Huttig Building Products Shows Steady Financial Growth During 2013February 21st, 2014 by DWM Magazine
Huttig Building Products Inc. has reported financial results for the fourth quarter and year ended December 31, 2013. According to the company, both fourth quarter and full year net sales were up.
Net sales in the fourth quarter 2013 were $134.8 million, representing a 7-percent increase over prior year net sales of $125.6 million. Full year 2013 net sales were $561.5 million, representing an 8-percent increase over prior year net sales of $521.1 million. Net loss from continuing operations was $0.4 million in the fourth quarter 2013 compared to a net loss of $2.7 million in the prior year, which the company says included a goodwill impairment charge of $1.9 million. Full year 2013 net income from continuing operations was $3.6 million compared to a net loss of $0.1 million in the prior year which included a $2.4 million gain on disposal of capital assets and a $1.9 million goodwill impairment charge.
Adjusted EBITDA was $1.3 million in the fourth quarter 2013 compared to $0.8 million in the prior year. Full year Adjusted EBITDA was $10.4 million compared to $6.2 million in the prior year. Total available liquidity was $41.8 million at December 31, 2013 compared to $26.6 million a year ago.
“We continued to show year over year financial improvement in 2013. We are pleased to report our eleventh consecutive quarterly improvement in net income, excluding special significant items. In addition, our liquidity position has strengthened through our operating results,” says Jon Vrabely, Huttig’s president and CEO. “In December our stock began trading on the NASDAQ which represents another milestone for Huttig and its shareholders. Our focus remains on executing our business strategy of delivering profitable sales growth and strong financial results for our stakeholders.”
According to the company, at December 31, 2013, Huttig had $0.6 million of cash and cash equivalents plus $41.2 million of excess availability under its credit facility for total available liquidity of $41.8 million. A year ago, Huttig had $2.3 million of cash and cash equivalents plus $24.3 million of excess availability under its credit facility for total available liquidity of $26.6 million. Total debt was $62.0 million and $59.8 million at December 31, 2013 and 2012, respectively.
More detailed information about Huttig’s financial results for the year ended December 31, 2013 is included in Huttig’s Annual Report on Form 10-K, which was filed on February 20.