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, 2019.
“Our sales were impacted in 2019 by lower levels
of new residential construction in the first half of the year.
Although new residential construction showed modest improvement in
the second half of 2019, the growth was primarily concentrated in
the fourth quarter and was heavier in the multi-family segment,
where we have less exposure. We also continued our de-emphasis on
more commoditized, lower margin categories,” said Jon Vrabely,
Huttig’s President and Chief Executive Officer. “As stated
previously, we experienced some sales erosion in the second and
third quarters as a result of challenges from our enterprise
resource planning system upgrade. That disruption is now behind us.
We made some difficult decisions in the fourth quarter to address
both our cost structure and our sales alignment. We believe this
will have a positive impact on our operating results as we navigate
through 2020.”
|
|
|
|
|
|
SUMMARY
RESULTS FOR FOURTH QUARTER ENDED DECEMBER 31, 2019 |
(unaudited) |
(in
millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
2019 |
|
|
|
2018 |
|
Net sales |
$ |
180.4 |
|
100.0 |
% |
|
$ |
196.2 |
|
100.0 |
% |
Gross
margin |
|
35.6 |
|
19.7 |
% |
|
|
38.1 |
|
19.4 |
% |
Operating
expenses |
|
43.6 |
|
24.2 |
% |
|
|
44.2 |
|
22.5 |
% |
Operating
loss |
|
(8.0 |
) |
-4.4 |
% |
|
|
(6.0 |
) |
-3.1 |
% |
Loss from
continuing operations |
|
(9.4 |
) |
-5.2 |
% |
|
|
(6.9 |
) |
-3.5 |
% |
Net
loss |
|
(9.4 |
) |
-5.2 |
% |
|
|
(7.3 |
) |
-3.7 |
% |
Loss from
continuing operations per share - basic and diluted |
$ |
(0.37 |
) |
|
|
$ |
(0.27 |
) |
|
Net loss per
share - basic and diluted |
$ |
(0.37 |
) |
|
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
|
2019 |
|
|
|
2018 |
|
Net
sales |
$ |
812.0 |
|
100.0 |
% |
|
$ |
839.6 |
|
100.0 |
% |
Gross
margin |
|
162.0 |
|
20.0 |
% |
|
|
166.5 |
|
19.8 |
% |
Operating
expenses |
|
165.6 |
|
20.4 |
% |
|
|
167.5 |
|
19.9 |
% |
Operating
loss |
|
(3.6 |
) |
-0.4 |
% |
|
|
(0.9 |
) |
-0.1 |
% |
Loss from
continuing operations |
|
(21.3 |
) |
-2.6 |
% |
|
|
(6.0 |
) |
-0.7 |
% |
Net
loss |
|
(21.3 |
) |
-2.6 |
% |
|
|
(6.4 |
) |
-0.8 |
% |
Loss from
continuing operations per share - basic and diluted |
$ |
(0.84 |
) |
|
|
$ |
(0.24 |
) |
|
Net loss per
share - basic and diluted |
$ |
(0.84 |
) |
|
|
$ |
(0.26 |
) |
|
|
|
|
|
|
|
Results of Operations
Fourth Quarter 2019 Compared to Fourth
Quarter 2018
Net sales from continuing operations were $180.4
million in the fourth quarter of 2019, a decrease of $15.8 million,
or approximately 8.1%, compared to $196.2 million in the fourth
quarter of 2018. The decrease was primarily due to our de-emphasis
of more commoditized, lower margin products, commodity pricing
influence across our wood products category, lagging softness in
new residential construction, and a competitive market
environment.
Net sales in our major product categories
changed as follows in the fourth quarter 2019 from the fourth
quarter 2018: millwork sales decreased 7.2% to $90.0 million,
building product sales decreased 7.8% to $77.1 million, and wood
product sales decreased 15.3% to $13.3 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 decreased $2.5 million, or 6.6%, to
$35.6 million in the fourth quarter 2019 compared to $38.1 million
in the fourth quarter 2018. Gross margin as a percentage of
net sales increased to 19.7% in the fourth quarter 2019 from 19.4%
in the fourth quarter 2018. The increase in gross margin percentage
was consistent with our de-emphasis of commoditized products.
