Business
Hardwoods Announces First Quarter 2014 Results and Declares Quarterly Dividend
TRADING SYMBOL: Toronto Stock Exchange - HWD LANGLEY, B.C. , May 14, 2014 /CNW/ - ...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\nTRADING SYMBOL: Toronto Stock Exchange - HWD\n\n\nLANGLEY, B.C., May 14, 2014 /CNW/ - Hardwoods Distribution Inc.\n (\"Hardwoods\" or \"the Company\") today announced financial results for\n the three months ended March 31, 2014. Hardwoods is one of North\n America's largest wholesale distributors of hardwood lumber and related\n sheet good products, operating from a network of 33 locations in the US\n and Canada.\n\n\nHighlights \n\n\n(For the three months ended March 31, 2014)\n\n\n\nSales increased 16.0% to $100.9 million, up from $87.0 million in the\n first quarter of 2013.\n\n\nFirst quarter gross profit increased 14.9% year-over-year to $18.3\n million.\n\n\nHardwoods reported first quarter EBITDA of $5.1 million and profit for\n the period of $3.0 million.\n\n\nSubsequent to the quarter end, Hardwoods announced the US$15.4 million\n acquisition of the business operations of Hardwoods of Michigan, Inc.\n (\"HMI\"), a fully integrated producer of high-quality, value-added\n hardwood lumber.\n\n\nHardwoods' Board of Directors declared a quarterly dividend of $0.045\n per share, payable July 31, 2014 to shareholders of record as of July\n 18, 2014.\n\n\n\n\"We achieved record sales results in the first quarter of 2014, breaking\n the $100 million quarterly mark for the first time in our history,\"\n said Lance Blanco, President and CEO of Hardwoods. \"This achievement is\n all the more significant given it occurred in the first quarter which\n is traditionally a seasonally slower period for our business, and\n considering the severe weather challenges during the quarter that\n forced multi-day closures at a number of our US branches. That we were\n able to achieve our best-ever sales quarter against this backdrop\n underscores the momentum in our business.\"\n\n\nHardwoods sales growth continues to be supported by the ongoing recovery\n in the US residential construction market. According to the US Census\n Bureau, in the twelve months ended March 31, 2014 construction started\n on new housing units was up 10% compared to the same period in the\n prior year.  With approximately 75% of its business in the US, and\n approximately 60% of its sales focused on new residential construction,\n Hardwoods is benefiting from this recovery.\n\n\nFirst quarter sales results were further supported by a decline in the\n value o...