Taiga’s fiscal year 2017 margin percentage improved to 8.8%
BURNABY, BC, June 22, 2017 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for fiscal year ended March 31, 2017.
Fiscal Year 2017 Earnings Results
The Company’s consolidated net sales for the year ended March 31, 2017 were $1,224.0 million compared to $1,364.3 million for the last fiscal year. The decrease in sales by $140.3 million or 10.3% was largely due to the ceased operations relating to one of the Company’s business units.
Gross margin for the fiscal year ended March 31, 2017 decreased to $107.3 million from $117.0 million in the previous year. Gross margin percentage increased to 8.8% in the current year compared to 8.6% in the previous year. The gross margin percentage improved due to an increase in commodity prices.
Net earnings for the fiscal year ended March 31, 2017 decreased to $8.0 million from $11.7 million last year primarily due to decreased gross margin. EBITDA for the year ended March 31, 2017 was $40.0 million compared to $45.0 million last year.
Fourth Quarter Ended March 31, 2017 Earnings Results
Sales for the fourth quarter increased to $286.1 million from $279.9 million in the same quarter last year. The current year’s fourth quarter benefitted from higher product selling prices.
Gross margin for the fourth quarter was $24.2 million compared to $24.0 million in the same quarter last year. Gross margin percentage for the fourth quarter was 8.5% compared to 8.6% for the same quarter last year.
Net earnings for the fourth quarter decreased to $0.2 million compared to $0.7 million in the same quarter last year. EBITDA for the fourth quarter was $7.8 million compared to $8.6 million in the same quarter last year.
In light of weaker economic forecasts in Canada and the impact of the housing market 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 2017 fiscal year’s net earnings. The decision regarding the second instalment payment with respect to the 2017 fiscal year’s net earnings will be addressed in early January 2018.
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: email@example.com