Business
Taiga Building Products Ltd. announces second quarter improvement despite challenging markets
BURNABY, BC, Nov. 13 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") reported its...
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\n\nBURNABY, BC, Nov. 13 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the\n"Company") reported its results for the three and six months ended September\n30, 2008.\n\n\nResults from Operations - Three Months Ended September 30, 2008\n\n\nSales revenue for the three months ended September 30, 2008 was $292.2\nmillion compared to $286.9 million for the same quarter last fiscal year.\n\n\nSales grew slightly as the Company continued its focus on growing value\nadded product market share. This offset weakness in engineered wood products'\nsales performance. Average prices of lumber and OSB remained largely constant\nperiod over period and commodity sales performance was steady.\n\n\nFor the second quarter, gross margin dollars increased by 3.3% to $35.1\nmillion, compared to $34.0 million for the second quarter of last fiscal year.\nGross margin percentages increased to 12.0% from 11.8%. This improvement is\nattributed to the Company's value added product mix strategy.\n\n\nEBITDA performance remained seasonally strong, at $12.4 million, compared\nto $12.7 million in the same quarter last fiscal year.\n\n\nNet earnings for the three months ended September 30, 2008 were $3.2\nmillion or $0.10 per share, including a $1.0 million expense or $0.03 per\nshare, related to Taiga's income tax reassessment settlement. For the three\nmonths ended September 30, 2007, Taiga earned $3.8 million or $0.12 per share.\n\n\nResults from Operations - Six Months Ended September 30, 2008\n\n\nSales revenue for the six months ended September 30, 2008 was $576.7\nmillion compared to $576.6 million for the six months ended September 30,\n2007. Steady growth has been achieved in sales of value added products,\noffsetting weakness in average prices of lumber and engineered wood.\n\n\nGross margin dollars for the six month period increased by 3.6% to $69.5\nmillion compared to $67.1 million for the same period last year. Gross margin\npercentage for the period increased to 12.0% from 11.6%.\n\n\nEBITDA performance remained steady, at $25.6 million, compared to $26.5\nmillion in the same quarter last year.\n\n\nNet earnings for the six months ended September 30, 2008 were $7.3\nmillion or $0.23 per share, including a $1.0 million expense or $0.03 per\nshare, related to Taiga's income tax reassessment settlement. For the six\nmonths e...