Gross profit for the 2015 year increased 26.5% to $99.6 million, from $78.8 million in 2014. This gain reflects the increased sales, together with a slightly higher gross profit margin. As a percentage of sales, gross profit margin increased to 17.4%, from 17.3% in 2014.
EBITDA for 2015 increased to $34.8 million, from $25.5 million in 2014. Profit for the year increased to $20.1 million, from $14 million in 2014, reflecting the $9.3 million improvement in EBITDA and a $0.5 million increase in net finance income, partially offset by a $3.3 million increase in income tax expense and a $0.5 million increase in depreciation and amortization.
4Q 2015 sales increased by 23.3% to $141 million, from $114.3 million in 4Q 2014. 4Q 2015 gross profit increased to $25 million, an increase of 30.9% from $19.1 million in 4Q 2014.
4Q EBITDA increased 46.1% to $7.7 million, from $5.2 million in 4Q 2014. Profit for the period increased 58.9% to $4.5 million, from $2.8 million in 5 2014. The year-over-year increase primarily reflects the higher EBITDA, partially offset by a $0.8 million increase in income tax expense.
Hardwoods is one of North America’s largest distributors of high-grade hardwood lumber, sheet goods and architectural millwork to the cabinet, moulding, millwork, furniture and specialty wood products industries.
