Brampton Brick Reports Results for the Fourth Quarter and Year Ended December 31, 2015
/EINPresswire.com/ -- BRAMPTON, ON--(Marketwired - March 22, 2016) -
(All amounts are stated in thousands of Canadian dollars, except per share amounts.)
Brampton Brick Limited (TSX: BBL.A) today reported net income of $4,820, or $0.43 per Class A Subordinate Voting share and Class B Multiple Voting share, outstanding for the year ended December 31, 2015 compared to a net loss of $13,961 or $1.28 per share, for the year ended December 31, 2014. The aggregate weighted average number of Class A Subordinate Voting shares and Class B Multiple Voting shares outstanding for 2015 and 2014 were 10,944,116 and 10,940,354, respectively.
DISCUSSION OF OPERATIONS
YEAR ENDED DECEMBER 31, 2015
Revenues for the year ended December 31, 2015 increased by 15% to $127,028 from $110,329 for the corresponding period in 2014. The momentum in residential construction which was supported by favourable weather conditions contributed to the increase in revenues in the Canadian markets of the Masonry Products and Landscape Products business segments. The increase in revenues in the U.S. markets was supported by the positive impact of the relative strength in the U.S. dollar, despite lower shipping volumes for the year.
Cost of sales for the year ended December 31, 2015 increased by 7% to $99,158 from $92,875 for the corresponding period in 2014. Higher production volumes in both the Masonry Products and Landscape Products business segments had a comparatively positive impact on per unit manufacturing costs, producing a year-over-year improvement in gross margin. In addition, property tax credits amounting to $680 on assessments relating to prior periods were recognized in 2015.
Selling expenses for the year ended December 31, 2015 increased to $10,602 from $9,058 for the corresponding period in 2014. This increase is primarily due to increases in sales commissions directly correlated to increased revenues, higher personnel costs, some severance expenses and advertising expenses related to the expansion of the Company's overall product portfolios.
General and administrative expenses for the year ended December 31, 2015 decreased to $6,513 from $6,771 for the same period in 2014. Collections of customer accounts receivable previously provided for in the allowance for doubtful accounts and other provision reversals recorded in 2015 contributed to the improvement.
Gain on disposal of property, plant and equipment for the year ended December 31, 2015 amounted to $20 compared to a gain of $1,609 in 2014. During the second quarter of 2014, certain production equipment located at the Milton plant was written off amounting to $1,600. On October 1, 2014, land and buildings located in Milton, Ontario, with a carrying amount of $2,401, were sold for net proceeds of $5,556, after deducting sales transaction costs, resulting in a gain of $3,155. The net gain from all transactions relating to the disposal of the Milton plant was $1,555. These transactions were part of the Company's rationalization plan for its concrete products business. Plant operating synergies and volume related economies of scale were obtained by reallocating production volumes throughout the restructured plant network.
Other expense of $1,008 for 2015 compared to other income of $11 for 2014 primarily represents the impact of the strengthening of the U.S. dollar against the Canadian dollar on settlement of U.S. dollar transactions during the year and on the translation of U.S. dollar denominated monetary assets and liabilities.
There was no asset impairment loss or reversal recognized for the year ended December 31, 2015. For the year ended December 31, 2014, as a result of economic pressures impacting the construction industry as well as poorer than expected operating results, an asset impairment loss of $11,611 was recorded in relation to the Company's Farmersburg, Indiana clay brick plant.
Operating income increased to $9,767 for the year ended December 31, 2015, compared to an operating loss of $8,366 in 2014. Excluding the asset impairment of $11,611 recognized in 2014, the Company's operations produced an operating income of $3,245 in 2014.
Finance expense for the year ended December 31, 2015 was $2,265 and included an unrealized loss on an existing interest rate swap of $504. This compared to a finance expense of $5,699 in 2014. The decrease in finance expense in 2015 was primarily due to a payment in January 2014 of future interest of $3,305, plus the unamortized transaction costs in the amount of $200, on the early repayment of the Company's then existing term loan of $22,500. This loan was replaced in January 2014 with a new demand revolving reducing term loan in the amount of $36,595. The rate of interest on the new loan was at the bank's prime rate plus 0.70%, which was significantly more favourable than the predecessor loan which had an interest rate of 8.00%.
The decrease in finance expense was due to lower bank operating advances during the year and a decrease in debt balances outstanding as a result of scheduled repayments made in 2015 totaling $2,500.
