Fourth Quarter and Full Year 2018
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 fourth quarter and year ended December 31, 2018.
“I am pleased that we continue to achieve
significant sales growth above that of the residential construction
market in the fourth quarter, and for the full year,” said Jon
Vrabely, Huttig’s President and CEO. “Our fourth quarter
sales growth of 9.5%, and full year growth of 11.5%, further
supports the validity of our organic growth strategy. Despite
our strong sales growth, we have yet to be successful in leveraging
our growth into incremental profitability. Accordingly, we
recently completed actions to adjust our cost structure which we
believe will enable us to achieve this objective in 2019.”
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SUMMARY RESULTS FOR FOURTH QUARTER AND TWELVE
MONTHS ENDED DECEMBER 31, 2018 |
(unaudited) |
(in millions, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
2018 |
|
2017 |
Net sales |
$ |
196.2 |
|
100.0% |
|
$ |
179.2 |
|
100.0% |
Gross margin |
|
38.1 |
|
19.4% |
|
|
36.8 |
|
20.5% |
Operating expenses |
|
44.2 |
|
22.5% |
|
|
42.4 |
|
23.7% |
Gain on
disposal of assets |
|
(0.1 |
) |
0.0% |
|
|
- |
|
0.0% |
Operating loss |
|
(6.0 |
) |
-3.1% |
|
|
(5.6 |
) |
-3.1% |
Net loss from
continuing operations |
|
(6.9 |
) |
-3.5% |
|
|
(8.9 |
) |
-5.0% |
Net
loss |
|
(7.3 |
) |
-3.7% |
|
|
(9.8 |
) |
-5.5% |
Net loss
from continuing operations per share - basic and diluted |
|
(0.27 |
) |
|
|
|
(0.36 |
) |
|
Net loss
per share - basic and diluted |
|
(0.29 |
) |
|
|
|
(0.39 |
) |
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
2018 |
|
2017 |
Net sales |
$ |
839.6 |
|
100.0% |
|
$ |
753.2 |
|
100.0% |
Gross margin |
|
166.5 |
|
19.8% |
|
|
155.8 |
|
20.7% |
Operating expenses |
|
167.5 |
|
19.9% |
|
|
155.7 |
|
20.7% |
Gain on
disposal of assets |
|
(0.1 |
) |
-0.1% |
|
|
- |
|
0.0% |
Operating income
(loss) |
|
(0.9 |
) |
-0.1% |
|
|
0.1 |
|
0.0% |
Net loss from
continuing operations |
|
(6.0 |
) |
-0.7% |
|
|
(6.2 |
) |
-0.8% |
Net
loss |
|
(6.4 |
) |
-0.8% |
|
|
(7.1 |
) |
-0.9% |
Net loss
from continuing operations per share - basic and diluted |
|
(0.24 |
) |
|
|
|
(0.25 |
) |
|
Net loss
per share - basic and diluted |
|
(0.26 |
) |
|
|
|
(0.29 |
) |
|
|
|
|
|
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|
Results of Operations
Fourth Quarter 2018 Compared to Fourth
Quarter 2017
Net sales from continuing operations were $196.2
million in the fourth quarter of 2018, an increase of $17.0
million, or approximately 9.5%, compared to $179.2 million in the
fourth quarter of 2017. The increase was primarily due to sales
growth in our Huttig-Grip product line and higher levels of
construction activity.
Net sales in our major product categories
changed as follows in the fourth quarter 2018 from the fourth
quarter 2017: millwork sales increased 4.9% to $97.1 million,
building product sales increased 20.3% to $83.5 million, primarily
due to sales growth of the Huttig-Grip product line as well as
increased construction activity, and wood product sales decreased
9.3% to $15.6 million primarily to market variability.
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 3.5% to
$38.1 million the fourth quarter 2018 compared to $36.8 million in
the fourth quarter 2017. Gross margin as a percentage of net
sales declined to 19.4% in the fourth quarter 2018 from 20.5% in
the fourth quarter 2017 due to a higher proportionate increase in
direct sales volume as well as the higher proportional increase in
building product sales compared to the growth of other, higher
margin product categories.
Operating expenses increased $1.8 million or
4.2% to $44.2 million, or 22.5% of net sales, in the fourth quarter
2018, compared to $42.4 million, or 23.7% of net sales, in the
fourth quarter 2017. The increase in operating expenses was
mainly attributable to an increase in non-personnel costs.
