PFB Corporation
TSX : PFB

PFB Corporation

March 06, 2015 16:53 ET

PFB Corporation Announces Fourth Quarter and Year-End Results for 2014

CALGARY, ALBERTA--(Marketwired - March 6, 2015) - PFB Corporation (TSX:PFB) reports its financial results for the fourth quarter and year ended December 31, 2014.

Results for the Fourth Quarter Ended December 31, 2014

Consolidated net income was $1,116,000, basic earnings per share of $0.17, for the three month period ended December 31, 2014; compared to consolidated net income of $460,000, basic earnings per share of $0.07 per share, in the comparative three month period of 2013. Consolidated sales in the fourth quarter of 2014 were $25,013,000, an 18.3% increase of $3,873,000, compared to consolidated sales of $21,140,000 reported in the comparative quarter of 2013.

Results for Year Ended December 31, 2014

Consolidated net income was $917,000 for the year ended December 31, 2014, basic earnings per share of $0.14, compared to consolidated net income of $6,832,000, basic earnings per share of $1.02, in the year ended December 31, 2013. Results for 2013 include an after tax gain in the amount of $5,988,000 from the sale of four properties in Q1 2013. Excluding that transactional effect, current year net income improvement over the comparative period was $844,000 equivalent to earnings per share of $0.13.

Consolidated sales for the year ended December 31, 2014 were $89,905,000, a 6.3% increase of $5,356,000 from $84,549,000 in 2013.

C. Alan Smith, Chief Executive Officer stated, "Improving operating results throughout the past three quarters reflect our focus on operating efficiencies and a generally improving business climate for our products. Increasing sales and improving margins throughout this period have been our focus and will continue to be in the coming year. Our strong balance sheet and liquidity will support our future growth plans."

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. Design(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, 2014 and 2013 will be posted on SEDAR (www.sedar.com) on March 9, 2015.

Contact Information

  • PFB Corporation
    Stephen P. Hardy
    (403) 569 4303
    (403) 569 4075 (FAX)