CALGARY, ALBERTA -- (Marketwire) -- 10/28/11 -- (TSX:PFB) PFB Corporation reports its financial results for the three and nine month periods ended September 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 Nine Month Periods Ended September 30, 2011
Consolidated net income for the three month period ended September 30, 2011, was $2,870,000, basic earnings per share of $0.44, compared to net income of $1,568,000, basic earnings per share of $0.24, reported in the comparative three months of 2010. Sales were $28,920,000 in the third quarter of 2011 as compared to sales of $21,794,000 in the third quarter of 2010, an increase in sales of $7,126,000 or 32.7%.
For the nine month period ended September 30, 2011, PFB Corporation reports net income of $2,230,000, basic earnings per share of $0.34, as compared to net income of $869,000, basic earnings per share of $0.13 in the comparative nine months of 2010. Sales in the nine month period ended September 30, 2011 were $65,791,000 as compared to sales of $52,103,000 in the nine month period ended September 30, 2010, an increase in sales of $13,688,000 or 26.3%.
In the third quarter, a one-time gain from an insurance claim was included in net income that increased income by $726,000, $463,000 after tax. The one-time gain had the effect of increasing earnings per share by $0.07 in each of the three and nine month periods ended September 30, 2011. Foreign exchange fluctuations during the quarter produced an unrealized gain of $426,000 before taxes included in other gains (losses); reversing the trend of unrealized losses reported in prior period results this year. Over the nine-month period, an unrealized gain on foreign exchange of $182,000 before tax is reported. Since the acquisition of Precision Craft earlier this year, restructuring activities directed at integrating the brands that comprise the operating units of PFB America Corporation have resulted in one-time costs of $181,000 year-to-date of which $92,000 are reported in the current quarter.
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 November 30, 2011, to shareholders of record on November 15, 2011.
About PFB Corporation
PFB Corporation controls two operating subsidiaries, Plasti-Fab Ltd. that operates in Canada and PFB America Corporation that operates in the United States. The group is vertically integrated in manufacturing 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 ICF for building 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 nine month periods ended September 30, 2011 and 2010 will be posted on SEDAR (www.sedar.com) by November 14, 2011.