Business
Hardwoods Announces Strong Third Quarter 2013 Results
Declares Quarterly Dividend of $0.035 per share TRADING SYMBOL: Toronto Stock Exchange...
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, Nov. 14, 2013 /CNW/ - Hardwoods Distribution Inc.\n (\"Hardwoods\" or the \"Company\") today announced strong financial results\n for the three and nine months ended September 30, 2013. Hardwoods is\n one of North America's largest wholesale distributors of hardwood\n lumber and related sheet good products, operating a network of 32\n distribution centres in the US and Canada.\n\n\nHighlights \n\n\n(For the three months ended September 30, 2013)\n\n\n\nThird quarter sales increased $17.7 million, or 22.1%, from the same\n period last year\n\n\n\n\nThird quarter gross profit increased by 25.6% to $17.6 million\n year-over-year\n\n\n\n\nThird quarter gross profit margin increased to 18.1% from 17.6% in the\n same period last year\n\n\n\n\nThird quarter EBITDA increased 59.0% to $5.3 million compared to the\n prior year period\n\n\n\n\nProfit for the period increased 146.0% to $3.1 million compared to the\n same quarter last year\n\n\n\n\nThe Board of Directors approved a quarterly dividend of $0.035 per\n share, payable on January 31, 2014 to shareholders of record as at\n January 20, 2014\n\n\n\n\n\n\n\n\"We continued to grow the business in the third quarter of 2013,\n achieving our best quarterly sales result in over eight years while\n maintaining strong profitability,\" said Lance Blanco, President and CEO\n of Hardwoods.\n\n\nThe recovering US residential construction market was a key factor in\n the year-over-year gains.  According to the US Census Bureau, the\n seasonally adjusted annual rate of US housing averaged 887,000 starts\n during July and August of 2013, up 19% from 745,000 in the same period\n last year.  With nearly three quarters of its business in the US, and\n approximately half of its US sales focused on new residential\n construction, Hardwoods is well positioned to benefit from this\n recovery.\n\n\nIn contrast, the seasonally adjusted rate of Canadian housing starts was\n down 12.6% at the end of the third quarter, compared to the same period\n last year, according to Canada Mortgage and Housing Corporation. The\n decline was anticipated and reflects the impact of tighter mortgage\n insurance rules implemented to cool the housing market. Despite the\n reduction in market acti...