Operating expenses decreased $0.6 million, or
1.4%, to $43.6 million, or 24.2% of net sales, in the fourth
quarter 2019, compared to $44.2 million, or 22.5% of net sales, in
the fourth quarter 2018. The decrease in operating expenses
was primarily attributable to lower non-personnel costs as
personnel costs were flat with 2018. Fourth quarter personnel costs
in 2019 reflect a $0.8 million severance charge related to cost
reduction actions. Non-personnel costs declined primarily due to
lower advertising, promotion, supply and travel costs, offset by an
increase in insurance charges.
Net interest expense was $1.4 million in the
fourth quarter 2019 compared to $1.9 million in the fourth quarter
2018. The decrease was due to lower average outstanding debt
and lower borrowing rates during the fourth quarter 2019 versus the
fourth quarter 2018.
Income taxes were zero during the fourth quarter
2019 compared to an income tax benefit from continuing operations
of $1.0 million during the fourth quarter 2018.
As a result of the foregoing factors, we
reported a net loss from continuing operations of $9.4 million in
the fourth quarter 2019 compared to a net loss from continuing
operations of $6.9 million in the fourth quarter 2018.
Adjusted EBITDA was $(4.9) million for the
fourth quarter of 2019 compared to $(4.1) million for the fourth
quarter of 2018. Adjusted EBITDA is a non-GAAP
measurement. See below reconciliation of Non-GAAP Financial
Measures.
Fiscal 2019 Compared to Fiscal
2018
Net sales from continuing operations were
$812.0 million in 2019, a decrease of $27.6 million, or
approximately 3.3%, compared to $839.6 million in 2018.
The decrease was primarily due to our de-emphasis of more
commoditized, lower margin products, commodity pricing influence
across our wood products category, lagging softness in new
residential construction for much of the year, a competitive market
environment, and temporary operational disruption from our
enterprise resource planning upgrade which impacted sales in the
second and third quarters.
Net sales in our major product categories
changed as follows in 2019 from 2018: millwork sales decreased 4.0%
to $384.6 million, building product sales increased 0.3% to
$366.6 million, and wood products decreased 17.4% to
$60.8 million. Millwork was the product category most
impacted by the temporary disruption from our enterprise resource
system upgrade, which affected the second and third quarters of
2019. Building products sales increased primarily due to a
modest increase in construction activity, offset by lower sales of
commodity products. 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 segments softening in certain parts
of the country, a competitive market and by commodity pricing.
Gross margin decreased $4.5 million, or 2.7%, to
$162.0 million in 2019 as compared to $166.5 million in 2018.
The decrease in gross margin was due to lower overall sales
volumes. Gross margin as a percentage of net sales increased to
20.0% in 2019 compared to 19.8% in 2018. The increase in gross
margin percentage was consistent with our de-emphasis of
commoditized products.
Operating expenses decreased $1.9 million, or
1.1%, to $165.6 million, or 20.4% of net sales, in 2019, compared
to $167.5 million, or 19.9% of net sales, in 2018. Personnel
expenses decreased $0.7 million as lower wages, variable
compensation and contract labor costs were partially offset by a
significant increase in medical claim costs, which were $1.5
million higher than in 2018. Personnel costs in 2019 include
a $0.8 million severance charge related to cost reduction actions.
Non-personnel expenses decreased $1.2 million in 2019, primarily
due to non-recurring litigation and settlement costs of
approximately $3.3 million in 2018, offset in part by increases in
equipment and facility costs, higher insurance costs, and
depreciation and amortization, including costs from our recent
software upgrade. Excluding costs related to settled
litigation in 2018, operating expenses would have been
approximately 19.5% of sales in 2018.
Net interest expense was $6.6 million in 2019
compared to $6.5 million in 2018. Although average debt was
lower in 2019, the increase was due to higher average borrowing
rates in the first half of 2019 versus 2018.
An income tax expense from continuing operations
of $11.1 million was recognized for the year ended
December 31, 2019 compared to an income tax benefit of $1.4
million for the year ended December 31, 2018. See Note
13 — “Income Taxes” of the Notes to Consolidated Financial
Statements in Part II, Item 8 of the Company’s Annual Report on
Form 10-K for the year ended December 31, 2019 for more
information.
As a result of the foregoing factors, we
reported a net loss from continuing operations of $21.3 million in
2019 as compared to $6.0 million in 2018.
