CALGARY, ALBERTA--(Marketwired - May 9, 2013) - PFB Corporation ("PFB" or the "Corporation") (PFB.TO) reports its financial results for the first quarter ended March 31, 2013.
PFB Corporation reports consolidated net income of $5,128,000, $0.77 per share, for the three month period ended March 31, 2013, compared to a consolidated loss of $(760,000), $(0.12) per share, in the comparative 2012 period.
Consolidated sales were $15,207,000 in the first quarter of 2013 compared to sales of $16,580,000 in the first quarter of 2012. An operating loss in the current period of $1,506,000 compared to an operating loss of $913,000 in the first quarter of 2012. Included in the period operating losses were one-time administrative expenses of $391,000 in 2013 and $165,000 in 2012.
On March 18, 2013, the Corporation completed a sale and leaseback transaction, with a Canadian real estate income trust, involving four of its Canadian properties providing gross proceeds of $25,326,000. As a result, net income in the current quarter included a one-time, before tax gain on this transaction of $7,297,000 (after tax gain of $6,198,000). Excluding the effects of the real estate transaction, the loss experienced in the first quarter was $(1,070,000), $(0.17) per share which, except for the one-time administrative expenses in 2013 and $ 2012, is comparable to the consolidated loss of $(760,000), $(0.12) per share, reported in the 2012 period. Proceeds from the real estate transaction were used to repay all outstanding bank debt.
The Board of Directors has approved the payment of a regular quarterly dividend of $0.06 per common share plus a one-time special dividend of $1.00 per common share, for a total combined dividend of $1.06 per common share. The combined dividend will be paid on May 31, 2013 to shareholders of record on May 15, 2013.
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 condensed consolidated financial statements and interim MD&A for the three month periods ended March 31, 2013 and 2012 will be posted on SEDAR (www.sedar.com) on or before May 15, 2013.