BURNABY, BC, May 7, 2020 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the three months ended March 31, 2020.
First Quarter Ended March 31, 2020 Earnings Results
The Company’s consolidated net sales for the quarter ended March 31, 2020 were $320.3 million compared to $287.4 million over the same period last year. The increase in sales by $32.9 million or 11% was largely due to increased selling prices for commodity products.
Gross margin for the quarter ended March 31, 2020 increased to $30.6 million from $27.5 million over the same period last year. The increase in gross margin was primarily due to higher sales.
Net earnings for the quarter ended March 31, 2020 increased to $6.6 million from $4.7 million over the same period last year primarily due to increased gross margin.
EBITDA for the quarter ended March 31, 2020 was $13.1 million compared to $11.1 million for the same period last year.
Management Update on the COVID-19 Pandemic
The recent outbreak of the coronavirus, also known as “COVID-19”, has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the coronavirus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. As at the financial statement approval date, the outbreak and the related mitigation measures have had the following impacts on the Company’s operations, among others: sales decline of approximately 30%. The extent to which these events may impact the Company’s business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, business disruptions, and the effectiveness of actions taken in Canada and other countries to contain and treat the disease. These events are highly uncertain and as such, the Company cannot determine the ultimate financial impacts at this time. However, the Company recognizes that there will be economic and financial challenges to be faced for the balance of the fiscal 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: email@example.com