ST. LOUIS — Huttig Building Products Inc., a domestic distributor of millwork, building materials and wood products, said Nov. 4 that its net sales declined 22% in the third quarter to $182.8 million, resulting in a loss of $7.7 million during the period, according to Building Online.
“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. We continue to balance the short-term need to aggressively manage the cost structure with our long-term desire to preserve our value proposition.”
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“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. We continue to balance the short-term need to aggressively manage the cost structure with our long-term desire to preserve our value proposition.”
Read more.
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