The provision for income taxes amounted to $2,682 for the year ended December 31, 2015, compared to a recovery of $104 for the 2014 fiscal year. No deferred tax assets were recorded with respect to the potential deferred tax benefit pertaining to non-capital losses carried forward by the Company's U.S. operations.
FOURTH QUARTER ENDED DECEMBER 31, 2015
For the fourth quarter ended December 31, 2015, the Company recorded a net loss of $534, or $0.05 per Class A Subordinate Voting share and Class B Multiple Voting share, compared to a net loss of $10,232, or $0.94 per Class A Subordinate Voting share and Class B Multiple Voting share, for the fourth quarter of 2014. Excluding the asset impairment loss of $11,611, as noted above, and the gain on sale of the Milton assets amounting to $3,155, the net loss for the fourth quarter of 2014 was $1,776 or $0.16 per share. The aggregate weighted average number of Class A Subordinate Voting shares and Class B Multiple Voting shares outstanding for the fourth quarter of each of 2015 and 2014 was 10,947,254 and 10,940,354, respectively.
For the fourth quarter of 2015, revenues grew by 19% to $32,362 from $27,200 for the same period in 2014. The increase in revenues was a result of strong volume growth across all product lines.
The operating income for the fourth quarter of 2015 was $360 compared to an operating loss of $9,273 for the corresponding quarter in 2014. Excluding the asset impairment of $11,611 recognized on the Farmersburg, Indiana plant, noted earlier, and the gain of $3,155 on the sale of the Milton assets, the operating loss for the fourth quarter of 2014 was $817.
Finance expense decreased for the fourth quarter of 2015 to $410 from $466 in the comparative period of 2014 due to lower debt balances.
A more detailed discussion with respect to each operating business segment follows:
MASONRY PRODUCTS
For the year ended December 31, 2015, revenues increased 13% to $90,060 from $79,639 in 2014. Improved residential construction activity complemented by favourable weather conditions led to the increase in masonry product shipments.
Cost of sales increased by 3%, to $70,222 compared to $68,413 in 2014. Higher production volumes resulted in lower per unit manufacturing costs which favourably impacted gross margins. Additionally, in 2014, the Company incurred start-up and other costs to commission the two acquired plants located at Hillsdale and Brockville, Ontario, and to reallocate production across its restructured plant network.
As noted earlier, an asset impairment loss of $11,611 on the Company's Farmersburg, Indiana plant was recorded in the fourth quarter of 2014.
As a result, the operating income recorded for the year ended December 31, 2015 was $6,889 compared to an operating loss of $10,455 in 2014. Excluding the impairment loss recognized in 2014, the operating income generated by this business segment was $1,156 for the year ended December 31, 2014.
For the fourth quarter of 2015, revenues increased by 17% to $23,829 from $20,327 for the corresponding quarter in 2014.
The operating income for the fourth quarter of 2015 was $2,197 compared to operating loss of $10,685 for the corresponding quarter in 2014. Excluding the impairment loss, operating income was $926 in 2014.
LANDSCAPE PRODUCTS
Revenues of the Landscape Products business segment for the year ended December 31, 2015, increased 20% to $36,968, from $30,690 in 2014. Improved marketing programs and customer service initiatives helped to support increased shipments across the Company's entire concrete plant network.
For the year ended December 31, 2015, the Landscape Products business segment recorded operating income of $2,925 compared to $2,098 in 2014. The net gain on sale and disposal of assets located in Milton allocated to this business segment was $1,141 in 2014. Excluding this gain, the operating income from this business segment for 2014 was $957. The improvement in operating results compared to 2014 was due to the same factors noted above under the caption 'Masonry Products'.
The operating loss of the Landscape Products business segment was $1,793 for the fourth quarter of 2015 on revenues of $8,533 compared to operating income of $1,413 on revenues of $6,873 for the fourth quarter of 2014. Excluding the gain of $2,278 allocated to this business segment from the sale of the Milton assets recognized in the fourth quarter of 2014, the operating loss was $865 for the fourth quarter of 2014. The greater loss in the fourth quarter of 2015 was attributable to lower production volumes in that period, resulting in higher per unit costs, and the timing of certain selling expenses which occurred in the fourth quarter of 2015 and not in the corresponding quarter of 2014.
