BURNABY, BC, Aug. 8, 2013 /CNW/ - Taiga Building Products Ltd. ("Taiga"
or the "Company") today reported first quarter ended June 30, 2013
financial results.
Three Months Ended June 30, 2013
The Company's consolidated net sales for the quarter ended June 30, 2013
were $335.8 million compared to $309.5 million in the same period last
year. The 8% increase in sales was largely due to higher year over year
commodity prices and improved sales volume from US operations and
export operations selling into the United States and Asian markets.
Gross margin for the quarter ended June 30, 2013 decreased to $25.4
million from $30.8 million in the same period last year. Gross margin
percentage for the quarter declined to 7.6% compared to 9.9% in the
same period last year. This decline was primarily due to a sharp fall
in commodity prices during the quarter, generating inventory losses as
a result.
Net earnings for the quarter ended June 30, 2013 decreased to $1.5
million from $5.9 million in the same period last year primarily due to
decreased gross margin.
EBITDA for the quarter ended June 30, 2013 was $9.6 million from $15.4
million in the same period last year primarily due to decreased gross
margin.
Condensed Consolidated Statement of Earnings
For the Three Months Year Ended
|
|
June 30,
|
|
(in thousands of Canadian dollars, except for per share amounts)
|
2013
|
2012
|
|
Sales
|
335,803
|
309,508
|
|
Gross margin
|
25,424
|
30,756
|
|
Distribution expense
|
4,416
|
4,524
|
|
Selling and administration expense
|
12,804
|
12,013
|
|
Finance expense
|
2,078
|
1,903
|
|
Subordinated debt interest expense
|
4,089
|
4,071
|
|
Other income
|
(383)
|
(260)
|
|
Earnings before income taxes
|
2,420
|
8,505
|
|
Income tax expense
|
907
|
2,588
|
|
Net earnings
|
1,513
|
5,917
|
|
Net earnings per share(1) |
0.05
|
0.18
|
|
EBITDA(2) |
9,591
|
15,425
|
The following is the reconciliation of net earnings to EBITDA:
|
|
|
June 30,
|
|
(in thousands of Canadian dollars)
|
|
2013
|
2012
|
|
Net earnings
|
|
1,513
|
5,917
|
|
Income tax expense
|
|
907
|
2,588
|
|
Finance and subordinated debt interest expense
|
|
6,167
|
5,974
|
|
Amortization
|
|
1,004
|
946
|
|
EBITDA
|
|
9,591
|
15,425
|
Notes:
(1) Earnings per share is calculated using the weighted average number
of shares.
(2) Reference is made above to EBITDA, which represents earnings before
interest, taxes, and amortization. As there is no generally accepted
method of calculating EBITDA, the measure as calculated by Taiga might
not be comparable to similarly titled measures reported by other
issuers. EBITDA is presented as management believes it is a useful
indicator of a company's ability to meet debt service and capital
expenditure requirements and because management interprets trends in
EBITDA as an indicator of relative operating performance. EBITDA should
not be considered by an investor as an alternative to net income or
cash flows as determined in accordance with IFRS.
The foregoing selected financial information is qualified in its
entirety by and should be read in conjunction with, our unaudited
condensed interim consolidated financial statements for the three
months ended June 30, 2013 and accompanying notes and management's
discussion and analysis which will be available shortly on SEDAR at www.sedar.com.
SOURCE: Taiga Building Products Ltd.
For further information regarding Taiga, please contact:
Mark Schneidereit
CFO & Vice President, Finance and Administration
Phone: 604-438-1471 Fax: 604-439-4242
Copyright CNW Group 2013