Mr. Mark Schneidereit-Hsu reports

TAIGA'S (TBL) FOURTH QUARTER RESULTS IMPACTED BY LOW COMMODITY PRICES

Taiga Building Products Ltd. today released its financial results for the year ended Dec. 31, 2023.

Fourth quarter ended Dec. 31, 2023, earnings results

The company's consolidated net sales for the quarter ended Dec. 31, 2023, were $367.7-million compared with $400.8-million over the same quarter last year -- a decrease in sales by $33.1-million.

Gross margin for the quarter ended Dec. 31, 2023 decreased to $42.4-million from $49.4-million over the same quarter last year. The decrease in gross margin was primarily due to lower commodity prices during the quarter.

Net earnings for the quarter ended Dec. 31, 2023, had a slight decreased to $9.4-million compared with $9.7-million over the same period last year primarily due to lower sales accompanied by an increase in operating costs.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended Dec. 31, 2023, was $13.1-million compared with $17.2-million for the same period last year. EBITDA decreased primarily due to lower margins earned during the quarter.

Year ended Dec. 31, 2023

Earnings results

Sales for the year ended Dec. 31, 2023, were $1,679.7-million compared with $2,192.7-million in the prior year. The decrease in sales was largely due the company experiencing lower selling prices for its commodity products.

Gross margin for the year ended Dec. 31, 2023, decreased to $198.4-million from $291.2-million in the prior year. The decrease in gross margin was primarily due to lower commodity prices during the period.

Net earnings for the year ended Dec. 31, 2023, were $61.3-million compared with $88.6-million in the prior year. The decrease in net earnings was primarily due to decreased gross margins during the period.

EBITDA for the year ended Dec. 31, 2023 was $91.3-million compared with $139.3-million in the prior year. EBITDA decreased primarily due to lower margins earned during the period.

The foregoing selected financial information is qualified in its entirety by and should be read in conjunction with the company's consolidated financial statements for the year ended Dec. 31, 2023, and accompanying notes and management's discussion and analysis which will be available shortly on SEDAR+.