CALGARY, ALBERTA--(Marketwire - March 3, 2011) - PFB Corporation (TSX:PFB) reports its financial results for the three month period and year ended December 31, 2010.
Results for the Three Month Period and Year Ended December 31, 2010
Consolidated net income for the year ended December 31, 2010 was $1,874,000, basic earnings of $0.28 per share, as compared to net income of $3,690,000, basic earning of $0.56 per share, in the year ended December 31, 2009. Consolidated sales for the year ended December 31, 2010 were $65,580,000 as compared with $65,930,000 in the prior year, a decrease of $350,000 or 0.5%.
Cash flow from operations for the year 2010 was $5,321,000 ($0.81 per common share) compared with $8,131,000 ($1.24 per common share) in 2009. This measure is defined in Management's Discussion and Analysis as cash flow from operations before changes in non-cash working capital divided by the weighted average number of shares issued and outstanding. It is a non-standardized GAAP financial measure and does not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other issuers.
Consolidated net income for the three month period ended December 31, 2010, was $699,000, basic earnings of $0.10 per share, compared to net income of $1,180,000, basic earnings of $0.18 per share, reported in the comparative three months of 2009. Consolidated sales for the fourth quarter of 2010 were $16,846,000, an increase of $990,000 or 6.2% compared to sales of $15,856,000 reported in the comparative quarter of 2009.
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 replace 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 customers' 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 audited consolidated financial statements and MD&A for the year ended December 31, 2010 will be posted on SEDAR (www.sedar.com) on or before March 31, 2011.