Taiga's Q1 profit increased by 269%

About this update from Taiga Building Products Ltd.

[{"type":"text","content":"\n\nBURNABY, BC, Aug. 7, 2014 /CNW/ - Taiga Building Products Ltd. (\"Taiga\" or the \"Company\") today reported its financial results for the three months ended June 30, 2014.\n\nFirst Quarter Ended June 30, 2014 Earnings Results          \n\nSales for the first quarter ended June 30, 2014 increased to $374.8 million from $335.8 million in the same quarter last year. The 12% increase in sales was primarily the result of pent-up customer demand caused by the severe winter conditions in the preceding quarter.\n\nGross margin for the first quarter increased to $33.0 million from $25.4 million in the same quarter last year. Gross margin percentage for the first quarter also increased to 8.8% from 7.6% in the same quarter last year, which was negatively impacted by a sharp fall in commodity prices.\n\nNet earnings for the first quarter increased to $5.6 million from $1.5 million in the same quarter last year. EBITDA for the first quarter increased to $16.2 million from $9.6 million in the same quarter last year. \n\nCondensed Consolidated Statement of Earnings \n\nFor the Three Months Ended\n\n\n\n\n\nJune 30,\n\n\n\n(in thousands of Canadian dollars, except for per share amounts)\n\n\n2014\n\n\n2013\n\n\n\nSales\n\n\n374,766\n\n\n335,803\n\n\n\nGross margin\n\n\n33,010\n\n\n25,424\n\n\n\nDistribution expense\n\n\n5,081\n\n\n4,416\n\n\n\nSelling and administration expense\n\n\n12,842\n\n\n12,804\n\n\n\nFinance expense\n\n\n1,775\n\n\n2,078\n\n\n\nSubordinated debt interest expense\n\n\n4,089\n\n\n4,089\n\n\n\nOther income\n\n\n(96)\n\n\n(383)\n\n\n\nEarnings before income tax\n\n\n9,319\n\n\n2,420\n\n\n\nIncome tax expense\n\n\n3,741\n\n\n907\n\n\n\nNet earnings  \n\n\n5,578\n\n\n1,513\n\n\n\nNet earnings per share(1)\n\n\n0.17\n\n\n0.05\n\n\n\nEBITDA(2)\n\n\n16,171\n\n\n9,591\n\n\n\n\n\nThe following is the reconciliation of net earnings to EBITDA:\n\n\n\n\n\nJune 30,\n\n\n\n(in thousands of Canadian dollars)\n\n\n2014\n\n\n2013\n\n\n\nNet earnings  \n\n\n5,578\n\n\n1,513\n\n\n\nIncome tax expense \n\n\n3,741\n\n\n907\n\n\n\nFinance and subordinated debt interest expense \n\n\n5,864\n\n\n6,167\n\n\n\nAmortization\n\n\n988\n\n\n1,004\n\n\n\nEBITDA\n\n\n16,171\n\n\n9,591\n\n\n\n\n\nNotes:(1)  Earnings per share is calculated using the weighted average number of shares.(...

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