CALGARY, ALBERTA--(Marketwired - July 29, 2014) - PFB Corporation (TSX:PFB) ("PFB" or the "Corporation") reports its financial results for the three and six month periods ended June 30, 2014.
Consolidated net income for the three month period ended June 30, 2014, was $95,000, basic earnings per share of $0.01, as compared to net income of $311,000, basic earnings per share of $0.05, reported in the comparative three month period of 2013. Sales in the three month period ended June 30, 2014, were $23,068,000 as compared to sales of $22,698,000 in the comparative three month period of 2013. Gross margins during the period were 17.1% of sales compared with 16.0% in the comparative period.
A consolidated loss of $1,748,000 resulted for the six month period ended June 30, 2014, loss per share of $0.26, as compared to net income of $5,439,000, basic earnings per share of $0.81 reported in the comparative six month period of 2013. The consolidated results for the comparative six month period of 2013 are inclusive of an after tax gain in the amount of $6,198,000 which was realized on the sale of four properties as part of a sale and leaseback transaction. Excluding the after tax effect of the one-time gain, the Corporation would have reported a loss $759,000 in the prior year six month period, equivalent to a loss per share of $0.11. Sales in the six month period ended June 30, 2014, were $37,478,000 as compared to sales of $37,905,000 in the comparative six month period of 2013.
The Board of Directors has approved the payment of a regular quarterly dividend of $0.06 per common share. The dividend will be paid on August 29, 2014 to shareholders of record on August 14, 2014.
PFB Corporation is a vertically integrated manufacturer of insulating building products that are marketed across North America under five brands. Plasti-Fab, EPS Product Solutions® are products, manufactured using expanded polystyrene (EPS) as base raw materials, that are delivered to customers in five segmented markets. Advantage ICF Systems® are insulating concrete forming systems that are employed to build insulated foundations and walls from concrete in both residential and commercial markets. Insulspan® Structural Insulating Panels Systems (SIPS) are used to create structural walls and to replace trusses on roof systems to form an energy-efficient structural envelope. PFB Custom Homes Group includes Riverbend Timber Framing®, PrecisionCraft Log &Timber Homes®, Point Zero Homes™ and M.T.N Architects™. Each brand provides clients with our exclusive Total Home Solution® for building custom homes in the US, Canada and internationally that can include Insulspan SIPS for the walls and roof, and Advantage ICFS for the building's foundations.
PFB Corporation is listed for trading on the Toronto Stock Exchange, symbol PFB.
PFB Corporation's condensed consolidated financial statements and interim MD&A for the three and six month periods ended June 30, 2014 and 2013 will be posted on SEDAR (www.sedar.com) on or before August 14, 2014.