Welcome!

News Feed Item

Huttig Building Products, Inc. Announces Fourth Quarter and Full Year 2013 Results

Huttig Returns to Net Profitability in 2013

ST. LOUIS, MO -- (Marketwired) -- 02/20/14 -- 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, 2013.

Fourth Quarter and Full Year Highlights

  • Net sales in the fourth quarter 2013 were $134.8 million, representing a 7% increase over prior year net sales of $125.6 million. Full year 2013 net sales were $561.5 million, representing an 8% increase over prior year net sales of $521.1 million.

  • Net loss from continuing operations was $0.4 million in the fourth quarter 2013 compared to a net loss of $2.7 million in the prior year which included a goodwill impairment charge of $1.9 million. Full year 2013 net income from continuing operations was $3.6 million compared to a net loss of $0.1 million in the prior year which included a $2.4 million gain on disposal of capital assets and a $1.9 million goodwill impairment charge.

  • Adjusted EBITDA was $1.3 million in the fourth quarter 2013 compared to $0.8 million in the prior year. Full year Adjusted EBITDA was $10.4 million compared to $6.2 million in the prior year.

  • Total available liquidity was $41.8 million at December 31, 2013 compared to $26.6 million a year ago.

"We continued to show year over year financial improvement in 2013. We are pleased to report our eleventh consecutive quarterly improvement in net income, excluding special significant items. In addition, our liquidity position has strengthened through our operating results," said Jon Vrabely, Huttig's President and CEO. "In December our stock began trading on the NASDAQ which represents another milestone for Huttig and its shareholders. Our focus remains on executing our business strategy of delivering profitable sales growth and strong financial results for our stakeholders."

Balance Sheet

At December 31, 2013, Huttig had $0.6 million of cash and cash equivalents plus $41.2 million of excess availability under its credit facility for total available liquidity of $41.8 million. A year ago, Huttig had $2.3 million of cash and cash equivalents plus $24.3 million of excess availability under its credit facility for total available liquidity of $26.6 million. Total debt was $62.0 million and $59.8 million at December 31, 2013 and 2012, respectively.

More detailed information about Huttig's financial results for the year ended December 31, 2013 is included in Huttig's Annual Report on Form 10-K, which was filed on February 20, 2014.

About Huttig

Huttig Building Products, Inc., currently in its 129th 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. The Company's wholesale distribution centers sell principally to building materials dealers, national buying groups, home centers and industrial users, including makers of manufactured homes.

Forward Looking Statements

This press release contains forward-looking information as defined by the Private Securities Litigation Reform Act of 1995. This information presents management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission and in other reports filed by the Company with the Securities and Exchange Commission from time to time.



            SUMMARY OF FOURTH QUARTER AND FULL YEAR 2013 RESULTS
                   ($ in millions, except per share data)


                                                       (unaudited)
                                             Three Months Ended December 31,
                                             -------------------------------
                                                   2013            2012
                                             --------------- ---------------
Net sales                                    $ 134.8  100.0% $ 125.6  100.0%
Gross margin                                 $  27.4   20.3% $  24.4   19.4%
Operating expenses                           $  27.1   20.1% $  24.5   19.5%
Goodwill impairment                          $     -       - $   1.9    1.5%
Operating income (loss)                      $   0.3    0.2% $  (2.0)  -1.6%
Net (loss) from continuing operations        $  (0.4)  -0.3% $  (2.7)  -2.1%
Net loss from continuing operations per share
 - basic and diluted                         $ (0.02)        $ (0.12)
Cash provided by operating activities        $   0.3         $   7.1



                                                 Year Ended December 31,
                                             -------------------------------
                                                   2013            2012
                                             --------------- ---------------
Net sales                                    $ 561.5  100.0% $ 521.1  100.0%
Gross margin                                 $ 111.1   19.8% $ 100.7   19.3%
Operating expenses                           $ 104.8   18.7% $  98.4   18.9%
Goodwill impairment                          $     -       - $   1.9    0.4%
Gain on disposal of assets                   $     -       - $  (2.4)  -0.5%
Operating income                             $   6.3    1.1% $   2.8    0.5%
Net income (loss) from continuing operations $   3.6    0.6% $  (0.1)   0.0%
Net income from continuing operations per
 share - basic and diluted                   $  0.15         $     -
Cash provided by (used in) operating
 activities                                  $   1.2         $  (4.3)


               HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
                   CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In millions, cxcept per share data)

