Mr. Mark Schneidereit-Hsu reports

Q1 RESULTS IMPACTED BY LOWER COMMODITY PRICES

Taiga Building Products Ltd. has released its financial results for the three months ended March 31, 2023, and 2022.

First quarter ended March 31, 2023, earnings results

The company's consolidated net sales for the quarter ended March 31, 2023, were $408.5-million compared with $612.7-million over the same period last year. The decrease in sales by $204.2-million or 33 per cent was largely due to decreased selling prices for commodity products.

Gross margin for the quarter ended March 31, 2023, decreased to $47.1-million from $108.9-million over the same period last year. The decrease in gross margin was primarily due to lower commodity prices during the quarter.

Net earnings for the quarter ended March 31, 2023, decreased to $13.5-million from $39.5-million over the same period last year primarily due to decreased gross margin.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended March 31, 2023, was $22.5-million compared with $58.6-million for the same period last year.

The foregoing selected financial information is qualified in its entirety by, and should be read in conjunction with, its unaudited condensed interim consolidated financial statements for the three months ended March 31, 2023, and accompanying notes and management's discussion and analysis, which will be available shortly on SEDAR.