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, 2019.
“Our sales are slightly behind last year’s pace
due to some market softening caused in part by inclement weather
across many parts of the country in the first half of the year,”
said Jon Vrabely, Huttig’s President and Chief Executive Officer.
“While we made a significant investment in, and successfully
executed a major ERP upgrade, we experienced temporary disruption
which impacted our sales. Meanwhile, our cost management
initiatives have begun to improve operating income, and our cash
management has significantly reduced our borrowing needs. We
continue to focus on achieving efficient working capital
levels.”
|
Three Months Ended June 30, |
|
2019 |
|
2018 |
Net sales |
$ |
218.5 |
|
100.0 |
% |
|
$ |
223.4 |
|
100.0 |
% |
Gross margin |
|
44.3 |
|
20.3 |
% |
|
|
45.1 |
|
20.2 |
% |
Operating expenses |
|
41.0 |
|
18.8 |
% |
|
|
43.0 |
|
19.2 |
% |
Operating income |
|
3.3 |
|
1.5 |
% |
|
|
2.1 |
|
0.9 |
% |
Income (loss) from continuing operations |
|
(10.3 |
) |
-4.7 |
% |
|
|
0.2 |
|
0.1 |
% |
Net income (loss) |
|
(10.3 |
) |
-4.7 |
% |
|
|
0.2 |
|
0.1 |
% |
Income (loss) from continuing operations per share - basic and
diluted |
$ |
(0.40 |
) |
|
|
$ |
0.01 |
|
|
Net loss per share - basic and
diluted |
$ |
(0.40 |
) |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
Net sales |
$ |
415.9 |
|
100.0 |
% |
|
$ |
421.4 |
|
100.0 |
% |
Gross margin |
|
81.7 |
|
19.6 |
% |
|
|
83.8 |
|
19.9 |
% |
Operating expenses |
|
80.6 |
|
19.4 |
% |
|
|
82.2 |
|
19.5 |
% |
Operating income |
|
1.1 |
|
0.3 |
% |
|
|
1.6 |
|
0.4 |
% |
Loss from continuing operations |
|
(13.5 |
) |
-3.2 |
% |
|
|
(0.3 |
) |
-0.1 |
% |
Net loss |
|
(13.5 |
) |
-3.2 |
% |
|
|
(0.3 |
) |
-0.1 |
% |
Loss from continuing operations per share - basic and diluted |
$ |
(0.53 |
) |
|
|
$ |
(0.01 |
) |
|
Net loss per share - basic and
diluted |
$ |
(0.53 |
) |
|
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
Results of Operations
Three Months Ended June 30, 2019
Compared to Three Months Ended June 30, 2018
Net sales were $218.5 million in the second
quarter of 2019, which were $4.9 million, or 2.2%, lower than
the second quarter of 2018. The decrease in net sales was
primarily attributed to a modest softening in the markets we serve
coupled with prolonged adverse weather conditions in many parts of
the country which negatively impacted construction activity.
Millwork product sales decreased 3.9% in the
second quarter of 2019 to $99.5 million, compared to $103.5
million in the second quarter of 2018, building products sales
increased 1.7% in the second quarter of 2019 to
$101.1 million, compared to $99.4 million in the second
quarter of 2018, and wood product sales decreased 12.7% in the
second quarter of 2019 to $17.9 million, compared to $20.5
million in the second quarter of 2018. The proportionate increase
in sales of building products is generally consistent with our
strategic growth initiatives.
Gross margin was $44.3 million in the
second quarter of 2019, compared to $45.1 million in the second
quarter of 2018. As a percentage of sales, gross margin was 20.3%
in the second quarter of 2019, compared to 20.2% in the second
quarter of 2018. Gross margins were generally commensurate
with sales activity.
Operating expenses decreased $2.0 million to
$41.0 million in the second quarter of 2019, compared to
$43.0 million in the second quarter of 2018. Personnel
costs decreased $0.3 million as lower wages and variable
compensation costs were partially offset by higher medical costs.
