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 third quarter ended September 30, 2019.
“Our sales for the third quarter were slightly
below last year’s pace as a result of our continued focus on higher
margin, strategic product categories and our de-emphasis of more
commoditized, lower margin categories,” said Jon Vrabely, Huttig’s
President and Chief Executive Officer. “We believe the challenges
of our enterprise resource planning system upgrade, which caused
some temporary sales erosion in our second and third quarters, are
now behind us. Our focus on growing higher margin fastener product
sales contributed to our gross margin improvement in the quarter,
while our capital and cost management efforts have allowed us to
reduce debt by nearly $15 million and improve available
liquidity by over $9 million as compared to the prior year
period.”
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Three Months Ended September 30, |
|
2019 |
|
2018 |
Net sales |
$ |
215.7 |
100.0% |
|
$ |
222.0 |
100.0% |
Gross margin |
44.7 |
20.7% |
|
44.6 |
20.1% |
Operating expenses |
41.4 |
19.2% |
|
41.1 |
18.5% |
Operating income |
3.3 |
1.5% |
|
3.5 |
1.6% |
Income from continuing
operations |
1.6 |
0.7% |
|
1.2 |
0.5% |
Net income |
1.6 |
0.7% |
|
1.2 |
0.5% |
Income from continuing
operations per share - basic and diluted |
$ |
0.06 |
|
|
$ |
0.05 |
|
Net income per share - basic and diluted |
$ |
0.06 |
|
|
$ |
0.05 |
|
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Nine Months Ended September 30, |
|
2019 |
|
2018 |
Net sales |
$ |
631.6 |
100.0% |
|
$ |
643.4 |
100.0% |
Gross margin |
126.4 |
20.0% |
|
128.3 |
19.9% |
Operating expenses |
122.0 |
19.3% |
|
123.2 |
19.1% |
Operating income |
4.4 |
0.7% |
|
5.1 |
0.8% |
Income (loss) from continuing
operations |
(11.9) |
-1.9% |
|
0.9 |
0.1% |
Net Income (loss) |
(11.9) |
-1.9% |
|
0.9 |
0.1% |
Income (loss) from continuing
operations per share - basic and diluted |
$ |
(0.47) |
|
|
$ |
0.03 |
|
Net income (loss) per share - basic and diluted |
$ |
(0.47) |
|
|
$ |
0.03 |
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Results of Operations
Three Months Ended September 30, 2019
Compared to Three Months Ended September 30, 2018
Net sales were $215.7 million in the third
quarter of 2019, which was $6.3 million, or 2.8%, lower than
the third quarter of 2018. The decrease in net sales was
primarily attributed to a modest softening in certain market
segments we serve as well as a competitive pricing environment,
particularly among commodity products. During the third
quarter of 2019, we continued to experience carryover effect of the
temporary disruption which impacted sales subsequent to our major
enterprise system upgrade during the second quarter.
Millwork product sales decreased 5.0% in the
third quarter of 2019 to $99.6 million, compared to $104.8
million in the third quarter of 2018, building products sales
increased 3.6% in the third quarter of 2019 to $100.4 million,
compared to $96.9 million in the third quarter of 2018, and wood
product sales decreased 22.7% in the third quarter of 2019 to
$15.7 million, compared to $20.3 million in the third quarter
of 2018. Millwork was the product category most impacted by
the temporary disruption from our system upgrade. The
proportionate increase in sales of building products was generally
consistent with our strategic growth initiatives. Wood
product sales were negatively impacted by underlying market segment
softening in certain parts of the country, a competitive market and
by commodity pricing.
Gross margin was $44.7 million in the third
quarter of 2019, compared to $44.6 million in the third quarter of
2018. As a percentage of sales, gross margin was 20.7% in the third
quarter of 2019, compared to 20.1% in the third quarter of
2018. Gross margin improvement was generally related to
product mix as well as a concerted effort to focus on higher margin
opportunities.
