BURNABY, BC, May 4, 2018 /CNW/ - Taiga Building Products Ltd.
("Taiga" or the "Company") today reported its financial results for
the three months ended March 31,
2018.
First Quarter Ended March 31,
2018 Earnings Results
Sales for the first quarter increased to $324.6 million from $286.1
million over the same quarter last year. The increase
in sales by $38.5 million or 13% was
largely due to higher selling prices for commodity products.
Gross margin dollars for the first quarter increased to
$30.8 million compared to
$24.2 million in the same quarter
last year. The increase in gross margin was primarily due to
higher commodity prices in current quarter compared to the same
quarter last year.
Taiga's net earnings for the quarter ended March 31, 2018 increased to $6.8 million from $0.2
million over the same period last year.
EBITDA for the quarter ended March 31,
2018 was $11.5 million
compared to $7.8 million for the same
period last year.
Condensed
Consolidated Statement of Earnings
|
|
For the Three Months
Ended
|
|
|
March 31,
|
(in thousands of
Canadian dollars, except for per share amounts)
|
2018
|
2017
|
Sales
|
324,597
|
286,052
|
Gross
margin
|
30,758
|
24,164
|
Distribution
expense
|
5,883
|
5,720
|
Selling and
administration expense
|
14,580
|
12,044
|
Finance
expense
|
1,315
|
1,507
|
Subordinated debt
interest expense
|
180
|
4,510
|
Other
income
|
(96)
|
(241)
|
Earnings before
income taxes
|
8,896
|
624
|
Income tax
expense
|
2,106
|
375
|
Net
earnings
|
6,790
|
249
|
Net earnings per
share(1)
|
0.06
|
0.01
|
EBITDA(2)
|
11,519
|
7,784
|
The following is the
reconciliation of net earnings to EBITDA:
|
March 31,
|
(in thousands of
Canadian dollars)
|
2018
|
2017
|
Net
earnings
|
6,790
|
249
|
Income tax
expense
|
2,106
|
375
|
Finance and
subordinated debt interest expense
|
1,495
|
6,017
|
Amortization
|
1,128
|
1,143
|
EBITDA
|
11,519
|
7,784
|
|
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.
For the disclosure of the manner in which EBITDA is calculated and
reconciliation to net earnings refer to the
"EBITDA" section of the Company's management's discussion and
analysis which will be available shortly on
SEDAR at www.sedar.com.
|
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 March 31, 2018 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.