Non-personnel costs decreased $1.7 million for the quarter
primarily due to non-recurring litigation and settlement costs of
approximately $2.5 million in 2018. Other decreases in
non-personnel expenses were offset by higher rent from our
operating facilities, including expansion efforts. As a percentage
of sales, operating expenses were 18.8% in the second quarter of
2019 compared to 19.2% in 2018. Adjusted for non-recurring
litigation and settlement costs, our operating expenses were 18.1%
in 2018.
Net interest expense was $1.8 million in the
second quarter of 2019 and $1.7 million in the second quarter of
2018 as the impact of lower average borrowing was offset by higher
interest rates.
Income tax expense was $11.8 million for the
quarter ended June 30, 2019, as compared to $0.2 million for the
second quarter of 2018. We recorded a tax charge of $11.8
million in the second quarter of 2019 related to an increase in our
deferred tax asset valuation allowance. The increase was
required as realization of the net deferred asset no longer meets
the more-likely-than-not criterion under US GAAP. Most of the
Company’s net deferred tax asset is comprised of federal tax loss
carryforwards which will begin expiring in 2030. The deferred
tax valuation allowance is assessed each reporting period and the
amount of net deferred tax assets considered realizable could be
adjusted in future periods based on the Company’s financial
performance. The net operating loss carryforwards remain
available to offset future taxable income.
As a result of the foregoing factors, we
reported a loss from continuing operations of $10.3 million
for the quarter ended June 30, 2019, compared to income from
continuing operations of $0.2 million for the quarter ended June
30, 2018.
Adjusted EBITDA was $5.2 million for the second
quarter of 2019 compared to $6.5 million for the second quarter of
2018. Adjusted EBITDA is a non-GAAP measurement. See
below reconciliation of Non-GAAP Financial Measures.
Six Months Ended June 30, 2019 Compared
to Six Months Ended June 30, 2018
Net sales were $415.9 million in the first
six months of 2019, which was $5.5 million, or 1.3%, lower
than the first six months of 2018. The decrease in net sales
was primarily attributed to a modest softening in the markets we
serve coupled with prolonged adverse weather conditions in many
parts of the country which negatively impacted construction
activity.
Millwork product sales decreased 2.0% in the
first six months of 2019 to $194.8 million, compared to $198.8
million in the first six months of 2018, building products sales
increased 2.4% in the first six months of 2019 to
$189.3 million, compared to $184.9 million in the first six
months of 2018, and wood product sales decreased 15.6% in the first
six months of 2019 to $31.8 million, compared to $37.7 million
in the first six months of 2018. The proportionate increase in
sales of building products is generally consistent with our
strategic growth initiatives.
Gross margin was $81.7 million in the first
six months of 2019, compared to $83.8 million in the first six
months of 2018. As a percentage of sales, gross margin was 19.6% in
the first six months of 2019, compared to 19.9% in the first six
months of 2018. The reduction in gross margin percent was primarily
attributed to a higher proportional increase in building product
sales as compared to other higher margin product categories as well
as pressure from a competitive pricing environment and higher costs
from customer promotion programs.
Operating expenses decreased $1.6 million
to $80.6 million in the first six months of 2019, compared to
$82.2 million in the first six months of 2018. Personnel
costs decreased $0.5 million as lower wages and variable
compensation costs were partially offset by higher medical costs.
Non-personnel costs decreased $1.1 million in the first six months
of 2019 primarily due to non-recurring litigation and settlement
costs of approximately $3.3 million in 2018. Other decreases in
non-personnel expenses were offset by higher rent from our
operating facilities, including expansion efforts. As a percentage
of sales, operating expenses were 19.4% in 2019 compared to 19.5%
in 2018. Adjusted for non-recurring litigation and settlement
costs, our operating expenses were 18.6% in 2018.
Net interest expense was $3.5 million in the
first six months of 2019 compared to $2.8 million in the first six
months of 2018. The increase was primarily due to higher
interest rates in the first six months of 2019 compared to the
first six months of 2018.
