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 second quarter ended June 30, 2021.
“We are very pleased as an organization to
report our second consecutive quarter of record operating results
as a public company,” said Jon Vrabely, President and CEO of
Huttig. “Our focus on strategic product category growth is working,
and our results clearly demonstrate the positive impact our success
is having on our financial model. Despite severe supply chain
disruption and labor shortages, we generated substantial gains
across every facet of our financial performance including sales,
profitability, and liquidity. The strong underlying fundamentals of
the residential construction market, combined with the sustainable
improvements we have achieved in the business, positions us very
well to continue generating solid results in the future.”
SUMMARY RESULTS FOR SECOND QUARTER ENDED JUNE 30,
2021 |
(unaudited) |
(in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
Net sales |
$ |
247.4 |
100.0 |
% |
|
$ |
192.0 |
|
100.0 |
% |
Gross margin |
|
55.3 |
22.4 |
% |
|
|
38.7 |
|
20.2 |
% |
Operating expenses |
|
39.5 |
16.0 |
% |
|
|
34.7 |
|
18.1 |
% |
Operating income |
|
15.8 |
6.4 |
% |
|
|
2.5 |
|
1.3 |
% |
Income from continuing
operations |
|
14.9 |
6.0 |
% |
|
|
1.6 |
|
0.8 |
% |
Net income |
|
14.9 |
6.0 |
% |
|
|
1.6 |
|
0.8 |
% |
Earnings from continuing
operations per share - basic |
$ |
0.54 |
|
|
$ |
0.06 |
|
|
Earnings from continuing
operations per share - diluted |
$ |
0.54 |
|
|
$ |
0.06 |
|
|
Net earnings per share -
basic |
$ |
0.54 |
|
|
$ |
0.06 |
|
|
Net earnings per share -
diluted |
$ |
0.54 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
Net sales |
$ |
462.1 |
100.0 |
% |
|
$ |
395.0 |
|
100.0 |
% |
Gross margin |
|
101.0 |
21.9 |
% |
|
|
79.6 |
|
20.2 |
% |
Operating expenses |
|
76.4 |
16.5 |
% |
|
|
73.7 |
|
18.7 |
% |
Goodwill impairment |
|
- |
0.0 |
% |
|
|
9.5 |
|
2.4 |
% |
Restructuring charges |
|
- |
0.0 |
% |
|
|
1.5 |
|
0.4 |
% |
Operating income (loss) |
|
24.6 |
5.3 |
% |
|
|
(5.1 |
) |
-1.3 |
% |
Income (loss) from continuing
operations |
|
23.0 |
5.0 |
% |
|
|
(7.3 |
) |
-1.8 |
% |
Net income (loss) |
|
23.0 |
5.0 |
% |
|
|
(7.3 |
) |
-1.8 |
% |
Income (loss) from continuing
operations per share - basic and diluted |
$ |
0.84 |
|
|
$ |
(0.28 |
) |
|
Net income (loss) per share -
basic and diluted |
$ |
0.84 |
|
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
Results of Operations
Three Months Ended June 30, 2021
Compared to Three Months Ended June 30, 2020
Net sales were $247.4 million in the second
quarter of 2021, which were $55.4 million, or 28.9%, higher than
the second quarter of 2020. The increase in net sales was primarily
attributable to an increase in residential construction activity as
compared to the second quarter of 2020, which was significantly
impacted by the onset of the pandemic. Sales and income growth
in the second quarter of 2021 was moderated in comparison to the
second quarter of 2020 by restructuring activities announced in the
second quarter of last year, and by our 2020 product
rationalization program. Net sales in 2021 were favorably
impacted by the improved pricing environment where demand-driven
pricing has increased due to supply chain disruption. Despite
ongoing supply chain challenges, sales increased in all three of
our product classifications.
