PFB Corporation

PFB Corporation

March 01, 2005 20:33 ET

PFB Corporation Announces Fourth Quarter and Full Year Results for 2004 and Declaration of Dividend


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PFB CORPORATION

TSX SYMBOL: PFB

MARCH 1, 2005 - 20:33 ET

PFB Corporation Announces Fourth Quarter and Full Year
Results for 2004 and Declaration of Dividend

CALGARY, ALBERTA--(CCNMatthews - March 1, 2005) -

PFB Reports Record Sales Revenues in 2004

PFB Corporation (TSX:PFB), today reported financial its results for the
fourth quarter of fiscal 2004 and the full year ended December 31, 2004.

Fiscal 2004 Results

Net income for the year ended December 31, 2004 was $1,919,000 or $0.32
per share as compared to net income of $2,195,000 or $0.39 per share in
the comparative period in 2003. For the year ended December 31, 2004,
consolidated sales revenues of $52,082,000 increased by 25.7% from
$41,438,000 reported in fiscal 2003. Consolidated sales in fiscal 2004
include sales, from the effective date of acquisition, of EnerGreen
Structural Insulated Panel Company Inc. acquired effective April 30,
2004, and the Insulspan Group acquired effective October 1, 2004.

Basic and diluted earnings per share declined on a year-to-year basis
from $0.39 in fiscal 2003 to $0.32 in fiscal 2004. Current year earnings
include one-time costs of $362,000 in settlement of a claim made by the
purchasers of Morval in November 2002 which eliminates the contingent
liability exposure on this matter. An additional charge of $156,000 was
taken following the decision to develop the Insulspan SIPS brand and
discontinue the use of the EnerGreen trade name which we acquired in
April 2004.

"We have achieved additional milestones in our growth strategy this year
with the acquisitions of two structural insulated panel businesses",
commented Al Smith, President and CEO. "Our insulating building products
strategy provides opportunities for marketing our Plasti-Fab "EPS
Product Solutions" and Advantage ICF building system with Insulspan SIPS
and Riverbend Timber Frame Homes in both Canada and the United States."

Fiscal 2004 Fourth Quarter Results

For the three months ended December 31, 2004, net income was $1,179,000
or $0.12 per share as compared to net income of $1,061,000 or $0.13 per
share for the fourth quarter of fiscal 2003.

Dividend

The Board of Directors has approved the payment of a regular dividend of
15 cents per common share plus a special dividend of 7 cents per common
share. The total dividend of 22 cents per common share will be paid on
March 31, 2005, to shareholders of record as at March 17, 2005.

About PFB

PFB Corporation is a vertically integrated manufacturer of insulating
building products. Our products are marketed across North America under
three brand names: Plasti-Fab, EPS Product Solutions, ™ are delivered
to customers in five segmented markets as products manufactured using
expanded polystyrene (EPS) as raw materials. Insulspan ™ manufactures
structural insulated panel components for customers who assemble them as
systems on-site to provide a completely insulated building envelope.
Riverbend Timber Framing ™ markets custom timber framed structures
that are delivered to customer's jobsites as ready-to-assemble building
packages.

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

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    PFB Corporation
    Stephen P. Hardy
    Vice President & CFO
    (403) 569-4303
    or
    PFB Corporation
    #270, 3015 - 5th Avenue NE
    Calgary, Alberta T2A 6T8