STOCK SYMBOL: PFB
CALGARY, Oct. 27, 2016 /CNW/ - (TSX – PFB) PFB Corporation ("PFB" or the "Corporation") reports its financial results for the third quarter ended September 30, 2016.
For the three month period ended September 30, 2016, PFB Corporation reports consolidated net income of $1,936,000, basic earnings of $0.29 per share, as compared to a consolidated net income of $2,212,000, basic earnings of $0.33 per share, in the comparative three month period of 2015.
Consolidated sales were $28,838,000 in the third quarter of 2016, compared to sales of $29,849,000 in the third quarter of 2015, a decrease of $1,011,000 or 3.4%. Additionally, gross margin during the period improved to 25.8% from 24.7% in the comparative 2015 period.
For the nine month period ended September 30, 2016, consolidated net income was $3,543,000, basic earnings of $0.53 per share, as compared to net income of $4,252,000, basic earnings of $0.63 per share reported in the comparative nine month period of 2015. Sales in the nine month period ended September 30, 2016 were $76,475,000 as compared to sales of $74,697,000 in the comparative nine month period of 2015. For the nine month period, gross margin was 24.5%, compared to 24.8% in the comparative 2015 period.
Earnings before interest, taxes, depreciation and amortization (EBITDA)1 for the third quarter of 2016 was $4,066,000 as compared to EBITDA of $4,319,000 in the third quarter of 2015, a decrease of $253,000. For the nine month period ended September 30, 2016, EBITDA was $9,109,000, as compared to $9,725,000 in the nine month period 2015.
The Board of Directors has approved the payment of a regular quarterly dividend of $0.07 per common share. The regular quarterly dividend will be paid on November 25, 2016 to shareholders of record on November 10, 2016.
1Non-GAAP Financial Measures
EBITDA is a supplemental measure of performance not defined by International Financial Reporting Standards (IFRS) and, therefore, it does not have any standardized meaning under IFRS. Therefore, the measure is unlikely to be comparable to similar measures presented by other issuers. The reconciliation of EBITDA to net income and the reason why we use this measure can be found in Management's Discussion and Analysis (MD&A) for the third quarter ended September 30, 2016, under section 19 titled "Non-GAAP and additional GAAP measures".
PFB Corporation is a vertically integrated manufacturer of insulating building products that are marketed across North America under five brands. Plasti-Fab® EPS Product Solutions® are products, manufactured using expanded polystyrene (EPS) as base raw materials, that are delivered to customers in five segmented markets. Advantage ICF Systems® are insulating concrete forming systems that are employed to build insulated foundations and walls from concrete in both residential and commercial markets. Insulspan® Structural Insulating Panels Systems (SIPS) are used to create structural walls and to replace trusses on roof systems to form an energy-efficient structural envelope. PFB Custom Homes Group includes Riverbend® Timber Framing, PrecisionCraft® Log &Timber Homes, Point Zero HomesTM and M.T.N. DesignSM. Each brand provides clients with our exclusive Total Home Solution® for building custom homes in the US, Canada and internationally that can include Insulspan SIPS for the walls and roof, and Advantage ICFS for the building's foundations.
PFB Corporation is listed for trading on the Toronto Stock Exchange, symbol PFB.
PFB's condensed interim consolidated financial statements and interim MD&A for the three month periods ended September 30, 2016 and 2015 will be posted on SEDAR (www.sedar.com) on or after October 27, 2016.
SOURCE PFB Corporation
Image with caption: "PFB (CNW Group/PFB Corporation)". Image available at: http://photos.newswire.ca/images/download/20161027_C4231_PHOTO_EN_806089.jpg
For further information: C. Alan Smith, Chief Executive Officer, PFB Corporation, #100, 2886 Sunridge Way NE, Calgary, Alberta T1Y 7H9, Tel: (403) 569-4334, Fax: (403) 569-4075