-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q+xh6ZDYgGnOsW6vpYU67PaZ+JZwEvyeyQkuUsIFvUdG6MCvoR2uYJLhX0gQtZnn 1ePp/+kJTaARgoPy9Nr/6g== 0001181431-07-075677.txt : 20071214 0001181431-07-075677.hdr.sgml : 20071214 20071214164532 ACCESSION NUMBER: 0001181431-07-075677 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071212 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071214 DATE AS OF CHANGE: 20071214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUTTIG BUILDING PRODUCTS INC CENTRAL INDEX KEY: 0001093082 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030] IRS NUMBER: 430334550 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14982 FILM NUMBER: 071307831 BUSINESS ADDRESS: STREET 1: 555 MARYVILLE UNIVERSITY DRIVE STREET 2: SUITE 240 CITY: ST LOUIS STATE: MO ZIP: 63141 BUSINESS PHONE: 314-216-2600 MAIL ADDRESS: STREET 1: PO BOX 1041 CITY: CHESTERFIELD STATE: MO ZIP: 63006-1041 8-K 1 rrd182650.htm HBP 12/2007 COSOLIDATION ANNOUNCEMENT Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  12/12/2007
 
HUTTIG BUILDING PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  001-14982
 
DE
  
43-0334550
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
555 Maryville University Drive, Suite 400, St. Louis, MO 63141
(Address of principal executive offices, including zip code)
 
314-216-2600
(Registrant’s telephone number, including area code)
 
NOT APPLICABLE
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 2.05.    Costs Associated with Exit or Disposal Activities
 
On December 12, 2007, Huttig Building Products, Inc. (the "Company") informed its employees of its decision to close its Greensburg, Pennsylvania branch and, on December 14, 2007, the Company informed its employees of its decision to close its Kansas City, Missouri branch. These actions are being taken as part of the Company's effort to appropriately adjust the size of its infrastructure in light of the continuing decline in housing starts. The Company expects both actions to be completed in the first quarter of 2008.

The Company expects to incur between $2.0 million and $2.3 million in operating charges related to these actions during the fourth quarter of 2007 and the first quarter of 2008, including between $1.7 million and $2.0 million for facility exit costs, comprised of asset write-offs and transfer costs and reserves for the remaining lease rentals on the facilities, and approximately $0.3 million for employee severance costs. The Company expects $0.8 million of these charges to be cash payments, i ncluding the remaining lease rentals to be paid out over the term of the facility leases through August 2008.

On December 14, 2007 the Company issued a press release announcing the above-described branch closures and certain other information. A copy of the press release is furnished herewith as Exhibit 99.1.

This Current Report on Form 8-K contains forward-looking information as defined by the Private Securities Litigation Reform Act of 1995. Any statements contained in this Current Report on Form 8-K, except to the extent that they contain historical facts, are forward-looking, including statements regarding the expected timing and amount of charges, including the timing and amount of the cash portion of such charges, that the Company will incur in connection with its branch closure actions. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknow n 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, 2006 and in the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2007, June 30, 2007 and September 30, 2007 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.

 
 
Item 9.01.    Financial Statements and Exhibits
 
(c) Exhibits.

Exhibit No.       Description

99.1                   Press Release dated December 14, 2007
 

 

Signature(s)
 
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.
 
      
 
HUTTIG BUILDING PRODUCTS, INC.
 
 
Date: December 14, 2007
     
By:
 
/s/    David L. Fleisher
               
David L. Fleisher
               
Vice President, Chief Financial Officer and Secretary
 
 

 

Exhibit Index
 
Exhibit No.
  
Description
EX-99.1
  
Press Release dated December 14, 2007
EX-99.1 2 rrd182650_22641.htm PRESS RELEASE DATED DECEMBER 14, 2007 Huttig Building Products, Inc

Huttig Building Products, Inc. Announces Consolidation of Two Facilities

ST. LOUIS, MO., December 14, 2007 -- Huttig Building Products, Inc. (NYSE: HBP), a leading domestic distributor of millwork, building materials and wood products, today announced the consolidation and closing of distribution facilities in Greensburg, Pennsylvania and Kansas City, Missouri. The Company will continue to service the Greensburg customer base from adjacent distribution facilities in Columbus, Ohio and Lancaster, Pennsylvania. Likewise, the Company will continue to service a significant portion of the Kansas City customer base from the Company's distribution facility in Springfield, Missouri.

The Company expects to incur approximately $2.0 to $2.3 million in operating charges related to these actions during the fourth quarter of 2007 and the first quarter of 2008, including approximately $1.7 to $2.0 million for facility exit costs, comprised of asset write-offs and transfer costs and reserves for the remaining facility lease rentals, and approximately $0.3 million for employee severance costs. Approximately 50 positions will be eliminated by these actions, although some employees will have the opportunity to transfer to the new servicing facilities. The Company expects to realize annualized operating profit improvement of approximately $2.0 million before taxes as a result of these actions, starting in the second quarter of 2008.

Commenting on the actions, Jon P. Vrabely, President and CEO of Huttig, said, "While these decisions are never easy, the actions were necessary to adjust the size of our infrastructure in light of the continued market challenges. The major portion of our customers in these market areas will see no affect to our business relationship, as they will have uninterrupted service from our surrounding distribution facilities. "

Huttig also announced it has consolidated its corporate office space in St. Louis. This consolidation will result in approximately $0.5 million in operating charges to be incurred in the 2007 fourth quarter. In addition to the charge for the consolidation of the office space and the severance costs associated with the two closed facilities, the Company expects to incur $0.5 million in severance costs related to approximately 30 positions that have been eliminated in the 2007 fourth quarter at other branches and the headquarters location. These severance costs will be recognized in the 2007 fourth quarter and the 2008 first quarter.

About Huttig

Huttig Building Products, Inc., currently in its 122nd 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 36 distribution centers serving 44 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, 2006 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.

Contact

Steve Anreder, steven.anreder@anreder.com, or Gary Fishman, gary.fishman@anreder.com, both of Anreder & Company, 1-212-532-3232

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