Second Quarter Ended
The Company's consolidated net sales for the quarter ended
Gross margin for the quarter ended
Net earnings for the quarter ended
EBITDA for the quarter ended
Six Months Ended
Sales for the six months ended
Gross margin dollars for the six months ended
Net earnings for the six-month period ended
EBITDA for the six months ended
Management Update on the COVID-19 Pandemic
The outbreak of the coronavirus, also known as "COVID-19", has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the coronavirus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. As at the financial statement approval date, the outbreak and the related mitigation measures have had the following impacts on the Company's operations, among others: sales decline of over 30% for the month of April. The Company's revenues recovered subsequent to this. However, the extent to which these events may impact the Company's business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, subsequent outbreaks, business disruptions, and the effectiveness of actions taken in
Condensed Consolidated Statement of Earnings | ||
For the Three Months Ended | ||
(in thousands of Canadian dollars, except for per share amounts) | 2020 | 2019 |
Sales | 356,894 | 354,723 |
Gross margin | 42,741 | 34,910 |
Distribution expense | 6,238 | 6,775 |
Selling and administration expense | 18,384 | 14,583 |
Finance expense | 2,206 | 2,840 |
Subordinated debt interest expense | 219 | 219 |
(2,902) | - | |
Other income | (52) | (55) |
Earnings before income taxes | 18,648 | 10,547 |
Income tax expense | 5,500 | 3,512 |
Net earnings | 13,148 | 7,035 |
Net earnings per share(1) | 0.12 | 0.06 |
EBITDA(2) | 23,862 | 16,414 |
The following is the reconciliation of net earnings to EBITDA: | |||
(in thousands of Canadian dollars) | 2020 | 2019 | |
Net earnings | 13,148 | 7,073 | |
Income tax expense | 5,500 | 3,512 | |
Finance and subordinated debt interest expense | 2,425 | 3,059 | |
Amortization | 2,789 | 2,770 | |
EBITDA | 23,862 | 16,414 |
For the Six Months Ended | ||
(in thousands of Canadian dollars, except for per share amounts) | 2020 | 2019 |
Sales | 677,173 | 642,122 |
Gross margin | 73,294 | 62,367 |
Distribution expense | 12,638 | 12,812 |
Selling and administration expense | 32,148 | 27,610 |
Finance expense | 4,483 | 5,070 |
Subordinated debt interest expense | 438 | 438 |
(2,902) | - | |
Other income | (83) | (92) |
Earnings before income taxes | 26,572 | 16,529 |
Income tax expense | 6,811 | 4,761 |
Net earnings | 19,761 | 11,768 |
Net earnings per share(1) | 0.18 | 0.10 |
EBITDA(2) | 37,005 | 27,528 |
The following is the reconciliation of net earnings to EBITDA: | |||
(in thousands of Canadian dollars) | 2020 | 2019 | |
Net earnings | 19,761 | 11,768 | |
Income tax expense | 6,811 | 4,761 | |
Finance and subordinated debt interest expense | 4,921 | 5,508 | |
Amortization | 5,512 | 5,491 | |
EBITDA | 37,005 | 27,528 |
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 unaudited condensed interim consolidated financial statements for the three months ended
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