PFB Corporation
TSX : PFB

PFB Corporation

March 04, 2008 17:41 ET

PFB Corporation Announces 2007 Fourth Quarter and 2007 Year End Financial Results

CALGARY, ALBERTA--(Marketwire - March 4, 2008) - PFB Corporation (TSX:PFB), reports its financial results for the fourth quarter of 2007 and the year ended December 31, 2007.

2007 Results

Net income for the year ended December 31, 2007 was $3,903,000 or $0.61 per share as compared to net income of $4,977,000 or $0.79 per share in the comparative period in 2006. For the year ended December 31, 2007, consolidated sales revenues were $82,918,000 compared with $78,218,000 in 2006.

Sales in Canada during 2007 increased and sales in the United States, denominated in U.S. dollars, reduced compared to 2006. When translated into Canadian dollars, PFB's reporting currency, U.S. dollar denominated sales of CAD $16,552,000, (2006, CAD $19,178,000) were adversely impacted by the significant appreciation in the Canadian dollar in 2007.

Net income in 2007 was $1,074,000 lower than in fiscal 2006. A significant component of this difference is attributed to the effects of foreign exchange losses arising on fixed foreign exchange contracts to purchase U.S. dollars. During the year the Canadian dollar exchange rate versus the U.S. dollar rapidly appreciated. In the current year, aggregate foreign exchange losses of $1,602,000 specifically attributed to the foreign exchange contracts reduced net income, while in the 2006 comparative period, cumulative mark-to-market adjustments on the open contracts for settlement in 2007 resulted in an unrealized gain of $734,000 being reported as income. There were no foreign exchange commitments outstanding at December 31, 2007.

Fiscal 2007 Fourth Quarter Results

For the three months ended December 31, 2007, net income was $1,566,000 or basic earnings per share of $0.25 as compared to net income of $1,284,000 or basic earnings per share of $0.21 for the fourth quarter of 2006 which included an unrealized foreign exchange gain of $734,000 on foreign exchange contracts. Consolidated sales were $20,156,000 in the fourth quarter of 2007 as compared to $20,291,000 in the comparative quarter in 2006.

About PFB

Better Building Ideas from PFB incorporated in our insulating building products provide effective and sustainable solutions to reduce energy consumption in buildings and reduce operating costs.

Across North America, PFB Corporation manufactures and markets insulating building products that offer all the insulating and structural benefits of expanded polystyrene (EPS). PFB products are available in four brands. Plasti-Fab, EPS Product Solutions® are rigid insulation products. Advantage ICF Systems® are insulating concrete forming systems that are employed to build insulated concrete foundations and walls. Insulspan® Structural Insulating Panels Systems (SIPS) provide structural walls and roof systems as ready to assemble structures. Riverbend® Timber Framing combines the elegance of custom-crafted solid timbers with Insulspan SIPS and Advantage ICF Systems.

PFB Corporation is listed for trading on the Toronto Stock Exchange, symbol PFB.

PFB's audited consolidated financial statements and Management's Discussion and Analysis for the year ended December 31, 2007 will be posted on SEDAR (www.sedar.com) by March 28, 2008.

Contact Information

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