Company Quick10K Filing
Huttig Building Products
Price2.21 EPS-0
Shares27 P/E-5
MCap59 P/FCF-6
Net Debt149 EBIT4
TEV208 TEV/EBIT47
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-03-03
10-Q 2019-09-30 Filed 2019-10-29
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-03-05
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-03-07
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-03-02
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-22
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-07-26
10-Q 2013-03-31 Filed 2013-04-19
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-20
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-04-15
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-28
10-Q 2010-03-31 Filed 2010-04-15
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-13 Other Events, Exhibits
8-K 2020-08-03 Earnings, Exhibits
8-K 2020-06-26 Other Events
8-K 2020-05-14
8-K 2020-05-04
8-K 2020-04-22
8-K 2020-04-22
8-K 2020-03-02
8-K 2019-12-09
8-K 2019-10-28
8-K 2019-07-29
8-K 2019-05-06
8-K 2019-04-29
8-K 2019-04-23
8-K 2019-03-04
8-K 2018-12-31
8-K 2018-10-29
8-K 2018-09-24
8-K 2018-07-30
8-K 2018-04-30
8-K 2018-04-24
8-K 2018-03-05
8-K 2018-02-22
8-K 2018-01-31

HBP 10Q Quarterly Report

Part I Financial Information
Item 1 - Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 6 - Exhibits
EX-31.1 hbp-ex311_7.htm
EX-31.2 hbp-ex312_10.htm
EX-32.1 hbp-ex321_8.htm

Huttig Building Products Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3502802101407002012201420172020
Assets, Equity
2251771298133-152012201420172020
Rev, G Profit, Net Income
452811-6-23-402012201420172020
Ops, Inv, Fin

hbp-10q_20200630.htm
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es

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number 1-14982

 

HUTTIG BUILDING PRODUCTS, INC.

(Exact name of registrant as specified in its charter)

 

 Delaware

 

43-0334550

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

555 Maryville University Drive Suite 400

St. Louis, Missouri

 

63141

(Address of principal executive offices)

 

(Zip code)

(314) 216-2600

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common, par value $0.01 per share

HBP

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares of Common Stock outstanding on July 28, 2020 was 26,894,006 shares.

 

 

 

 


 

 

 

 

 

Page No.

PART I. FINANCIAL INFORMATION

  

 

 

 

 

 

 

Item 1.

  

Financial Statements

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (unaudited)

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2020, December 31, 2019 and June 30, 2019 (unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statement of Shareholders’ Equity for the three and six months ended June 30, 2020 and 2019 (unaudited)

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2020 and 2019 (unaudited)

 

7

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

8

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

14

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

20

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

20

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

20

 

 

 

 

 

Item 1A.

 

Risk Factors

 

20

 

 

 

 

 

Item 6.

 

Exhibits

 

21

 

 

 

 

 

Signatures

 

22

 

 

 

 

 

 

 

 

 

 

 

2


PART I FINANCIAL INFORMATION

 

ITEM 1 — FINANCIAL STATEMENTS

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$

192.0

 

 

$

218.5

 

 

$

395.0

 

 

$

415.9

 

Cost of sales

 

 

153.3

 

 

 

174.2

 

 

 

315.4

 

 

 

334.2

 

Gross margin

 

 

38.7

 

 

 

44.3

 

 

 

79.6

 

 

 

81.7

 

Operating expenses

 

 

34.7

 

 

 

41.0

 

 

 

73.7

 

 

 

80.6

 

Goodwill impairment

 

 

 

 

 

 

 

 

9.5

 

 

 

 

Restucturing charges

 

 

1.5

 

 

 

 

 

 

1.5

 

 

 

 

Operating income (loss)

 

 

2.5

 

 

 

3.3

 

 

 

(5.1

)

 

 

1.1

 

Interest expense, net

 

 

0.9

 

 

 

1.8

 

 

 

2.2

 

 

 

3.5

 

Income (loss) from operations before income taxes

 

 

1.6

 

 

 

1.5

 

 

 

(7.3

)

 

 

(2.4

)

Income tax expense

 

 

 

 

 

11.8

 

 

 

 

 

 

11.1

 

Income (loss) from continuing operations

 

 

1.6

 

 

 

(10.3

)

 

 

(7.3

)

 

 

(13.5

)

Loss from discontinued operations, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

1.6

 

 

$

(10.3

)

 

$

(7.3

)

 

$

(13.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations per share- basic

 

