BURNABY, BC, Feb. 24, 2023 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") today reported its financial results for the year ended December 31, 2022. Taiga Building Products Ltd. Logo (CNW Group/Taiga Building Products Ltd.)

Fourth Quarter Ended December 31, 2022 Earnings Results

The Company's consolidated net sales for the quarter ended December 31, 2022 were $400.8 million compared to $412.5 million over the same quarter last year. The decrease in sales by $11.6 million was largely due to lower selling prices on commodity products in the quarter ended December 31, 2022.

Gross margin for the quarter ended December 31, 2022 decreased to $49.4 million from $54.3 million over the same quarter last year.

Net earnings for the quarter ended December 31, 2022 were $9.7 million compared to net earnings of $10.3 million over the same quarter last year.

EBITDA for the quarter ended December 31, 2022 was $17.2 million compared to an EBITDA of $17.4 million for the same quarter last year.

Year Ended December 31, 2022Earnings Results

Sales for the year ended December 31, 2022 were $2,192.7 million compared to $2,219.7 million in the prior year. The decrease in sales by $27.0 million or 1% was largely due to lower selling prices for commodity products.

Gross margin dollars for the year ended December 31, 2022 decreased to $291.2 million from $300.2 million over the same period last year.

Net earnings for the year ended December 31, 2022 were $88.6 million compared to $92.7 million in the prior year.

EBITDA for the year ended December 31, 2022 was $139.3 million compared to $145.2 million in the prior year.

Consolidated Statement of Earnings For the Three Months Ended

December 31, (in thousands of Canadian dollars, except for per share amounts) 2022 2021 Sales $400,813 $412,461 Gross margin 49,431 54,285 Distribution expense 7,933 6,861 Selling and administration expense 27,210 32,789 Finance expense 1,055 1,724 Subordinated debt interest expense 113 219 Other expenses (income) 20 (17) Earnings before income taxes 13,100 12,709 Income tax expense  3,387 2,427 Net earnings  $9,713 $10,282 Net earnings per share(1) $0.09 $0.10 EBITDA(2) 17,221 17,425

The following is the reconciliation of net earnings to EBITDA:



December 31, (in thousands of Canadian dollars) 2022 2021 Net earnings  9,713 10,282 Income tax expense  3,387 2,427 Finance and subordinated debt interest expense  1,168 1,943 Amortization 2,953 2,773 EBITDA 17,221 17,425

Consolidated Statement of Earnings For the Year Ended

December 31, (in thousands of Canadian dollars, except for per share amounts) 2022 2021 Sales $2,192,705 $2,219,674 Gross margin 291,153 300,192 Distribution expense 29,941 27,569 Selling and administration expense 133,522 138,282 Finance expense 6,553 7,519 Subordinated debt interest expense 769 875 Other expenses (income) (140) 285 Earnings before income taxes 120,508 125,662 Income tax expense 31,880 32,976 Net earnings  $88,628 $92,686 Net earnings per share(1) $0.82 $0.85 EBITDA(2) 139,299 145,181

The following is the reconciliation of net earnings to EBITDA:

December 31, (in thousands of Canadian dollars) 2022 2021 Net earnings  88,628 92,686 Income tax expense  31,880 32,976 Finance and subordinated debt interest expense  7,322 8,394 Amortization 11,469 11,125 EBITDA 139,299 145,181

Notes: (1)  Earnings per share is calculated using the weighted average number of shares. (2)  Reference is made above to EBITDA, which represents earnings before interest, taxes, and amortization. As there is no generally accepted method of calculating EBITDA, the measure as calculated by Taiga might not be comparable to similarly titled measures reported by other issuers. EBITDA is presented as management believes it is a useful indicator of a company's ability to meet debt service and capital expenditure requirements and because management interprets trends in EBITDA as an indicator of relative operating performance. EBITDA should not be considered by an investor as an alternative to net income or cash flows as determined in accordance with IFRS. For the disclosure of the manner in which EBITDA is calculated and reconciliation to net earnings refer to the "EBITDA" section of the Company's management's discussion and analysis which will be available shortly on SEDAR at www.sedar.com.

The foregoing selected financial information is qualified in its entirety by and should be read in conjunction with, our audited consolidated financial statements for the year ended December 31, 2022 and accompanying notes and management's discussion and analysis which will be available shortly on SEDAR at www.sedar.com.

SOURCE Taiga Building Products Ltd. Cision

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