BURNABY, BC, February 22, 2019 – Taiga Building Products Ltd. (“Taiga” or the “Company”) today reported its financial results for the period ended December 31, 2018.
Fourth Quarter Ended December 31, 2018 Earnings Results
The Company’s consolidated net sales for the quarter ended December 31, 2018 were $303.9 million compared to $329.8 million over the same quarter last year. The decrease in sales by $25.9 million or 8.0% was largely due to decreased demand for the Company’s products in all segments and lower commodity prices.
Gross margin for the quarter ended December 31, 2018 decreased to $24.0 million from $27.4 million over the same quarter last year. Gross margin percentage decreased to 7.9% in the current quarter compared to 8.3% in the same quarter last year. The decrease in gross margin percentage was primarily due to commodity prices falling in the current quarter.
Net earnings for the quarter ended December 31, 2018 were $1.5 million compared to a loss of $15.2 million over the same period last year. The net loss in the same period last year would have been net earnings of $3.4 million if the $18.6 million loss on the debt settlement were excluded.
EBITDA for the quarter ended December 31, 2018 was $5.8 million compared to an EBITDA of ($9.1) million for the same quarter last year. EBITDA would have been $9.4 million during the same quarter last year if the $18.6 million loss on the debt settlement were excluded.
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_12-31-2018_final.pdf