BURNABY, BC, July 29th, 2016 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three months ended June 30, 2016.
First Quarter Ended June 30, 2016 Earnings Results
In December 2015, Taiga ceased certain operations relating to one of its business units. This contributed to the $78.5 million or 19.4% decrease in sales from $404.0 million in the same quarter last year to $325.5 million in the current quarter and will result in lower sales for the current fiscal year.
The Company is taking measures to address this shortfall. Meanwhile, Taiga has improved its gross margin percentage from 8.5% in the same quarter last year to 9.7% in the current quarter. Nevertheless, the lower sales in the quarter resulted in a decrease in gross margin of $3.1 million from $34.5 million in the same quarter last year to $31.4 million in the current quarter.
Similarly, net earnings for the quarter decreased from $6.4 million in the same quarter last year to $4.8 million in the current quarter.
Taiga does not consider that the ceased operations were strategic to its overall business and annual financial results, and such operations did not constitute a material operating subsidiary or segment. Taiga’s geographic and product segments remain unaltered following the cessation of such operations.
See attached PDF for complete press release and statement of earnings.
For further information regarding Taiga, please contact:
CFO and VP, Finance & Administration