BRAMPTON, ONTARIO--(Marketwire - Aug. 7, 2008) -
(All amounts are stated in thousands of Canadian dollars, except per share amounts, unless otherwise indicated.)
Brampton Brick Limited (TSX:BBL.A) today reported net income of $3,248, or $0.30 per Class A Subordinate Voting share ("Class A share") and Class B Multiple Voting share ("Class B share"), for the second quarter ended June 30, 2008, on a weighted average 10,940,000 Class A shares and Class B shares outstanding. For the second quarter of 2007, net income was $6,512, or $0.60 per share, on a weighted average 10,834,000 Class A shares and Class B shares outstanding.
For the six month period ended June 30, 2008, the Company reported a loss of $829, or $0.08 per share, on a weighted average 10,911,000 Class A shares and Class B shares outstanding compared to net income of $3,970, or $0.37 per share, on a weighted average 10,834,000 Class A shares and Class B shares outstanding, for the corresponding period in 2007.
Effective October 2, 2007, the Company's 65% owned subsidiary, 1312082 Ontario Limited (formerly Medical Waste Management Inc.), completed the sale of substantially all of its business operations and assets, excluding its 50% joint venture interest in Sharpsmart Canada Limited ("Sharpsmart") which was sold on April 21, 2008. Accordingly, operating results and cash flows of these components of the business have been classified as discontinued operations, as applicable, and comparative amounts have been reclassified to conform with the current period financial statement presentation.
RESULTS OF OPERATIONS
Three months ended June 30
Net income of $3,248 for the quarter is comprised of net income from continuing operations of $3,607, or $0.33 per share, and a loss from discontinued operations of $359, or $0.03 per share. For the comparable period in 2007, net income was comprised of net income from continuing operations of $6,269, or $0.58 per share, and net income from discontinued operations of $243, or $0.02 per share.
Net sales from continuing operations for the quarter were $29,795 compared to $29,250 in 2007. Net sales in the Masonry Products business segment increased by $936 on the strength of higher shipments, which in 2008 included shipments of new concrete masonry products. Net sales in the Landscape Products business segment declined by $391.
Lower production volumes, primarily in the Landscape Products business segment, in the second quarter of 2008 compared to the second quarter of 2007 resulted in an increase in unabsorbed manufacturing expenses charged against operations. This variance accounted for most of the increase in cost of goods sold. Higher distribution costs, due to an increase in delivery expenses and higher personnel costs, also contributed to the increase in cost of goods sold.
Production volumes have been lowered in 2008 to reduce inventories to more closely match anticipated sales volumes.
Selling expenses increased marginally over last year primarily due to higher advertising and other marketing expenditures related to the introduction of new products.
As a result of the increases in cost of goods sold and selling expenses, operating income from continuing operations, before interest and other items, declined by $1,808 to $6,541 for the quarter ended June 30, 2008 from $8,349 for the same period in 2007.
Interest on long-term debt increased by $81 to $273 primarily due to the increase in term bank loans.
Net interest income decreased as a result of lower surplus cash balances available for investment.
The Company incurred a foreign currency exchange loss of $135 in the second quarter of 2008. The loss was primarily due to the impact of fluctuations in the rate of exchange between the Canadian and U.S. dollar during the quarter on foreign currency transactions and balances.
In the second quarter of 2007 the Company reported a foreign currency exchange loss of $963. The exchange loss was substantially related to U.S. cash balances held by the Company during the period.
Other income in 2007 included a gain of $533 on the disposal of certain equipment in connection with the outsourcing of the clay brick quarry operations in Brampton.
In the second quarter of 2007, the Company disposed of its investment in common shares of Futureway Communications Inc. ("FCI") for cash proceeds of $688 which resulted in a gain for accounting purposes in the same amount.
The provision for income taxes for the second quarter of 2008 reflected an effective rate of 41.0% compared to an expected rate of approximately 33.5%. In the second quarter of 2008 the Company recorded a valuation allowance of $372 against the recovery of income taxes that would have otherwise been reported with respect to losses incurred in 2008 in its U.S. operations. Excluding this adjustment, the effective rate of income taxes would have been 35.0%.
