Huttig Building Products reports net loss, including discontinued operations, of US$4.0M in Q1 compared with US$2.0M loss a year ago, on sales up 9% to US$135.3M; results include US$3.1M environmental liabilities charge relating to formerly owned property

Wendy Lisney

ST. LOUIS, Missouri , April 24, 2014 (press release) – Sales Increase 9% in 2014 From 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 first quarter ended March 31, 2014.

Operating Summary

Net sales in the first quarter 2014 were $135.3 million, representing a 9% increase over prior year net sales of $124.5 million.
Net loss from continuing operations was $0.8 million in the first quarter 2014 compared to a net loss of $2.0 million a year ago. Net loss, including discontinued operations, was $4.0 million compared to $2.0 million a year ago.
The Company recorded a $3.1 million charge for environmental liabilities related to a formerly owned property in Montana. This charge is reflected in discontinued operations.
Adjusted EBITDA was $1.0 million in the first quarter 2014 compared to negative $0.5 million a year ago.
Total available liquidity was $41.9 million at March 31, 2014 compared to $37.7 million a year ago.

"Despite a challenging business environment as a result of the unusually poor weather in the first quarter, our financial results from continuing operations continued to improve as we executed on our strategy of delivering profitable sales growth for our shareholders," said Jon Vrabely, Huttig's President and CEO. "We have been, and will continue to reinvest in our business to take advantage of market opportunities and further strengthen our financial performance."

Balance Sheet

At March 31, 2014, Huttig had $2.4 million of cash and cash equivalents plus $39.5 million of excess availability under its credit facility for total available liquidity of $41.9 million. A year ago, Huttig had $1.2 million of cash and cash equivalents plus $36.5 million of excess availability under its credit facility for total available liquidity of $37.7 million. Total debt was $78.7 million and $72.5 million at March 31, 2014 and 2013, respectively.

About Huttig

Huttig Building Products, Inc., currently in its 130th 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.

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