BURNABY, BC, May 10, 2019 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three months ended March 31, 2019.
First Quarter Ended March 31, 2019 Earnings Results
The Company’s consolidated net sales for the quarter ended March 31, 2019 were $287.4 million compared to $324.6 million over the same period last year. The decrease in sales by $37.2 million or 12% was largely due to decreased selling prices for commodity products.
Gross margin for the quarter ended March 31, 2019 decreased to $27.5 million from $30.8 million over the same period last year. The decrease in gross margin was primarily due to lower commodity prices in the current quarter compares to the same quarter last year.
Net earnings for the quarter ended March 31, 2019 decreased to $4.7 million from $6.8 million for the same period last year primarily due to decreased gross margin.
EBITDA for the quarter ended March 31, 2019 was $11.1 million compared to $11.5 million for the same period last year. Management estimates that if IFRS 16 were not taken into effect as of January 1, 2019 that EBITDA would have been $1.3M lower, or $9.8M for the quarter ended March 31, 2019.
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