Business
Taiga's sales up by 17%, profit up by 62% in first quarter of fiscal 2013
BURNABY, BC, Aug. 9, 2012 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") t...
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\n\n\n\nBURNABY, BC, Aug. 9, 2012 /CNW/ - Taiga Building Products Ltd. (\"Taiga\"\n or the \"Company\") today reported its quarterly results for the three\n months ended June 30, 2012.\n\n\nThree Months Ended June 30, 2012\n\n\nThe Company's consolidated net sales for the quarter ended June 30, 2012\n were $309.5 million compared to $263.6 million in the same period last\n year. The 17% increase in sales was largely due to improved commodity\n prices and stronger demand fueled by early arrival of spring this year\n compared to the same period last year.\n\n\nGross margin for the quarter ended June 30, 2012 increased to $30.8\n million from $26.7 million in the previous year. Gross margin\n percentage for the quarter declined slightly to 9.9% compared to 10.1%\n in the same period last year.\n\n\nNet earnings for the quarter ended June 30, 2012 were $5.9 million\n compared to $3.6 million in the same period last year, an increase of\n 62%. Higher gross margin dollars were partially offset by higher\n compensation costs included in selling and administrative expense.\n\n\nEBITDA for the quarter ended June 30, 2012 was $15.4 million compared to\n $12.2 million last year.\n\n\nCondensed Consolidated Statement of Earnings \n\n\nFor the Three Months Year Ended\n(in thousands of Canadian dollars, except for per share amounts)\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nJune 30,\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n2012\n$\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n2011\n$\n\n\nSales\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n309,508\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n263,606\n\n\nGross margin\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n30,756\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n26,705\n\n\nDistribution expense\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n4,524\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n4,430\n\n\nSelling and administration expense\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n12,013\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n11,100\n\n\nFinance expense\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n...