UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the |
Date of Report: November 01, 2013
(Date of earliest event reported)
Huttig Building Products, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
001-14982
(Commission File Number)
43-0334550
(IRS Employer
Identification Number)
555 Maryville University Dr., Suite 400, St. Louis, MO
(Address of principal executive offices)
63141
(Zip Code)
314-216-2600
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if changed since last report)
|
Item 7.01. Regulation FD Disclosure On November 1, 2013, Huttig Building Products, Inc. issued a press release announcing its results of operations for the third quarter of 2013, which were included in its previously filed Quarterly Report on Form 10-Q for that quarter. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: November 01, 2013 |
HUTTIG BUILDING PRODUCTS, INC.
By: /s/ Philip W. Keipp |
| Exhibit Index | |
| Exhibit No. | Description |
| 99.1 | Press Release of Huttig Building Products, Inc. dated November 01, 2013 |
ST. LOUIS, MO -- (Marketwired - October 31, 2013) - 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.
Third Quarter 2013 Highlights
"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."
Summary of Third Quarter Results
($ in millions, except per share data)
Three Months Ended September 30,
--------------------------------
2013 2012
--------------- ---------------
Net sales $ 153.3 100.0% $ 141.1 100.0%
Gross margin $ 30.8 20.1% $ 27.6 19.6%
Operating expenses $ 27.0 17.6% $ 25.6 18.1%
Gain on disposal of assets $ - - $ 2.4 1.7%
Operating income $ 3.8 2.5% $ 4.4 3.1%
Income from continuing operations $ 3.2 2.1% $ 3.7 2.6%
Net income from continuing operations per
share - basic and diluted $ 0.13 $ 0.15
Cash provided by operating activities $ 9.5 $ 2.7
Balance Sheet
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.
About Huttig
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.
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, 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.
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In Millions, Except Per Share Data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2013 2012 2013 2012
-------- -------- -------- --------
Net sales $ 153.3 $ 141.1 $ 426.7 $ 395.5
Cost of sales 122.5 113.5 343.0 319.2
-------- -------- -------- --------
Gross margin 30.8 27.6 83.7 76.3
Operating expenses 27.0 25.6 77.7 73.9
Gain on disposal of assets - (2.4) - (2.4)
-------- -------- -------- --------
Operating income 3.8 4.4 6.0 4.8
Interest expense, net 0.5 0.7 1.9 2.2
-------- -------- -------- --------
Income from continuing
operations before income taxes 3.3 3.7 4.1 2.6
Provision for income taxes 0.1 - 0.1 -
-------- -------- -------- --------
Income from continuing
operations 3.2 3.7 4.0 2.6
Loss from discontinued
operations, net of taxes (0.2) (0.1) (0.4) (0.3)
-------- -------- -------- --------
Net income $ 3.0 $ 3.6 $ 3.6 $ 2.3
======== ======== ======== ========
Net income from continuing
operations per share - basic
and diluted $ 0.13 $ 0.15 $ 0.16 $ 0.10
Net loss from discontinued
operations per share - basic
and diluted (0.01) (0.01) (0.01) (0.01)
-------- -------- -------- --------
Net income per share - basic and
diluted $ 0.12 $ 0.14 $ 0.15 $ 0.09
======== ======== ======== ========
Weighted average shares
outstanding:
Basic shares outstanding 22.9 23.0 22.7 22.9
Diluted shares outstanding 22.9 23.0 22.8 22.9
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In Millions)
September 30, December 31, September 30,
2013 2012 2012
------------- ------------- -------------
ASSETS
CURRENT ASSETS:
Cash and equivalents $ 3.0 $ 2.3 $ 1.0
Trade accounts receivable, net 60.3 41.7 57.5
Inventories 61.3 55.0 56.5
Other current assets 5.6 7.3 6.5
------------- ------------- -------------
Total current assets 130.2 106.3 121.5
------------- ------------- -------------
PROPERTY, PLANT AND EQUIPMENT
Land 4.3 4.3 4.3
Building and improvements 24.1 23.8 23.7
