PFB Corporation Announces Results for the First Quarter Ended March 31, 2011
CALGARY, ALBERTA--(Marketwire - May 26, 2011) - PFB Corporation (TSX:PFB) reports its financial results for the first quarter ended March 31, 2011. 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..
PFB Corporation reports a consolidated loss for the three months ended March 31, 2011, in the amount of $(1,221,000) and a loss of $(0.18) per share, compared to a consolidated loss of $(1,053,000) and a loss of $(0.16) per share reported in the comparative three months of 2010. Funds used by operations for the period were $(470,000), $(0.07) per share, compared with $(247,000), $(0.04) per share, in the first quarter 2010. Sales were $15,573,000 in the first quarter of 2011 as compared to $11,742,000 in the first quarter of 2010, an increase in sales of $3,831,000 or 32.6%.
The consolidated results for the first quarter of 2011 include the Precision Craft companies which were acquired February 1, 2011.
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(R) are products, manufactured using expanded polystyrene (EPS) as base raw materials, that are delivered to customers in five segmented markets. Advantage ICF Systems(R) are insulating concrete forming systems that are employed to build insulated foundations and walls from concrete in both residential and commercial markets. Insulspan(R) 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(R) 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(R) 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 2011 will be posted on SEDAR (www.sedar.com) by June 14, 2011.