Income tax expense was $11.1 million for the
first six months of 2019, as compared to an income tax benefit of
$0.9 million for the first six months of 2018. We recorded a tax
charge of $11.8 million in 2019 related to an increase in our
deferred tax asset valuation allowance. The increase was
required as realization of the net deferred asset no longer meets
the more-likely-than-not criterion under US GAAP. Most of the
Company’s net deferred tax asset is comprised of federal tax loss
carryforwards which will begin expiring in 2030. The deferred
tax valuation allowance is assessed each reporting period and the
amount of net deferred tax assets considered realizable could be
adjusted in future periods based on the Company’s financial
performance. The net operating loss carryforwards remain
available to offset future taxable income.
As a result of the foregoing factors, we
reported a loss from continuing operations of $13.5 million
for the six months ended June 30, 2019, compared to a loss from
continuing operations of $0.3 million for the six months ended June
30, 2018.
Adjusted EBITDA was $4.9 million for the six
months ended June 30, 2019 compared to $8.7 million for the six
months ended June 30, 2018. Adjusted EBITDA is a non-GAAP
measurement. See below reconciliation of Non-GAAP Financial
Measures.
Balance Sheet &
Liquidity
Cash used in continuing operating activities was
$19.8 million for the six months ended June 30, 2019, compared to
cash used of $69.6 million a year ago. At June 30, 2019, the
Company had $39.6 million of total liquidity including excess
committed borrowing availability of $38.5 million and cash of $1.1
million. Total liquidity was $41.0 million at June 30, 2018
including excess committed borrowing availability of $39.4 million
and cash of $1.6 million.
Conference Call
Huttig Building Products, Inc. will host a
conference call Tuesday, July 30, 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 1148978.
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 looking forward in time, 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, enhanced
competitive posture, strategic initiatives, absence of 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 that 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 construction, home improvement and remodeling markets
and the recovery of the homebuilding industry to levels consistent
with the historical annual average; the cyclical nature of our
industry; the successful implementation of our growth initiatives;
the effects of increased inventories to support our growth
initiatives and the impact if levels become excessive; the
uncertainties resulting from changes to United States and foreign
laws, regulations and policies; 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; dumping duties; tariffs; 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 legal proceedings; the integration of
any business we acquire and the liabilities of such businesses;
information technology system failure, network disruptions,
cybersecurity attacks and breaches in data security; and those set
forth under Part I, Item 1A – “Risk Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31,
2018. 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
with the 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 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
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 |
|
June 30, |
|
June 30, |
|
|
2019 |
|
|
|
2018 |
|
|
2019 |
|
|
|
2018 |
|
Net income (loss) |
$ |
(10.3 |
) |
|
$ |
