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Taiga Building Products Ltd
Symbol C : TBL
Shares Issued 116,823,109
Close 2018-08-10 C$ 1.68
Recent Sedar Documents

Taiga Building earns $6.35-million in Q2 2018

2018-08-10 12:57 ET - News Release

Mr. Mark Schneidereit-Hsu reports

TAIGA'S Q2 RESULTS - HOT COMMODITY MARKET SEES SALES RISE BY 11%

Taiga Building Products Ltd. has released its financial results for the three and six months ended June 30, 2018.

Second quarter ended June 30, 2018, earnings results

Sales for the second quarter increased to $422.9-million from $379.8-million in the same quarter last year. The increase in sales by $43.1-million, or 11 per cent, was largely due to higher selling prices for commodity products.

Gross margin dollars for the second quarter increased to $39.4-million, compared with $33.7-million in the same quarter last year. Gross margin percentage for the second quarter was 9.3 per cent, compared with 8.9 per cent in the same quarter last year. The increase in gross margin percentage was primarily due to higher commodity prices in the current quarter compared with the same quarter last year.

Net earnings for the quarter increased to $6.4-million from $5-million in the same quarter last year primarily due to increased gross margin dollars.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended June 30, 2018, was $16.1-million, compared with $14.3-million for the same period last year.

Six months ended June 30, 2018, earnings results

Sales for the six months ended June 30, 2018, were $747.5-million, compared with $665.8-million over the same period last year. The increase in sales by $81.7-million, or 12 per cent, was largely due to higher selling prices for commodity products.

Gross margin dollars for the six months ended June 30, 2018, increased to $70.2-million from $57.8-million over the same period last year. Gross margin percentage for the six months ended June 30, 2018, increased to 9.4 per cent from 8.7 per cent for the same period last year.

Net earnings for the six-month period ended June 30, 2018, were $13.1-million, compared with $5.3-million for the same period last year.

EBITDA for the six months ended June 30, 2018, increased to $27.6-million, compared with $22.1-million for the same period last year.

          CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
     (in thousands of dollars, except for per-share amounts)

                                        Three months ended June 30,
                                                   2018       2017

Sales                                         $ 422,875  $ 379,761
Gross margin                                     39,428     33,677
Distribution expense                              6,012      5,480
Selling and administration expense               18,558     15,081
Finance expense                                   1,700      1,379
Subordinated debt interest expense                  219      4,509
Other income                                       (104)       (84)
Earnings before income taxes                     13,043      7,312
Income tax expense                                6,685      2,283
Net earnings                                      6,358      5,029
Net earnings per share (1)                         0.05       0.16
EBITDA (2)                                       16,128     14,280

                                          Six months ended June 30,
                                                   2018       2017

Sales                                         $ 747,472  $ 665,813
Gross margin                                     70,186     57,841
Distribution expense                             11,895     11,200
Selling and administration expense               33,138     27,125
Finance expense                                   3,015      2,886
Subordinated debt interest expense                  399      9,019
Other income                                       (200)      (325)
Earnings before income taxes                     21,939      7,936
Income tax expense                                8,791      2,658
Net earnings                                     13,148      5,278
Net earnings per share (1)                         0.11       0.16
EBITDA (2)                                       27,647     22,064

Notes:
(1) Earnings per share is calculated using the weighted
average number of shares.
(2) Reference is made herein 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 with
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 the company's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2018, as well as accompanying notes and management discussion and analysis, which will be available shortly on SEDAR.

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