Huttig Building Products reports Q4 net loss of US$0.4M compared with US$2.7M loss a year earlier on sales up 7% to US$134.8M; CEO highlights 11th consecutive quarterly improvement in net income, excluding special significant items

Wendy Lisney

ST. LOUIS, Missouri , February 20, 2014 (press release) – Huttig Returns to Net Profitability in 2013

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.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.