division’s right to compete in the fastener market as
well as personnel and non-personnel costs which outpaced sales
growth for the quarter. As a percentage of sales, operating
expenses increased to 19.2 percent in 2017 compared to 16.3 percent
in 2016.
Net interest expense was $0.7 million in 2017
and $0.6 million in 2016. The increase was primarily due to
higher average debt and higher borrowing rates in 2017 compared to
2016 resulting from higher LIBOR rates.
Income tax expense of $1.1 million was
recognized for the quarter ended June 30, 2017. Income tax
expense of $3.5 million was recognized in the second quarter of
2016.
As a result of the foregoing factors, we
reported income from continuing operations of $2.3 million in
the second quarter of 2017 compared to income of $5.9 million in
the second quarter of 2016.
Adjusted EBITDA was $5.9 million in the
second quarter of 2017 compared to $11.5 million in the second
quarter of 2016. Adjusted EBITDA is a non-GAAP measurement. See
attached reconciliation of Non-GAAP Financial Measures.
Six Months Ended June 30, 2017 Compared
to Six Months Ended June 30, 2016
Net sales were $374.4 million, which was
$17.7 million, or 5 percent, higher than in 2016. The
increase was primarily due to higher levels of construction
activity and the completion of the BenBilt Building Systems
acquisition in the second quarter of 2016.
Millwork sales increased 8 percent to
$191.7 million, primarily due to increased construction
activity and the acquisition. Building products sales increased 3
percent in 2017 to $147.3 million primarily due to increased
construction activity. Wood product sales decreased 4 percent
in 2017 to $35.4 million as we continue to de-emphasize this
lower margin category.
Gross margin increased 5 percent to
$77.7 million in 2017 compared to $74.2 million in
2016. As a percentage of sales, gross margin was 20.8 percent
in both the six-month periods ended June 30, 2017 and June 30,
2016. Our acquisition of BenBilt increased margins in the six
month period ending June 30, 2017, which was offset by a larger
percentage of lower margin direct sales. We continue to focus
on our operational initiatives as well as improved product mix as
we expand our value-add capabilities to serve the repair/remodel
construction segment to advance long-term growth.
Operating expenses increased $14.0 million
to $75.1 million in 2017, compared to $61.1 million in
2016. The increase was primarily due to costs as a result of
hiring additional sales and warehouse personnel related to our
Huttig-Grip and Repair and Remodel growth initiatives. The increase
was also impacted by the BenBilt Building Systems acquisition
expense for six months in 2017 compared to three months in 2016 and
a general increase in both personnel and non-personnel costs which
outpaced sales growth for the respective six month periods.
As a percentage of sales, operating expenses increased to 20.1
percent in 2017 compared to 17.1 percent in 2016, as the Company
increased headcount to service anticipated sales growth.
Net interest expense increased to $1.3 million
in 2017, compared to $1.1 million in 2016. The increase was
primarily due to higher average debt and higher borrowing rates in
2017 compared to 2016.
Income tax benefit of $0.1 million was
recognized for the six-month period ended June 30, 2017.
Income tax expense of $4.6 million was recognized in the six-month
period ended June 30, 2016.
As a result of the foregoing factors, we
reported income from continuing operations of $1.4 million in
2017, compared to $7.4 million in 2016.
Adjusted EBITDA was $6.0 million for the six
months ended June 30, 2017 compared to $15.7 million for the six
months ended June 30, 2016. Adjusted EBITDA is a non-GAAP
measurement. See attached reconciliation of Non-GAAP Financial
Measures.
Balance Sheet
Total available liquidity was $57.1 million at
June 30, 2017, representing a 23 percent decrease over total
liquidity of $74.7 million at June 30, 2016. At June 30,
2017, total available liquidity included $1.0 million of cash plus
$56.1 million of availability under our credit facility, while at
June 30, 2016, total available liquidity included $0.8 million of
cash plus $73.9 million of availability under our credit
facility.
Conference Call
Huttig Building Products, Inc. will host a
conference call Wednesday, August 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/Investors/Investor-Relations. Participants can
also access the live conference call via telephone at (866)
238-1641 or (213) 660-0927 (international). The conference ID for
this call is 58229395.