Discontinued operations for the 2008 reporting periods reflected operating results to April 21, 2008 from the 50% joint venture interest in Sharpsmart, which was held by a 65% owned subsidiary, and the pre-tax gain of $255 from the sale of the investment on that date. This investment was previously accounted for using the proportionate consolidation method.
Discontinued operations for the second quarter and year-to-date periods also included a reduction of $375 in the principal amount of the promissory note taken back on the sale of the Company's medical waste assets and business operations in October 2007 to settle a dispute with the purchaser and a provision of $625 with respect to certain other expenditures which are expected to be incurred. The net effect of these adjustments, after deducting income taxes and the non-controlling interest therein, resulted in a reduction in net income for the second quarter and an increase in the loss for the six month period of approximately $473, or $0.04 per share. In addition, the Company has agreed to transfer to the purchaser the Company's interest in certain small quantity generator accounts which it had retained as part of the sale of its interest in Sharpsmart. The Company expects all documentation necessary to effect the settlement to be executed shortly.
In aggregate, the loss from discontinued operations amounted to $359, or $0.03 per share, for the quarter compared to net income of $243, or $0.02 per share, in 2007.
Six months ended June 30
The loss of $829 for the six month period is comprised of a loss from continuing operations of $433, or $0.04 per share, and a loss from discontinued operations of $396, or $0.04 per share. For the comparable period in 2007, net income from continuing operations was $3,645, or $0.34 per share, and net income from discontinued operations was $325, or $0.03 per share.
Net sales from continuing operations for the six month period were $39,781, a decrease of $286 from the same period in 2007. Lower first quarter sales in the Masonry Products business segment and lower second quarter sales in the Landscape Products business segment accounted for the decrease.
Year-to-date operating results were also impacted by substantially lower production volumes, primarily in the Landscape Products business segment, which resulted in a significant increase in unabsorbed manufacturing costs charged against operations. Higher distribution costs also contributed to the increase in cost of goods sold for the same reasons as outlined above for the second quarter results.
Selling expenses incurred to June 30, 2008 were higher than the corresponding period in 2007 for the same reasons as outlined above for the second quarter results.
Increases in the cost of goods sold and selling expenses resulted in a decrease in operating income, before interest and other items, of $3,965 to $887 for the six months ended June 30, 2008 from $4,852 for the six months ended June 30, 2007.
Net interest income decreased as a result of higher operating borrowings and reduced cash balances available for investment.
The foreign currency exchange loss for the six months to June 30, 2008 amounted to $317 compared to $1,317 for the same period in 2007. The exchange loss in 2007 was primarily due to U.S. cash balances held during the period.
A gain on the sale of equipment of $533 and a gain on the disposal of the investment in FCI of $688 in the second quarter of 2007, both as described above, also impacted year-to-date operating results accordingly.
During the first quarter of 2008, certain properties located in the province of Quebec, which are surplus to the Company's requirements, were sold resulting in a gain of $136. There were no such sales for the corresponding periods in 2007.
The provision for income taxes of $894 for the six months ended June 30, 2008 exceeded income before income taxes of $524 due, in part, to the valuation allowance of $372 recorded against the recovery of income taxes that would have otherwise been reported with respect to losses incurred in 2008 in the Company's U.S. operations and the impact of permanent differences in the computation of taxable income versus accounting income.
Discontinued operations incurred a loss of $396, or $0.04 per share, for the six month period compared to net income of $325, or $0.03 per share, in 2007.
More detailed discussion with respect to each operating business segment follows:
MASONRY PRODUCTS
Operating income increased by $126 to $7,481 for the second quarter ended June 30, 2008 on net sales of $21,641 compared to operating income of $7,355 on net sales of $20,705 for the corresponding period in 2007.
Higher sales volumes, including sales volumes generated by the new concrete masonry products, such as stone veneer, window sills and concrete brick, resulted in a $936 increase in net sales for the quarter. In aggregate, sales volumes were marginally higher in the Company's Canadian markets. Sales volumes in the U.S. markets continue to be impacted by the downturn in the U.S. housing industry.
Higher distribution costs, primarily due to higher trucking expenses, and an increase in selling expenses, primarily related to the introduction of new products, offset much of the increase in net sales.
For the six month period, operating income declined by $1,554 to $5,576 on net sales of $30,947 from $7,130 on net sales of $30,841 in 2007.
The decline of $286 in net sales was due to lower first quarter shipments compared to last year.
