STOCK SYMBOL: PFB
CALGARY, May 5, 2016 /CNW/ - (TSX – PFB) PFB Corporation ("PFB" or the "Corporation") reports its financial results for the first quarter ended March 31, 2016.
For the three month period ended March 31, 2016, PFB Corporation reports a consolidated loss of $155,000, $(0.02) per share as compared to a consolidated loss of $80,000, $(0.01) per share, in the comparative three month period of 2015.
Earnings before interest, taxes, depreciation and amortization (EBITDA)1 for the first quarter of 2016 was $955,000 as compared to EBITDA of $1,053,000 in the first quarter of 2015, a decrease of $98,000.
Consolidated sales were $19,157,000 in the first quarter of 2016 compared to sales of $17,532,000 in the first quarter of 2015, an increase of $1,625,000 or 9.3%.
The Board of Directors has approved an increase to the quarterly dividend per common share. The quarterly dividend of $0.07 per common share will be paid on May 31, 2016 to shareholders of record on May 17, 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 first quarter ended March 31, 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 March 31, 2016 and 2015 will be posted on SEDAR (www.sedar.com) on May 5, 2016.
SOURCE PFB Corporation
Image with caption: "PFB (CNW Group/PFB Corporation)". Image available at: https://photos.newswire.ca/images/download/20160505_C7386_PHOTO_EN_683719.jpg
For further information: C. Alan Smith, Chief Executive Officer, PFB Corporation, #100, 2886 Sunridge Way NE, Calgary, Alberta T1Y 7H9, Tel: (403) 569-4303, Fax: (403) 569-4075