Business
Taiga Building Products Ltd. Announces Steady Second Quarter Sales Despite Soft Commodity Prices
Taiga Building Products Ltd. Announces Steady Second Quarter Sales Despite Soft Commodity Prices
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\n\n Nov. 8, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nBURNABY, BC, Nov. 8 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") today reported its quarterly results for the three months ended September 30, 2010.\n\nEarnings Results - Three Months Ended September 30, 2010\n\nThe Company's consolidated net sales for the quarter ended September 30, 2010 remained steady at $260.8 million compared to $260.4 million over the same period last year. Performance was driven by year over year sales volume improvements, while commodity prices sunk to very low levels.\nDue to soft commodity prices, gross margin for the quarter ended September 30, 2010 decreased to $22.6 million from $28.2 million over the same period last year. Gross margin percentage for the quarter declined to 8.7% compared to 10.8% for the same period last year.\nEBITDA for the quarter ended September 30, 2010 was $9.0 million, a decrease of $1.6 million, compared to $10.6 million over the same period last year. These decreases were primarily due to lower gross margin dollars partially offset by reduced operating expenses. Net earnings for the quarter ended September 30, 2010 was $2.1 million, a decrease of $1.3 million compared to $3.4 million over the same period last year.\n\nEarnings Results - Six Months Ended September 30, 2010\n\nSales were increased by 9.4% to $555.1 million for the six months ended September 30, 2010 compared to $507.3 million for the six months ended Septem...