About Huttig
Huttig, currently in its 133rd 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 the historical average of total housing
starts; the cyclical nature of our industry; the uncertainties
resulting from changes to policies and laws following the U.S.
election in November 2016; the cost of environmental compliance,
including actual expenses we may incur to resolve proceedings we
are involved in arising out of the 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 applicable under our credit facility; the loss
of a significant customer; deterioration of our customers’
creditworthiness or our inability to forecast such deteriorations;
commodity prices; risks associated with our private brands;
termination of key supplier relationships; risks of international
suppliers; 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;
funding requirements for multi-employer pension plans for our
unionized employees; product liability claims and other claims,
litigation matters or regulatory proceedings; and the integration
of any business we acquire and the liabilities of such businesses.
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,
2016 and Quarterly Report on Form 10-Q for the quarter ended June
30, 2017, 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
Trailing Twelve Months |
|
|
June 30, |
|
June 30, |
|
Ended June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
Net income |
$ |
2.2 |
|
$ |
10.4 |
|
|
$ |
1.3 |
|
|
$ |
11.8 |
|
|
$ |
6.7 |
|
Discontinued
operations |
|
0.1 |
|
|
(4.5 |
) |
|
|
0.1 |
|
|
|
(4.4 |
) |
|
|
1.5 |
|
Interest expense,
net |
|
0.7 |
|
|
0.6 |
|
|
|
1.3 |
|
|
|
1.1 |
|
|
|
1.8 |
|
Income tax expense
(benefit) |
|
1.1 |
|
|
3.5 |
|
|
|
(0.1 |
) |
|
|
4.6 |
|
|
|
3.7 |
|
Depreciation and
amortization |
|
1.2 |
|
|
1.1 |
|
|
|
2.3 |
|
|
|
1.8 |
|
|
|
3.3 |
|
Stock compensation
expense |
|
0.6 |
|
|
0.4 |
|
|
|
1.1 |
|
|
|
0.8 |
|
|
|
1.5 |
|
Adjusted
EBITDA |
$ |
5.9 |
|
$ |
11.5 |
|
|
$ |
6.0 |
|
|
$ |
15.7 |
|
|
$ |
18.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
(unaudited) |
|
|
(In Millions, Except Per Share
Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
|
Net
sales |
|
$ |
198.7 |
|
|
$ |
197.9 |
|
$ |
374.4 |
|
|
$ |
356.7 |
|
|
Cost of
sales |
|
|
156.5 |
|
|
|
155.7 |
|
|
296.7 |
|
|
|
282.5 |
|
|
Gross
margin |
|
|
42.2 |
|
|
|
42.2 |
|
|
77.7 |
|
|
|
74.2 |
|
|
Operating expenses |
|
|
38.1 |
|
|
|
32.2 |
|
|
75.1 |
|
|
|
61.1 |
|
|
Operating
income |
|
|
4.1 |
|
|
|
10.0 |
|
|
2.6 |
|
|
|
13.1 |
|
|
Interest
expense, net |
|
|
0.7 |
|
|
|
0.6 |
|
|
1.3 |
|
|
|
1.1 |
|
|
Income
from continuing operations before income taxes |
|
|
3.4 |
|
|
|
9.4 |
|
|
1.3 |
|
|
|
12.0 |
|
|
Income
tax expense (benefit) |
|
|
1.1 |
|
|
|
3.5 |
|
|
(0.1 |
) |
|
|
4.6 |
|
|
Income
from continuing operations |
|
|
2.3 |
|
|
|
5.9 |
|
|
1.4 |
|
|
|
7.4 |
|
|
(Loss)
income from discontinued operations, net of taxes |
|
|
(0.1 |
) |
|
|
4.5 |
|
|
(0.1 |
) |
|
|
4.4 |
|
|
Net
income |
|
$ |
2.2 |
|
|
$ |
10.4 |
|
$ |
1.3 |
|
|
$ |