Increases in distribution costs and selling expenses, for the same reasons as outlined above, resulted in a decline in operating income.
LANDSCAPE PRODUCTS
The Landscape Products business segment incurred an operating loss of $814 on net sales of $8,154 for the second quarter of 2008 compared to operating income of $1,102 on net sales of $8,545 for the second quarter of 2007.
Sales volumes in the Canadian operations increased by approximately 6.2%. In the U.S. operations, sales volumes declined approximately 8.4% due to the negative impact of economic factors affecting the Company's markets, primarily Michigan. Net sales for 2008 have been negatively impacted by the effect of the difference in foreign currency exchange rates between 2008 and 2007 on the translation of net sales of the U.S. operations into Canadian dollars.
The increase in the operating loss was primarily due to much lower production volumes, which, in turn, resulted in an increase in unabsorbed manufacturing expenses charged against operations. Higher distribution costs, due to higher trucking expenses, as well as the decrease in net sales as noted above, also contributed to the higher operating loss.
For the year-to-date, net sales decreased marginally from $9,226 in 2007 to $8,834 in 2008. Sales volumes were approximately 7.2% higher in the Canadian operations and were virtually flat in the U.S. operations. The decrease in net sales was primarily due to the effect of the difference in foreign currency exchange rates between 2008 and 2007 on the translation of net sales of the U.S. operations into Canadian dollars.
For the six months ended June 30, 2008 this business segment incurred an operating loss of $4,424 compared to $2,100 in 2007. Similar to the second quarter results, much lower production volumes and higher distribution costs resulted in a substantial increase in cost of goods sold which, in turn, resulted in a higher operating loss in the current period. Production volumes have been lowered in both the first and second quarters to reduce inventories.
The Da Vinci Stone Craft operations, which are reported under this business segment, incurred a small loss for the quarter and for the year-to-date in both 2008 and 2007.
OTHER OPERATIONS
Other operations include, among other things, the Company's 50% joint venture interest in Universal Resource Recovery Inc. ("Universal"). This investment is accounted for using the proportionate consolidation method.
The Company's proportionate share of start-up costs related to Universal totaled $157 for the second quarter ended June 30, 2008 and $291 for the six month period compared to $108 and $178, respectively, in 2007. There have been no commercial operations to date. Commercial operations are expected to commence by the end of the third quarter of this year.
DISCONTINUED OPERATIONS
Discontinued operations represent the Company's medical waste business operations previously operated by a 65% owned subsidiary, substantially all of which was sold in October 2007 and the 50% joint venture interest in Sharpsmart, held by the subsidiary, which was sold in April 2008.
The loss from discontinued operations for the second quarter ended June 30, 2008 amounted to $359, or $0.03 per share, compared to net income of $243, or $0.02 per share, for the comparative period in 2007. For the six month period the loss was $396, or $0.04 per share, compared to net income of $325, or $0.03 per share, in 2007.
Operating results for 2008 included an aggregate charge of $473, net of income taxes and the non-controlling interests therein, to settle a dispute with the purchaser of the medical waste operations sold in 2007 and to provide for certain other expenditures which are expected to be incurred.
CASH FLOWS
Cash flow provided by operating activities of continuing operations for the quarter ended June 30, 2008 totaled $4,909 compared to cash used for operations of $674 for the same period last year.
The improvement of $5,583 resulted from a lower investment in inventories due to lower production volumes, an increase in accounts payable and a decrease in net income taxes recoverable. These increases were partially offset by the decrease in net income from continuing operations.
Cash utilized for purchases of property, plant and equipment totaled $13,748 for the quarter compared to $4,187 for the same period in 2007. Capital expenditures incurred in connection with the construction of the Indiana clay brick plant were $10,262 in the second quarter of 2008 compared to $2,890 for the same period in 2007.
Purchases of property, plant and equipment in the second quarter of 2008 also included an amount of $2,114, compared to $11 for the same period in 2007, related to the Company's 50% share of capital expenditures incurred by Universal for building modifications and to acquire processing equipment.
During the quarter operating bank advances and term bank loans increased by $400 and $10,250, respectively. The increase in term bank loans was to finance capital expenditures.
