Business
Hardwoods Announces Strong Second Quarter 2013 Results
Declares Quarterly Dividend of $0.035 per share TRADING SYMBOL: Toronto Stock Exchan...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\nDeclares Quarterly Dividend of $0.035 per share\n\n\nTRADING SYMBOL: Toronto Stock Exchange - HWD\n\n\nLANGLEY, BC, Aug. 2, 2013 /CNW/ - Hardwoods Distribution Inc.\n (\"Hardwoods\" or the \"Company\") today announced strong financial results\n for the three and six months ended June 30, 2013. Hardwoods is one of\n North America's largest wholesale distributors of hardwood lumber and\n related sheet good products, operating a network of 32 distribution\n centres in the US and Canada.\n\n\nHighlights \n\n\n(For the three months ended June 30, 2013)\n\n\n\nSecond quarter sales increased $16.5 million, or 20.8%, from the same\n period last year\n\n\n\n\nSecond quarter gross profit increased by 30.1% to $18.1 million\n year-over-year\n\n\n\n\nSecond quarter gross profit margin increased to 18.9%, from 17.6% in the\n same period last year\n\n\n\n\nSecond quarter EBITDA increased 65.8% to $6.7 million compared to the\n prior year\n\n\n\n\nProfit for the period increased 85.2% to $4.4 million compared to the\n same quarter last year\n\n\n\n\nOn May 31, 2013, Hardwoods completed the $3.0 million acquisition of a\n hardwood lumber import business located in Leland, North Carolina\n\n\n\n\nThe Board of Directors approved a quarterly dividend of $0.035 per\n share, payable on October 31, 2013 to shareholders of record as at\n October 18, 2013\n\n\n\n\n\n\n\"We achieved excellent results in the second quarter of 2013 as we\n responded to growing demand from the US residential construction\n market,\" said Lance Blanco, President and CEO of Hardwoods. \"With\n nearly three quarters of our business in the US, and approximately half\n of our sales focused on new residential construction, we are well\n positioned to benefit from this recovering market.  The higher sales\n volumes, together with increased product prices, contributed to our\n best quarterly sales and EBITDA results in nine years.\"\n\n\nAccording to the US Census Bureau, the seasonally adjusted annual rate\n of US housing averaged 872,000 starts during the second quarter, up 18%\n from 741,000 in the same period last year. Average prices for hardwood\n lumber products were up approximately 14% year-over-year according to\n the Hardwood Lumber Review.  Prices for hardwood plywood and other\n sheet goods vary by product type, but in the second quarter are\n estimate...