CASH FLOWS
For the year ended December 31, 2015, cash flow provided by operating activities totaled $14,281 compared to $8,713 in 2014. The increase was due to an improvement in operating results and greater accounts receivable collections which were offset by larger disbursements of outstanding payables.
The current provision for income taxes amounted to $1,839 for the year ended December 31, 2015, of which a payment of $42 was made in 2015 and the balance was paid in February 2016, compared to a tax refund of $109 for the 2014 fiscal year. For the year ended December 31, 2014, the capital gains tax payable on the sale of the plant located in Milton, Ontario was offset by capital losses incurred in prior years.
Cash utilized for purchases of property, plant and equipment totaled $4,441 in 2015, compared to $11,377 in 2014. During the year ended December 31, 2015, capital expenditures included approximately $909 relating to new quarry development costs, $813 relating to equipment for new products and $312 for upgrading the Company's management information systems. On January 7, 2014, the Company acquired substantially all of the property, plant and equipment of Atlas Block, for an aggregate purchase price of $11,366, including $2,494 by way of finance leases.
The Company has a 50% joint venture interest in Universal Resource Recovery Inc. ("Universal") located in Welland, Ontario. Universal is leasing its facility to a manufacturer of products used in the construction of wind turbines. During the third quarter of 2015, a loan repayment in the amount of $500 was received from Universal, in respect of the secured, non-interest bearing, non-current loan receivable (the "loan receivable") from Universal. The loan receivable balance from Universal as at December 31, 2015 totaled $4,700. In 2014, there were no advances or repayments towards the loan receivable.
Proceeds from disposal of property, plant and equipment amounted to $198 for the year ended December 31, 2015, compared to $5,905 for the prior year. On October 1, 2014, land and buildings located in Milton, Ontario with a carrying amount of $2,401 were sold for net proceeds of $5,556, after deducting sales transaction costs, resulting in a gain of $3,155.
On January 3, 2014, the Company finalized a new $40,000 demand revolving reducing term loan with its banker at the bank's prime rate plus 0.70%. The amount of $36,595 drawn down on this loan was utilized to finance the purchase of substantially all of the assets of Atlas Block, a concrete masonry and landscape products company from the court appointed receiver and to repay the outstanding balance of the then existing term loan of $22,500 and the associated payment of future interest in the amount of $3,305.
On November 21, 2014, the Company's $36,595 demand revolving reducing term loan was split into two separate term loans, as follows: (i) a $26,000 committed revolving reducing term loan ("committed term loan") which was classified on the Balance Sheet as a long-term liability; and (ii) a $10,595 demand revolving term loan which was classified as a current liability as at December 31, 2014 as it was payable on demand.
On December 16, 2015, the demand revolving term loan arrangement with an outstanding balance of $10,095 was converted into a committed revolving term loan with a revised maturity date of December 31, 2017.
The committed term loan bore interest at the bank's prime rate plus 0.30% until January 29, 2015 and thereafter bears interest at the 30 day bankers' acceptance rate plus a stamp fee of 1.80%. The committed revolving term loan bears interest at the bank's prime rate plus 0.50%. The same interest terms were effective during 2015 on the predecessor demand revolving term loan.
FINANCIAL CONDITION
The Company's Masonry Products and Landscape Products business segments are seasonal in nature. The Landscape Products business is affected to a greater degree than the Masonry Products business. As a result of this seasonality, operating results are impacted accordingly and cash requirements are generally expected to increase through the first half of the year and decline through the second half of the year.
As at December 31, 2015, there were no bank operating advances compared to $1,610 as at December 31, 2014.
Trade payables totaled $17,655 at December 31, 2015 compared to $17,805 at December 31, 2014.
The ratio of total liabilities to shareholders' equity was 0.57:1 at December 31, 2015 compared to 0.63:1 at December 31, 2014. The decrease in this ratio from December 2014 to December 2015 was primarily due to higher retained earnings resulting from the improvement in operating results in 2015, the increase in the foreign currency translation gain in 'Accumulated other comprehensive income' due to the strengthening of the U.S. dollar against the Canadian dollar in 2015, and lower outstanding debt balances due to scheduled payments that were made in 2015.