11.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
from continuing operations per share - basic and diluted |
|
$ |
0.09 |
|
|
$ |
0.23 |
|
$ |
0.05 |
|
|
$ |
0.29 |
|
|
(Loss)
income from discontinued operations per share - basic and
diluted |
|
$ |
0.00 |
|
|
$ |
0.18 |
|
$ |
0.00 |
|
|
$ |
0.17 |
|
|
Net
income per share - basic and diluted |
|
$ |
0.09 |
|
|
$ |
0.41 |
|
$ |
0.05 |
|
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic and
diluted shares outstanding |
|
|
24.9 |
|
|
|
24.5 |
|
|
24.8 |
|
|
|
24.5 |
|
|
|
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(unaudited) |
(In Millions) |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
|
|
|
2017 |
|
2016 |
|
2016 |
|
ASSETS |
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
Cash and
equivalents |
|
$ |
1.0 |
|
$ |
0.3 |
|
$ |
0.8 |
|
Trade
accounts receivable, net |
|
|
101.1 |
|
|
59.3 |
|
|
82.8 |
|
Net
inventories |
|
|
96.9 |
|
|
81.0 |
|
|
78.4 |
|
Other
current assets |
|
|
9.1 |
|
|
9.5 |
|
|
7.8 |
|
Total
current assets |
|
|
208.1 |
|
|
150.1 |
|
|
169.8 |
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT: |
|
|
|
|
|
|
|
Land |
|
|
5.0 |
|
|
5.0 |
|
|
5.0 |
|
Buildings
and improvements |
|
|
30.0 |
|
|
29.7 |
|
|
29.2 |
|
Machinery
and equipment |
|
|
48.0 |
|
|
43.5 |
|
|
39.7 |
|
Gross
property, plant and equipment |
|
|
83.0 |
|
|
78.2 |
|
|
73.9 |
|
Less
accumulated depreciation |
|
|
54.8 |
|
|
53.3 |
|
|
52.0 |
|
Property,
plant and equipment, net |
|
|
28.2 |
|
|
24.9 |
|
|
21.9 |
|
|
|
|
|
|
|
|
|
OTHER
ASSETS: |
|
|
|
|
|
|
|
Goodwill |
|
|
9.5 |
|
|
9.5 |
|
|
9.5 |
|
Deferred
income taxes |
|
|
12.2 |
|
|
10.3 |
|
|
17.5 |
|
Other |
|
|
6.9 |
|
|
7.5 |
|
|
8.1 |
|
Total
other assets |
|
|
28.6 |
|
|
27.3 |
|
|
35.1 |
|
TOTAL
ASSETS |
|
$ |
264.9 |
|
$ |
202.3 |
|
$ |
226.8 |
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(unaudited) |
|
(In Millions, Except Share Data) |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
|
|
|
2017 |
|
2016 |
|
2016 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
Current
maturities of long-term debt |
|
$ |
1.1 |
|
$ |
1.0 |
|
$ |
0.8 |
|
Trade
accounts payable |
|
|
63.6 |
|
|
47.2 |
|
|
56.2 |
|
Deferred
income taxes |
|
|
— |
|
|
— |
|
|
5.3 |
|
Accrued
compensation |
|
|
4.6 |
|
|
6.8 |
|
|
5.1 |
|
Other
accrued liabilities |
|
|
12.9 |
|
|
15.1 |
|
|
11.5 |
|
Total
current liabilities |
|
|
82.2 |
|
|
70.1 |
|
|
78.9 |
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
Long-term
debt, less current maturities |
|
|
103.3 |
|
|
54.5 |
|
|
75.2 |
|
Other
non-current liabilities |
|
|
5.5 |
|
|
7.2 |
|
|
7.7 |
|
Total
non-current liabilities |
|
|
108.8 |
|
|
61.7 |
|
|
82.9 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
Preferred
shares: $.01 par (5,000,000 shares authorized) |
|
|
— |
|
|
— |
|
|
— |
|
Common
shares: $.01 par (75,000,000 shares authorized: 25,872,480;
25,638,862; and 25,466,252 shares issued at June 30, 2017,
December 31, 2016 and June 30, 2016, respectively) |
|
|
0.3 |
|
|
0.3 |
|
|
0.3 |
|
Additional paid-in capital |