                                      (unaudited)
                                  Three Months Ended    Twelve Months Ended
                                     December 31,          December 31,
                                 --------------------  --------------------
                                    2013       2012       2013       2012
                                 ---------  ---------  ---------  ---------
Net sales                        $   134.8  $   125.6  $   561.5  $   521.1
Cost of sales                        107.4      101.2      450.4      420.4
                                 ---------  ---------  ---------  ---------
  Gross margin                        27.4       24.4      111.1      100.7
Operating expenses                    27.1       24.5      104.8       98.4
Goodwill impairment                      -        1.9          -        1.9
Gain on disposal of assets               -          -          -       (2.4)
                                 ---------  ---------  ---------  ---------
  Operating income (loss)              0.3       (2.0)       6.3        2.8
Interest expense, net                  0.7        0.7        2.6        2.9
                                 ---------  ---------  ---------  ---------
Income (loss) from continuing
 operations before income taxes       (0.4)      (2.7)       3.7       (0.1)
Provision for income taxes               -          -        0.1          -
                                 ---------  ---------  ---------  ---------
Net income (loss) from continuing
 operations                           (0.4)      (2.7)       3.6       (0.1)
Net loss from discontinued
 operations, net of taxes                -       (0.1)      (0.4)      (0.4)
                                 ---------  ---------  ---------  ---------
Net income (loss)                $    (0.4) $    (2.8) $     3.2  $    (0.5)
                                 =========  =========  =========  =========

Net income from continuing
 operations per share - basic and
 diluted                         $   (0.02) $   (0.12) $    0.15  $       -
Net loss from discontinued
 operations per share - basic and
 diluted                                 -      (0.01)     (0.02)     (0.02)
                                 ---------  ---------  ---------  ---------
Net income per share - basic and
 diluted                         $   (0.02) $   (0.13) $    0.13  $   (0.02)
                                 =========  =========  =========  =========

Weighted average shares
 outstanding:
  Basic shares outstanding            22.9       22.9       22.8       22.9
  Diluted shares outstanding          22.9       22.9       22.8       22.9


                HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
                         CONSOLIDATED BALANCE SHEETS
                                (In millions)

                                                           December 31,
                                                      ----------------------
                                                         2013        2012
                                                      ----------  ----------

ASSETS
CURRENT ASSETS:
  Cash and equivalents                                $      0.6  $      2.3
  Trade accounts receivable, net                            43.8        41.7
  Inventories                                               66.7        55.0
  Other current assets                                       7.2         7.3
                                                      ----------  ----------
    Total current assets                                   118.3       106.3
                                                      ----------  ----------

PROPERTY, PLANT AND EQUIPMENT
  Land                                                       4.3         4.3
  Building and improvements                                 24.2        23.8
  Machinery and equipment                                   34.2        31.2
                                                      ----------  ----------
    Gross property, plant and equipment                     62.7        59.3
  Less accumulated depreciation                             46.1        43.7
                                                      ----------  ----------
    Property, plant and equipment, net                      16.6        15.6
                                                      ----------  ----------

OTHER ASSETS:
  Goodwill                                                   6.3         6.3
  Other                                                      1.9         2.2
  Deferred income taxes                                      7.9         7.1
                                                      ----------  ----------
    Total other assets                                      16.1        15.6
                                                      ----------  ----------
TOTAL ASSETS                                          $    151.0  $    137.5
                                                      ==========  ==========


               HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
                        CONSOLIDATED BALANCE SHEETS
                      (In millions, except share data)

                                                           December 31,
                                                       --------------------
                                                          2013       2012
                                                       ---------  ---------

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
  Current maturities of long-term debt                 $     1.2  $     0.6
  Trade accounts payable                                    40.3       31.2
  Deferred income taxes                                      7.9        7.1
  Accrued compensation                                       3.5        4.1
  Other accrued liabilities                                 13.1       14.3
                                                       ---------  ---------
    Total current liabilities                               66.0       57.3
                                                       ---------  ---------
NON-CURRENT LIABILITIES:
  Long-term debt, less current maturities                   60.8       59.2
  Other non-current liabilities                              1.3        1.9
                                                       ---------  ---------
    Total non-current liabilities                           62.1       61.1
                                                       ---------  ---------