Operating expenses increased $0.3 million to
$41.4 million in the third quarter of 2019, compared to
$41.1 million in the third quarter of 2018. Personnel
costs decreased $0.3 million as lower compensation and contract
labor costs were partially offset by higher medical expenses.
Non-personnel costs increased $0.6 million for the quarter
primarily due to maintenance costs and depreciation, including
software depreciation from our recent enterprise resource planning
system upgrade. 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 19.2% in the third quarter of 2019 compared to 18.5% in
2018.
Net interest expense was $1.7 million in the
third quarter of 2019 and $1.8 million in the third quarter of 2018
as the impact of lower average borrowing was offset by higher
interest rates.
Income tax expense was zero for the quarter
ended September 30, 2019, as compared to $0.5 million for the
quarter ended September 30, 2018.
As a result of the foregoing factors, we
reported income from continuing operations of $1.6 million for
the quarter ended September 30, 2019, compared to income from
continuing operations of $1.2 million for the quarter ended
September 30, 2018.
Adjusted EBITDA was $5.3 million for the third
quarter of 2019 compared to $5.5 million for the third quarter of
2018. Adjusted EBITDA is a non-GAAP measurement. See
below reconciliation of Non-GAAP Financial Measures.
Nine Months Ended September 30, 2019
Compared to Nine Months Ended September 30, 2018
Net sales were $631.6 million in the first
nine months of 2019, which was $11.8 million, or 1.8%, lower
than the first nine months of 2018. The decrease in net sales
was primarily attributed to a modest softening in the markets we
serve. We also completed a major enterprise resource planning
system upgrade in the second quarter of 2019 which caused some
temporary disruption and impacted our sales. The disruption
impacted sales for portions of our second and third quarters.
Millwork product sales decreased 3.0% in the
first nine months of 2019 to $294.3 million, compared to
$303.5 million in the first nine months of 2018, building products
sales increased 2.7% in the first nine months of 2019 to
$289.7 million, compared to $281.9 million in the first nine
months of 2018, and wood product sales decreased 17.9% in the first
nine months of 2019 to $47.6 million, compared to $58.0
million in the first nine months of 2018. Millwork was the
product category most impacted by the temporary disruption from our
system upgrade. The proportionate increase in sales of
building products was generally consistent with our strategic
growth initiatives. Wood product sales were negatively
impacted by underlying market segment softening in certain parts of
the country, a competitive market and by commodity pricing.
Gross margin was $126.4 million in the
first nine months of 2019, compared to $128.3 million in the first
nine months of 2018. As a percentage of sales, gross margin was
20.0% in the first nine months of 2019, compared to 19.9% in the
first nine months of 2018. The gross margin percentage
reflects the favorable impact from our focus on higher margin sales
opportunities, partially offset by the change in product mix
consistent with the disproportionate increase in the building
products category.
Operating expenses decreased $1.2 million
to $122.0 million in the first nine months of 2019, compared
to $123.2 million in the first nine months of 2018.
Personnel costs decreased $0.7 million as lower wages and variable
compensation costs were offset by a significant increase in medical
costs, which were $1.6 million higher than in 2018, driven by
higher claims. Non-personnel costs decreased $0.5 million in
the first nine months of 2019 primarily due to non-recurring
litigation and settlement costs of approximately $3.3 million in
2018, which were largely offset by increases in facility costs,
including increases from expansion efforts, depreciation and
amortization, including costs from our recent software upgrade, and
higher maintenance costs. As a percentage of sales, operating
expenses were 19.3% in 2019 compared to 19.1% in 2018.
Adjusted for non-recurring litigation and settlement costs, our
operating expenses were 18.6% in 2018.
Net interest expense was $5.2 million in the
first nine months of 2019 compared to $4.6 million in the first
nine months of 2018. The increase was primarily due to higher
average interest rates in the first nine months of 2019 compared to
the first nine months of 2018.
Income tax expense was $11.1 million for the
first nine months of 2019, as compared to an income tax benefit of
$0.4 million for the first nine 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 $11.9 million
for the nine months ended September 30, 2019, compared to income
from continuing operations of $0.9 million for the nine months
ended September 30, 2018.
