Construction/Building — August 3, 2012PFB Corporation Announces Its Second Quarter Results for 2012, Declares Regular Quarterly Dividend, and Provides Update on NOVA Chemicals Corporation Transaction
CALGARY, ALBERTA--(Marketwire - Aug. 3, 2012) - PFB Corporation (TSX:PFB) reports its financial results for the three and six month periods ended June 30, 2012, and declares regular quarterly dividend.
Results for the Three Month and Six Month Periods Ended June 30, 2012
Consolidated income for the three month period ended June 30, 2012, was $750,000, basic earnings per share of $0.12, compared to income of $581,000, basic earnings per share of $0.09, reported in the comparative three month period of 2011, an improvement in income of 29%. Sales in the three month period ended June 30, 2012, were $24,698,000 as compared to sales of $21,298,000 in the comparative three month period of 2011, an increase of $3,400,000 or 16%.
Consolidated income reported in the current quarter includes the deduction of one-time acquisition costs of $445,000, after income tax effect, which reduced earnings by $0.07 per share.
The consolidated result for the six month period ended June 30, 2012, was a loss of $10,000, basic loss per share of $0.00, compared to a loss of $640,000, basic loss per share of $0.10, reported in the comparative six month period of 2011. Sales in the six month period ended June 30, 2012, were $41,278,000 compared to sales of $36,871,000 in the comparative six month period of 2011, an increase of $4,407,000 or 12%.
Deductions in the six month period of one-time acquisition costs were $565,000, after income tax effect, amounting to $0.09 per share.
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, 2012, to shareholders of record on August 15, 2012.
Update on Nova Chemicals Corporation Transaction
On May 9, 2012, PFB Corporation and NOVA Chemicals Corporation ("NOVA Chemicals") announced that they had signed a letter of intent for PFB Corporation to acquire NOVA Chemicals' Performance Styrenics business. NOVA Chemicals will acquire an equity stake in the Corporation and hold two seats on the Corporation's Board of Directors following closing. Both parties continue to work diligently on finalizing the definitive agreement, with execution expected before the end of the third quarter. The acquisition is subject to a definitive agreement being entered into, regulatory approval, and other customary conditions, including approval of the Boards of Directors of both companies, and PFB Corporation's shareholder approval.
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, 2012 and 2011 will be posted on SEDAR (www.sedar.com) on August 3, 2012.
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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