Non-personnel expenses increased approximately $1.7 million,
primarily as a result of higher fuel prices, increased contract
hauling costs, and higher facility costs. As a percentage of
sales, operating expenses decreased to 22.5% in the fourth quarter
2018 compared to 23.7% in in the fourth quarter 2017.
Net interest expense was $1.9 million in the
fourth quarter 2018 compared to $0.9 million in the fourth quarter
2017. The increase was due to higher average outstanding debt
and higher borrowing rates during the fourth quarter 2018 versus
the fourth quarter 2017.
An income tax benefit from continuing operations
of $1.0 million was recognized during the fourth quarter 2018
compared to an income tax provision of $2.4 million during the
fourth quarter 2017. Income tax expense in the fourth quarter
of 2017 was driven by the impact of the Tax Cuts and Jobs Act of
2017 (the “Tax Act”), which required us to adjust deferred tax
assets and liabilities during that quarter.
As a result of the foregoing factors, we
reported a net loss from continuing operations of $6.9 million in
the fourth quarter 2018 compared to net loss from continuing
operations of $8.9 million in the fourth quarter 2017.
Adjusted EBITDA was $(4.1) million for the
fourth quarter of 2018 compared to $(3.1) million for the fourth
quarter of 2017.
Fiscal 2018 Compared to Fiscal
2017
Net sales from continuing operations were
$839.6 million in 2018, an increase of $86.4 million, or
approximately 11.5%, compared to $753.2 million in 2017.
The increase was primarily due to sales growth in our Huttig-Grip
product line and higher levels of construction activity.
Net sales in our major product categories
changed as follows in 2018 from 2017: millwork sales increased 5.0%
to $400.6 million, building product sales increased 22.2% to
$365.4 million, primarily due to sales growth of the
Huttig-Grip product line as well as increased construction
activity, and wood products increased 1.1% to
$73.6 million. 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 6.9% to
$166.5 million in 2018 as compared to $155.8 million in 2017.
The increase in gross margin was due to higher overall sales
volumes. Gross margin as a percent of net sales declined to
19.8% in 2018 compared to 20.7% in 2017 due to a higher
proportionate increase in direct sales volumes as well as the
higher proportional increase in building product sales compared to
the growth of other, higher margin product categories.
Operating expenses increased $11.8 million, or
7.6%, to $167.5 million, or 19.9% of net sales, in 2018, compared
to $155.7 million, or 20.7% of net sales, in 2017. The
increase in operating expenses was partially attributable to an
increase in personnel costs. Personnel costs increased
approximately $4.8 million, primarily as a result of wage increases
and increased variable compensation. Non-personnel expenses
increased approximately $7.0 million, primarily as a result of
higher fuel prices, increased contract hauling costs, higher
facility costs, and expenses associated with prior litigation and
settlement. Operating expenses include charges of
$3.5 million and $3.1 million in 2018 and 2017, respectively,
related to settled litigation. Excluding these expenses,
operating expenses would have been approximately 19.5% and 20.3% of
sales for the year ended December 31, 2018 and 2017,
respectively.
Net interest expense was $6.5 million in 2018
compared to $3.1 million in 2017. The increase was due to
higher average outstanding debt and higher borrowing rates in 2018
versus 2017.
An income tax benefit from continuing operations
of $1.4 million was recognized for the year ended December 31, 2018
compared to an income tax provision $3.2 million for the year ended
December 31, 2017. The income tax expense in 2017 was driven
by the impact of the Tax Act. The Company recognized $4.5
million in tax expense related to the net change in our deferred
tax assets and liabilities as a result of the Tax Act’s reduction
of the U.S. Federal tax rate from 35% to 21%. Although the
lower U.S. corporate income tax rate was effective January 1, 2018
our deferred tax assets and liabilities were adjusted in 2017 when
the new tax law was enacted. Excluding the impact of this
adjustment, as well as other immaterial tax adjustments, the
Company would have recognized a tax benefit of approximately $1.3
million in 2017.
As a result of the foregoing factors, we
reported a net loss from continuing operations of $6.0 million in
2018 as compared to $6.2 million in 2017.
Adjusted EBITDA was $10.2 million in 2018 and
2017.
Balance Sheet
Total available liquidity was $32.3 million as
of December 31, 2018, as compared to $51.7 million at December 31,
2017. At December 31, 2018, total available liquidity
included $0.8 million of cash plus $31.5 million of availability
under our credit facility, while at December 31, 2017, total
available liquidity included $0.3 million of cash plus $51.4
million of availability under our credit facility. At
February 28, 2019, total available liquidity was $50.4 million,
which included $0.6 million of cash plus $49.8 million of
availability under our credit facility.
