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Huttig Reports $7.7 million Loss for 3Q

Huttig Building Products, Inc., St. Louis, MO, a domestic distributor of millwork, building materials and wood products, reported sales for the third quarter ended Sept. 30, 2008, declined 22% to $182.8 million in a year-over-year comparison. The company reported a loss of $7.7 million, compared to a loss of $0.1 million in third quarter 2007.
 
Third quarter sales continued to be impacted by the 32% year-over-year decline in average annualized housing starts for the quarter, to approximately 0.88 million, from 1.30 million in the 2007 third quarter. Operating results reflected $2.0 million of branch shut down costs and related inventory write down and liquidation charges associated with the closing of the Springfield, MO and Fredericksburg, VA branches.
 
Despite ...

Huttig Building Products, Inc., St. Louis, MO, a domestic distributor of millwork, building materials and wood products, reported sales for the third quarter ended Sept. 30, 2008, declined 22% to $182.8 million in a year-over-year comparison. The company reported a loss of $7.7 million, compared to a loss of $0.1 million in third quarter 2007.
 
Third quarter sales continued to be impacted by the 32% year-over-year decline in average annualized housing starts for the quarter, to approximately 0.88 million, from 1.30 million in the 2007 third quarter. Operating results reflected $2.0 million of branch shut down costs and related inventory write down and liquidation charges associated with the closing of the Springfield, MO and Fredericksburg, VA branches.
 
Despite the tremendously challenging market in the 2008 third quarter, we continued to make progress strengthening the balance sheet and enhancing our ability to weather this downturn,” said Jon Vrabely, President and CEO. “Survival and liquidity are the immediate challenges facing many in the industry today. Fortunately, due to our aggressive actions over the past two years, we feel that we are better positioned than many in the building industry.”
 
For the nine months ended Sept. 30, 2008, Huttig reported a loss of $20 million. Sales were $545 million, a decline of 22% from the prior year period.

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