CALGARY, ALBERTA--(Marketwired - July 28, 2015) - PFB Corporation ("PFB" or the "Corporation") (TSX:PFB) reports its financial results for the second quarter ended June 30, 2015.
For the three month period ended June 30, 2015, PFB Corporation reports consolidated net income of $2,120,000, basic earnings of $0.32 per share, as compared to consolidated net income of $95,000, $0.01 per share, in the comparative three month period of 2014.
Consolidated sales were $27,316,000 in the second quarter of 2015 compared to sales of $23,068,000 in the second quarter of 2014, an increase of $4,248,000 or 18.4%. Additionally, gross margin during the period improved to 27.8% from 17.1% in the comparative 2014 period.
For the six month period ended June 30, 2015, net income was $2,040,000, basic earnings of $0.30 per share, as compared to net loss of $(1,748,000), a loss of $(0.26) per share reported in the comparative six month period of 2014. Sales in the six month period ended June 30, 2015, were $44,848,000 as compared to sales of $37,478,000 in the comparative six month period of 2014. For the six month period, gross margin was 24.8%, which improved from 13.0% in the comparative 2014 period.
Earnings before interest, taxes, depreciation and amortization (EBITDA)(1) for the second quarter of 2015 were $4,353,000 as compared with EBITDA of $1,470,000 in the second quarter of 2014. For the six month period ended June 30, 2015, EBITDA were $5,406,000 as compared to $23,000 in the six month period in 2014.
The board of directors of PFB Corp. has approved the payment of a regular quarterly dividend of six cents per common share. The regular quarterly dividend will be paid on August 28, 2015, to shareholders of record on August 14, 2015.
(1) 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 with similar measures presented by other issuers. The reconciliation of EBITDA to net income and the reason why the company uses this measure can be found in management's discussion and analysis for the second quarter ended June 30, 2015, under Section 20, on non-GAAP (generally accepted accounting principles) 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 Homes™ and M.T.N. Design(SM). 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 June 30, 2015 and 2014 will be posted on SEDAR (www.sedar.com) on or before August 15, 2015.