PFB Corporation

PFB Corporation

October 26, 2005 18:31 ET

PFB Corporation Announces its Results for the Third Quarter 2005 and Declaration of Quarterly Dividend

CALGARY, ALBERTA--(CCNMatthews - Oct. 26, 2005) -

PFB reports record sales revenues in the nine months ended September 30, 2005

PFB Corporation (TSX:PFB) reports its financial results for the three and nine months ended September 30, 2005, and declaration of quarterly dividend.

Results for Third Quarter and Nine Months Ended September 30, 2005
Net income for the three months ended September 30, 2005, was $2,527,000, $0.40 per share, compared to net income of $706,000, $0.12 per share, in the comparative three months of 2004. Sales were $24,025,000 in the third quarter of 2005 as compared to $15,390,000 in the third quarter of 2004, an increase in sales of $8,635,000 or 56.1%.

Net income for the nine months ended September 30, 2005 was $4,111,000, $0.65 per share, as compared to net income of $1,164,000, $0.20 per share in the comparative nine months of 2004. Sales in the nine months ended September 30, 2005 were $58,204,000 as compared to $34,330,000 in the nine months ended September 30, 2004, an increase in sales of $23,874,000 or 69.5%.

Consolidated results in 2005 and comparative figures for the 2004 periods include results of EnerGreen Structural Insulated Panel Company Inc. acquired effective April 30, 2004, and the Insulspan Group acquired effective October 1, 2004 from the effective dates of acquisition, respectively.

"The robust construction materials market continues to create strong demand from building owners for our energy-efficient insulating building products as a result of high energy costs. Additionally, a shortage of skilled labor on jobsites has provided motivation for builders to use our ready-to-assemble building systems. Accordingly, this market has been positive for our financial results combined with a variety of operational factors including higher sales volumes across our entire product lines, higher selling prices, and the inclusion of operating results from corporate acquisitions made last year. Raw material prices remain volatile. The combined effects of Hurricane Katrina and Hurricane Rita have created uncertainty in the pricing of our raw material supply chain; nevertheless, volumes continue to be in ample supply at this time." stated C. Alan Smith, President and CEO.

Declaration of Dividend

The Board of Directors has approved the payment of a quarterly dividend of 6 cents per common share. The dividend will be paid on November 30, 2005, to shareholders of record on November 16, 2005.

Forward Looking Statements

Certain statements in this Press Release contain forward-looking statements about the objectives of PFB Corporation ("PFB" or the "Corporation") and management's expectations, beliefs, intentions or strategies for the future. Future events are subject to certain risks, uncertainties and assumptions that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such risks, uncertainties and assumptions include, but are not limited to: general economic conditions; actions by government authorities; actions by regulatory authorities; availability of raw materials; changes in raw materials prices; foreign exchange rates; interest rates; competitor activity; industry pricing pressures; seasonality of the construction industry; and weather.

About PFB

PFB Corporation is a vertically integrated manufacturer of insulating building products that are marketed across North America under three brand names. 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. Insulspan SIPS™ are structural insulating panel systems that customers assemble on-site to provide a strong completely insulated building envelope. Riverbend Timber Framing™ products are custom, enclosed timber framed structures delivered to customer's jobsites as ready-to-assemble building packages.

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

Contact Information

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