Exhibit 99.1
HUTTIG BUILDING PRODUCTS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In Millions)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||
Net income (loss) | $ | 0.2 | $ | 2.2 | $ | (0.3 | ) | $ | 1.3 | |||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
Loss from discontinued operations | — | 0.1 | — | 0.1 | ||||||||||||
Depreciation and amortization | 1.3 | 1.2 | 2.6 | 2.3 | ||||||||||||
Non-cash interest expense | — | 0.1 | 0.1 | 0.2 | ||||||||||||
Stock-based compensation | 0.6 | 0.6 | 1.2 | 1.1 | ||||||||||||
Deferred income taxes | 0.2 | 1.2 | (0.9 | ) | (0.1 | ) | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Trade accounts receivable | (17.7 | ) | (12.7 | ) | (51.7 | ) | (41.8 | ) | ||||||||
Inventories, net | (8.0 | ) | (8.7 | ) | (35.5 | ) | (15.9 | ) | ||||||||
Trade accounts payable | (12.1 | ) | (4.6 | ) | 17.4 | 16.4 | ||||||||||
Other | 5.7 | — | (2.5 | ) | (4.3 | ) | ||||||||||
Cash used in continuing operating activities | (29.8 | ) | (20.6 | ) | (69.6 | ) | (40.7 | ) | ||||||||
Cash used in discontinued operating activities | (0.3 | ) | (1.4 | ) | (0.6 | ) | (1.7 | ) | ||||||||
Total cash used in operating activities | (30.1 | ) | (22.0 | ) | (70.2 | ) | (42.4 | ) | ||||||||
Cash Flows From Investing Activities: | ||||||||||||||||
Capital expenditures | (2.3 | ) | (1.8 | ) | (3.9 | ) | (3.5 | ) | ||||||||
Total cash used in investing activities | (2.3 | ) | (1.8 | ) | (3.9 | ) | (3.5 | ) | ||||||||
Cash Flows From Financing Activities: | ||||||||||||||||
Borrowings of debt, net | 32.7 | 23.9 | 75.8 | 47.5 | ||||||||||||
Repurchase of shares to satisfy employee tax withholdings | — | (0.2 | ) | (0.4 | ) | (0.9 | ) | |||||||||
Total cash provided by financing activities | 32.7 | 23.7 | 75.4 | 46.6 | ||||||||||||
Net increase (decrease) in cash and equivalents | 0.3 | (0.1 | ) | 1.3 | 0.7 | |||||||||||
Cash and equivalents, beginning of period | 1.3 | 1.1 | 0.3 | 0.3 | ||||||||||||
Cash and equivalents, end of period | $ | 1.6 | $ | 1.0 | $ | 1.6 | $ | 1.0 | ||||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||||||||||
Interest paid | $ | 1.6 | $ | 0.6 | $ | 2.6 | $ | 1.1 | ||||||||
Income taxes paid | 0.1 | 0.4 | 0.1 | 0.4 | ||||||||||||
Non-cash financing activities: | ||||||||||||||||
Assets acquired with debt obligations | — | 1.1 | 0.6 | 1.4 |