PFB Corporation
TSX : PFB

PFB Corporation

July 28, 2011 17:11 ET

PFB Corporation Announces its Second Quarter Results for 2011 and Declares Regular Quarterly Dividend

CALGARY, ALBERTA--(Marketwire - July 28, 2011) - PFB Corporation (TSX:PFB) reports its financial results for the three and six month periods ended June 30, 2011, and declares regular quarterly dividend. PFB Corporation adopted International Financial Reporting Standards (IFRS) on January 1, 2011, and the 2010 comparative numbers have been re-stated to comply with IFRS.

Results for the Three Month and Six Month Periods Ended June 30, 2011

Consolidated net income for the three months ended June 30, 2010, was $580,000, basic earnings per share of $0.09, compared to net income of $355,000, basic earnings per share of $0.05, reported in the comparative three months of 2010. Funds provided by operations during the period were $1,465,000, $0.22 per share, compared with $819,000, $0.12 per share, in the second quarter of 2010. Sales were $21,298,000 in the second quarter of 2011 as compared to sales of $18,567,000 in the second quarter of 2010, an increase in sales of $2,731,000 or 14.7%.

For the six month period ended June 30, 2011, PFB Corporation reports a loss of $(640,000), basic loss per share of $(0.10), as compared to a loss of $699,000, basic loss per share of $(0.11) in the comparative six months of 2010. Funds provided by operations during the six month period of 2011 were $994,000, $0.15 per share and $572,000, $0.09 per share, for the comparative period of 2010. Sales in the six month period ended June 30, 2011 were $36,871,000 as compared to sales of $30,309,000 in the six month period ended June 30, 2010, an increase in sales of $6,562,000 or 21.7%.

Quarterly Dividend Payment

The Board of Directors has approved the payment of a regular quarterly dividend of $0.06 per common share. The dividend will be paid on August 31, 2011, to shareholders of record on August 17, 2011.

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 a building's structural wall frame and to replaces 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 customer's 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. Precision Craft® manufactures timber frame and log structures that are designed by Mountain Architects LLC, and installed by PC Design Build LLC.

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

PFB Corporation's unaudited condensed consolidated financial statements and interim MD&A for the three and six month periods ended June 30, 2011 and 2010 will be posted on SEDAR (www.sedar.com) by August 12, 2011.

Contact Information

  • PFB Corporation
    Stephen P. Hardy
    Vice President & CFO
    (403) 569 4303
    (403) 569 4075 (FAX)

    PFB Corporation
    100, 2886 Sunridge Way NE
    Calgary, Alberta T1Y 7H9