BURNABY, BC, June 18, 2015 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for fiscal year ended March 31, 2015.
Fiscal Year 2015 Earnings Results
The Company’s consolidated net sales for the year ended March 31, 2015 were $1,348.7 million compared to $1,194.3 million for the last fiscal year. The 12.9% increase in sales was largely due to stronger demand in all major markets, especially in Canada.
Gross margin for the fiscal year ended March 31, 2015 increased to $115.0 million from $96.8 million in the previous year, representing an increase in gross margin percentage to 8.5% in the year compared to 8.1% in the previous year. The gross margin percentage was lower in the previous fiscal year due to a steep decline in commodity prices.
Net earnings for the fiscal year ended March 31, 2015 increased to $11.1 million from $5.1 million last year primarily due to increased gross margin. EBITDA for the year ended March 31, 2015 was $44.1 million compared to $36.8 million last year.
Fourth Quarter Ended March 31, 2015 Earnings Results
Sales for the fourth quarter increased to $294.3 million from $249.5 million in the same quarter last year. The previous year’s fourth quarter was negatively impacted by the severe winter conditions in central and eastern regions of North America.
Gross margin for the fourth quarter was $23.3 million compared to $20.9 million in the same quarter last year. Gross margin percentage for the fourth quarter was 7.9% compared to 8.4% for the same quarter last year.
Net loss for the fourth quarter was ($0.6) million compared to net earnings of $0.1 million in the same quarter last year primarily due to increased foreign exchange losses. EBITDA for the fourth quarter was $6.7 million compared to $8.0 million in the same quarter last year.
In light of weaker economic forecasts in Canada and concerns about market outlook in Alberta, the Board of Directors has decided not to declare and pay the first instalment payment of its semi-annual dividend policy with respect to the 2015 fiscal year’s net earnings. The decision regarding the second instalment payment with respect to the 2015 fiscal year’s net earnings will be addressed in early January 2016.
See attached PDF for complete press release and statement of earnings.
For further information regarding Taiga, please contact:
CFO and VP, Finance & Administration