Huttig Building Products, Inc. Announces Third Quarter 2013 Results
(firmenpresse) - ST. LOUIS, MO -- (Marketwired) -- 11/01/13 -- Huttig Building Products, Inc. (OTCQB: HBPI), a leading domestic distributor of millwork, building materials and wood products, today announced results of operations for the three months ended September 30, 2013.
Huttig reported third quarter 2013 sales of $153.3 million, an increase of 9% from the 2012 third quarter.
Huttig reported operating income of $3.8 million in 2013 compared to $4.4 million in 2012, which included a $2.4 million gain on disposal of assets.
Huttig reported income from continuing operations of $3.2 million in 2013 compared to $3.7 million in 2012, which included a $2.4 million gain on disposal of assets.
Huttig's total available liquidity was $53.7 million at September 30, 2013.
"We are pleased with our continued financial improvement in the third quarter. It is our tenth consecutive quarter of improved net income over the comparable prior year period, excluding significant special items," said Jon Vrabely, Huttig's President and CEO. "We continue to focus on executing our profitable growth strategy which we believe will be aided by the recent execution of a supply agreement with CPG Building Products that authorizes Huttig to distribute the entire line of AZEK and TimberTech decking, railing and trim products in 13 locations through the east region. We are generating positive cash flow from operations and positive earnings, which increases our ability to pursue growth opportunities as the market recovers."
At September 30, 2013, Huttig had $3.0 million of cash and cash equivalents plus $50.7 million of excess availability under its credit facility for total available liquidity of $53.7 million. A year ago, Huttig had $1.0 million of cash and cash equivalents plus $36.2 million of excess availability under its credit facility for total available liquidity of $37.2 million. Total debt was $62.4 million and $62.5 million at September 30, 2013 and 2012, respectively.
More detailed information about Huttig's financial results for the three and nine months ended September 30, 2013 is included in Huttig's Quarterly Report on Form 10-Q, which was filed on October 31, 2013.
Huttig Building Products, Inc., currently in its 128th 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.
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, 2012 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 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.
For additional information:
Don Hake
Huttig Building Products, Inc.
555 Maryville University Drive, # 400
St. Louis, MO 63141
PO Box 1041
Chesterfield, MO 63006
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Datum: 01.11.2013 - 05:00 Uhr
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