Adjusted EBITDA was $5.2 million in 2019 and
$10.2 million in 2018. Adjusted EBITDA is a non-GAAP
measurement. See below reconciliation of Non-GAAP Financial
Measures.
Balance Sheet &
Liquidity
Cash provided by continuing operating activities
was $6.6 million in fiscal 2019, compared to cash used of
$26.4 million in fiscal 2018. Total available liquidity
was $33.7 million as of December 31, 2019, as compared to
$32.3 million at December 31, 2018. At December 31,
2019, total available liquidity included $2.2 million of cash
plus $31.5 million of availability under our credit facility,
while at December 31, 2018, total available liquidity included
$0.8 million of cash plus $31.5 million of availability
under our credit facility.
Conference Call
Huttig Building Products, Inc. will host a
conference call Tuesday, March 3, 2020 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 3256577.
About Huttig
Huttig, currently in its 136th 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 Annual Report and our annual report to stockholders
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, 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 success of our growth initiatives; expansion of the Huttig-Grip
product line; 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 2019 of approximately 1.4 million
starts based on statistics tracked by the U.S. Census Bureau
(“Historical Average”); the cyclical nature of our industry; our
ability to comply with, and the restrictive effect of, the
financial covenant applicable under our credit facility; risks of
international suppliers; global health concerns; product liability
claims and other legal proceedings; commodity prices; stock market
volatility; stockholder activist disruption; current or future
litigation; information technology failures, network disruptions,
cybersecurity attacks or breaches in data security; termination of
key supplier relationships; our failure to attract and retain key
personnel; goodwill impairment; deterioration of our customers’
creditworthiness or our inability to forecast such deteriorations;
the loss of a significant customer; 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; competition with existing or new industry
participants; 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; significant uninsured claims; the integration of any
business we acquire and the liabilities of such businesses; the
seasonality of our operations; federal and state transportation
regulations; fuel cost increases; any limitations on our ability to
utilize our deferred tax assets to reduce future taxable income and
tax liabilities; risks associated with our private brands;
uncertainties resulting from changes to United States and foreign
laws, regulations and policies; the potential impact of changes in
tariff costs, including tariffs on imported steel and aluminum, and
potential anti-dumping or countervailing duties; 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,
2019. 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.
The Company defines Adjusted EBITDA as net
income adjusted for interest, income taxes, depreciation and
amortization and other items as listed in the table below and
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 |
|
Twelve
Months Ended |
|
December 31, |
|
December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Net
loss |
$ |
(9.4 |
) |
|
$ |
(7.3 |
) |
|
$ |
(21.3 |
) |
|
$ |
(6.4 |
) |
Net loss
from discontinued operations, net of taxes |
|
- |
|
|
|
0.4 |
|
|
|
- |
|
|
|
0.4 |
|
Interest
expense, net |
|
1.4 |
|
|
|
1.9 |
|
|
|
6.6 |
|
|
|
6.5 |
|
Provision
for (benefit from) income taxes |
|
- |
|
|
|
(1.0 |
) |
|
|
11.1 |
|
|
|
(1.4 |
) |
Depreciation