Other cash inflows included $145 for the quarter and $634 for the period to date from the issuance of Class A shares upon the exercise of stock options under the Company's Stock Option Incentive Plan and the $715 repayment of an inter-company advance by Sharpsmart upon the sale of the Company's interest in this business.
Other cash outflows in the second quarter of 2008 included cash dividends to shareholders of $0.10 per Class A share and $0.10 per Class B share paid on June 30, 2008 to shareholders of record on June 15, 2008 and $106 for the repurchase of 10,300 Class A shares under the Company's Normal Course Issuer Bid.
In 2007, repayments of inter-company advances in the amount of $550 for the second quarter and $830 for the year-to-date represented payments received from the medical waste business that was sold in October 2007.
For the six month period ended June 30, 2008, cash utilized in operating activities of continuing operations amounted to $1,227 compared to $4,668 for the same period in 2007. The factors contributing to this $3,441 improvement were substantially the same as those outlined above for the second quarter results.
Cash utilized for purchases of property, plant and equipment totaled $24,504 for the six month period compared to $8,028 in 2007. Capital expenditures relating to the Indiana clay brick plant were $18,300 compared to $5,530 in 2007. Capital expenditures relating to Universal were $3,211 compared to $176 in 2007.
OTHER
Construction of the Company's new clay brick manufacturing plant in Indiana, which commenced in 2007, is substantially on schedule and is expected to be completed in the fourth quarter of 2008.
In 2007 Universal received the required Certificates of Approval from the Ministry of Environment (Ontario) to construct and operate a waste composting facility at its site in Welland, Ontario. Construction is expected to be completed by the end of the third quarter of 2008.
During the second quarter Universal finalized credit arrangements in an aggregate amount of $20,000, including both term loan and operating loan facilities, to fund its capital expenditure and operating requirements. The Company and the joint venture partner have each provided a guarantee of $6,500 as security for Universal's borrowings under this credit agreement.
Dividends paid by the Company on June 30, 2008 are designated as eligible dividends pursuant to Subsection 89(14) of the Income Tax Act (Canada). An eligible dividend received by a Canadian individual shareholder is entitled to the enhanced dividend tax credit.
On January 1, 2008, the Company adopted the new accounting standard of the Canadian Institute of Chartered Accountants (CICA) Handbook Section 3031, Inventories. The adoption of this standard had no impact on the Company's method of accounting for inventory cost but has resulted in changes in certain disclosures in the consolidated financial statements.
On January 1, 2008, the Company also adopted the new accounting standards of the CICA Handbook Section 3862, Financial Instruments - Disclosures and Section 3863, Financial Instruments - Presentation (which replaces Section 3861, Financial Instruments - Disclosures and Presentation). These sections apply to fiscal years beginning on or after October 1, 2007 and provide standards concerning the disclosure of the significance of financial instruments for an entity's financial position and performance and the nature and extent of risk exposures arising from financial instruments and the approach used by the entity in managing those risks. These standards also provide guidance for the presentation of recognized financial instruments and identify the information to be disclosed.
Certain statements contained herein constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including, but not limited to, those identified under "Risks and Uncertainties" in the Company's 2007 Annual Report, which may cause actual results, performance or achievements of the Company to be materially different from any future result, performance or achievements expressed or implied by such forward-looking statements.
Brampton Brick is Canada's second largest manufacturer of clay brick and manufactures concrete paving stones, retaining walls, garden walls and enviro products in Canada and the U.S. under the Oaks Concrete Products trade name. The Company also manufactures a range of concrete masonry products including stone veneer, window sills and concrete brick. Products are used for residential construction and for industrial, commercial, and institutional building projects. Da Vinci Stone Craft Ltd., a 75% owned subsidiary, manufactures fireplace surrounds and accessory products. The Company also holds a 50% joint-venture interest in Universal Resource Recovery Inc., which is constructing a waste composting facility in Welland, Ontario.
