Taiga’s Q3 sales increased 18.9% to $329.8 million | Taiga Building Products

Taiga’s Q3 sales increased 18.9% to $329.8 million

BURNABY, BC, February 23, 2018 - Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the period ended December 31, 2017.

Third Quarter Ended December 31, 2017 Earnings Results         

The Company's consolidated net sales for the quarter ended December 31, 2017 were $329.8 million compared to $277.4 million over the same quarter last year. The increase in sales by $52.4 million or 18.9% was largely due to increased demand for the Company’s products in all segments and higher commodity prices.

Gross margin for the quarter ended December 31, 2017 increased to $27.4 million from $22.2 million over the same quarter last year. Gross margin percentage increased to 8.3% in the current quarter compared to 8.0% in the same quarter last year. The increase in gross margin percentage was primarily due to commodity prices appreciating in the current quarter. 

Net earnings for the quarter ended December 31, 2017 were a net loss of $15.2 million compared to a loss of $0.2 million over the same period last year.  During the quarter, there was an $18.6 million non-cash loss on the settlement of debt as a result of the Exchange Offer.

EBITDA for the quarter ended December 31, 2017 was ($9.1) million compared to an EBITDA of $7.4 million for the same quarter last year.  EBITDA would be $9.4 million if the $18.6 million loss on the debt settlement were excluded.

Taiga’s board rescinds dividend policy

Taiga’s board has rescinded Taiga’s dividend policy set on October 15, 2008.  Taiga’s board has adopted a new corporate strategy to focus on reinvesting capital into innovation and other growth opportunities as they arise.

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

For further information:

Mark Schneidereit-Hsu, CFO and VP, Finance & Administration, Tel: 604.438.1471, Email: mschneidereit@taigabuilding.com

Posting date: 
Friday, February 23, 2018

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