As at December 31, 2015, the Company's current ratio is 1.94:1, representing working capital of $27,125, compared to 1.23:1 and $8,878, respectively, as at December 31, 2014. The increase in working capital was primarily due to an increase in outstanding receivables and inventories and a decrease in the current portion of debt due to the conversion of the demand revolving term loan to a committed revolving term loan of $10,095. Cash and cash equivalents totaled $4,021 at December 31, 2015 compared to $1,419 at December 31, 2014.
The Company's bank credit agreement provides for operating borrowings up to $22,000 based on margin formulae for trade receivables and inventories, less priority claims and the mark-to-market exposure on swap contracts. It is a demand facility secured by a general security agreement over all assets. As at December 31, 2015, the borrowing limit was $22,000. The utilization was $343 and comprised of outstanding letters of credit. The agreement also contains certain financial covenants.
The Company was in compliance with all financial covenants under its term financing agreement and operating credit facility as at December 31, 2015 and anticipates that it will maintain compliance throughout 2016.
The Company expects that future cash flows from operations, cash and cash equivalents on hand and the unutilized balance of its operating credit facility will be sufficient to satisfy its obligations as they become due.
On February 29, 2016, the Company entered into an asset purchase agreement to acquire certain assets of a concrete products manufacturing company, located in the province of Quebec. The assets to be acquired include a concrete products manufacturing plant, located in Boisbriand, Quebec, for a purchase price of $5,000, plus transaction costs and a note receivable of $500 to be advanced to the seller. The purchase of these assets will be financed from the Company's committed revolving term loan and its demand operating credit facility. The closing date for this transaction is expected to occur no later than April 30, 2016, and is subject to usual conditions as well as court approval.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein constitute "forward-looking statements". All statements that are not historical facts are forward-looking statements, including, among others, statements regarding the expected repayment of the loans receivable from Universal and others and the expected self- sufficiency on a cash basis of Universal, forecasts of sufficient cash flows from operations and other sources of financing, anticipated compliance with financial covenants under debt agreements, anticipated sales of masonry and landscape products, anticipated results of strategic acquisitions and other statements regarding future plans, objectives, results, business outlook and financial performance. There can be no assurance that such forward-looking statements will prove to be accurate.
Such forward-looking statements are based on information currently available to management, and are based on assumptions and analyses made by management in light of its experience and its perception of historical trends, current conditions and expected future developments, including, among others, assumptions regarding pricing, weather and seasonal expectations, production efficiency, and there being no significant disruptions affecting operations or other material adverse changes.
Such forward-looking statements also involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward- looking statements. Such risks and uncertainties include, among others: changes in economic conditions, including the demand for the Company's primary products and the level of new home, commercial and other construction; large fluctuations in production levels; fluctuations in energy prices and other production costs; changes in transportation costs; foreign currency exchange and interest rate fluctuations; legislative and regulatory developments; as well as those assumptions, risks, uncertainties and other factors identified and discussed under "Risks and Uncertainties" in the 2015 annual MD&A included in the Company's 2015 Annual Report and those identified and reported in the Company's other public filings (including the Annual Information Form for the year ended December 31, 2015), which may be accessed at www.sedar.com.
The forward-looking information contained herein is made as of the date hereof. Other than as specifically required by law, the Company undertakes no obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements.
