Taiga’s Q3 sales down 5%

BURNABY, BC, February 9, 2017 - Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three and nine months ended December 31, 2016.

Third Quarter Ended December 31, 2016 Earnings Results         

Sales for the third quarter decreased to $277.4 million from $292.5 million over the same quarter last year. The decrease in sales by $15.1 million or 5% was largely due to the ceased operations relating to one of the Company’s business units. 

Gross margin dollars for the third quarter decreased to $22.2 million compared to $25.0 million in the same quarter last year.  Gross margin percentage for the third quarter was 8.0% compared to 8.5% in the same quarter last year. The decrease in gross margin percentage was primarily due to commodity prices declining in the current quarter compared to an appreciation in the same quarter last year. 

Taiga’s net earnings (loss) for the quarter ended December 31, 2016 decreased to $(0.2) million from $(0.1) million over the same period last year.

EBITDA for the quarter ended December 31, 2016 was $7.4 million compared to $7.7 million for the same period last year.   

Nine Months Ended December 31, 2016 Earnings Results

Sales for the nine months ended December 31, 2016 were $937.9 million compared to $1,084.4 million over the same period last year. The decrease in sales by $146.5 million or 14% was largely due to the ceased operations relating to one of the Company’s business units. 

Gross margin dollars for the nine months ended December 31, 2016 decreased to $83.1 million from $93.0 million over the same period last year. Gross margin percentage for the nine months ended December 31, 2016 increased to 8.9% compared to 8.6% over the same period last year. The gross margin percentage was higher in the current period due to an increase in commodity prices.

Net earnings for the nine month period ended December 31, 2016 were $7.7 million compared to $11.0 million for the same period last year.

EBITDA for the nine months ended December 31, 2016 decreased to $32.2 million compared to $36.5 million for the same period last year. 

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