Millwork sales of $97.3 million in the second
quarter of 2021 were $15.6 million, or 19.1%, higher than the
second quarter of 2020. Millwork has been most significantly
impacted by supply chain disruption and was also impacted by 2020
restructuring and product rationalization activities. Building
products sales increased 29.5% in the second quarter of 2021 to
$126.3 million, compared to $97.5 million in the second quarter of
2020. Second quarter 2021 building products sales benefitted from
consistent high levels of demand for certain product lines within
the category, including certain strategic product lines. The
year-over-year sales growth in this category was mitigated by
supply chain disruption and by product rationalization activities
related to our focus on higher-margin, non-commoditized products.
Wood product sales increased 85.9% in the second quarter of 2021 to
$23.8 million, compared to $12.8 million in the second quarter of
2020. Higher market prices had a significant impact in this
category.
Gross margin was $55.3 million in the second
quarter of 2021, compared to $38.7 million in the second quarter of
2020. As a percentage of sales, gross margin was 22.4% in the
second quarter of 2021, compared to 20.2% in the second quarter of
2020. Gross margins were favorably impacted by our continued focus
on non-commoditized, strategic product lines which carry higher
margins, as well as effective pricing management. The increase in
our gross margin percentage from these actions more than offset the
impact from a disproportionate increase in lower-margin direct
sales in the second quarter of 2021 as compared to 2020.
Operating expenses increased $4.8 million to
$39.5 million in the second quarter of 2021, compared to
$34.7 million, net of a $1.5 million restructuring charge
described below, in the second quarter of 2020. Personnel costs
increased $4.4 million, or 22.4%, reflecting increased variable
incentive compensation from improved operating results, wage
increases and reinstatement of compensation reductions taken in
2020. These increases were partially offset by lower medical costs.
Non-personnel costs increased $0.4 million, or 2.6%. The increase
was primarily driven by higher fuel and insurance costs which were
substantially offset by an improved bad debt provision in the
second quarter of 2021 as pandemic-related disruption continued to
subside. Overall, our cost structure was levered against higher
sales volume. As a percentage of net sales, operating expenses were
16.0% in the second quarter of 2021 compared to 18.1% in the second
quarter of 2020.
During the second quarter of 2020, we began the
process of closing our Columbus, Ohio and Selkirk, New York branch
locations, which was substantially completed during the third
quarter of 2020. We recorded a restructuring charge of $1.5 million
for closure-related costs for personnel, facility, equipment and
working capital-related costs.
Net interest expense was $0.6 million in the
second quarter of 2021 compared to $0.9 million in the second
quarter of 2020. The lower net interest expense in the second
quarter of 2021 reflects both lower average debt balances and lower
interest rates.
Income taxes were $0.3 million and zero for the
quarters ended June 30, 2021 and 2020, respectively.
As a result of the foregoing factors, we
reported net income of $14.9 million for the quarter ended
June 30, 2021, compared to net income of $1.6 million for the
quarter ended June 30, 2020. Adjusted for the restructuring charge
in 2020, adjusted net income for the quarter ended June 30, 2020
was $3.1 million.
Adjusted EBITDA was $17.4 million for the second
quarter of 2021, compared to $5.7 million for the second quarter of
2020. Adjusted EBITDA is a non-GAAP measurement. See the below
reconciliation of non-GAAP financial measures.
Six Months Ended June 30, 2021 Compared
to Six Months Ended June 30, 2020
Net sales were $462.1 million in the first six
months of 2021, which was $67.1 million, or 17.0%, higher than the
first six months of 2020. The increase in net sales was
primarily attributable to an increase in residential construction
activity as the second quarter of 2020 was significantly impacted
by the onset of the pandemic. Sales and income growth in the first
six months of 2021 was moderated in comparison to the first six
months of 2020 by restructuring activities announced in the second
quarter of last year, and by our 2020 product rationalization
program. Net sales in 2021 were favorably impacted by the improved
pricing environment where demand-driven pricing has increased due
to supply chain disruption. Despite ongoing supply chain
challenges, sales increased in all three of our product
classifications.