Brampton Brick Limited is Canada's second largest manufacturer of clay brick, serving markets in Ontario, Quebec and the Northeast and Midwestern United States from its brick manufacturing plants located in Brampton, Ontario and Farmersburg, Indiana. To complement the clay brick product line, the Company also manufactures a range of concrete masonry products, including concrete brick and block as well as stone veneer products. Concrete interlocking paving stones, retaining walls, garden walls and enviro products are manufactured in Markham, Hillsdale, Brockville and Brampton, Ontario and in Wixom, Michigan and sold to markets in Ontario, Quebec, Michigan, New York, Pennsylvania, Ohio, Kentucky, Illinois and Indiana under the Oaks
SELECTED FINANCIAL INFORMATION
(in thousands of Canadian dollars)
----------------------------------------------------------------------------
December 31 December 31
CONSOLIDATED BALANCE SHEETS 2015 2014
----------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $ 4,021 $ 1,419
Trade and other receivables 18,711 16,663
Inventories 32,163 28,548
Taxes recoverable - 68
Other assets 1,111 546
Loan receivable 85 -
------------------------
56,091 47,244
Non-current assets
Loans receivable 4,947 5,200
Property, plant and equipment 168,091 165,236
------------------------
173,038 170,436
------------------------
Total assets $ 229,129 $ 217,680
------------------------
LIABILITIES
Current liabilities
Bank operating advances $ - $ 1,610
Trade payables 17,655 17,805
Income tax payable 1,729 -
Current portion of debt 6,380 16,416
Current derivative financial instrument 248 -
Decommissioning provisions 30 30
Other liabilities 2,924 2,505
------------------------
28,966 38,366
------------------------
Non-current liabilities
Non-current portion of debt 32,970 26,064
Non-current derivative financial instrument 256 -
Decommissioning provisions 5,377 5,213
Deferred tax liabilities 15,681 14,833
------------------------
Total liabilities $ 83,250 $ 84,476
------------------------
EQUITY
Equity attributable to shareholders of Brampton
Brick Limited
Share capital $ 33,755 $ 33,711
Contributed surplus 2,641 2,293
Accumulated other comprehensive income 12,176 4,573
Retained earnings 97,270 92,600
------------------------
$ 145,842 $ 133,177
------------------------
Non-controlling interests 37 27
------------------------
Total equity $ 145,879 $ 133,204
------------------------
Total liabilities and equity $ 229,129 $ 217,680
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SELECTED FINANCIAL INFORMATION
(in thousands of Canadian dollars, except per share amounts)
----------------------------------------------------------------------------
Year ended
December 31
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS) 2015 2014
----------------------------------------------------------------------------
Revenues $ 127,028 $ 110,329
Cost of sales 99,158 92,875
Selling expenses 10,602 9,058
General and administrative expenses 6,513 6,771
Gain on disposal of property, plant and equipment (20) (1,609)
Other expense (income) 1,008 (11)
Asset impairment - 11,611
------------------------
117,261 118,695
Operating income (loss) 9,767 (8,366)
Finance expense (2,265) (5,699)
Income (loss) before income taxes 7,502 (14,065)
(Provision for) recovery of income taxes
Current (1,839) (79)
Deferred (843) 183
------------------------
(2,682) 104
------------------------
Net income (loss) for the year $ 4,820 $ (13,961)
------------------------
Net income (loss) attributable to:
Shareholders of Brampton Brick Limited $ 4,670 $ (13,959)
Non-controlling interests 150 (2)
------------------------
Net income (loss) for the year $ 4,820 $ (13,961)
------------------------
Other comprehensive income
Items that will be reclassified subsequently to
profit or loss when specific conditions are met:
Foreign currency translation income $ 7,603 $ 4,200
------------------------
Total comprehensive income (loss) for the year $ 12,423 $ (9,761)
------------------------
Total comprehensive income (loss) attributable to:
Shareholders of Brampton Brick Limited $ 12,273 $ (9,759)
Non-controlling interests 150 (2)
------------------------
Total comprehensive income (loss) for the year $ 12,423 $ (9,761)
------------------------
Net income (loss) per Class A Subordinate Voting
share and Class B Multiple Voting share
attributable to shareholders of Brampton Brick
Limited $ 0.43 $ (1.28)
Weighted average Class A Subordinate Voting shares
and Class B Multiple Voting shares outstanding
(000's) 10,944 10,940
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SELECTED FINANCIAL INFORMATION
(in thousands of Canadian dollars)
----------------------------------------------------------------------------
Year ended
December 31
CONSOLIDATED STATEMENTS OF CASH FLOWS 2015 2014
----------------------------------------------------------------------------
Cash provided by (used for)
Operating activities
Net income (loss) for the year $ 4,820 $ (13,961)
Items not affecting cash and cash equivalents
Depreciation 9,119 8,215
Current tax provision 1,839 79
Deferred tax provision (recovery) 843 (183)
Gain on disposal of property, plant and
