PFB Corporation
TSX : PFB

PFB Corporation

August 01, 2008 15:39 ET

PFB Corporation Announces Second Quarter Results and Declares Regular Quarterly Dividend

CALGARY, ALBERTA--(Marketwire - Aug. 1, 2008) - PFB Corporation (TSX:PFB) reports its financial results for the three and six month periods ended June 30, 2008, and declares regular quarterly dividend.

Results for the Three Month and Six Month Periods Ended June 30, 2008

Consolidated net income for the three months ended June 30, 2008, was $514,000, basic earnings of $0.08 per share, compared to net income of $1,281,000, basic earnings of $0.20 per share reported in the comparative three months of 2007. Sales were $21,001,000 in the second quarter of 2008 as compared to sales of $23,466,000 in the second quarter of 2007, a decrease in sales of $2,465,000 or 10.5%.

After a seasonally strong sales performance in the first quarter of 2008, sales in the second quarter were lower than anticipated. Many regions experienced a slow spring period characterized by heavier precipitation than normal that created backlogs on construction sites. Effects of economic slowdown are influencing the pace of construction projects, which we continue to closely monitor. Key raw material input costs trended sharply higher. Higher natural gas prices affected the cost of energy consumption in our manufacturing facilities. Price increases to our customers have been implemented to offset the increased costs.

Consolidated net income for the six months ended June 30, 2008 was $57,000, basic earnings of $0.01 per share, as compared to net income of $51,000, basic earning of $0.01 per share in the comparative six months in 2007. Sales in the six months ended June 30, 2008 were $36,211,000 as compared to sales of $37,103,000 in the six months ended June 30, 2007, a decrease in sales of $892,000 or 2.4%.

Quarterly 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 29, 2008, to shareholders of record on August 14, 2008.

Forward Looking Statements

Certain statements in this Press Release contain forward-looking statements about the objectives of PFB Corporation ("PFB" or the "Corporation") and management's expectations, beliefs, intentions or strategies for the future. Future events are subject to certain risks, uncertainties and assumptions that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such risks, uncertainties and assumptions include, but are not limited to: general economic conditions; actions by government authorities; actions by regulatory authorities; availability of raw materials; changes in raw materials prices; foreign exchange rates; interest rates; competitor activity; industry pricing pressures; seasonality of the construction industry; and weather.

About PFB

PFB Corporation is a vertically integrated manufacturer of insulating building products that are marketed across North America under four brands. Plasti-Fab, EPS Product Solution® 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 a building's structural wall frame and to replaces trusses on roof systems to form an energy-efficient structural envelope. Riverbend® Timber Framing manufactures and sells precision-cut, custom-crafted solid timbers to exacting standards which are delivered to customer's jobsites as ready-to-assemble building packages in conjunction with 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 interim consolidated financial statements and MD&A for the second quarter of fiscal 2008 will be posted on SEDAR (www.sedar.com) by August 12, 2008.

Contact Information

  • PFB Corporation
    Stephen P. Hardy
    Vice President & CFO
    (403) 569-4303
    (403) 569-4075 (FAX)
    or
    PFB Corporation
    100, 2886 Sunridge Way NE
    Calgary, Alberta T1Y 7H9