BURNABY, BC, July 30, 2015 /CNW/ - Taiga Building Products
Ltd. ("Taiga" or the "Company") today reported its financial
results for the three months ended June 30,
2015.
First Quarter Ended June 30,
2015 Earnings
Results
Sales for the first quarter increased to $404.0 million from $374.8
million in the same quarter last year. The increase in sales
by $29.2 million or 7.8% was largely
due to stronger demand in all major markets.
Gross margin for the first quarter was $34.5 million compared to $33.0 million in the same quarter last
year. Gross margin percentage for the first quarter was 8.5%
compared to 8.8% for the same quarter last year. The decrease in
gross margin percentage was primarily due to lower commodity
prices.
Net earnings for the quarter increased to $6.4 million from $5.6
million in the same quarter last year primarily due to
increased gross margin dollars.
|
Condensed
Consolidated Statement of Earnings
|
|
For the Three Months
Ended
|
|
June 30,
|
|
(in thousands of
Canadian dollars, except for per share amounts)
|
2015
|
2014
|
|
Sales
|
403,973
|
374,766
|
|
Gross
margin
|
34,475
|
33,010
|
|
Distribution
expense
|
5,200
|
5,081
|
|
Selling and
administration expense
|
14,532
|
12,842
|
|
Finance
expense
|
1,590
|
1,775
|
|
Subordinated debt
interest expense
|
4,087
|
4,089
|
|
Other
income
|
(125)
|
(96)
|
|
Earnings before
income taxes
|
9,191
|
9,319
|
|
Income tax
expense
|
2,751
|
3,741
|
|
Net
earnings
|
6,440
|
5,578
|
|
Net earnings per
share(1)
|
0.20
|
0.17
|
|
EBITDA(2)
|
15,910
|
16,171
|
The following is the reconciliation of net earnings to
EBITDA:
|
|
June 30,
|
|
(in thousands of
Canadian dollars)
|
|
2015
|
2014
|
|
Net
earnings
|
|
6,440
|
5,578
|
|
Income tax
expense
|
|
2,751
|
3,741
|
|
Finance and
subordinated debt interest expense
|
|
5,677
|
5,864
|
|
Amortization
|
|
1,042
|
988
|
|
EBITDA
|
|
15,910
|
16,171
|
|
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, 2015 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.