Millwork product sales increased 8.8% in the
first six months of 2021 to $193.5 million, compared to $177.9
million in the first six months of 2020; building products sales
increased 20.1% in the first six months of 2021 to $228.2 million,
compared to $190.0 million in the first six months of 2020; and
wood product sales increased 49.1% in the first six months of 2021
to $40.4 million, compared to $27.1 million in the first six months
of 2020. Millwork sales, although most impacted by the disruption
of our supply chain and by our 2020 restructuring and product
rationalization activities, performed well and benefited from
improved market pricing. Building products sales benefitted from
consistent high levels of demand for certain product lines within
the category, including certain strategic product lines. The
year-over-year sales growth in this category was mitigated by
supply chain disruption and by product rationalization activities
related to our focus on higher-margin, non-commoditized products.
Wood product sales have been most impacted by market-driven price
increases.
Gross margin was $101.0 million in the first six
months of 2021, compared to $79.6 million in the first six months
of 2020. As a percentage of sales, gross margin was 21.9% in the
first six months of 2021, compared to 20.2% in the first six months
of 2020. Gross margins were favorably impacted by our continued
focus on non-commoditized, strategic product lines which carry
higher margins, as well as effective pricing management. The
increase in our gross margin percentage from these actions more
than offset the impact from a disproportionate increase in
lower-margin direct sales in the first six months of 2021 as
compared to 2020.
Operating expenses, increased $2.7 million to
$76.4 million in the first six months of 2021, compared to $73.7
million in the first six months of 2020, excluding a goodwill
impairment charge of $9.5 million and restructuring costs of $1.5
million in the first six months of 2020 as described
below. Personnel costs increased $3.8 million, or 9.0%,
reflecting increased variable incentive compensation from improved
operating results, wage increases and reinstatement of compensation
reductions taken in 2020. These increases were partially offset by
lower medical costs. Non-personnel costs decreased $1.1 million, or
3.4%. Discretionary spending reductions and improvements in our bad
debt provision in the first half of 2021 offset higher fuel and
insurance costs. Overall, our cost structure was levered against
higher sales volume. As a percentage of net sales, operating
expenses were 16.5% in the first six months of 2021 compared to
18.7% in the first six months of 2020.
During the first quarter of 2020, a decline in
the market value of our public equity concurrent with the COVID-19
pandemic triggered an assessment of goodwill. As a result of the
interim goodwill impairment test, we recognized a goodwill
impairment charge of $9.5 million. During the second quarter of
2020, we began the process of closing our Columbus, Ohio and
Selkirk, New York branch locations, which was substantially
completed during the third quarter of 2020. We recorded a
restructuring charge of $1.5 million for closure-related costs for
personnel, facility, equipment and working capital-related
costs
Net interest expense was $1.3 million in
the first six months of 2021 compared to $2.2 million in the
first six months of 2020. The lower net interest expense in
the first six months of 2020 reflected both lower average
borrowing and lower interest rates.
Income taxes were $0.3 million for the first six
months of 2021, as compared to zero income tax expense for the
first six months of 2020.
As a result of the foregoing factors, we
reported net income of $23.0 million and a net loss of $7.3 million
for the six months ended June 30, 2021 and 2020,
respectively. Adjusted for the $9.5 million goodwill
impairment charge and the $1.5 million restructuring charge in
2020, adjusted net income for the first six months of 2020 was $3.7
million.
Adjusted EBITDA was $27.9 million for the first
six months of 2021, compared to $9.2 million for the first six
months of 2020. Adjusted EBITDA is a non-GAAP measurement. See the
below reconciliation of non-GAAP financial measures.
Balance Sheet &
Liquidity
Cash used in operating activities was $0.8
million during the first six months of 2021, compared to cash
provided by operating activities of $10.2 million during the first
six months of 2020. During the first six months of 2021, we
invested $14.6 million in a normal seasonal build of inventories,
compared to rationalization of $30.9 million of inventory in
response to the COVID-19 pandemic in the first six months of 2020.
