Business
Taiga Building Products Ltd. Announces Improved Earnings and Declaration Of Dividends
Taiga Building Products Ltd. Announces Improved Earnings and Declaration Of Dividends
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\n\n Jun. 4, 2010 (Canada NewsWire Group) -- Taiga Building Products Ltd. ("Taiga" or the "Company") today reported fourth quarter and March 31, 2010 fiscal year financial results.\n\n\n >\n\n\nNet earnings for the fiscal year ended March 31, 2010 was $12.0 million, an increase of $11.8 million compared to $0.2 million last year. EBITDA for the fiscal year ended March 31, 2010 was $41.9 million, an increase of $14.2 million, or 51.3% compared to $27.7 million last year. These increases were primarily due to the Company's success in implementing various cost reduction programs.\nFor the fiscal year ended March 31, 2010, sales were $931.5 million, down 7.4% from $1,005.9 million last fiscal year. During the first six months of the fiscal year ended March 31, 2010, sales slumped by 17% year over year. Builders and retailers reduced their inventory positions in response to the general business slowdown associated with the international credit crisis. The last six months of the fiscal year saw commodity prices and demand improve as a result of low levels of inventory in the supply chain. Sales increased by 8% compared to the same period last year.\nGross margin for the fiscal year ended March 31, 2010 declined to $97.4 million from $100.6 million in the last year. The decrease was primarily due to lower sales volume compared to the previous fiscal year. Gross margin percentage for the fiscal year was 10.5% compared to 10.0% last year. A stronger Canadian dollar lowered the cost of international procurement, and upward movements in commodity prices helped to widen the margins.\n\n\n >\n\n\nSales for the fourth quarter were $223.1 million compared to $178.8 million in a very weak fourth quarter last year. The increase of $44.3 million or 24.8% was primarily due to significant improvement in commodity prices and general business conditions compared to the same quarter last year.\nGross margin for the fourth quarter was $21.2 million compared to $17.6 million in the same quarter last year, an increase of $3.6 million or 20.5% as sales volume increased. Taiga's gross margin percentage for the quarter ended March 31, 2010 remained relatively consistent at 9.5% compared to 9.8% for the same period last year.\nNet earnings for the fourth quarter were $1.1 million compared to net loss of $4.5 million in the same quarte...