0.2 |
|
$ |
(13.5 |
) |
|
$ |
(0.3 |
) |
Interest expense, net |
|
1.8 |
|
|
|
1.7 |
|
|
3.5 |
|
|
|
2.8 |
|
Benefit from income taxes |
|
11.8 |
|
|
|
0.2 |
|
|
11.1 |
|
|
|
(0.9 |
) |
Depreciation and
amortization |
|
1.3 |
|
|
|
1.3 |
|
|
2.7 |
|
|
|
2.6 |
|
Stock compensation
expense |
|
0.6 |
|
|
|
0.6 |
|
|
1.1 |
|
|
|
1.2 |
|
Other expenses (1) |
|
- |
|
|
|
2.5 |
|
|
- |
|
|
|
3.3 |
|
Adjusted EBITDA |
$ |
5.2 |
|
|
$ |
6.5 |
|
$ |
4.9 |
|
|
$ |
8.7 |
|
|
|
|
|
|
|
|
|
1 Primarily
expenses associated with litigation and settlement of
litigation. |
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2019 |
|
|
|
2018 |
|
|
2019 |
|
|
|
2018 |
|
Net sales |
$ |
218.5 |
|
|
$ |
223.4 |
|
$ |
415.9 |
|
|
$ |
421.4 |
|
Cost of sales |
|
174.2 |
|
|
|
178.3 |
|
|
334.2 |
|
|
|
337.6 |
|
Gross margin |
|
44.3 |
|
|
|
45.1 |
|
|
81.7 |
|
|
|
83.8 |
|
Operating expenses |
|
41.0 |
|
|
|
43.0 |
|
|
80.6 |
|
|
|
82.2 |
|
Operating income |
|
3.3 |
|
|
|
2.1 |
|
|
1.1 |
|
|
|
1.6 |
|
Interest expense, net |
|
1.8 |
|
|
|
1.7 |
|
|
3.5 |
|
|
|
2.8 |
|
Income (loss) from operations before income taxes |
|
1.5 |
|
|
|
0.4 |
|
|
(2.4 |
) |
|
|
(1.2 |
) |
Income tax expense (benefit) |
|
11.8 |
|
|
|
0.2 |
|
|
11.1 |
|
|
|
(0.9 |
) |
Income (loss) from continuing operations |
|
(10.3 |
) |
|
|
0.2 |
|
|
(13.5 |
) |
|
|
(0.3 |
) |
Income (loss) from discontinued operations, net of taxes |
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Net income (loss) |
$ |
(10.3 |
) |
|
$ |
0.2 |
|
$ |
(13.5 |
) |
|
$ |
(0.3 |
) |
|
|
|
|
|
|
|
|
Income (loss) from continuing operations per share - basic and
diluted |
$ |
(0.40 |
) |
|
$ |
0.01 |
|
$ |
(0.53 |
) |
|
$ |
(0.01 |
) |
Income (loss) from discontinued operations per share - basic
and diluted |
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
Net income (loss) per share - basic and diluted |
$ |
(0.40 |
) |
|
$ |
0.01 |
|
$ |
(0.53 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted shares outstanding |
|
25.5 |
|
|
|
25.2 |
|
|
25.4 |
|
|
|
25.2 |
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(unaudited) |
(In Millions) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
|
2019 |
|
2018 |
|
2018 |
ASSETS |
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and equivalents |
$ |
1.1 |
|
$ |
0.8 |
|
$ |
1.6 |
Trade accounts receivable, net |
|
96.7 |
|
|
69.0 |
|
|
118.5 |
Inventories, net |
|
141.7 |
|
|
134.0 |
|
|
147.4 |
Other current assets |
|
13.4 |
|
|
14.7 |
|
|
12.1 |
Total current assets |
|
252.9 |
|
|
218.5 |
|
|
279.6 |
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT: |
|
|
|
|
|
Land |
|
5.0 |
|
|
5.0 |
|
|
5.0 |
Buildings and improvements |
|
32.5 |
|
|
32.3 |
|
|
31.8 |
Machinery and equipment |
|
56.5 |
|
|
56.0 |
|
|
53.3 |
Gross property, plant and equipment |
|
94.0 |
|
|
93.3 |
|
|
90.1 |
Less accumulated depreciation |
|
62.0 |
|
|
60.0 |
|
|
58.0 |
Property, plant and equipment, net |
|
32.0 |
|
|
33.3 |
|
|
32.1 |
|
|
|
|
|
|
OTHER ASSETS: |
|
|
|
|
|
Operating lease right-of-use assets |
|
34.2 |
|
|
— |
|
|
— |
Goodwill |
|
9.5 |
|
|
9.5 |
|
|
9.5 |
Deferred income taxes |
|
— |
|
|
11.1 |
|
|
10.6 |
Other |
|
5.5 |
|
|
5.6 |
|
|
6.4 |
Total other assets |
|
49.2 |
|
|
26.2 |
|
|
26.5 |
TOTAL ASSETS |
$ |
334.1 |
|
$ |
278.0 |
|
$ |
338.2 |
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(unaudited) |
(In Millions, Except Share Data) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
|
2019 |
|
2018 |
|
2018 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Current maturities of long-term debt |
