1Q sales in Canada grew by $3.6 million to $27.8 million, a year-over-year increase of 15.1%. The improvement reflects successes in winning new business in all regions, as well as overall stronger product prices and the positive impact of a stronger US dollar.
1Q 2015 EBITDA increased 49.8% to $7.7 million, from $5.1 million in 1Q 2014.
Profit for the period increased 59% to $4.7 million, from $3 million in the same period last year. The year-over-year increase reflects the higher EBITDA partially offset by a $0.8 million increase in income tax expense.
"Hardwoods enjoyed an outstanding start to the 2015 year with record first quarter sales revenue and sharply higher EBITDA and profit results," said Hardwoods' CEO Lance Blanco.
"We are doing a good job of growing our business with our existing infrastructure and overheads.
“In addition, we reduced bad debts to just
0.1% of sales in Q1 2015, compared to our long-term historical average of closer to 0.5% of sales.
"Hardwoods is in excellent shape financially and positioned for further growth in 2015," added Mr. Blanco. "Our winning strategies are driving steady organic growth in our business and our strong balance sheet enables us to pursue acquisition opportunities in a highly fragmented industry. Our outlook remains positive and we are pleased to declare a quarterly dividend of $0.055 per share," said Mr. Blanco.
Hardwoods is one of North America's largest wholesale distributors of high-grade hardwood lumber, sheet goods and architectural millwork to the cabinet, moulding, millwork, furniture and specialty wood products industries.