$

0.06

 

 

$

(0.40

)

 

$

(0.28

)

 

$

(0.53

)

Loss from discontinued operations per share- basic

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share - basic

 

$

0.06

 

 

$

(0.40

)

 

$

(0.28

)

 

$

(0.53

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations per share- diluted

 

$

0.06

 

 

$

(0.40

)

 

$

(0.28

)

 

$

(0.53

)

Loss from discontinued operations per share- diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share- diluted

 

$

0.06

 

 

$

(0.40

)

 

$

(0.28

)

 

$

(0.53

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares outstanding

 

 

26.0

 

 

 

25.5

 

 

 

26.0

 

 

 

25.4

 

Diluted shares outstanding

 

 

26.2

 

 

 

25.5

 

 

 

26.0

 

 

 

25.4

 

 

See notes to condensed consolidated financial statements

 

 

3


HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions)

 

 

 

June 30,

 

 

December 31,

 

 

June 30,

 

 

 

 

2020

 

 

2019

 

 

2019

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and equivalents

 

$

1.8

 

 

$

2.2

 

 

$

1.1

 

 

Trade accounts receivable, net

 

 

95.5

 

 

 

60.5

 

 

 

96.7

 

 

Inventories, net

 

 

108.5

 

 

 

139.4

 

 

 

141.7

 

 

Other current assets

 

 

9.2

 

 

 

12.8

 

 

 

13.4

 

 

Total current assets

 

 

215.0

 

 

 

214.9

 

 

 

252.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT:

 

 

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

5.0

 

 

 

5.0

 

 

 

5.0

 

 

Buildings and improvements

 

 

32.6

 

 

 

32.4

 

 

 

32.5

 

 

Machinery and equipment

 

 

58.8

 

 

 

58.2

 

 

 

56.5

 

 

Gross property, plant and equipment

 

 

96.4

 

 

 

95.6

 

 

 

94.0

 

 

Less accumulated depreciation

 

 

66.6

 

 

 

64.4

 

 

 

62.0

 

 

Property, plant and equipment, net

 

 

29.8

 

 

 

31.2

 

 

 

32.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

38.6

 

 

 

40.9

 

 

 

34.2

 

 

Goodwill

 

 

 

 

 

9.5

 

 

 

9.5

 

 

Deferred income taxes

 

 

 

 

 

 

 

 

 

 

Other

 

 

4.8

 

 

 

5.0

 

 

 

5.5

 

 

Total other assets

 

 

43.4

 

 

 

55.4

 

 

 

49.2

 

 

TOTAL ASSETS

 

$

288.2

 

 

$

301.5

 

 

$

334.1

 

 

See notes to condensed consolidated financial statements

 

 

4


HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions, except share data)

 

 

 

June 30,

 

 

December 31,

 

 

June 30,

 

 

 

 

2020

 

 

2019

 

 

2019

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Current maturities of long-term debt

 

$

1.7

 

 

$

1.7

 

 

$

1.7

 

 

Current maturities of operating lease right-of-use liabilities

 

 

9.8

 

 

 

9.7

 

 

 

9.2

 

 

Trade accounts payable

 

 

62.9

 

 

 

56.8

 

 

 

69.6

 

 

Accrued compensation

 

 

5.5

 

 

 

5.5

 

 

 

4.4

 

 

Other accrued liabilities

 

 

15.3

 

 

 

15.8

 

 

 

13.1

 

 

Total current liabilities

 

 

95.2

 

 

 

89.5

 

 

 

98.0

 

 

NON-CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, less current maturities

 

 

125.6

 

 

 

135.1

 

 

 

158.6

 

 

Operating lease right-of-use liabilities, less current maturities

 

 

29.0

 

 

 

31.6

 

 

 

25.5

 

 

Other non-current liabilities

 

 

2.2

 

 

 

2.4

 

 

 

2.5

 

 

Total non-current liabilities

 

 

156.8

 

 

 

169.1

 

 

 

186.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares: $.01 par (5,000,000 shares authorized)

 

 

 

 

 

 

 

 

 

 

Common shares: $.01 par (75,000,000 shares authorized: 26,894,006;

   26,441,926; and 26,542,639 shares issued at June 30, 2020,

   December 31, 2019 and June 30, 2019, respectively)

 

 

0.3

 

 

 

0.3

 

 

 

0.3

 

 

Additional paid-in capital

 

 

48.8

 

 

 

48.2

 