The impact from the increased inventory investment in 2021 was
substantially offset by higher cash flows from improved financial
results and higher accounts payable in the first six months of 2021
compared to the first six months of 2020.
At June 30, 2021, we had total liquidity of
$100.7 million, including excess committed borrowing availability
of $97.8 million and cash of $2.9 million. At June 30, 2020, total
liquidity was $56.0 million, including excess committed borrowing
availability of $54.2 million and cash of $1.8 million.
Conference Call
Huttig Building Products, Inc. will host a
conference call Thursday, July 29, 2021 at 10:00 a.m. Central Time.
Participants can listen to the call live via webcast by going to
the investor portion of Huttig’s website at www.huttig.com.
Participants can also access the live conference call via telephone
at (866) 238-1641 or (213) 660-0927 (international). The conference
ID for this call is 7474728.
About Huttig
Huttig, currently in its 137th 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 25 distribution centers
serving 41 states. Huttig'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
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. The words or phrases “will likely
result,” “are expected to,” “will continue,” “is anticipated,”
“believe,” “estimate,” “project” or similar expressions may
identify forward-looking statements, although not all
forward-looking statements contain such words. Statements made in
this press release looking forward in time, including, but not
limited to, statements regarding our current views with respect to
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, strategic initiatives, financial impact from
litigation or contingencies, including environmental proceedings,
are included pursuant to the “safe harbor” provision of the Private
Securities Litigation Reform Act of 1995.
These statements present management’s
expectations, beliefs, plans and objectives regarding our future
business and financial performance. We cannot guarantee that any
forward-looking statements will be realized or achieved. These
forward-looking statements are based on current projections,
estimates, assumptions and judgments, and involve known and unknown
risks and uncertainties. We disclaim any obligation to publicly
update or revise any of these forward-looking statements, whether
as a result of new information, future events or otherwise.
There are a number of factors, some of which are
beyond our control that could cause our actual results to differ
materially from those expressed or implied in the forward-looking
statements. These factors include, but are not limited to: the
success of our growth initiatives; risks associated with our
private brands; the strength of new construction, home improvement
and remodeling markets and the recovery of the homebuilding
industry to levels consistent with the historical annual average
total housing starts from 1959 to 2020 of approximately 1.4 million
starts based on statistics tracked by the U.S. Census Bureau; the
cyclical nature of our industry; risks of international suppliers;
the impact of global health concerns, including the current
COVID-19 pandemic, and governmental responses to such concerns, on
our business, results of operations, liquidity and capital
resources; product liability claims and other legal proceedings;
commodity prices and demand in light of the COVID-19 pandemic;
competition with existing or new industry participants; our failure
to attract and retain key personnel; deterioration in our
relationship with our unionized employees, including work stoppages
or other disputes; funding requirements for multi-employer pension
plans for our unionized employees; our ability to comply with, and
the restrictive effect of, the financial covenant applicable under
our credit facility; deterioration of our customers’
creditworthiness or our inability to forecast such deteriorations,
particularly in light of the COVID-19 pandemic; the loss of a
significant customer; termination of key supplier relationships;
the ability to source alternative suppliers in light of the
COVID-19 pandemic; supply chain disruption; current or future
litigation; the cost of environmental compliance, including actual
expenses we may incur to resolve proceedings we are involved in
arising out of a formerly owned facility in Montana; federal and
state transportation regulations; uncertainties resulting from
changes to United States and foreign laws, regulations and
policies; the potential impact of changes in tariff costs,
including tariffs on imported steel and aluminum, and potential
anti-dumping or countervailing duties; fuel cost increases; stock
market volatility; failure to meet exchange listing requirements;
stockholder activist disruption; information technology failures,
network disruptions, cybersecurity attacks or breaches in data
security; significant uninsured claims; the integration of any
business we acquire and the liabilities of such businesses; the
seasonality of our operations; any limitations on our ability to
utilize our deferred tax assets to reduce future taxable income and
tax liabilities; intangible asset impairment; and those factors set
forth under Part I, Item 1A – “Risk Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2020.