and amortization |
|
1.6 |
|
|
|
1.4 |
|
|
|
5.7 |
|
|
|
5.4 |
|
Stock
compensation expense |
|
0.7 |
|
|
|
0.5 |
|
|
|
2.3 |
|
|
|
2.3 |
|
Gain on
disposal of assets |
|
- |
|
|
|
(0.1 |
) |
|
|
- |
|
|
|
(0.1 |
) |
Severance
charge |
|
0.8 |
|
|
|
- |
|
|
|
0.8 |
|
|
|
- |
|
Other
expenses (1) |
|
- |
|
|
|
0.1 |
|
|
|
- |
|
|
|
3.5 |
|
Adjusted
EBITDA |
$ |
(4.9 |
) |
|
$ |
(4.1 |
) |
|
$ |
5.2 |
|
|
$ |
10.2 |
|
|
|
|
|
|
|
|
|
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 |
|
Twelve
Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Net
sales |
|
$ |
180.4 |
|
|
$ |
196.2 |
|
|
$ |
812.0 |
|
|
$ |
839.6 |
|
Cost of
sales |
|
|
144.8 |
|
|
|
158.1 |
|
|
|
650.0 |
|
|
|
673.1 |
|
Gross margin |
|
|
35.6 |
|
|
|
38.1 |
|
|
|
162.0 |
|
|
|
166.5 |
|
Operating
expenses |
|
|
43.6 |
|
|
|
44.2 |
|
|
|
165.6 |
|
|
|
167.5 |
|
Gain on disposal of assets |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
Operating
loss |
|
|
(8.0 |
) |
|
|
(6.0 |
) |
|
|
(3.6 |
) |
|
|
(0.9 |
) |
Interest
expense, net |
|
|
1.4 |
|
|
|
1.9 |
|
|
|
6.6 |
|
|
|
6.5 |
|
Loss from
continuing operations before income taxes |
|
|
(9.4 |
) |
|
|
(7.9 |
) |
|
|
(10.2 |
) |
|
|
(7.4 |
) |
Provision
for (benefit from) income taxes |
|
|
— |
|
|
|
(1.0 |
) |
|
|
11.1 |
|
|
|
(1.4 |
) |
Net loss
from continuing operations |
|
|
(9.4 |
) |
|
|
(6.9 |
) |
|
|
(21.3 |
) |
|
|
(6.0 |
) |
Net loss
from discontinued operations, net of taxes |
|
|
— |
|
|
|
(0.4 |
) |
|
|
— |
|
|
|
(0.4 |
) |
Net
loss |
|
$ |
(9.4 |
) |
|
$ |
(7.3 |
) |
|
$ |
(21.3 |
) |
|
$ |
(6.4 |
) |
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
Net loss
from continuing operations per share - basic and diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.24 |
) |
Net loss
from discontinued operations per share - basic and diluted |
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.02 |
) |
Net loss per
share - basic and diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.26 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted shares outstanding |
|
|
25.5 |
|
|
|
25.1 |
|
|
|
25.4 |
|
|
|
25.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUTTIG
BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(unaudited) |
(in
millions) |
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
2019 |
|
2018 |
ASSETS |
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
Cash and equivalents |
|
$ |
2.2 |
|
$ |
0.8 |
Trade accounts receivable, net |
|
|
60.5 |
|
|
69.0 |
Inventories, net |
|
|
139.4 |
|
|
134.0 |
Other current assets |
|
|
12.8 |
|
|
14.7 |
Total current assets |
|
|
214.9 |
|
|
218.5 |
|
|
|
|
|
PROPERTY,
PLANT AND EQUIPMENT: |
|
|
|
|
Land |
|
|
5.0 |
|
|
5.0 |
Buildings and improvements |
|
|
32.4 |
|
|
32.3 |
Machinery and equipment |
|
|
58.2 |
|
|
56.0 |
Gross property, plant and equipment |
|
|
95.6 |
|
|
93.3 |
Less accumulated depreciation |
|
|
64.4 |
|
|
60.0 |
Property, plant and equipment, net |
|
|
31.2 |
|
|
33.3 |
|
|
|
|
|
OTHER
ASSETS: |
|
|
|
|
Operating lease right-of-use assets |
|
|
40.9 |
|
|
— |
Goodwill |
|
|
9.5 |
|
|
9.5 |
Deferred income taxes |
|
|
— |
|
|
11.1 |
Other |
|
|
5.0 |
|
|
5.6 |
Total other assets |
|
|
55.4 |
|
|
26.2 |
TOTAL
ASSETS |
|
$ |
301.5 |
|
$ |
278.0 |
|
|
|
|
|
|
HUTTIG
BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(unaudited) |
(in
millions, except Share Data) |
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
2019 |
|
2018 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Current maturities of long-term debt |
|
$ |
1.7 |
|
|
$ |
1.8 |
Current maturities of operating lease right-of-use liabilities |
|
|
9.7 |
|
|
|
— |
Trade accounts payable |
|
|
56.8 |
|
|
|
51.5 |
Accrued compensation |
|
|
5.5 |
|
|
|
5.0 |
