AddThis

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. 


Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.
© 2014 Home Channel News. All Rights Reserved.