These factors may not constitute all factors that could cause
actual results to differ from those discussed in any
forward-looking statement. Accordingly, forward-looking statements
should not be relied upon as a predictor of actual results.
Non-GAAP Financial Measures
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 measures.
The Company defines Adjusted EBITDA as net
income adjusted for interest, income taxes, depreciation and
amortization and other items as listed in the table below and
presents Adjusted EBITDA because it is a primary measure used by
management, and by similar companies in the industry, to evaluate
operating performance and Huttig believes it 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. Huttig compensates 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. Because not all companies use identical
calculations, Huttig’s presentation of Adjusted EBITDA may not be
comparable to other similarly titled measures of other
companies.
Adjusted EBITDA
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):
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income (loss) |
$ |
14.9 |
|
$ |
1.6 |
|
$ |
23.0 |
|
$ |
(7.3 |
) |
Interest expense, net |
|
0.6 |
|
|
0.9 |
|
|
1.3 |
|
|
2.2 |
|
Income tax expense |
|
0.3 |
|
|
— |
|
|
0.3 |
|
|
— |
|
Depreciation and
amortization |
|
1.2 |
|
|
1.4 |
|
|
2.5 |
|
|
2.7 |
|
Stock compensation
expense |
|
0.4 |
|
|
0.3 |
|
|
0.8 |
|
|
0.6 |
|
Goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
9.5 |
|
Restructuring Charges |
|
— |
|
|
1.5 |
|
|
— |
|
|
1.5 |
|
Adjusted EBITDA |
$ |
17.4 |
|
$ |
5.7 |
|
$ |
27.9 |
|
$ |
9.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(unaudited) |
(in millions, except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net sales |
$ |
247.4 |
|
$ |
192.0 |
|
$ |
462.1 |
|
$ |
395.0 |
|
Cost of sales |
|
192.1 |
|
|
153.3 |
|
|
361.1 |
|
|
315.4 |
|
Gross margin |
|
55.3 |
|
|
38.7 |
|
|
101.0 |
|
|
79.6 |
|
Operating expenses |
|
39.5 |
|
|
34.7 |
|
|
76.4 |
|
|
73.7 |
|
Goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
9.5 |
|
Restucturing charges |
|
— |
|
|
1.5 |
|
|
— |
|
|
1.5 |
|
Operating income (loss) |
|
15.8 |
|
|
2.5 |
|
|
24.6 |
|
|
(5.1 |
) |
Interest expense, net |
|
0.6 |
|
|
0.9 |
|
|
1.3 |
|
|
2.2 |
|
Income (loss) from operations
before income taxes |
|
15.2 |
|
|
1.6 |
|
|
23.3 |
|
|
(7.3 |
) |
Income tax expense |
|
0.3 |
|
|
— |
|
|
0.3 |
|
|
— |
|
Income (loss) from continuing
operations |
|
14.9 |
|
|
1.6 |
|
|
23.0 |
|
|
(7.3 |
) |
Loss from discontinued
operations, net of taxes |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) |
$ |
14.9 |
|
$ |
1.6 |
|
$ |
23.0 |
|
$ |
(7.3 |
) |
|
|
|
|
|
|
|
|
Earnings (loss) per
share: |
|
|
|
|
|
|
|
Earnings (loss) from
continuing operations per share - basic |
$ |
0.54 |
|
$ |
0.06 |
|
$ |
0.84 |
|
$ |
(0.28 |
) |
Loss from discontinued
operations per share - basic |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net earnings (loss) per share
- basic |
$ |
0.54 |
|
$ |
0.06 |
|
$ |
