Taiga Building earns $5.91-million in Q1
2012-08-09 19:56 ET - News Release
Mr. Tom Stefan reports
TAIGA'S SALES UP BY 17%, PROFIT UP BY 62% IN FIRST QUARTER OF FISCAL 2013
Taiga Building Products Ltd. is releasing its quarterly results for the three months ended June 30, 2012.
Three months ended June 30, 2012
The company's consolidated net sales for the quarter ended June 30, 2012, were $309.5-million, compared with $263.6-million in the same period last year. The 17-per-cent increase in sales was largely due to improved commodity prices and stronger demand fuelled by early arrival of spring this year, compared with the same period last year.
Gross margin for the quarter ended June 30, 2012, increased to $30.8-million, from $26.7-million in the previous year. Gross margin percentage for the quarter declined slightly to 9.9 per cent, compared with 10.1 per cent in the same period last year.
Net earnings for the quarter ended June 30, 2012 were $5.9-million, compared with $3.6-million in the same period last year, an increase of 62 per cent. Higher gross margin dollars were partially offset by higher compensation costs included in selling and administrative expense.
EBITDA for the quarter ended June 30, 2012, was $15.4-million, compared with $12.2-million last year.
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (in thousands of Canadian dollars, except for per-share amounts) For the three months ended June 30, 2012 2011Sales $ 309,508 $ 263,606Gross margin 30,756 26,705Distribution expense 4,524 4,430Selling and administration expense 12,013 11,100Finance expense 1,903 1,729Subordinated debt interest expense 4,071 4,016Other income (260) (35)Earnings before income taxes 8,505 5,465Provision for income taxes 2,588 1,821Net earnings 5,917 3,644Net earnings per share $ 0.18 $ 0.11EBITDA 15,425 12,228EBITDA is earnings before interest, taxes and amortization.
The 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 quarter ended June 30, 2012, and accompanying notes, and management's discussion and analysis, which will be available shortly on SEDAR.
Full article at Stockwatch.
PS. it would seem that their last financial statement is improving, yet, stock isnt really covered by many analysts if at all. it was also an income trust going back to a corporation of which used to be a dividend. readings suggest their is an overhang due to "stapled" notes. is that a concern and what are they really? housing sector improving in u.s.a. as suggested by homebuilders index, therefore any building products company, lumber company should improve over time. making a bet in the 0.70s is okay, maybe when volumes in stock improves or a needed financing of some sorts for brokers to get into, maybe then there is more of a pro following and sustained sp going higher as company financials improve.
cheers,
dave.