Adjusted EBITDA was $10.1 million for the nine
months ended September 30, 2019 compared to $14.3 million for the
nine months ended September 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
$10.2 million for the nine months ended September 30, 2019,
compared to cash used of $56.4 million for the comparable period a
year ago. At September 30, 2019, the Company had $46.5
million of total liquidity including excess committed borrowing
availability of $43.6 million and cash of $2.9 million. Total
liquidity was $37.3 million at September 30, 2018 including excess
committed borrowing availability of $35.8 million and cash of $1.5
million.
Conference Call
Huttig Building Products, Inc. will host a
conference call Tuesday, October 29, 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 4775456.
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, the impacts of
technology, 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):
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Three Months
Ended |
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Nine Months
Ended |
|
September 30, |
|
September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net income (loss) |
$ |
1.6 |
|
$ |
1.2 |
|
$ |
(11.9 |
) |
|
$ |
0.9 |
|
Interest
expense, net |
|
1.7 |
|
|
1.8 |
|
|
5.2 |
|
|
|
4.6 |
|
Benefit from
income taxes |
|
-0 |
|
|
0.5 |
|
|
11.1 |
|
|
|
(0.4 |
) |
Depreciation
and amortization |
|
1.5 |
|
|
1.4 |
|
|
4.1 |
|
|
|
4.0 |
|
Stock
compensation expense |
|
0.5 |
|
|
0.6 |
|
|
1.6 |
|
|
|
1.8 |
|
Other
expenses (1) |
|
- |
|
|
- |
|
|
- |
|
|
|
3.4 |
|
Adjusted
EBITDA |
$ |
5.3 |
|
$ |
5.5 |
|
$ |
10.1 |
|
|
$ |
14.3 |
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1 Primarily expenses
associated with litigation and settlement of litigation. |
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HUTTIG
BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(unaudited) |
(in
millions, except Per Share Data) |
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Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
|
2018 |
|
Net
sales |
|
$ |
215.7 |
|
$ |
222.0 |
|
$ |
631.6 |
|
|
$ |
643.4 |
|
Cost of
sales |
|
|
171.0 |
|
|
177.4 |
|
|
505.2 |
|
|
|
515.1 |
|
Gross margin |
|
|
44.7 |
|
|
44.6 |
|
|
126.4 |
|
|
|
128.3 |
|
Operating
expenses |
|
|
41.4 |
|
|
41.1 |
|
|
122.0 |
|
|
|
123.2 |
|
Operating income |
|
|
3.3 |
|
|
3.5 |
|
|
4.4 |
|
|
|
5.1 |
|
Interest
expense, net |
|
|
1.7 |
|
|
1.8 |
|
|
5.2 |
|
|
|
4.6 |
|
Income
(loss) from operations before income taxes |
|
|
1.6 |
|
|
1.7 |
|
|
(0.8 |
) |
|
|
0.5 |
|
Income tax
expense (benefit) |
|
|
— |
|
|
0.5 |
|
|
11.1 |
|
|
|
(0.4 |
) |
Income
(loss) from continuing operations |
|
|
1.6 |
|
|
1.2 |
|
|
(11.9 |
) |
|
|
0.9 |
|
Income
(loss) from discontinued operations, net of taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
Net income
(loss) |
|
$ |
1.6 |
|
$ |
1.2 |
|
$ |
(11.9 |
) |
|
$ |
0.9 |
|
|
|
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Earnings per
share: |
|
|
|
|
|
|
|
|
Income
(loss) from continuing operations per share- basic |
|
$ |
0.06 |
|
$ |
0.05 |
|
$ |
(0.47 |
) |
|
$ |
0.04 |
|
Income
(loss) from discontinued operations per share- basic |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
