Huttig Building Products reports 2010 results
Huttig Building Products, the St. Louis-based distributor, reported net sales of $467.7 million for fiscal 2010, a 2.7% increase from net sales of $455.2 million the previous year, according to an annual report filed with the Securities and Exchange Commission.
Net loss for the fiscal year, which ended Dec. 31, 2010, was $18.9 million, compared with $20.5 million in 2009.
On Sept. 3, 2010, Huttig amended and restated its existing credit agreement, establishing a four-year, $120 million, asset-based senior secured revolving credit facility. The company’s excess borrowing availability at Dec. 31, 2010, and Feb. 18, 2011, was $26.7 million and $34.3 million, respectively, and exceeded the $10.0 million required on both those dates. This agreement matures in September 2014.
In terms of category sales, millwork accounted for 48% of revenues, general building products for 41% and wood products for 11%.
Huttig served more than 4,800 customers during 2010, with Lumbermen's Merchandising Corp. (LMC) accounting for 11% of sales in 2010, according to SEC documents. Building materials pro dealers represented the distributor’s single largest customer group. Its top 10 customers accounted for approximately 39% of total sales in 2010.
Huttig is a two-step distributor of lumber, panels, decking, windows, doors, fasteners and other building materials. The company serves 41 states through 27 distribution centers.