Selected Financial Information
(thousands of dollars, except per share amounts) (unaudited)
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Three months ended Six months ended
June 30 June 30
CONSOLIDATED STATEMENTS OF INCOME 2008 2007 2008 2007
(LOSS)
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Net sales from continuing
operations $ 29,795 $ 29,250 $ 39,781 $ 40,067
Cost of goods sold 17,589 15,448 27,562 24,208
Selling, general and administrative
expenses 3,397 3,253 7,007 6,548
Amortization 2,268 2,200 4,325 4,459
--------- --------- --------- ---------
23,254 20,901 38,894 35,215
Operating income from continuing
operations before the undernoted
items 6,541 8,349 887 4,852
Interest on long-term debt (273) (192) (393) (402)
Interest income (net) 48 79 172 250
Foreign currency exchange loss (135) (963) (317) (1,317)
Foreign currency exchange gain
(loss) on cash flow hedges (21) 70 11 70
Other income 9 571 28 607
--------- --------- --------- ---------
(372) (435) (499) (792)
--------- --------- --------- ---------
Income from continuing operations
before the following items 6,169 7,914 388 4,060
--------- --------- --------- ---------
Gain on sale of property held for
sale - - 136 -
--------- --------- --------- ---------
Gain on sale of investment
in Futureway Communications Inc. - 688 - 688
--------- --------- --------- ---------
Income from continuing operations
before income taxes and
non-controlling interests 6,169 8,602 524 4,748
(Provision for) recovery of income
taxes
Current (1,985) (58) (896) (62)
Future (547) (2,275) 2 (1,041)
--------- --------- --------- ---------
(2,532) (2,333) (894) (1,103)
--------- --------- --------- ---------
Income (loss) from continuing
operations before
non-controlling interests 3,637 6,269 (370) 3,645
--------- --------- --------- ---------
Non-controlling interests (30) - (63) -
--------- --------- --------- ---------
Net income (loss) from continuing
operations 3,607 6,269 (433) 3,645
Net income (loss) from discontinued
operations (359) 243 (396) 325
--------- --------- --------- ---------
Net income (loss) for the period $ 3,248 $ 6,512 $ (829) $ 3,970
--------- --------- --------- ---------
--------- --------- --------- ---------
Net income (loss) per Class A and
Class B share
From continuing operations $ 0.33 $ 0.58 $ (0.04) $ 0.34
--------- --------- --------- ---------
--------- --------- --------- ---------
For the period $ 0.30 $ 0.60 $ (0.08) $ 0.37
--------- --------- --------- ---------
--------- --------- --------- ---------
Weighted average Class A and Class
B shares outstanding (000's) 10,940 10,834 10,911 10,834
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(thousands of dollars) (unaudited)
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Three months ended Six months ended
CONSOLIDATED STATEMENTS OF CASH June 30 June 30
FLOWS 2008 2007 2008 2007
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Cash provided by (used for)
activities of continuing
operations
Operating activities
Net income (loss) from
continuing operations
for the period $ 3,607 $ 6,269 $ (433) $ 3,645
Items not affecting cash
Amortization and accretion 2,280 2,213 4,349 4,483
Future income taxes 547 2,275 (2) 1,041
Non-controlling interests 30 - 63 -
Unrealized foreign currency
exchange (gain) loss (31) (393) 60 (266)
Gain on sale of property held
for sale - - (136) -
Gain on disposal of property,
plant and equipment (4) (535) (4) (539)
Other 54 79 157 202
Gain on sale of investment in
Futureway Communications Inc. - (688) - (688)
--------- --------- --------- ---------
6,483 9,908 4,054 8,566
Changes in non-cash operating
items
Accounts receivable (10,432) (10,183) (10,735) (7,417)
Inventories 1,848 (579) 2,511 (2,727)
Accounts payable and accrued
liabilities 3,799 2,411 3,027 1,144
Income taxes payable (net) 3,340 (1,013) 79 (3,026)
Other (129) (530) (163) (520)
--------- --------- --------- ---------
(1,574) (9,894) (5,281) (12,546)
Cash provided by (used for)
operating activities
of continuing operations 4,909 14 (1,227) (3,980)
Investing activities
Purchase of property, plant
and equipment (13,748) (4,187) (24,504) (8,028)
Proceeds from disposal of
property, plant and equipment 12 570 12 577
Proceeds from sale of
investment in Futureway
Communications Inc. - 688 - 688
Net proceeds from sale of
property held for sale - - 216 -
Inter-company advances repaid by
discontinued operations 715 550 715 830
--------- --------- --------- ---------
Cash used for investment
activities of continuing