0.84 |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
Earnings (loss) from
continuing operations per share - diluted |
$ |
0.54 |
|
$ |
0.06 |
|
$ |
0.84 |
|
$ |
(0.28 |
) |
Loss from discontinued
operations per share - diluted |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) per share -
diluted |
$ |
0.54 |
|
$ |
0.06 |
|
$ |
0.84 |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic shares outstanding |
|
27.4 |
|
|
26.0 |
|
|
27.3 |
|
|
26.0 |
|
Diluted shares outstanding |
|
27.5 |
|
|
26.2 |
|
|
27.5 |
|
|
26.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(unaudited) |
(in millions) |
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
June 30, |
|
2021 |
|
2020 |
|
|
2020 |
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and equivalents |
$ |
2.9 |
|
$ |
0.3 |
|
|
$ |
1.8 |
|
Trade accounts receivable, net |
|
105.8 |
|
|
69.3 |
|
|
|
95.5 |
|
Inventories, net |
|
120.3 |
|
|
105.7 |
|
|
|
108.5 |
|
Other current assets |
|
13.1 |
|
|
10.6 |
|
|
|
9.2 |
|
Total current assets |
|
242.1 |
|
|
185.9 |
|
|
|
215.0 |
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT: |
|
|
|
|
|
|
Land |
|
5.0 |
|
|
5.0 |
|
|
|
5.0 |
|
Buildings and improvements |
|
31.8 |
|
|
32.3 |
|
|
|
32.6 |
|
Machinery and equipment |
|
59.7 |
|
|
58.2 |
|
|
|
58.8 |
|
Gross property, plant and equipment |
|
96.5 |
|
|
95.5 |
|
|
|
96.4 |
|
Less accumulated depreciation |
|
68.7 |
|
|
67.1 |
|
|
|
66.6 |
|
Property, plant and equipment, net |
|
27.8 |
|
|
28.4 |
|
|
|
29.8 |
|
|
|
|
|
|
|
|
OTHER ASSETS: |
|
|
|
|
|
|
Operating lease right-of-use assets |
|
34.1 |
|
|
33.9 |
|
|
|
38.6 |
|
Other |
|
4.3 |
|
|
4.4 |
|
|
|
4.8 |
|
Total other assets |
|
38.4 |
|
|
38.3 |
|
|
|
43.4 |
|
TOTAL ASSETS |
$ |
308.3 |
|
$ |
252.6 |
|
|
$ |
288.2 |
|
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(unaudited) |
(in millions, except share data) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
June 30, |
|
2021 |
|
|
2020 |
|
|
|
2020 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Current maturities of long-term debt |
$ |
1.8 |
|
$ |
1.7 |
|
|
$ |
1.7 |
|
Current maturities of operating lease right-of-use liabilities |
|
9.1 |
|
|
9.1 |
|
|
|
9.8 |
|
Trade accounts payable |
|
75.3 |
|
|
53.1 |
|
|
|
62.9 |
|
Accrued compensation |
|
12.5 |
|
|
10.0 |
|
|
|
5.5 |
|
Other accrued liabilities |
|
17.8 |
|
|
15.7 |
|
|
|
15.3 |
|
Total current liabilities |
|
116.5 |
|
|
89.6 |
|
|
|
95.2 |
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
Long-term debt, less current maturities |
|
97.5 |
|
|
92.4 |
|
|
|
125.6 |
|
Operating lease right-of-use liabilities, less current
maturities |
|
25.0 |
|
|
24.9 |
|
|
|
29.0 |
|
Other non-current liabilities |
|
2.4 |
|
|
2.4 |
|
|
|
2.2 |
|
Total non-current liabilities |
|
124.9 |
|
|
119.7 |
|
|
|
156.8 |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
Preferred shares: $.01 par (5,000,000 shares authorized) |
|
— |
|
|
— |
|
|
|
— |
|
Common shares: $.01 par (75,000,000 shares authorized: 27,399,870;
