6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
For the first half of the year, sales were $577.4 million, up from $530.8 million in the first half of 2005. Net income for the period was $5.7 million, down from the $8.8 million recorded in the same period last year.
Commenting on the quarter, Michael A. Lupo, president and CEO of Huttig, said: "Sales in the 2006 second quarter were lower than we originally anticipated due to a slowdown in the housing market in some areas. However, our sales continued to benefit from our aggressive market and product expansion strategies. Millwork, specialty building products and engineered wood sales increased 5%, 14%, and 34%, respectively, over the 2005 second quarter, and our margins benefited from the richer product mix of building products and engineered wood products.
"Three of our four regions experienced sales growth over the prior-year period. Demand was especially strong in the Southeast, where we recorded double-digit sales growth. National accounts represented 33% of our second quarter 2006 sales compared to 32% in the 2005 second quarter."
Huttig also announced its decision to close two smaller distribution centers, a recent start-up near Minneapolis, MN, and the distribution center in Hazelwood, MO, primarily an industrial-based products facility. Additionally, the company will consolidate the business operations of its Fort Wayne, IN, facility, predominantly a specialty kitchen cabinet business, into the Indianapolis, IN, branch.