BURNABY, BC, July 31 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") is pleased to announce its results for the three months ended June 30, 2009. Net earnings were $6.6 million or $0.20 per share compared to $4.2 million or $0.13 per share for the comparative quarter in the previous year and also improved from a net loss of $4.5 million or $0.14 loss per share of the fourth quarter ended March 31, 2009. Earnings improvements were attributable to cost reductions and foreign exchange gains.

Sales were reduced by 17.5% to $246.9 million, from $299.3 million in the first quarter of the prior fiscal year, primarily due to dramatic declines in new home construction in Western Canada.

Gross margin dollars decreased to $27.2 million from $31.8 million for the first quarter year over year. Gross margin percentage for the quarter increased to 11.0% from 10.6% in the first quarter of the prior fiscal year. The increase in gross margin percentage was attributable to an upward movement in commodity prices.

EBITDA for the three months ended June 30, 2009 was $15.3 million compared to $13.3 million in the same period in the prior year.

During the quarter, Taiga continued to defer its subordinated note interest payments, which, when unpaid, attract a further 14% interest on interest.