SHAREHOLDERS' EQUITY
  Preferred shares; $.01 par (5,000,000 shares
   authorized)                                                 -          -
  Common shares; $.01 par (50,000,000 shares
   authorized: 24,317,192 and 23,920,195 shares issued
   at December 31, 2013, and December 31, 2012,
   respectively)                                             0.2        0.2
  Additional paid-in capital                                39.8       39.2
  Accumulated deficit                                      (17.1)     (20.3)
                                                       ---------  ---------
    Total shareholders' equity                              22.9       19.1
                                                       ---------  ---------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY             $   151.0  $   137.5
                                                       =========  =========


               HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In millions)

                                      (unaudited)
                                  Three Months Ended    Twelve Months Ended
                                     December 31,          December 31,
                                 --------------------  --------------------
                                    2013       2012       2013       2012
                                 ---------  ---------  ---------  ---------
Cash Flows From Operating
 Activities:
  Net income (loss)              $    (0.4) $    (2.8) $     3.2  $    (0.5)
  Adjustments to reconcile net
   income to net cash provided by
   (used in) operating
   activities:
    Net loss from discontinued
     operations                          -        0.1        0.4        0.4
    Depreciation and amortization      0.8        0.7        3.1        3.1
    Stock-based compensation           0.2        0.2        1.0        0.8
    Goodwill impairment                  -        1.9          -        1.9
    Gain on disposal of assets           -          -          -       (2.4)
    Changes in operating assets
     and liabilities:
      Trade accounts receivable       16.5       15.8       (2.1)      (2.3)
      Inventories                     (5.4)       1.5      (11.7)     (10.2)
      Trade accounts payable         (10.3)      (9.5)       9.1        2.9
      Other                           (1.1)      (0.8)      (1.8)       2.0
                                 ---------  ---------  ---------  ---------
    Total cash provided by (used
     in) operating activities          0.3        7.1        1.2       (4.3)
                                 ---------  ---------  ---------  ---------
Cash Flows From Investing
 Activities:
  Capital expenditures                (0.7)      (0.4)      (2.2)      (1.9)
  Proceeds from disposition of
   capital assets                        -          -          -        3.3
                                 ---------  ---------  ---------  ---------
    Total cash (used in) provided
     by investing activities          (0.7)      (0.4)      (2.2)       1.4
                                 ---------  ---------  ---------  ---------
Cash Flows From Financing
 Activities:
  Borrowings (payments) of debt,
   net                                (2.0)      (6.5)      (0.3)       3.4
  Repurchase shares of common
   stock                                 -        1.1       (0.4)       1.1
                                 ---------  ---------  ---------  ---------
    Total cash (used in) provided
     by financing activities          (2.0)      (5.4)      (0.7)       4.5
                                 ---------  ---------  ---------  ---------
Net increase (decrease) in cash
 and equivalents                      (2.4)       1.3       (1.7)       1.6
Cash and equivalents, beginning
 of period                             3.0        1.0        2.3        0.7
                                 ---------  ---------  ---------  ---------
Cash and equivalents, end of
 period                          $     0.6  $     2.3  $     0.6  $     2.3
                                 =========  =========  =========  =========


Reconciliation of Non-GAAP Measures

The Company's definition of Adjusted EBITDA is net income (loss) adjusted for interest, income taxes, depreciation and amortization and other special significant items as listed in the table below.

We present Adjusted EBITDA because it is a primary measure used by management, and in our industry, to evaluate operating performance and 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. We compensate 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 other than GAAP results alone. Because not all companies use identical calculations, our 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 U.S. GAAP, to Adjusted EBITDA for the periods presented (amounts in millions):



               HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
                   CONDENSED CONSOLIDATED ADJUSTED EBITDA
                                (unaudited)
                               (In Millions)


                                  Three Months Ended    Twelve Months Ended
                                     December 31,          December 31,
                                 --------------------  --------------------
                                    2013       2012       2013       2012
                                 ---------  ---------  ---------  ---------
Net income (loss)                $    (0.4) $    (2.8) $     3.2  $    (0.5)
Discountinued Operations                 -        0.1        0.4        0.4
Interest expense, net                  0.7        0.7        2.6        2.9
Provision for income taxes               -          -        0.1          -
Depreciation and amortization          0.8        0.7        3.1        3.1
Stock compensation expense             0.2        0.2        1.0        0.8
Goodwill impairment                      -        1.9          -        1.9
Gain on disposal of assets               -          -          -       (2.4)
                                 ---------  ---------  ---------  ---------
Adjusted EBITDA                  $     1.3  $     0.8  $    10.4  $     6.2
                                 =========  =========  =========  =========


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists l...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...