operations (13,021) (3,067) (23,561) (6,621)
Financing activities
Increase (decrease) in bank
operating advances 400 (5) 1,880 (2,465)
Increase in term bank loans 10,250 - 13,250 -
Repayment of term loans (258) (227) (272) (238)
Payments on obligations under
capital leases (66) (72) (110) (198)
Payment of dividends by
subsidiary to non-controlling
interests - - (700) -
Payment of dividends to
shareholders (1,096) (1,084) (1,096) (1,084)
Proceeds from exercise of
stock options 145 12 634 12
Class A shares repurchased (106) - (205) -
--------- --------- --------- ---------
Cash provided by (used for)
financing activities
of continuing operations 9,269 (1,376) 13,381 (3,973)
Net cash provided by (used
for) discontinued operations 119 163 (196) 90
--------- --------- --------- ---------
Increase (decrease) in cash
and cash equivalents 1,276 (4,266) (11,603) (14,484)
Cash and cash equivalents at
the beginning of the period 1,177 14,228 14,056 24,446
--------- --------- --------- ---------
Cash and cash equivalents at
the end of the period $ 2,453 $ 9,962 $ 2,453 $ 9,962
--------- --------- --------- ---------
--------- --------- --------- ---------
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(thousands of dollars) (unaudited)
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June 30 December 31
CONSOLIDATED BALANCE SHEETS 2008 2007
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ASSETS
Current assets
Cash and cash equivalents $ 2,453 $ 13,860
Accounts receivable 18,130 7,433
Inventories 20,098 22,609
Income taxes recoverable 1,118 2,919
Future income taxes 641 294
Other current assets 1,083 988
Promissory note receivable, current 3,198 3,382
Assets of discontinued operations held for sale - 538
----------- ---------
46,721 52,023
Property, plant and equipment (net) 97,960 97,756
Construction in progress 34,698 14,851
----------- ---------
132,658 112,607
Other assets
Goodwill 6,711 6,71
Future income taxes 1,375 1,270
Promissory note receivable, long-term 6,496 6,449
Other 1,370 1,472
Assets of discontinued operations held for sale - 917
----------- ---------
15,952 16,819
----------- ---------
$ 195,331 $ 181,449
----------- ---------
----------- ---------
LIABILITIES
Current liabilities
Bank operating advances $ 2,530 $ 650
Accounts payable and accrued liabilities 15,304 14,000
Income taxes payable 2,531 4,253
Long-term debt, current portion 4,841 4,684
Derivative financial instruments, current 690 1,606
Asset retirement obligation 410 375
Liabilities of discontinued operations held for sale 879 822
----------- ---------
27,185 26,390
Long-term debt, less current portion 17,022 3,744
Derivative financial instruments, non-current 969 809
Future income taxes 7,673 7,722
Asset retirement obligation 573 673
Liabilities of discontinued operations held for sale - 14
----------- ---------
53,422 39,352
Non-controlling interests 3,516 4,366
SHAREHOLDERS' EQUITY 138,393 137,731
----------- ---------
$ 195,331 $ 181,449
----------- ---------
----------- ---------
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(thousands of dollars) (unaudited)
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Six months ended Year ended
June 30 December 31
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS 2008 2007
---------------------------------------------------------------------------
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Balance at the beginning of the period $ 111,587 $ 110,246
Net income (loss) (829) 3,519
Premiums paid on repurchase of capital stock (126) (8)
Dividends (1,096) (2,170)
----------- -----------
Balance at the end of the period $ 109,536 $ 111,587
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(thousands of dollars) (unaudited)
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Three months ended Six months ended
CONSOLIDATED STATEMENTS OF June 30 June 30
COMPREHENSIVE INCOME (LOSS) 2008 2007 2008 2007
----------------------------------------------------------------------------
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Net income (loss) for the period $ 3,248 $ 6,512 $ (829) $ 3,970
Other comprehensive income (loss)
Gain (loss) on cash flow hedges
net of taxes 113 (860) 158 (860)
------- ---------- ------- ---------
Total comprehensive income (loss)
for the period $ 3,361 $ 5,652 $ (671) $ 3,110
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FOR FURTHER INFORMATION PLEASE CONTACT:
Brampton Brick Limited
Ken Mondor
Vice-President, Finance
(905) 840-1011
(905) 840-1535 (FAX)
Email: investor.relations@bramptonbrick.com
