CALGARY, ALBERTA--(Marketwired - March 11, 2014) - PFB Corporation (TSX:PFB) reports its financial results for the year ended December 31, 2013.
Results for Year Ended December 31, 2013
Consolidated net income of $6,832,000, basic earnings per share of $1.02, was reported for the year ended December 31, 2013, as compared to consolidated net income of $130,000, basic earnings per share of $0.02, in the year ended December 31, 2012. Consolidated net income for 2013 was inclusive of an after tax gain in the amount of $5,988,000 which was realized on the sale of four properties as part of a sale and leasing transaction completed in the first quarter of the year. Excluding the effects of the after tax gain, the Corporation would have reported net income of $844,000 in the current year, equivalent to earnings per share of $0.13.
Consolidated sales for the year ended December 31, 2013 of $84,549,000 increased from $82,078,000 in the prior year, an increase of $2,471,000 or 3.0%.
In the three month period ended December 31, 2013, consolidated net income was $460,000, basic earnings per share of $0.07, as compared to a consolidated loss of $176,000, basic loss per share of $0.03 per share, reported in the comparative three month period of 2012. This represents an improvement in consolidated net income of $636,000, equivalent to an improvement of $0.10 per share. Consolidated sales in the fourth quarter of 2013 were $21,140,000, an increase of $3,638,000 or 20.8% as compared to sales of $17,502,000 reported in the comparative quarter of 2012.
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(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 Corporation's audited consolidated financial statements and annual MD&A for the years ended December 31, 2013 and 2012 will be posted on SEDAR (www.sedar.com) on or before March 31, 2014.