Conference Call
Huttig Building Products, Inc. will host a
conference call Tuesday, March 5, 2019 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 (866) 238-1641 or (213) 660-0927 (international). The conference
ID for this call is 3396972.
About Huttig
Huttig, currently in its 135th 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
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. The words or phrases “will likely
result,” “are expected to,” “will continue,” “is anticipated,”
“believe,” “estimate,” “project” or similar expressions may
identify forward-looking statements, although not all
forward-looking statements contain such words. Statements
made in this press release including, but not limited to,
statements regarding our current views with respect to financial
performance, future growth in the housing market, distribution
channels, sales, favorable supplier relationships, inventory
levels, the ability to meet customer needs, management of cost
structure, enhanced competitive posture, no material financial
impact from litigation or contingencies, including environmental
proceedings, are included pursuant to the “safe harbor” provision
of the Private Securities Litigation Reform Act of
1995.
These statements present management’s
expectations, beliefs, plans and objectives regarding our future
business and financial performance. We cannot guarantee any
forward-looking statements will be realized or achieved. These
forward-looking statements are based on current projections,
estimates, assumptions and judgments, and involve known and unknown
risks and uncertainties. We disclaim any obligation to publicly
update or revise any of these forward-looking statements, whether
as a result of new information, future events or otherwise.
There are a number of factors, some of which are
beyond our control that could cause our actual results to differ
materially from those expressed or implied in the forward-looking
statements. These factors include, but are not limited to:
the strength of new construction, home improvement and remodeling
markets and the recovery of the homebuilding industry to levels
consistent with the historical average total housing starts from
1959 to 2018 of approximately 1.4 million starts based on
statistics tracked by the U.S. Census Bureau; the cyclical nature
of our industry; the success of our growth initiatives; expansion
of the Huttig-Grip product line; uncertainties resulting from
changes to United States and foreign laws, regulations and policies
including the federal Tax Cuts and Jobs Act of 2017; 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 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; the potential impact of changes in tariff
costs, including tariffs on imported steel and aluminum, and
potential anti-dumping or countervailing duties; 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 legal proceedings; the integration of
any business we acquire and the liabilities of such businesses; and
those factors set forth under Part I, Item 1A – “Risk
Factors.” These factors may not constitute all factors that could
cause actual results to differ from those discussed in any
forward-looking statement. Accordingly, forward-looking
statements should not be relied upon as a predictor of actual
results.
Non-GAAP Financial Measures
Huttig supplements its reporting of net income
(loss) 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
(loss) 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 (loss) 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
The following table presents a reconciliation of
net income (loss), the most directly comparable financial measure
