Huttig reports year-end loss
Huttig Building Products, a nationwide distributor of millwork and other building materials, reported sales of $179.9 million for its fourth fiscal quarter, a 22 percent decline from revenues of $231.1 million in the same period in 2006. The company posted a net loss of $5.8 million for the quarter, which ended on Dec. 31, 2007, compared to a loss of $4.3 million in the prior year’s corresponding period.
The continued decline in housing starts, combined with bad weather in December in several of Huttig’s trading areas, affected the fourth-quarter numbers, said Jon Vrabely, president and CEO. “Many of our large customers curtailed their purchases in an attempt to reduce their year-end inventory levels,” Vrabely said. Huttig continues to implement a cost reduction program, including layoffs and inventory reduction, and will consolidate two of its locations in the first quarter of 2008.
For the full year, Huttig reported a net loss of $8.2 million, compared to a net loss of $7.7 million for fiscal 2006. Net sales declined 21 percent to $874.8 million compared to $1.1 billion in 2006.
Huttig Building Products serves the new residential construction, remodeling and manufactured housing markets through 36 distribution centers. It sells to lumberyards, home centers, buying groups and industrial users.