Net income
(loss) per share- basic |
|
$ |
0.06 |
|
$ |
0.05 |
|
$ |
(0.47 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
Income
(loss) from continuing operations per share- diluted |
|
$ |
0.06 |
|
$ |
0.05 |
|
$ |
(0.47 |
) |
|
$ |
0.04 |
|
Income
(loss) from discontinued operations per share- diluted |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
Net income
(loss) per share- diluted |
|
$ |
0.06 |
|
$ |
0.05 |
|
$ |
(0.47 |
) |
|
$ |
0.04 |
|
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|
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Weighted
average shares outstanding: |
|
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|
|
|
|
|
|
Basic shares outstanding |
|
|
25.5 |
|
|
25.1 |
|
|
25.4 |
|
|
|
25.1 |
|
Diluted shares outstanding |
|
|
25.6 |
|
|
25.1 |
|
|
25.4 |
|
|
|
25.1 |
|
|
HUTTIG
BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(unaudited) |
(in
millions) |
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
September
30, |
|
|
|
2019 |
|
|
2018 |
|
|
2018 |
ASSETS |
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and equivalents |
|
$ |
2.9 |
|
$ |
0.8 |
|
$ |
1.5 |
Trade accounts receivable, net |
|
|
88.5 |
|
|
69.0 |
|
|
96.3 |
Inventories, net |
|
|
142.7 |
|
|
134.0 |
|
|
153.7 |
Other current assets |
|
|
13.1 |
|
|
14.7 |
|
|
13.1 |
Total current assets |
|
|
247.2 |
|
|
218.5 |
|
|
264.6 |
|
|
|
|
|
|
|
PROPERTY,
PLANT AND EQUIPMENT: |
|
|
|
|
|
|
Land |
|
|
5.0 |
|
|
5.0 |
|
|
5.0 |
Buildings and improvements |
|
|
32.5 |
|
|
32.3 |
|
|
32.4 |
Machinery and equipment |
|
|
57.3 |
|
|
56.0 |
|
|
54.6 |
Gross property, plant and equipment |
|
|
94.8 |
|
|
93.3 |
|
|
92.0 |
Less accumulated depreciation |
|
|
63.2 |
|
|
60.0 |
|
|
59.1 |
Property, plant and equipment, net |
|
|
31.6 |
|
|
33.3 |
|
|
32.9 |
|
|
|
|
|
|
|
OTHER
ASSETS: |
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
39.5 |
|
|
— |
|
|
— |
Goodwill |
|
|
9.5 |
|
|
9.5 |
|
|
9.5 |
Deferred income taxes |
|
|
0.1 |
|
|
11.1 |
|
|
10.1 |
Other |
|
|
5.2 |
|
|
5.6 |
|
|
6.1 |
Total other assets |
|
|
54.3 |
|
|
26.2 |
|
|
25.7 |
TOTAL
ASSETS |
|
$ |
333.1 |
|
$ |
278.0 |
|
$ |
323.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUTTIG
BUILDING PRODUCTS, INC. AND SUBSIDIARY |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
(unaudited) |
|
(in
millions, except Share Data) |
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
September
30, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2018 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
1.7 |
|
$ |
1.8 |
|
$ |
1.5 |
|
Current maturities of operating lease right-of-use liabilities |
|
|
9.6 |
|
|
— |
|
|
— |
|
Trade accounts payable |
|
|
68.4 |
|
|
51.5 |
|
|
64.7 |
|
Accrued compensation |
|
|
2.7 |
|
|
5.0 |
|
|
3.2 |
|
Other accrued liabilities |
|
|
14.4 |
|
|
18.0 |
|
|
16.1 |
|
Total current liabilities |
|
|
96.8 |
|
|
76.3 |
|
|
85.5 |
|
NON-CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
Long-term debt, less current maturities |
|
|
151.8 |
|
|
137.1 |
|
|
166.8 |
|
Operating lease right-of-use liabilities, less current
maturities |
|
|
30.5 |
|
|
— |
|
|
— |
|
Other non-current liabilities |
|
|
2.4 |
