Taiga's Q2 Sales Up 9.2% With Steady Net Profit | Taiga Building Products

Taiga's Q2 Sales Up 9.2% With Steady Net Profit

November 07, 2013 — Burnaby, BC  Taiga Building Products Ltd. ("Taiga" or the "Company") reported its financial results for the three and six months ended September 20, 2013.

Three Months Ended September 30, 2013

The Company's consolidated net sales for the quarter ended September 30, 2013 were $344.9 million compared to $315.9 million in the same period last year. The increase in sales by $29.0 million or 9.2% was largely due to higher sales from US and export operations selling into the United States and Asian markets.

Gross margin for the quarter ended September 30, 2013 increased to $29.7 million from $28.9 million in the same period last year. Gross margin percentage for the quarter declined to 8.6% compared to 9.1% in the same period last year. The gross margin percentage from last year’s second quarter was higher due to a significant appreciation in OSB prices.

Net earnings for the quarter ended September 30, 2013 remained relatively consistent at $4.0 million compared to $3.8 million in the same period last year. EBITDA for the quarter ended September 30, 2013 also remained relatively consistent at $12.7 million compared to $12.9 million in the same period last year.

Six Months Ended September 30, 2013

The Company's consolidated net sales for the six months ended September 30, 2013 were $680.7 million compared to $625.4 million in the same period last year. The 8.8% increase in sales was largely due to higher sales from US and export operations selling into the United States and Asian markets.
Gross margin for the six months ended September 30, 2013 decreased to $55.1 million from $59.7 million in the previous year. Gross margin percentage for the six months declined to 8.1% compared to 9.5% in the same period last year. This decline was primarily due to lower gross margin percentage on sales of commodity products since commodity prices declined significantly during the first quarter.

Net earnings for the six months ended September 30, 2013 decreased to $5.5 million compared to $9.7 million in the same period last year primarily due to lower gross margin dollars and higher selling and administrative expenses.
EBITDA for the six months ended September 30, 2013 decreased to $22.3 million compared to $28.3 million last year primarily due to lower net earnings.

See attached PDF for complete press release and statement of earnings.

 

For additional information regarding Taiga please contact:
Mark Schneidereit-Hsu
CFO and VP, Finance & Administration
Tel: 604.438.1471
Fax: 604.439.4242​

Posting date: 
Vendredi, novembre 8, 2013

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