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Taiga's (TBL) Q4 sales decreased 2%

Taiga Building Products Ltd. (CNW Group/Taiga Building Products Ltd.)

News provided by

Taiga Building Products Ltd.

Feb 21, 2020, 13:23 ET

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BURNABY, BC, Feb. 21, 2020 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") today reported its financial results for the period ended December 31, 2019.

Fourth Quarter Ended December 31, 2019 Earnings Results       

The Company's consolidated net sales for the quarter ended December 31, 2019 were $298.1 million compared to $303.9 million over the same quarter last year. The decrease in sales by $5.8 million or 2% was largely due to lower commodity prices.   

Gross margin for the quarter ended December 31, 2019 increased to $30.6 million from $24.0 million over the same quarter last year.  The increase in gross margin percentage was primarily due to inventory gains in the current quarter. 

Net earnings for the quarter ended December 31, 2019 were $5.8 million compared to net earnings of $1.5 million over the same quarter last year.

EBITDA for the quarter ended December 31, 2019 was $12.9 million compared to an EBITDA of $5.8 million for the same quarter last year. Management estimates that if IFRS 16 were not taken into effect as of January 1, 2019 that EBITDA would have been $1.7 million lower, or $11.2 million for the quarter ended December 31, 2019

Year Ended December 31, 2019 Earnings Results

Sales for the year ended December 31, 2019 were $1,299.1 million compared to $1,451.0 million in the prior year. The decrease in sales by $151.9 million or 10.5% was largely due to decreased selling prices for commodity products; this was offset by the inclusion of Exterior Wood Inc.'s results, which was acquired in July of 2018.

Gross margin dollars for the year ended December 31, 2019 increased to $129.5 million from $122.0 million over the same period last year.

Net earnings for the year ended December 31, 2019 were $25.9 million compared to $20.3 million in the prior year.

EBITDA for the year ended December 31, 2019 was $57.7 million compared to $42.7 million in the prior year. Management estimates that if IFRS 16 were not taken into effect as of January 1, 2019 that EBITDA would have been $6.7 million lower, or $51.0 million for the year ended December 31, 2019.

Condensed Consolidated Statement of Earnings


For the Three Months Ended




December 31,

(in thousands of Canadian dollars, except for per share amounts)

2019

2018

Sales

$298,125

303,879

Gross margin

30,592

23,988

Distribution expense

6,223

6,826

Selling and administration expense

14,066

13,234

Finance expense

2,702

2,087

Subordinated debt interest expense

219

219

Other income

(80)

(105)

Earnings before income taxes

7,462

1,727

Income tax expense

1,699

187

Net earnings

$5,763

1,540

Net earnings per share(1)

$0.05

0.01

EBITDA(2)

12,874

5,795

The following is the reconciliation of net earnings to EBITDA:




December 31,

(in thousands of Canadian dollars)

2019

2018

Net earnings

5,763

1,540

Income tax expense

1,699

187

Finance and subordinated debt interest expense

2,921

2,306

Amortization

2,491

1,762

EBITDA

12,874

5,795

Condensed Consolidated Statement of Earnings


For the Year Ended




          December 31,

(in thousands of Canadian dollars, except for per share amounts)

2019

2018

Sales

$1,299,122

1,450,985

Gross margin

129,456

122,031

Distribution expense

25,835

25,538

Selling and administration expense

56,940

59,892

Finance expense

10,157

7,193

Subordinated debt interest expense

875

837

Other income

(202)

(401)

Earnings before income taxes

35,851

28,972

Income tax expense

9,946

8,705

Net earnings

$25,905

20,267

Net earnings per share(1)

$0.23

$0.17

EBITDA(2)

57,675

42,669

The following is the reconciliation of net earnings to EBITDA:




 December 31,

(in thousands of Canadian dollars)

2019

2018

Net earnings

25,905

20,267

Income tax expense

9,946

8,705

Finance and subordinated debt interest expense

11,032

8,029

Amortization

10,791

5,668

EBITDA

57,675

42,669


Notes:

(1) Earnings per share is calculated using the weighted average number of shares

(2) Reference is made above to EBITDA, which represents earnings before interest, taxes, and amortization. As there is no generally accepted method of calculating EBITDA, the measure as calculated by Taiga might not be comparable to similarly titled measures reported by other issuers. EBITDA is presented as management believes it is a useful indicator of a company's ability to meet debt service and capital expenditure requirements and because management interprets trends in EBITDA as an indicator of relative operating performance. EBITDA should not be considered by an investor as an alternative to net income or cash flows as determined in accordance with IFRS

The foregoing selected financial information is qualified in its entirety by and should be read in conjunction with, our audited consolidated financial statements for the year ended December 31, 2019 and accompanying notes and management's discussion and analysis which will be available shortly on SEDAR at www.sedar.com.

SOURCE Taiga Building Products Ltd.

For further information: regarding Taiga, please contact: Mark Schneidereit-Hsu, VP, Finance and Administration and CFO, Tel: 604.438.1471, Email: [email protected]

Related Links

http://www.taigabuilding.com/

Modal title

Organization Profile

Taiga Building Products Ltd.

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