|
|
2.6 |
|
|
2.2 |
|
Total non-current liabilities |
|
|
184.7 |
|
|
139.7 |
|
|
169.0 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
Preferred shares: $.01 par (5,000,000 shares authorized) |
|
|
— |
|
|
— |
|
|
— |
|
Common shares: $.01 par (75,000,000 shares authorized: 26,538,181;
25,993,441; and 26,040,012 shares issued at September 30, 2019,
December 31, 2018 and September 30, 2018, respectively) |
|
|
0.3 |
|
|
0.3 |
|
|
0.3 |
|
Additional paid-in capital |
|
|
47.5 |
|
|
46.0 |
|
|
45.4 |
|
Retained earnings |
|
|
3.8 |
|
|
15.7 |
|
|
23.0 |
|
Total shareholders’ equity |
|
|
51.6 |
|
|
62.0 |
|
|
68.7 |
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
333.1 |
|
$ |
278.0 |
|
$ |
323.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUTTIG
BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited) |
(in
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Cash Flows
From Operating Activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1.6 |
|
|
$ |
1.2 |
|
|
$ |
(11.9 |
) |
|
$ |
0.9 |
|
Adjustments to reconcile net income (loss) to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1.5 |
|
|
|
1.4 |
|
|
|
4.1 |
|
|
|
4.0 |
|
Non-cash interest expense |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.2 |
|
Stock-based compensation |
|
|
0.5 |
|
|
|
0.6 |
|
|
|
1.6 |
|
|
|
1.8 |
|
Deferred income taxes |
|
|
— |
|
|
|
0.5 |
|
|
|
11.0 |
|
|
|
(0.4 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
|
8.2 |
|
|
|
22.3 |
|
|
|
(19.5 |
) |
|
|
(29.5 |
) |
Inventories, net |
|
|
(1.0 |
) |
|
|
(6.3 |
) |
|
|
(8.7 |
) |
|
|
(41.8 |
) |
Trade accounts payable |
|
|
(1.2 |
) |
|
|
(3.7 |
) |
|
|
16.9 |
|
|
|
13.7 |
|
Other |
|
|
(0.1 |
) |
|
|
(3.0 |
) |
|
|
(3.9 |
) |
|
|
(5.3 |
) |
Cash provided by (used in) continuing operating activities |
|
|
9.6 |
|
|
|
13.1 |
|
|
|
(10.2 |
) |
|
|
(56.4 |
) |
Cash used in discontinued operating activities |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(0.7 |
) |
Total cash provided by (used in) operating activities |
|
|
9.5 |
|
|
|
13.0 |
|
|
|
(10.5 |
) |
|
|
(57.1 |
) |
Cash Flows
From Investing Activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(0.4 |
) |
|
|
(2.9 |
) |
|
|
(1.2 |
) |
|
|
(6.8 |
) |
Proceeds from Disposition of Assets |
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
0.9 |
|
Total cash used in investing activities |
|
|
(0.4 |
) |
|
|
(2.0 |
) |
|
|
(1.2 |
) |
|
|
(5.9 |
) |
Cash Flows
From Financing Activities: |
|
|
|
|
|
|
|
|
Borrowings (repayments) of debt, net |
|
|
(7.3 |
) |
|
|
(11.1 |
) |
|
|
13.9 |
|
|
|
64.6 |
|
Repurchase of shares to satisfy employee tax withholdings |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.4 |
) |
Total cash provided by (used in) financing activities |
|
|
(7.3 |
) |
|
|
(11.1 |
) |
|
|
13.8 |
|
|
|
64.2 |
|
Net increase
(decrease) in cash and equivalents |
|
|
1.8 |
|
|
|
(0.1 |
) |
|
|
2.1 |
|
|
|
1.2 |
|
Cash and
equivalents, beginning of period |
|
|
1.1 |
|
|
|
1.6 |
|
|
|
0.8 |
|
|
|
0.3 |
|
Cash and
equivalents, end of period |
|
$ |
2.9 |
|
|
$ |
1.5 |
|
|
$ |
2.9 |
|
|
$ |
1.5 |
|
|
|
|
|
|
|
|
|
|
For more information, contact:
investor@huttig.com
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