Business
Taiga Building Products Ltd. Announces First Quarter Earnings and Retirement of John P. Bell from the Board
BURNABY, BC, Sept. 12, 2011 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") t...
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\n\n\n\nBURNABY, BC, Sept. 12, 2011 /CNW/ - Taiga Building Products Ltd.\n (\"Taiga\" or the \"Company\") today reported its quarterly results for the\n three months ended June 30, 2011.\n\n\nThe Company's quarterly results for the three months ended June 30, 2011\n are presented in accordance with International Financial Reporting\n Standards (\"IFRS\") and comparative information for the corresponding\n 2010 results have been restated accordingly. For details please refer\n to the company's unaudited financial statements for the three months\n ended June 30, 2011 available on SEDAR www.sedar.com.\n\n\nEarnings Results - Three Months Ended June 30, 2011\n\n\nThe Company's consolidated net sales for the quarter ended June 30, 2011\n were $263.6 million compared to $294.4 million over the same period\n last year, a decrease of $30.8 million or 10.5%. The decrease was due\n to the lack of an upward movement in commodity prices and weaker demand\n driven by less housing construction activity.\n\n\nGross margin for the quarter ended June 30, 2011 was $26.7 million\n compared to $30.0 million over the same period last year. Gross margin\n percentage for the quarter was 10.1% compared to 10.2% over the same\n period last year. The decline in gross margin was due to weaker average\n commodity prices during the quarter compared to the same quarter in the\n prior year.\n\n\nNet earnings for the quarter ended June 30, 2011 was $3.6 million, a\n decrease of $1.7 million compared to $5.3 million over the same period\n last year. EBITDA for the quarter ended June 30, 2011 was $11.8\n million, a decrease of $1.8 million, compared to $13.6 million over the\n same period last year. These decreases were primarily due to a decrease\n in gross margin, partially offset by lower corresponding compensation\n expenses included in selling and administration expense.\n\n\nRetirement\n\n\nThe Board of Directors of the Company announced the retirement of John\n P. Bell from the Board, effective July 21, 2011. The Board would like\n to thank Mr. Bell for six years of dedicated service.\n\n\n\n\n\nSelected Consolidated Statement of Earnings \n\n \n\nFor the Three Months Ended\n(in thousands of Canadian dollars, except for per share amounts)\n\n \n\n \n\n\n \n\n \n \n\nJune 30,\n\n\n \n\n\n \n\n\n \n\n \n...