under GAAP, to Adjusted EBITDA for the periods presented (in
millions):
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net loss |
$ |
(7.3 |
) |
|
$ |
(9.8 |
) |
|
$ |
(6.4 |
) |
|
$ |
(7.1 |
) |
Net loss from
discontinued operations, net of taxes |
|
0.4 |
|
|
|
0.9 |
|
|
|
0.4 |
|
|
|
0.9 |
|
Interest expense,
net |
|
1.9 |
|
|
|
0.9 |
|
|
|
6.5 |
|
|
|
3.1 |
|
Provision for income
taxes |
|
(1.0 |
) |
|
|
2.4 |
|
|
|
(1.4 |
) |
|
|
3.2 |
|
Depreciation and
amortization |
|
1.4 |
|
|
|
1.3 |
|
|
|
5.4 |
|
|
|
4.9 |
|
Stock compensation
expense |
|
0.5 |
|
|
|
0.6 |
|
|
|
2.3 |
|
|
|
2.2 |
|
Gain on disposal of
assets |
|
(0.1 |
) |
|
|
- |
|
|
|
(0.1 |
) |
|
|
- |
|
Other Expenses1 |
|
0.1 |
|
|
|
0.6 |
|
|
|
3.5 |
|
|
|
3.0 |
|
Adjusted
EBITDA |
$ |
(4.1 |
) |
|
$ |
(3.1 |
) |
|
$ |
10.2 |
|
|
$ |
10.2 |
|
|
|
|
|
|
|
|
|
1
Primarily expenses associated with litigation and settlement of
litigation. |
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HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(unaudited) |
(in millions, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net sales |
$ |
196.2 |
|
|
$ |
179.2 |
|
|
$ |
839.6 |
|
|
$ |
753.2 |
|
Cost of
sales |
|
158.1 |
|
|
|
142.4 |
|
|
|
673.1 |
|
|
|
597.4 |
|
Gross
margin |
|
38.1 |
|
|
|
36.8 |
|
|
|
166.5 |
|
|
|
155.8 |
|
Operating expenses |
|
44.2 |
|
|
|
42.4 |
|
|
|
167.5 |
|
|
|
155.7 |
|
Gain on
disposal of assets |
|
(0.1 |
) |
|
|
|
|
(0.1 |
) |
|
|
— |
|
Operating
income (loss) |
|
(6.0 |
) |
|
|
(5.6 |
) |
|
|
(0.9 |
) |
|
|
0.1 |
|
Interest expense,
net |
|
1.9 |
|
|
|
0.9 |
|
|
|
6.5 |
|
|
|
3.1 |
|
Loss from continuing
operations before income taxes |
|
(7.9 |
) |
|
|
(6.5 |
) |
|
|
(7.4 |
) |
|
|
(3.0 |
) |
Provision for (benefit
from) income taxes |
|
(1.0 |
) |
|
|
2.4 |
|
|
|
(1.4 |
) |
|
|
3.2 |
|
Net loss from
continuing operations |
|
(6.9 |
) |
|
|
(8.9 |
) |
|
|
(6.0 |
) |
|
|
(6.2 |
) |
Net loss
from discontinued operations, net of taxes |
|
(0.4 |
) |
|
|
(0.9 |
) |
|
|
(0.4 |
) |
|
|
(0.9 |
) |
Net loss |
$ |
(7.3 |
) |
|
$ |
(9.8 |
) |
|
$ |
(6.4 |
) |
|
$ |
(7.1 |
) |
|
|
|
|
|
|
|
|
Net loss
from continuing operations per share - basic and diluted |
$ |
(0.27 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.25 |
) |
Net loss
from discontinued operations per share - basic and diluted |
$ |
(0.02 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
Net loss
per share - basic and diluted |
$ |
(0.29 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
Basic and
diluted shares outstanding |
|
25.1 |
|
|
|
24.9 |
|
|
|
25.1 |
|
|
|
24.9 |
|
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
CONSOLIDATED BALANCE
SHEETS |
(unaudited) |
(in millions) |
|
|
|
|
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
ASSETS |
|
|
|
Current
Assets: |
|
|
|
Cash and
equivalents |
$ |
0.8 |
|
$ |
0.3 |
Trade
accounts receivable, net |
|
69.0 |
|
|
66.8 |
Inventories, net |
|
134.0 |
|
|
111.9 |
Other
current assets |
|
14.7 |
|
|
11.4 |
Total
current assets |
|
218.5 |
|
|
190.4 |
|
|
|
|
Property, plant and equipment: |
|
|
|
Land |
|
5.0 |
|
|
5.0 |
Buildings
and improvements |
|
32.3 |
|
|
31.1 |
Machinery
and equipment |
|
56.0 |
|
|
49.8 |
Gross
property, plant and equipment |
|
93.3 |
|
|
85.9 |
Less
accumulated depreciation |
|
60.0 |
|
|
56.4 |
Property,
plant and equipment, net |
|
33.3 |
|
|
29.5 |
|
|
|
|
Other
Assets: |
|
|
|
Goodwill |
|
9.5 |
|
|
9.5 |
Deferred
income taxes |
|
11.1 |
|
|
9.7 |
Other |
|
5.6 |
|
|
6.8 |
Total
other assets |
|
26.2 |
|
|
26.0 |
|
|
|
|
Total
Assets |
$ |
278.0 |
|
$ |
245.9 |
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
CONSOLIDATED BALANCE
SHEETS |
(unaudited) |
