PFB reports Q2 profit of $514,000, down from $1.3 million a year ago

Published Friday August 1st, 2008

THE CANADIAN PRESS

CALGARY - PFB Corp. (TSX:PFB) saw its second-quarter profit cut in less than half compared with a year ago as revenue fell 10 per cent.

The maker of building insulation said Friday it earned $514,000 or eight cents per share for the three months ended June 30 compared with a profit of $1.3 million or 20 cents per share in the same three months in 2007.

Sales were $21 million in the quarter, down from $23.5 million a year ago.

"After a seasonally strong sales performance in the first quarter of 2008, sales in the second quarter were lower than anticipated," the company said.

"Many regions experienced a slow spring period characterized by heavier precipitation than normal that created backlogs on construction sites. Effects of economic slowdown are influencing the pace of construction projects, which we continue to closely monitor."

PFB said it increased prices to offset higher raw material costs and higher natural gas prices.

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