BURNABY, BC, February 21, 2020 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the period ended December 31, 2019.
Fourth Quarter Ended December 31, 2019 Earnings Results
The Company’s consolidated net sales for the quarter ended December 31, 2019 were $298.1 million compared to $303.9 million over the same quarter last year. The decrease in sales by $5.8 million or 2% was largely due to lower commodity prices.
Gross margin for the quarter ended December 31, 2019 increased to $30.6 million from $24.0 million over the same quarter last year. The increase in gross margin percentage was primarily due to inventory gains in the current quarter.
Net earnings for the quarter ended December 31, 2019 were $5.8 million compared to net earnings of $1.5 million over the same quarter last year.
EBITDA for the quarter ended December 31, 2019 was $12.9 million compared to an EBITDA of $5.8 million for the same quarter last year. Management estimates that if IFRS 16 were not taken into effect as of January 1, 2019 that EBITDA would have been $1.7 million lower, or $11.2 million for the quarter ended December 31, 2019
Year Ended December 31, 2019 Earnings Results
Sales for the year ended December 31, 2019 were $1,299.1 million compared to $1,451.0 million in the prior year. The decrease in sales by $151.9 million or 10.5% was largely due to decreased selling prices for commodity products; this was offset by the inclusion of Exterior Wood Inc.’s results, which was acquired in July of 2018.
Gross margin dollars for the year ended December 31, 2019 increased to $129.5 million from $122.0 million over the same period last year.
Net earnings for the year ended December 31, 2019 were $25.9 million compared to $20.3 million in the prior year.
EBITDA for the year ended December 31, 2019 was $57.7 million compared to $42.7 million in the prior year. Management estimates that if IFRS 16 were not taken into effect as of January 1, 2019 that EBITDA would have been $6.7 million lower, or $51.0 million for the year ended December 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: mschneidereit@taigabuilding.com
Attachment: https://www.taigabuilding.com/wp-content/uploads/archives/press_release_q4_12-31-2019_final.pdf