CALGARY, ALBERTA -- (Marketwire) -- 03/18/13 -- PFB Corporation (TSX: PFB) reports its financial results for the year ended December 31, 2012.
Results for Year Ended December 31, 2012
Consolidated income of $126,000, basic earnings per share of $0.02, was reported for the year ended December 31, 2012, as compared to consolidated income of $3,202,000, basic earnings per share of $0.48, in the year ended December 31, 2011.
The slowing of our order book that appeared in the third quarter of 2012 continued through the fourth quarter, particularly regarding PFB America operations. This resulted in consolidated sales for the year ended December 31, 2012 of $82,078,000 reduced from $89,165,000 in the prior year, a decrease of $7,087,000 or 7.9%. Coincidentally, continued increases in raw material costs squeezed gross margins to lower levels. A one-time, after tax due diligence charge of $975,000 attributed to costs associated with a terminated acquisition further strained earnings.
In late 2012, PFB announced it had signed a purchase and sale agreement with a Canadian real estate investment trust whereby it agreed to sell four Canadian real estate properties. This transaction closed today with gross proceeds of $25,326,000 received by PFB from the sale. The Canadian properties owned by PFB that were sold were leased back from the purchaser for a term of 20 years. The proceeds of sale will be used to repay bank debt and for working capital purposes. The transaction will be recorded in the 2013 first quarter results.
A consolidated loss was reported for the three month period ended December 31, 2012, of $180,000, basic loss per share of $0.03, as compared to consolidated income of $972,000, basic earnings per share of $0.14 per share, reported in the comparative three months of 2011. Consolidated sales for the fourth quarter of 2012 were $17,502,000, a decrease of $5,872,000 or 25.1% compared to sales of $23,374,000 reported in the comparative quarter of 2011.
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. 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, 2012 and 2011 will be posted on SEDAR (www.sedar.com) on or before April 1, 2013.
Stephen P. Hardy
Vice President & CFO
(403) 569 4303
(403) 569 4075 (FAX)
100, 2886 Sunridge Way NE
Calgary, Alberta T1Y 7H9
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