HUTTIG BUILDING PRODUCTS INC

CIK:0001093082|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 272.7	$ 214.7
Cost of sales	209.7	169.0
Gross margin	63.0	45.7
Operating expenses	42.0	36.9
Operating income	21.0	8.8
Interest expense, net	0.5	0.7
Income from operations before income taxes	20.5	8.1
Income tax provision	5.0
Income from continuing operations	15.5	8.1
Net income	$ 15.5	$ 8.1
Earnings per share:
Earnings from continuing operations per share- basic	$ 0.56	$ 0.30
Earnings from continuing operations per share- diluted	0.56	0.30
Net earnings per share - basic	0.56	0.30
Net earnings per share -diluted	$ 0.56	$ 0.30
Weighted average shares outstanding:
Basic shares outstanding	27.5	27.3
Diluted shares outstanding	27.5	27.4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities:
Net income	$ 15.5	$ 8.1
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	1.2	1.3
Non-cash interest expense		0.1
Stock-based compensation	0.2	0.4
Deferred income taxes	(0.1)
Changes in operating assets and liabilities:
Trade accounts receivable	(48.0)	(38.1)
Inventories, net	(14.5)	(16.9)
Trade accounts payable	33.8	26.9
Other	0.7	1.7
Cash used in continuing operating activities	(11.2)	(16.5)
Cash used in discontinued operating activities	(0.3)
Total cash used in operating activities	(11.5)	(16.5)
Cash Flows From Investing Activities:
Capital expenditures	(1.4)	(0.2)
Total cash used in investing activities	(1.4)	(0.2)
Cash Flows From Financing Activities:
Borrowings of debt, net	14.0	21.0
Repurchase of shares to satisfy employee tax withholdings	(0.5)	(0.2)
Total cash provided by financing activities	13.5	20.8
Net increase in cash and equivalents	0.6	4.1
Cash and equivalents, beginning of period	3.3	0.3
Cash and equivalents, end of period	3.9	4.4
Supplemental Disclosure of Cash Flow Information:
Interest paid	$ 0.4	0.6
Non-cash financing activities:
Assets acquired with debt obligations		$ 0.1

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
CURRENT ASSETS:
Cash and equivalents	$ 3.9	$ 3.3	$ 4.4
Trade accounts receivable, net	136.6	88.6	107.4
Inventories, net	143.3	128.8	122.6
Other current assets	14.0	18.3	10.4
Total current assets	297.8	239.0	244.8
PROPERTY, PLANT AND EQUIPMENT:
Land	5.0	5.0	5.0
Buildings and improvements	32.2	31.8	32.3
Machinery and equipment	61.4	60.5	58.5
Gross property, plant and equipment	98.6	97.3	95.8
Less accumulated depreciation	71.3	70.3	68.2
Property, plant and equipment, net	27.3	27.0	27.6
OTHER ASSETS:
Operating lease right-of-use assets	36.4	38.1	34.3
Other	5.8	5.7	4.2
Total other assets	42.2	43.8	38.5
TOTAL ASSETS	367.3	309.8	310.9
CURRENT LIABILITIES:
Current maturities of long-term debt	1.8	1.8	1.7
Current maturities of operating lease right-of-use liabilities	10.3	10.2	8.9
Trade accounts payable	100.2	66.4	80.0
Accrued compensation	7.6	18.0	10.6
Other accrued liabilities	26.7	20.1	16.6
Total current liabilities	146.6	116.5	117.8
NON-CURRENT LIABILITIES:
Long-term debt, less current maturities	83.5	69.6	113.5
Operating lease right-of-use liabilities, less current maturities	26.2	27.9	25.5
Other non-current liabilities	2.6	2.7	2.5
Total non-current liabilities	112.3	100.2	141.5
SHAREHOLDERS’ EQUITY:
Preferred shares: $.01 par (5,000,000 shares authorized)
Common shares: $.01 par (75,000,000 shares authorized: 27,327,813; 27,390,741; and 27,404,518 shares issued and outstanding at March 31, 2022, December 31, 2021 and March 31, 2021, respectively)	0.3	0.3	0.3
Additional paid-in capital	50.6	50.8	49.7
Retained earnings	57.5	42.0	1.6
Total shareholders’ equity	108.4	93.1	51.6
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 367.3	$ 309.8	$ 310.9