equipment (20) (1,609)
Unrealized foreign currency exchange gain (636) (80)
Asset impairment - 11,611
Net interest expense 1,761 5,699
Derivative financial instrument loss 504 -
Other 356 215
------------------------
18,586 9,986
Changes in non-cash items
Trade and other receivables (1,715) (6,584)
Inventories (1,900) (2,897)
Other assets (501) 2,041
Trade payables (367) 5,921
Income tax credits applied - 22
Other liabilities 236 115
------------------------
(4,247) (1,382)
Income tax (payments) refunds (42) 109
Payments for decommissioning of assets (16) -
------------------------
Cash provided by operating activities 14,281 8,713
------------------------
Investing activities
Purchase of property, plant and equipment (4,441) (11,377)
Loan advances (400) -
Proceeds from repayments of loan receivable 568 -
Proceeds from disposal of property, plant and
equipment 198 5,905
------------------------
Cash used for investment activities (4,075 ) (5,472)
------------------------
Financing activities
Decrease in bank operating advances (1,610) (10,031)
Proceeds from issuance of the Committed term loan - 26,000
Proceeds from issuance of the Demand revolving
term loan and other loans - 10,635
Payment of term loans (2,832) (22,754)
Interest paid (1,656) (5,433)
Payments on obligations under finance leases (1,504) (1,224)
Proceeds from exercise of stock options 36 -
Payment of dividends by subsidiary to non-
controlling interests (140) -
------------------------
Cash used for financing activities (7,706) (2,807)
------------------------
Foreign exchange on cash held in foreign currency 102 (215)
------------------------
Increase in cash and cash equivalents 2,602 219
------------------------
Cash and cash equivalents at the beginning of the
year 1,419 1,200
------------------------
Cash and cash equivalents at the end of the year $ 4,021 $ 1,419
----------------------------------------------------------------------------
SELECTED FINANCIAL INFORMATION
(in thousands of Canadian dollars)
----------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
----------------------------------------------------------------------------
Attributable to shareholders of Brampton Brick Limited
-------------------------------------------------------------
Accumulated
Other
Share Contributed Comprehensive Retained
Capital Surplus Income Earnings Total
----------------------------------------------------------------------------
Balance -
January 1,
2014 $ 33,711 $ 2,078 $ 373 $ 106,559 $ 142,721
Net loss for
the year - - - (13,959) (13,959)
Other
comprehensive
income (net of
taxes, $nil) - - 4,200 - 4,200
-------------------------------------------------------------
Comprehensive
income (loss)
for the year - - 4,200 (13,959) (9,759)
Share-based
compensation - 215 - - 215
----------------------------------------------------------------------------
Balance -
December 31,
2014 $ 33,711 $ 2,293 $ 4,573 $ 92,600 $ 133,177
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance -
January 1,
2015 $ 33,711 $ 2,293 $ 4,573 $ 92,600 $ 133,177
Net income for
the year - - - 4,670 4,670
Other
comprehensive
income (net of
taxes, $nil) - - 7,603 - 7,603
-------------------------------------------------------------
Comprehensive
income for the
year - - 7,603 4,670 12,273
-------------------------------------------------------------
Stock options
exercised 44 (8) - - 36
Share-based
compensation - 356 - - 356
Dividends paid
by subsidiary
to non-
controlling
interests - - - - -
----------------------------------------------------------------------------
Balance -
December 31,
2015 $ 33,755 $ 2,641 $ 12,176 $ 97,270 $ 145,842
----------------------------------------------------------------------------
----------------------------------------
CONSOLIDATED
STATEMENTS OF
CHANGES IN
EQUITY
---------------
-------------------------
Non-
controlling Total
interest Equity
----------------------------------------
Balance -
January 1,
2014 $ 29 $ 142,750
Net loss for
the year (2) (13,961)
Other
comprehensive
income (net of
taxes, $nil) - 4,200
-------------------------
Comprehensive
income (loss)
for the year (2) (9,761)
Share-based
compensation - 215
----------------------------------------
Balance -
December 31,
2014 $ 27 $ 133,204
----------------------------------------
----------------------------------------
Balance -
January 1,
2015 $ 27 $ 133,204
Net income for
the year 150 4,820
Other
comprehensive
income (net of
taxes, $nil) - 7,603
-------------------------
Comprehensive
income for the
year 150 12,423
-------------------------
Stock options
exercised - 36
Share-based
compensation - 356
Dividends paid
by subsidiary
to non-
controlling
interests (140) (140)
----------------------------------------
Balance -
December 31,
2015 $ 37 $ 145,879
----------------------------------------
For more information please contact:
Jeffrey G. Kerbel
President and Chief Executive Officer
Brampton Brick Limited
Tel: 905-840-1011
Fax: 905-840-1535
Trevor M. Sandler
Vice-President, Finance and Chief Financial Officer
Brampton Brick Limited
Tel: 905-840-1011
Fax: 905-840-1535
e-mail: investor.relations@bramptonbrick.com
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