Business
Taiga's Fiscal Year 2013 earnings up 180% and sales up 17%
BURNABY, BC, June 20, 2013 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company"...
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\nBURNABY, BC, June 20, 2013 /CNW/ - Taiga Building Products Ltd. (\"Taiga\"\n or the \"Company\") today reported fourth quarter and fiscal year ended\n March 31, 2013 financial results.\n\n\nFiscal Year 2013 Earnings Results\n\n\nNet earnings for the year ended March 31, 2013 increased to $10.4\n million from $3.7 million last year. The 180% increase was primarily\n due to increased gross margin.\n\n\nThe Company's consolidated net sales for the year ended March 31, 2013\n were $1,132.7 million compared to $971.6 million for the last fiscal\n year. The 17% increase in sales was largely due to higher commodity\n prices and stronger demand from the United States.\n\n\nGross margin for the fiscal year ended March 31, 2013 increased to\n $102.8 million from $95.8 million in the previous year. Gross margin\n percentage for the year declined to 9.1% compared to 9.9%, as the\n growth in sales of lower margin commodity products outpaced the higher\n margin products.\n\n\nEBITDA for the year ended March 31, 2013 was $42.9 million compared to\n $34.6 million last year.\n\n\nFourth Quarter Ended March 31, 2013 Earnings Results\n\n\nNet earnings for the fourth quarter increased to $0.4 million compared\n to a net loss of $1.5 million in the same quarter last year.\n\n\nSales for the fourth quarter increased to $259.6 million from $227.0\n million in the same quarter last year. Strong commodity prices and\n increased sales from our US divisions were the primary contributors to\n the 14% increase in sales.\n\n\nGross margin for the fourth quarter was $21.8 million compared to $22.6\n million in the same quarter last year. Taiga's gross margin percentage\n for the quarter ended March 31, 2013 was 8.4% compared to 9.9% for the\n same period last year. Lower margin commodity products made up a larger\n percentage of the product mix in Q4 2013, compared with the same\n quarter of the prior year. In addition, the reversal of product cost\n over-accruals was lower compared to the same quarter last year.\n\n\nEBITDA was $7.5 million compared to $6.2 million in the same quarter\n last year.\n\n\nDividend\n\n\nIn order to support higher working capital levels resulting from higher\n commodity prices, the Board of Directors has decided not to declare and\n pay the first instalment payment of its semi-annual dividend policy\n with respect to the 20...