|
|
43.1 |
|
|
42.8 |
|
|
41.8 |
|
Retained
earnings |
|
|
30.5 |
|
|
27.4 |
|
|
22.9 |
|
Total
shareholders' equity |
|
|
73.9 |
|
|
70.5 |
|
|
65.0 |
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
264.9 |
|
$ |
202.3 |
|
$ |
226.8 |
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(unaudited) |
|
(In
Millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Cash
Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
2.2 |
|
|
$ |
10.4 |
|
|
$ |
1.3 |
|
|
$ |
11.8 |
|
|
Adjustments to reconcile net income to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
|
Loss
(income) from discontinued operations |
|
|
0.1 |
|
|
|
(4.5 |
) |
|
|
0.1 |
|
|
|
(4.4 |
) |
|
Depreciation and amortization |
|
|
1.2 |
|
|
|
1.1 |
|
|
|
2.3 |
|
|
|
1.8 |
|
|
Non-cash
interest expense |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
Stock-based compensation |
|
|
0.6 |
|
|
|
0.4 |
|
|
|
1.1 |
|
|
|
0.8 |
|
|
Deferred
taxes |
|
|
1.2 |
|
|
|
5.9 |
|
|
|
(0.1 |
) |
|
|
6.9 |
|
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Trade
accounts receivable |
|
|
(12.7 |
) |
|
|
(6.4 |
) |
|
|
(41.8 |
) |
|
|
(25.0 |
) |
|
Net
inventories |
|
|
(8.7 |
) |
|
|
(1.8 |
) |
|
|
(15.9 |
) |
|
|
(12.0 |
) |
|
Trade
accounts payable |
|
|
(4.6 |
) |
|
|
(5.6 |
) |
|
|
16.4 |
|
|
|
11.7 |
|
|
Other |
|
|
— |
|
|
|
1.3 |
|
|
|
(4.3 |
) |
|
|
(3.6 |
) |
|
Cash
(used in) provided by continuing operating activities |
|
|
(20.6 |
) |
|
|
0.9 |
|
|
|
(40.7 |
) |
|
|
(11.8 |
) |
|
Cash
(used in) provided by discontinued operating activities |
|
|
(1.4 |
) |
|
|
4.5 |
|
|
|
(1.7 |
) |
|
|
4.4 |
|
|
Total
cash (used in) provided by operating activities |
|
|
(22.0 |
) |
|
|
5.4 |
|
|
|
(42.4 |
) |
|
|
(7.4 |
) |
|
Cash
Flows From Investing Activities: |
|
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(1.8 |
) |
|
|
(0.6 |
) |
|
|
(3.5 |
) |
|
|
(1.2 |
) |
|
Acquisition |
|
|
— |
|
|
|
(17.3 |
) |
|
|
— |
|
|
|
(17.3 |
) |
|
Total
cash used in investing activities |
|
|
(1.8 |
) |
|
|
(17.9 |
) |
|
|
(3.5 |
) |
|
|
(18.5 |
) |
|
Cash
Flows From Financing Activities: |
|
|
|
|
|
|
|
|
|
Borrowings of debt, net |
|
|
23.9 |
|
|
|
10.5 |
|
|
|
47.5 |
|
|
|
26.8 |
|
|
Repurchase shares of common stock |
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.9 |
) |
|
|
(0.4 |
) |
|
Total
cash provided by financing activities |
|
|
23.7 |
|
|
|
10.5 |
|
|
|
46.6 |
|
|
|
26.4 |
|
|
Net
(decrease) increase in cash and equivalents |
|
|
(0.1 |
) |
|
|
(2.0 |
) |
|
|
0.7 |
|
|
|
0.5 |
|
|
Cash and
equivalents, beginning of period |
|
|
1.1 |
|
|
|
2.8 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
Cash and
equivalents, end of period |
|
$ |
1.0 |
|
|
$ |
0.8 |
|
|
$ |
1.0 |
|
|
$ |
0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
|
|
|
|
Interest
paid |
|
$ |
0.6 |
|
|
$ |
0.5 |
|
|
$ |
1.1 |
|
|
$ |
0.9 |
|
|
Income
taxes paid |
|
|
0.4 |
|
|
|
0.2 |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
For more information, contact:
Don Hake
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