CALGARY, ALBERTA -- (Marketwire) -- 05/09/12 -- (TSX:PFB) PFB Corporation reports its financial results for the first quarter ended March 31, 2012.
PFB Corporation reports improved results for the first quarter of 2012 as compared to the results of the comparative quarter in the prior year. The first quarter of the Corporation's annual business cycle is typically the weakest for reported results.
The Corporation reports a consolidated loss for the three month period ended March 31, 2012, in the amount of $(760,000) representing a loss of $(0.12) per share, compared to a consolidated loss of $(1,221,000) and a loss of $(0.18) per share reported in the comparative three month period of 2011. Sales were $16,580,000 in the first quarter of 2012 as compared to $15,573,000 in the first quarter of 2011, an increase in sales of $1,007,000 or 6.5%.
Cash used in operating activities for the current quarter was $(65,000), $(0.01) per share, compared with $(470,000), $(0.07) per share, in the first quarter 2011. Cash used in operating activities is defined as cash flows used in operating activities before changes in non-cash working capital, changes in long-term receivables, and unrealized foreign exchange gains/losses relating to non-cash working capital. The per share equivalent is calculated as cash used in operating activities divided by the weighted average number of common shares issued and outstanding for the period.
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 first quarter of fiscal 2012 will be posted on SEDAR (www.sedar.com) by May 15, 2012.