Other accrued liabilities |
|
|
15.8 |
|
|
|
18.0 |
Total current liabilities |
|
|
89.5 |
|
|
|
76.3 |
NON-CURRENT
LIABILITIES: |
|
|
|
|
Long-term debt, less current maturities |
|
|
135.1 |
|
|
|
137.1 |
Operating lease right-of-use liabilities, less current
maturities |
|
|
31.6 |
|
|
|
— |
Other non-current liabilities |
|
|
2.4 |
|
|
|
2.6 |
Total non-current liabilities |
|
|
169.1 |
|
|
|
139.7 |
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
Preferred shares: $.01 par (5,000,000 shares authorized) |
|
|
— |
|
|
|
— |
Common shares; $.01 par (75,000,000 shares authorized: 26,441,926
shares issued and outstanding at December 31, 2019 and 25,993,441
at December 31, 2018) |
|
|
0.3 |
|
|
|
0.3 |
Additional paid-in capital |
|
|
48.2 |
|
|
|
46.0 |
Retained earnings (accumulated deficit) |
|
|
(5.6 |
) |
|
|
15.7 |
Total shareholders’ equity |
|
|
42.9 |
|
|
|
62.0 |
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
301.5 |
|
|
$ |
278.0 |
|
|
|
|
|
|
HUTTIG
BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited) |
(in
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve
Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Cash Flows
From Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(9.4 |
) |
|
$ |
(7.3 |
) |
|
$ |
(21.3 |
) |
|
$ |
(6.4 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
Net loss from discontinued operations, net of taxes |
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
0.4 |
|
Depreciation and amortization |
|
|
1.6 |
|
|
|
1.4 |
|
|
|
5.7 |
|
|
|
5.4 |
|
Non-cash interest expense |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.2 |
|
Stock-based compensation |
|
|
0.7 |
|
|
|
0.5 |
|
|
|
2.3 |
|
|
|
2.3 |
|
Deferred income taxes |
|
|
0.1 |
|
|
|
(0.9 |
) |
|
|
11.1 |
|
|
|
(1.3 |
) |
Gain on disposal of capital assets |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
|
28.0 |
|
|
|
27.3 |
|
|
|
8.5 |
|
|
|
(2.2 |
) |
Inventories, net |
|
|
3.3 |
|
|
|
19.7 |
|
|
|
(5.4 |
) |
|
|
(22.1 |
) |
Trade accounts payable |
|
|
(11.6 |
) |
|
|
(13.2 |
) |
|
|
5.3 |
|
|
|
0.5 |
|
Other |
|
|
4.1 |
|
|
|
2.2 |
|
|
|
0.2 |
|
|
|
(3.1 |
) |
Cash provided by (used in) continuing operating activities |
|
|
16.8 |
|
|
|
30.0 |
|
|
|
6.6 |
|
|
|
(26.4 |
) |
Cash used in discontinued operating activities |
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
(0.4 |
) |
|
|
(0.6 |
) |
Total cash provided by (used in) operating activities |
|
|
16.7 |
|
|
|
30.1 |
|
|
|
6.2 |
|
|
|
(27.0 |
) |
Cash
Flows From Investing Activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(0.5 |
) |
|
|
(1.0 |
) |
|
|
(1.7 |
) |
|
|
(7.8 |
) |
Proceeds from Disposition of Assets |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
1.2 |
|
Total cash used in investing activities |
|
|
(0.5 |
) |
|
|
(0.7 |
) |
|
|
(1.7 |
) |
|
|
(6.6 |
) |
Cash
Flows From Financing Activities: |
|
|
|
|
|
|
|
|
Borrowings (repayments) of debt, net |
|
|
(16.9 |
) |
|
|
(30.1 |
) |
|
|
(3.0 |
) |
|
|
33.2 |
|
Repurchase of shares to satisfy employee tax withholdings |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.4 |
) |
Total cash used in financing activities |
|
|
(16.9 |
) |
|
|
(30.1 |
) |
|
|
(3.1 |
) |
|
|
34.1 |
|
Net increase
(decrease) in cash and equivalents |
|
|
(0.7 |
) |
|
|
(0.7 |
) |
|
|
1.4 |
|
|
|
0.5 |
|
Cash and
equivalents, beginning of period |
|
|
2.9 |
|
|
|
1.5 |
|
|
|
0.8 |
|
|
|
0.3 |
|
Cash and
equivalents, end of period |
|
$ |
2.2 |
|
|
$ |
0.8 |
|
|
$ |
2.2 |
|
|
$ |
0.8 |
|
|
|
|
|
|
|
|
|
|
For more information, contact:
investor@huttig.com
Huttig Building Products (NASDAQ:HBP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Huttig Building Products (NASDAQ:HBP)
Historical Stock Chart
From Apr 2023 to Apr 2024