 

 

47.0

 

 

Retained earnings (accumulated deficit)

 

 

(12.9

)

 

 

(5.6

)

 

 

2.2

 

 

Total shareholders’ equity

 

 

36.2

 

 

 

42.9

 

 

 

49.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

288.2

 

 

$

301.5

 

 

$

334.1

 

 

 

See notes to condensed consolidated financial statements

 

 


5


HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(unaudited)

(in millions)

 

 

Common Shares

 

 

Additional

 

 

Retained Earnings

 

 

Total

 

 

 

Outstanding,

 

 

Paid-In

 

 

(Accumulated

 

 

Shareholders’

 

 

 

at Par Value

 

 

Capital

 

 

Deficit)

 

 

Equity

 

Balance at January 1, 2019

 

$

0.3

 

 

$

46.0

 

 

$

15.7

 

 

$

62.0

 

Net loss

 

 

-

 

 

 

-

 

 

 

(3.2

)

 

 

(3.2

)

Payment for taxes related to share

   settlement of equity awards

 

 

-

 

 

 

(0.1

)

 

 

-

 

 

 

(0.1

)

Stock compensation expense

 

 

-

 

 

 

0.5

 

 

 

-

 

 

 

0.5

 

Balance at March 31, 2019

 

$

0.3

 

 

$

46.4

 

 

$

12.5

 

 

$

59.2

 

Net loss

 

 

-

 

 

 

-

 

 

 

(10.3

)

 

 

(10.3

)

Stock compensation expense

 

 

-

 

 

 

0.6

 

 

 

-

 

 

 

0.6

 

Balance at June 30, 2019

 

$

0.3

 

 

$

47.0

 

 

$

2.2

 

 

$

49.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2020

 

$

0.3

 

 

$

48.2

 

 

$

(5.6

)

 

$

42.9

 

Net loss

 

 

-

 

 

 

-

 

 

 

(8.9

)

 

 

(8.9

)

Stock compensation expense

 

 

-

 

 

 

0.3

 

 

 

-

 

 

 

0.3

 

Balance at March 31, 2020

 

$

0.3

 

 

$

48.5

 

 

$

(14.5

)

 

$

34.3

 

Net income

 

 

-

 

 

 

-

 

 

 

1.6

 

 

 

1.6

 

Stock compensation expense

 

 

-

 

 

 

0.3

 

 

 

-

 

 

 

0.3

 

Balance at June 30, 2020

 

$

0.3

 

 

$

48.8

 

 

$

(12.9

)

 

$

36.2

 

 

6


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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

1.6

 

 

$

(10.3

)

 

$

(7.3

)

 

$

(13.5

)

Adjustments to reconcile net loss to net cash used in

   operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1.4

 

 

 

1.3

 

 

 

2.7

 

 

 

2.7

 

Non-cash interest expense

 

 

 

 

 

 

 

 

0.1

 

 

 

0.1

 

Stock-based compensation

 

 

0.3

 

 

 

0.6

 

 

 

0.6

 

 

 

1.1

 

Deferred income taxes

 

 

 

 

 

11.8

 

 

 

 

 

 

11.0

 

Goodwill impairment

 

 

 

 

 

 

 

 

9.5

 

 

 

 

Restructuring charges

 

 

1.5

 

 

 

 

 

 

1.5

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade accounts receivable

 

 

1.2

 

 

 

(7.5

)

 

 

(35.0

)

 

 

(27.7

)

Inventories, net

 

 

38.8

 

 

 

7.5

 

 

 

30.9

 

 

 

(7.7

)

Trade accounts payable

 

 

(22.6

)

 

 

(17.0

)

 

 

6.1

 

 

 

18.1

 

Other

 

 

2.5

 

 

 

(0.6

)

 

 

1.2

 

 

 

(3.9

)

Cash provided by (used in) continuing operating activities

 

 

24.7

 

 

 

(14.2

)

 

 

10.3

 

 

 

(19.8

)

Cash used in discontinued operating activities

 

 

 

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.2

)

Total cash provided by (used in) operating activities

 

 

24.7

 

 

 

(14.3

)

 

 

10.2

 

 

 

(20.0

)

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(0.4

)

 

 

(0.4

)

 

 

(0.8

)

 

 

(0.8

)

Total cash used in investing activities

 

 

(0.4

)

 

 

(0.4

)

 

 

(0.8

)

 

 

(0.8

)

Cash Flows From Financing Activities: