Business
Hardwoods Announces Strong First Quarter 2013 Results and Declares Quarterly Dividend
TRADING SYMBOL: Toronto Stock Exchange - HWD LANGLEY, BC, May 9, 2013 /CNW/ - This pres...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\n\n\n\nTRADING SYMBOL: Toronto Stock Exchange - HWD\n\n\nLANGLEY, BC, May 9, 2013 /CNW/ - This press release discusses financial\n results for Hardwoods Distribution Inc. (\"Hardwoods\" or the \"Company\")\n for the three months ended March 31, 2013.\n\n\nHardwoods is one of North America's largest wholesale distributors of\n hardwood lumber and related sheet good products, operating a network of\n 31 distribution centres in the US and Canada.\n\n\nFirst Quarter Highlights \n\n\n\n(For the three months ended March 31, 2013)\n\n\n\n\n\n\n\nSales increased 19.3% to $87.0 million, compared to the first quarter of\n 2012\n\n\n\n\n\n\n\nGross profit increased by 21.3% to $15.9, compared to the same period in\n 2012\n\n\n\n\n\n\n\nFirst quarter gross profit margin increased to 18.3%, from 18.0% in the\n first quarter of 2012\n\n\n\n\n\n\n\nFirst quarter EBITDA climbed 100.7% to $5.1 million\n\n\n\n\n\n\n\nFirst quarter profit increased 159.6% to $3.2 million\n\n\n\n\n\n\n\nHardwoods' Board of Directors declared a quarterly dividend of $0.035\n per share, payable July 31, 2013 to shareholders of record as of July\n 19, 2013\n\n\n\n\"We achieved our best quarterly sales and EBITDA results in over five\n years as a rebounding US residential construction market, higher\n product prices and our market expansion strategies contributed to\n strong results,\" said Lance Blanco, President and CEO of Hardwoods.\n\n\n\"Most of our sales growth came from the US market, where higher volume\n demand was driven primarily by the ongoing recovery in the US housing\n market. According to the US Census Bureau, the seasonally adjusted\n annual rate of US housing starts increased 47% to 1.036 million at the\n end of the first quarter, compared to the same period last year. Our US\n operations were successful in capitalizing on this growing demand, with\n each of our US regions achieving double digit year-over-year sales\n growth.\"\n\n\n\"Higher product prices were another factor in our sales momentum, with\n first quarter market prices for the full range of Hardwoods' products\n increasing between 5% and 15% year-over-year. The higher prices reflect\n increased volume demand, as well as the impact of a 22.63% US\n preliminary countervailing duty on imported plywood from China. The\n countervailing duty was announced on February 28, 2013 and contribu...