BURNABY, BC, February 11, 2016 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three and nine months ended December 31, 2015.
Third Quarter Ended December 31, 2015 Earnings Results
Sales for the quarter ended December 31, 2015 were $292.5 million compared to $296.1 million in the same period last year. The decrease in sales by $3.6 million or 1.2% was primarily the result of decreased demand in Canada.
Gross margin for the quarter ended December 31, 2015 increased to $25.0 million from $24.2 million over the same period last year. Gross margin percentage for the quarter increased to 8.5% compared to 8.2% in the same period last year. The gross margin percentage for the current quarter was impacted by improved margins in several product lines.
Taiga’s net earnings (loss) for the quarter ended December 31, 2015 decreased to $(0.1) million from $0.4 million over the same period last year.
EBITDA for the quarter ended December 31, 2015 was $7.7 million compared to $7.5 million for the same period last year.
Nine Months Ended December 31, 2015 Earnings Results
Sales for the nine months ended December 31, 2015 were $1,084.4 million compared to $1,054.4 million over the same period last year. The increase in sales by $30.0 million or 2.8% was largely due to higher sales from US and export operations selling into the United States.
Gross margin for the nine months ended December 31, 2015 increased to $93.0 million from $91.7 million over the same period last year. Gross margin percentage for the nine months ended December 31, 2015 decreased to 8.6% compared to 8.7% over the same period last year. The gross margin percentage was lower in the current nine month period due to a decline in commodity prices.
Net earnings for the nine months ended December 31, 2015 were $11.0 million compared to $11.6 million for the same period last year.
EBITDA for the nine months ended December 31, 2015 decreased to $36.5 million compared to $37.4 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