Huttig Building Products, Inc. Announces Third Quarter 2014 Results
Third Quarter Sales Increase 14% in 2014 From 2013
(firmenpresse) - ST. LOUIS, MO -- (Marketwired) -- 10/30/14 -- 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 third quarter ended September 30, 2014.
Net sales in the third quarter 2014 were $174.5 million, representing a 14% increase over prior year net sales of $153.3 million. Net sales for the first nine months were $478.5 million, representing a 12% increase over prior year net sales of $426.7 million.
Income from continuing operations was $3.6 million in the third quarter 2014 compared to $3.2 million a year ago. Income from continuing operations for the first nine months was $6.2 million compared to $4.0 million a year ago.
Net income in the third quarter 2014 was $3.5 million compared to $3.0 million a year ago. Net income for the first nine months was $2.7 million compared to net income of $3.6 million a year ago. Net income reflects year-to-date charges from discontinued operations of $3.5 million in 2014 compared to $0.4 million a year ago.
Adjusted EBITDA was $5.3 million in the third quarter 2014 compared to $4.8 million a year ago. Adjusted EBITDA for the first nine months was $11.4 million compared to $8.9 million a year ago.
Total available liquidity was $56.4 million at September 30, 2014 compared to $53.7 million a year ago.
"In the third quarter we generated strong revenue growth and are pleased to report our fourteenth consecutive quarter of improved income from continuing operations, excluding special significant items," said Jon Vrabely, Huttig''s President and CEO. "The revenue growth is a result of continued modest improvement in the residential construction market combined with strong execution of our strategic growth initiatives. While we are pleased with our revenue growth of 14%, our flow through on increased revenues to income from continuing operations was negatively impacted by continued significant investments into our business to support our revenue growth, technology and customer service business initiatives. We believe these investments are necessary to capture growth opportunities today while also providing improved operating leverage on future revenue growth."
At September 30, 2014, Huttig had $0.9 million of cash and cash equivalents plus $55.5 million of excess availability under its credit facility for total available liquidity of $56.4 million. A year ago, 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. Total debt was $76.3 million and $62.4 million at September 30, 2014 and 2013, respectively.
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 measurements. Additional information regarding Adjusted EBITDA referred to in this press release is included below under "Reconciliation of Non-GAAP Measures."
Huttig, 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.
This press release contains forward-looking information as defined by the United States 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. Factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information, include but are not limited, to changes relating to future 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, obligations with respect to environmental remediation and financial impact of litigation or contingencies. Other important factors that could cause our actual results to be materially different from the forward-looking statements include (but are not limited to) those 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. For additional information, see the Company''s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014.
The Company defines Adjusted EBITDA as net income 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 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.
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):
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Datum: 30.10.2014 - 05:00 Uhr
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