(in millions, except share data) |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Current
Liabilities: |
|
|
|
Current maturities of
long-term debt |
$ |
1.8 |
|
$ |
1.2 |
Trade
accounts payable |
|
51.5 |
|
|
51.0 |
Accrued
compensation |
|
5.0 |
|
|
6.3 |
Other
accrued liabilities |
|
18.0 |
|
|
16.6 |
Total
current liabilities |
|
76.3 |
|
|
75.1 |
|
|
|
|
Non-Current Liabilities |
|
|
|
Long-term
debt, less current maturities |
|
137.1 |
|
|
101.8 |
Other
non-current liabilities |
|
2.6 |
|
|
2.5 |
Total
non-current liabilities |
|
139.7 |
|
|
104.3 |
|
|
|
|
Shareholders' Equity: |
|
|
|
Preferred
shares: $.01 par (5,000,000 shares authorized) |
|
— |
|
|
— |
Common
shares; $.01 par (75,000,000 shares authorized: 25,993,441
shares issued and outstanding at December 31, 2018 and
25,843,166 at December 31, 2017) |
|
0.3 |
|
|
0.3 |
Additional paid-in capital |
|
46.0 |
|
|
44.1 |
Retained
earnings |
|
15.7 |
|
|
22.1 |
Total
shareholders' equity |
|
62.0 |
|
|
66.5 |
|
|
|
|
Total
Liabilities and Shareholders' Equity |
$ |
278.0 |
|
$ |
245.9 |
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND
SUBSIDIARY |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(unaudited) |
(in
millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Cash
Flows From Operating Activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(7.3 |
) |
|
$ |
(9.8 |
) |
|
$ |
(6.4 |
) |
|
$ |
(7.1 |
) |
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
Net loss
from discontinued operations, net of taxes |
|
0.4 |
|
|
|
0.9 |
|
|
|
0.4 |
|
|
|
0.9 |
|
Depreciation and amortization |
|
1.4 |
|
|
|
1.3 |
|
|
|
5.4 |
|
|
|
4.9 |
|
Non-cash
interest expense |
|
- |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
Stock
compensation expense |
|
0.5 |
|
|
|
0.6 |
|
|
|
2.3 |
|
|
|
2.2 |
|
Deferred
taxes |
|
(0.9 |
) |
|
|
1.6 |
|
|
|
(1.3 |
) |
|
|
2.4 |
|
Gain on
disposal of capital assets |
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
Trade
accounts receivable, net |
|
27.3 |
|
|
|
20.7 |
|
|
|
(2.2 |
) |
|
|
(7.5 |
) |
Inventories, net |
|
19.7 |
|
|
|
(3.8 |
) |
|
|
(22.1 |
) |
|
|
(30.9 |
) |
Trade
accounts payable |
|
(13.2 |
) |
|
|
(15.7 |
) |
|
|
0.5 |
|
|
|
3.8 |
|
Other |
|
2.2 |
|
|
|
5.1 |
|
|
|
(3.1 |
) |
|
|
(2.5 |
) |
Cash
provided by (used in) continuing operating activities |
|
30.0 |
|
|
|
1.0 |
|
|
|
(26.4 |
) |
|
|
(33.5 |
) |
Cash
(used in) provided by discontinued operating activities |
|
0.1 |
|
|
|
(0.7 |
) |
|
|
(0.6 |
) |
|
|
(4.6 |
) |
Total
cash provided by (used in) operating activities |
|
30.1 |
|
|
|
0.3 |
|
|
|
(27.0 |
) |
|
|
(38.1 |
) |
Cash
Flows From Investing Activities: |
|
|
|
|
|
|
|
Capital
expenditures |
|
(1.0 |
) |
|
|
(0.4 |
) |
|
|
(7.8 |
) |
|
|
(6.1 |
) |
Proceeds
from disposition of capital assets |
|
0.3 |
|
|
|
— |
|
|
|
1.2 |
|
|
|
— |
|
Cash used
in investing activities |
|
(0.7 |
) |
|
|
(0.4 |
) |
|
|
(6.6 |
) |
|
|
(6.1 |
) |
Cash
Flows From Financing Activities: |
|
|
|
|
|
|
|
Net
borrowing (repayment) of debt |
|
(30.1 |
) |
|
|
(0.8 |
) |
|
|
34.5 |
|
|
|
45.1 |
|
Payment
for taxes related to share settlement of equity awards |
|
— |
|
|
|
— |
|
|
|
(0.4 |
) |
|
|
(0.9 |
) |
Total
cash (used in) provided by financing activities |
|
(30.1 |
) |
|
|
(0.8 |
) |
|
|
34.1 |
|
|
|
44.2 |
|
Net
increase (decrease) in cash and equivalents |
|
(0.7 |
) |
|
|
(0.9 |
) |
|
|
0.5 |
|
|
|
— |
|
Cash and
equivalents, beginning of period |
|
1.5 |
|
|
|
1.2 |
|
|
|
0.3 |
|
|
|
0.3 |
|
Cash and
equivalents, end of period |
$ |
0.8 |
|
|
$ |
0.3 |
|
|
$ |
0.8 |
|
|
$ |
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information, contact:
investor@huttig.com
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