Machinery and equipment 33.0 31.2 30.9
------------- ------------- -------------
Gross property, plant and
equipment 61.4 59.3 58.9
Less accumulated depreciation 45.4 43.7 43.1
------------- ------------- -------------
Property, plant and
equipment, net 16.0 15.6 15.8
------------- ------------- -------------
OTHER ASSETS:
Goodwill 6.3 6.3 8.2
Other 2.0 2.2 1.6
Deferred income taxes 7.2 7.1 7.3
------------- ------------- -------------
Total other assets 15.5 15.6 17.1
------------- ------------- -------------
TOTAL ASSETS $ 161.7 $ 137.5 $ 154.4
============= ============= =============
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In Millions, Except Share Data)
September 30, December 31, September 30,
2013 2012 2012
------------- ------------- -------------
LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-
term debt $ 0.3 $ 0.6 $ -
Trade accounts payable 50.6 31.2 40.7
Deferred income taxes 7.2 7.1 7.3
Accrued compensation 3.9 4.1 3.9
Other accrued liabilities 13.0 14.3 15.2
------------- ------------- -------------
Total current liabilities 75.0 57.3 67.1
------------- ------------- -------------
NON-CURRENT LIABILITIES:
Long-term debt, less
current maturities 62.1 59.2 62.5
Other non-current
liabilities 1.5 1.9 2.0
------------- ------------- -------------
Total non-current
liabilities 63.6 61.1 64.5
------------- ------------- -------------
SHAREHOLDERS' EQUITY
Preferred shares; $.01 par
(5,000,000 shares
authorized) - - -
Common shares; $.01 par
(50,000,000 shares
authorized: 24,314,942;
23,920,195; and 24,896,596
shares issued at September
30, 2013, December 31,
2012 and September 30,
2012, respectively) 0.2 0.2 0.2
Additional paid-in capital 39.6 39.2 40.1
Accumulated deficit (16.7) (20.3) (17.5)
------------- ------------- -------------
Total shareholders'
equity 23.1 19.1 22.8
------------- ------------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 161.7 $ 137.5 $ 154.4
============= ============= =============
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In Millions)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ---------------------
2013 2012 2013 2012
--------- --------- --------- ---------
Cash Flows From Operating
Activities:
Net income $ 3.0 $ 3.6 $ 3.6 $ 2.3
Adjustments to reconcile
net income to net cash
provided by (used in)
operating activities:
Net loss from
discontinued
operations 0.2 0.1 0.4 0.3
Depreciation and
amortization 0.8 0.8 2.3 2.4
Stock-based
compensation 0.3 0.2 0.8 0.6
Gain on disposal of
assets - (2.4) - (2.4)
Changes in operating
assets and
liabilities:
Trade accounts
receivable (1.2) (0.9) (18.6) (18.1)
Inventories (2.6) 3.4 (6.3) (11.7)
Trade accounts payable 6.6 (4.0) 19.4 12.4
Other 2.4 1.9 (0.7) 2.8
--------- --------- --------- ---------
Total cash provided by
(used in) operating
activities 9.5 2.7 0.9 (11.4)
--------- --------- --------- ---------
Cash Flows From Investing
Activities:
Capital expenditures (0.2) (0.6) (1.5) (1.5)
Proceeds from disposition
of capital assets - 3.3 - 3.3
--------- --------- --------- ---------
Total cash (used in)
provided by investing
activities (0.2) 2.7 (1.5) 1.8
--------- --------- --------- ---------
Cash Flows From Financing
Activities:
Borrowings (payments) of
debt, net (7.7) (6.0) 1.7 9.9
Repurchase shares of
common stock - - (0.4) -
--------- --------- --------- ---------
Total cash (used in)
provided by financing
activities (7.7) (6.0) 1.3 9.9
--------- --------- --------- ---------
Net increase (decrease) in
cash and equivalents 1.6 (0.6) 0.7 0.3
Cash and equivalents,
beginning of period 1.4 1.6 2.3 0.7
--------- --------- --------- ---------
Cash and equivalents, end of
period $ 3.0 $ 1.0 $ 3.0 $ 1.0
========= ========= ========= =========
Supplemental Disclosure of
Cash Flow Information:
Interest paid $ 0.5 $ 0.6 $ 1.7 $ 1.9
Income taxes paid - - 0.1 0.1
For additional information: Don Hake Huttig Building Products, Inc. 555 Maryville University Drive, # 400 St. Louis, MO 63141 PO Box 1041 Chesterfield, MO 63006 Investor@huttig.com