Business
Taiga's Q2 sales up 9.2% with steady net profit
BURNABY, BC , Nov. 7, 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, Nov. 7, 2013 /CNW/ - Taiga Building Products Ltd. (\"Taiga\"\n or the \"Company\") today reported its financial results for the three\n and six months ended September 30, 2013.\n\n\nThree Months Ended September 30, 2013\n\n\nThe Company's consolidated net sales for the quarter ended September 30,\n 2013 were $344.9 million compared to $315.9 million in the same period\n last year. The increase in sales by $29.0 million or 9.2% was largely\n due to higher sales from US and export operations selling into the\n United States and Asian markets.\n\n\nGross margin for the quarter ended September 30, 2013 increased to $29.7\n million from $28.9 million in the same period last year. Gross margin\n percentage for the quarter declined to 8.6% compared to 9.1% in the\n same period last year. The gross margin percentage from last year's\n second quarter was higher due to a significant appreciation in OSB\n prices.\n\n\nNet earnings for the quarter ended September 30, 2013 remained\n relatively consistent at $4.0 million compared to $3.8 million in the\n same period last year.\n\n\nEBITDA for the quarter ended September 30, 2013 also remained relatively\n consistent at $12.7 million compared to $12.9 million in the same\n period last year.\n\n\nSix Months Ended September 30, 2013\n\n\nThe Company's consolidated net sales for the six months ended September\n 30, 2013 were $680.7 million compared to $625.4 million in the same\n period last year. The 8.8% increase in sales was largely due to higher\n sales from US and export operations selling into the United States and\n Asian markets.\n\n\nGross margin for the six months ended September 30, 2013 decreased to\n $55.1 million from $59.7 million in the previous year. Gross margin\n percentage for the six months declined to 8.1% compared to 9.5% in the\n same period last year. This decline was primarily due to lower gross\n margin percentage on sales of commodity products since commodity prices\n declined significantly during the first quarter.     \n\n\nNet earnings for the six months ended September 30, 2013 decreased to\n $5.5 million compared to $9.7 million in the same period last year\n primarily due to lower gross margin dollars and higher selling and\n administrative expenses.\n\n\nEBITDA for the six months ended September 30, 2013 decreased to ...