CALGARY, ALBERTA--(Marketwired - July 31, 2013) - PFB Corporation (TSX:PFB) ("PFB" or the "Corporation") reports its financial results for the three and six month periods ended June 30, 2013.
Consolidated net income for the three month period ended June 30, 2013, was $311,000, basic earnings per share of $0.05, as compared to net income of $750,000, basic earnings per share of $0.12, reported in the comparative three month period of 2012. Sales in the three month period ended June 30, 2013, were $22,698,000 as compared to sales of $24,698,000 in the comparative three month period of 2012.
Gross margins during the period were 16% of sales compared with 21% in the comparative period. This reflects the higher cost of raw materials experienced across the industry compared with the prior period. Both selling and administration expenses are well controlled on a year-over-year basis. The order book for the balance of the year remains intact reflecting the delays of product deliveries into the second half of the year imposed by customers' changing timetables for their projects. PFB Custom Homes Group is operating at an increased level of design activity compared with last year, consistent with the early stages of the USA housing recovery. Management believes this augurs well for business next year.
Consolidated net income for the six month period ended June 30, 2013, was $5,439,000, basic earnings per share of $0.81, as compared to a loss of $10,000, basic loss per share of $0.00 reported in the comparative six month period of 2012. The consolidated results for the current six month period are inclusive of an after tax gain in the amount of $6,198,000 which was realized on the sale of four properties as part of a sale and leaseback transaction completed in the first quarter. Excluding the effects of the after tax gain on the real estate transaction, the Corporation would have reported a loss $759,000 in the current six month period, equivalent to a loss per share of $0.11. Sales in the six month period ended June 30, 2013, were $37,905,000 compared to sales of $41,278,000 in the comparative six month period of 2012.
Dividend Payment
The Board of Directors has approved the payment of a regular quarterly dividend of $0.06 per common share. The dividend will be paid on August 30, 2013 to shareholders of record on August 14, 2013.
About PFB
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 Architects™. 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 Corporation's condensed consolidated financial statements and interim MD&A for the three and six month periods ended June 30, 2013 and 2012 will be posted on SEDAR (www.sedar.com) on or before August 14, 2013.
Contact Information:
Stephen P. Hardy
Vice President & CFO
(403) 569 4303
(403) 569 4075 (FAX)
PFB Corporation
100, 2886 Sunridge Way NE
Calgary, Alberta T1Y 7H9