Business
Hardwoods Announces Second Quarter 2014 Results
Record Quarterly Sales, Strongest Quarterly EBITDA in 10 Years Declares Dividend of $0.045 ...
About this update from Adentra Inc
[{"type":"text","content":"\n\nRecord Quarterly Sales, Strongest Quarterly EBITDA in 10 YearsDeclares Dividend of $0.045 per share \n\nTRADING SYMBOL: Toronto Stock Exchange – HWD \n\n\n\nLANGLEY, BC, Aug. 13, 2014 /CNW/ – Hardwoods Distribution Inc. (\"Hardwoods\" or the \"Company\") today announced financial results for the three and six month periods ended June 30, 2014. Hardwoods is one of North America's largest wholesale distributors of hardwood lumber and related sheet good products, operating a network of 33 facilities in the US and Canada. \n\nHighlights(For the three months ended June 30, 2014) \n\n\nRecord quarterly sales of $119.0 million\nSecond quarter gross profit increased by 13.5% to $20.5 million year-over-year\nSecond quarter EBITDA increased by 11.9% to $7.5 million, the Company's strongest quarterly EBITDA performance in 10 years\nProfit for the period of $4.0 million, down $0.4 million compared to the same quarter a year ago primarily due to higher US taxes and reduced foreign exchange gains \nOn April 28, 2014, Hardwoods acquired Hardwoods of Michigan, Inc. (\"HMI\") for US $15.0 million. Based in Clinton, Michigan, HMI is a fully integrated producer, distributor and exporter of high quality hardwood lumber.\nThe Board of Directors approved a quarterly dividend of $0.045 per share, payable on October 31, 2014 to shareholders of record as at October 20, 2014. \n\"We achieved the best quarterly sales results in our history and generated near-record EBITDA during the three months ended June 30, 2014,\" said Hardwoods' CFO Rob Brown who is serving as Acting Chief Executive Officer of the Company while CEO Lance Blanco recovers from a cycling accident. \n\nOrganic and acquisition-based growth contributed to the strong sales performance, supported by continuing improvement in the US housing market and the positive impact of a lower Canadian dollar. According to the US Census Bureau, the seasonally adjusted annual rate of US housing starts averaged 980,333 during the second quarter, up 13.4% from 864,667 in the same period last year. Product pricing was mixed for the period, with hardwoods lumber prices rising, panel prices remaining stable and prices for Chinese panel products declining year-over-year due to the discontinuation of US preliminary trade duties on these products in November 2013. \n\nAs anticipated, second quar...