$ |
1.7 |
|
$ |
1.8 |
|
$ |
1.3 |
Current maturities of operating lease right-of-use assets |
|
9.2 |
|
|
— |
|
|
— |
Trade accounts payable |
|
69.6 |
|
|
51.5 |
|
|
68.4 |
Accrued compensation |
|
4.4 |
|
|
5.0 |
|
|
4.7 |
Other accrued liabilities |
|
13.1 |
|
|
18.0 |
|
|
16.4 |
Total current liabilities |
|
98.0 |
|
|
76.3 |
|
|
90.8 |
NON-CURRENT LIABILITIES: |
|
|
|
|
|
Long-term debt, less current maturities |
|
158.6 |
|
|
137.1 |
|
|
178.2 |
Operating lease right-of-use liabilities, less current
maturities |
|
25.5 |
|
|
— |
|
|
— |
Other non-current liabilities |
|
2.5 |
|
|
2.6 |
|
|
2.2 |
Total non-current liabilities |
|
186.6 |
|
|
139.7 |
|
|
180.4 |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
Preferred shares: $.01 par (5,000,000 shares authorized) |
|
— |
|
|
— |
|
|
— |
Common shares: $.01 par (75,000,000 shares authorized: 26,542,639;
25,993,441; and 26,066,782 shares issued at June 30, 2019,
December 31, 2018 and June 30, 2018, respectively) |
|
0.3 |
|
|
0.3 |
|
|
0.3 |
Additional paid-in capital |
|
47.0 |
|
|
46.0 |
|
|
44.9 |
Retained earnings |
|
2.2 |
|
|
15.7 |
|
|
21.8 |
Total shareholders’ equity |
|
49.5 |
|
|
62.0 |
|
|
67.0 |
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
334.1 |
|
$ |
278.0 |
|
$ |
338.2 |
|
|
|
|
|
|
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, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(10.3 |
) |
|
$ |
0.2 |
|
|
$ |
(13.5 |
) |
|
$ |
(0.3 |
) |
Adjustments to reconcile net income (loss) to net cash used in
operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
1.3 |
|
|
|
1.3 |
|
|
|
2.7 |
|
|
|
2.6 |
|
Non-cash interest expense |
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
Stock-based compensation |
|
0.6 |
|
|
|
0.6 |
|
|
|
1.1 |
|
|
|
1.2 |
|
Deferred income taxes |
|
11.8 |
|
|
|
0.2 |
|
|
|
11.0 |
|
|
|
(0.9 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Trade accounts receivable |
|
(7.5 |
) |
|
|
(17.7 |
) |
|
|
(27.7 |
) |
|
|
(51.7 |
) |
Inventories, net |
|
7.5 |
|
|
|
(8.0 |
) |
|
|
(7.7 |
) |
|
|
(35.5 |
) |
Trade accounts payable |
|
(17.0 |
) |
|
|
(12.1 |
) |
|
|
18.1 |
|
|
|
17.4 |
|
Other |
|
(0.6 |
) |
|
|
5.7 |
|
|
|
(3.9 |
) |
|
|
(2.5 |
) |
Cash used in continuing operating activities |
|
(14.2 |
) |
|
|
(29.8 |
) |
|
|
(19.8 |
) |
|
|
(69.6 |
) |
Cash used in discontinued operating activities |
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(0.6 |
) |
Total cash used in operating activities |
|
(14.3 |
) |
|
|
(30.1 |
) |
|
|
(20.0 |
) |
|
|
(70.2 |
) |
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
Capital expenditures |
|
(0.4 |
) |
|
|
(2.3 |
) |
|
|
(0.8 |
) |
|
|
(3.9 |
) |
Total cash used in investing activities |
|
(0.4 |
) |
|
|
(2.3 |
) |
|
|
(0.8 |
) |
|
|
(3.9 |
) |
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
Borrowings of debt, net |
|
14.9 |
|
|
|
32.7 |
|
|
|
21.2 |
|
|
|
75.8 |
|
Repurchase of shares to satisfy employee tax withholdings |
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.4 |
) |
Total cash provided by financing activities |
|
14.9 |
|
|
|
32.7 |
|
|
|
21.1 |
|
|
|
75.4 |
|
Net increase in cash and equivalents |
|
0.2 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
1.3 |
|
Cash and equivalents, beginning of period |
|
0.9 |
|
|
|
1.3 |
|
|
|
0.8 |
|
|
|
0.3 |
|
Cash and equivalents, end of period |
$ |
1.1 |
|
|
$ |
1.6 |
|
|
$ |
1.1 |
|
|
$ |
1.6 |
|
|
|
|
|
|
|
|
|
For more information, contact:
investor@huttig.com
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