2Q EBITDA increased 23% to $9.3 million, from $7.5 million in 2014. The EBITDA gain reflects the increase in gross profit, partially offset by higher expenses.
Profit for the period increased to $5 million, from $4 million in 2014. The $1 million increase reflects the $1.7 million increase in EBITDA partially offset by a $0.7 million increase in income tax expense.
"Our momentum continued to build in the 2Q as we achieved our second consecutive quarter of record sales results. Meanwhile the pace of EBITDA and profit growth not only matched, but exceeded the revenue growth," said Hardwoods Distribution Inc. CEO Lance Blanco. "Our results reflect successful implementation of our business strategy, the benefits of a stronger U.S. dollar, an efficient business model that carried the gains we made on the top line through to the bottom line, and acquisition-based growth following the purchase of Hardwoods of Michigan in April 2014."
For the six months ended June 30, 2015, total sales increased by 26.6% to $278.5 million, from $220 million in the first half of 2014.
First-half EBITDA increased sharply to $16.9 million, from $12.7 million in 2014.
Profit for the six-month period increased to $9.7 million, from $7 million during the same period in 2014. This significant improvement primarily reflects the $4.3 million increase in EBITDA and the $0.3 million decrease in net finance cost, partially offset by a $1.5 million increase in income tax expense and a $0.3 million increase in depreciation and amortization.
Hardwoods Distribution 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.