26,889,190; and 26,894,006 shares issued and outstanding at June
30, 2021, December 31, 2020 and June 30,
2020, respectively) |
|
0.3 |
|
|
0.3 |
|
|
|
0.3 |
|
Additional paid-in capital |
|
50.1 |
|
|
49.5 |
|
|
|
48.8 |
|
Retained earnings (accumulated deficit) |
|
16.5 |
|
|
(6.5 |
) |
|
|
(12.9 |
) |
Total shareholders’ equity |
|
66.9 |
|
|
43.3 |
|
|
|
36.2 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
308.3 |
|
$ |
252.6 |
|
|
$ |
288.2 |
|
|
|
|
|
|
|
|
|
|
|
|
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(unaudited) |
(in millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Cash Flows From Operating
Activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
14.9 |
|
|
$ |
1.6 |
|
|
$ |
23.0 |
|
|
$ |
(7.3 |
) |
Adjustments to reconcile net income (loss) to net cash provided
by (used in) operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
1.2 |
|
|
|
1.4 |
|
|
|
2.5 |
|
|
|
2.7 |
|
Non-cash interest expense |
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
Stock-based compensation |
|
0.4 |
|
|
|
0.3 |
|
|
|
0.8 |
|
|
|
0.6 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.5 |
|
Restructuring charges |
|
— |
|
|
|
1.5 |
|
|
|
— |
|
|
|
1.5 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Trade accounts receivable |
|
1.6 |
|
|
|
1.2 |
|
|
|
(36.5 |
) |
|
|
(35.0 |
) |
Inventories, net |
|
2.3 |
|
|
|
38.8 |
|
|
|
(14.6 |
) |
|
|
30.9 |
|
Trade accounts payable |
|
(4.7 |
) |
|
|
(22.6 |
) |
|
|
22.2 |
|
|
|
6.1 |
|
Other |
|
0.3 |
|
|
|
2.5 |
|
|
|
2.0 |
|
|
|
1.2 |
|
Cash provided by (used in) continuing operating activities |
|
16.0 |
|
|
|
24.7 |
|
|
|
(0.5 |
) |
|
|
10.3 |
|
Cash used in discontinued operating activities |
|
(0.3 |
) |
|
|
— |
|
|
|
(0.3 |
) |
|
|
(0.1 |
) |
Total cash provided by (used in) operating activities |
|
15.7 |
|
|
|
24.7 |
|
|
|
(0.8 |
) |
|
|
10.2 |
|
Cash Flows From Investing
Activities: |
|
|
|
|
|
|
|
Capital expenditures |
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
(0.5 |
) |
|
|
(0.8 |
) |
Total cash used in investing activities |
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
(0.5 |
) |
|
|
(0.8 |
) |
Cash Flows From Financing
Activities: |
|
|
|
|
|
|
|
Borrowings (repayments) of debt, net |
|
(16.9 |
) |
|
|
(22.9 |
) |
|
|
4.1 |
|
|
|
(9.8 |
) |
Repurchase of shares to satisfy employee tax withholdings |
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
Total cash provided by (used in) financing activities |
|
(16.9 |
) |
|
|
(22.9 |
) |
|
|
3.9 |
|
|
|
(9.8 |
) |
Net increase (decrease) in
cash and equivalents |
|
(1.5 |
) |
|
|
1.4 |
|
|
|
2.6 |
|
|
|
(0.4 |
) |
Cash and equivalents,
beginning of period |
|
4.4 |
|
|
|
0.4 |
|
|
|
0.3 |
|
|
|
2.2 |
|
Cash and equivalents, end of
period |
$ |
2.9 |
|
|
$ |
1.8 |
|
|
$ |
2.9 |
|
|
$ |
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information, contact:
investor@huttig.com
Huttig Building Products (NASDAQ:HBP)
Historical Stock Chart
From Feb 2024 to Mar 2024
Huttig Building Products (NASDAQ:HBP)
Historical Stock Chart
From Mar 2023 to Mar 2024