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Brampton Brick Reports Results for the First Quarter Ended March 31, 2014

BRAMPTON, ONTARIO -- (Marketwired) -- 05/07/14 -- (All amounts are stated in thousands of Canadian dollars, except per share amounts.)

Brampton Brick Limited (TSX: BBL.A) today reported a net loss of $7,855, or $0.72 per Class A Subordinate Voting share and Class B Multiple Voting Share, for the three month period ended March 31, 2014 compared to net loss of $2,574 for $0.24 per share, for the same period in 2013. The aggregate weighted average number of Class A Subordinate Voting shares and Class B Multiple Voting shares outstanding for the first quarter of each of 2014 and 2013 was 10,940,354.

DISCUSSION OF OPERATIONS

Revenues for the first quarter of 2014 were $12,612 compared to $12,889 for the same period in 2013. Increases in revenues of concrete masonry products were offset by decreases in revenues of shipments of other products in the Masonry Products business segment. In the Landscape Products business segment, revenues increased marginally.

Cost of sales for the quarter ended March 31, 2014, amounted to $14,419, compared to $11,774 for the same period in 2013. The increase in cost of sales was due to significantly lower production volumes in both the Masonry and Landscape Products business segments. The extreme winter conditions during the first quarter of 2014 significantly impacted operating conditions at the Company's concrete products plants, resulting in higher costs and reduced production volumes.

In addition, the commissioning of the two concrete products manufacturing plants located in Hillsdale and Brockville, Ontario, acquired as part of the purchase of Atlas Block assets in early January 2014, contributed to higher costs in the quarter. These costs included non-recurring amounts related to starting up the new facilities and modifying production equipment to be used going forward. Additionally, cost of sales for these plants was much higher than would be expected under normal operating conditions because production only commenced late in the quarter and, as a result, the lower production volumes resulted in a higher fixed cost per unit sold.

Selling expenses increased to $2,150 in the first quarter of 2014 from $1,785 in the same quarter of 2013. This increase was due to an increase in personnel costs and advertising expenses, related in part to the acquisition noted above.

General and administrative expenses increased to $1,701 for the first quarter of March 31, 2014 from $1,558 for the corresponding quarter in 2013 due to an increase in the provision for bad debts.

For the quarter ended March 31, 2014, the operating loss increased to $5,777 from $2,384 in the first quarter of 2013.

On January 3, 2014, the Company finalized a new $40,000 demand revolving reducing term loan with its banker. The amount of $36,595 drawn down on this loan was utilized to finance the purchase of the Atlas Block assets, and to repay the outstanding balance of $22,500 on the then existing term loan and the associated prepayment of future interest in the amount of $3,305.

As a result, for the first quarter of 2014, finance expense increased to $4,037 from $664 for the same period in 2013. Also included in the expense for the quarter were the remaining unamortized transaction costs in the amount of $200 related to the replaced term loan.

A recovery of income taxes of $1,959 was recorded for the first quarter of 2014 compared to a recovery of $474 for the same period in 2013. The income tax recovery in both periods relates to the pre-tax losses of the Company's Canadian operations. The Company has not recorded a deferred tax asset with respect to the potential deferred tax benefit pertaining to losses incurred by its U.S. operations.

A more detailed discussion with respect to each operating business segment follows:

MASONRY PRODUCTS

Revenues of the Masonry Products business segment were $12,022 for the quarter ended March 31, 2014 compared to $12,312 for the same period in 2013. An increase in revenues of concrete masonry products was offset by decreases in revenues of other masonry products shipments due to unfavourable weather conditions which impacted residential construction activity during the quarter.

For the three month period in 2014, cost of sales increased to $12,891 from $10,052 in the corresponding period in 2013. Due to the relatively high-fixed cost nature of the Company's manufacturing facilities, large fluctuations in production levels have a material impact on per unit manufacturing costs. As production volumes decrease, the average production cost per unit increases, since fixed plant overhead is apportioned over a lower number of production units, thus increasing cost of sales. In addition, pre-production costs and new moulds expenses associated with the Hillsdale and Brockville plants contributed to the unfavourable cost variances.

For the quarter ended March 31, 2014, the operating loss was $3,841 compared to operating income of $6 for the same period in 2013.

LANDSCAPE PRODUCTS

Historically, the level of activity in this business segment is lowest during the winter months. Revenues of the Landscape Products business segment for the three month period ended March 31, 2014, increased slightly to $590 from $577 in the corresponding period of 2013. For the first quarter of 2014, an operating loss of $1,936 was recognized compared to an operating loss of $2,232 for the same period in 2013. In the corresponding quarter of 2013, costs were higher due to equipment overhaul expenses and new equipment commissioning costs.

CASH FLOWS

Cash flow used for operating activities increased to $6,746 for the quarter ended March 31, 2014 compared to $4,768 for the same quarter in 2013 due to the decline in operating results.

Cash utilized for purchases of property, plant and equipment totaled $9,517 in the first quarter of 2014, compared to $774 for the corresponding period in 2013. On January 7, 2014, the Company acquired substantially all of the property, plant and equipment of Atlas Block, a concrete masonry and landscape products company for an aggregate purchase price of $11,366, including $2,494 by way of finance leases.

During the first quarter of 2014, no advances were made to Universal Resource Recovery Inc. ('Universal'), the Company's 50% owned joint venture. Loans advanced to Universal during the comparative period in 2013 were $475.

On January 3, 2014, the Company drew down an amount of $36,595 on the new $40,000 demand revolving reducing term loan as noted above under the caption "Discussion of Operations".

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 March 31, 2014, bank operating advances were $17,467 compared to $11,641 as at December 31, 2013.

Trade payables totaled $12,143 at March 31, 2014 compared to $11,514 at December 31, 2013.

The ratio of total liabilities to shareholders' equity was 0.67:1 at March 31, 2014 compared to 0.49:1 at December 31, 2013. The increase in this ratio from December 2013 to March 2014 was primarily due to a higher debt balance outstanding and lower retained earnings resulting from a decline in operating results in the first quarter of 2014. The increase in this ratio was partially offset by an 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 the first three months of 2014.

As at March 31, 2014, excluding the new demand revolving reducing term loan classified as a current liability, the working capital was $8,001, representing an adjusted working capital ratio of 1.22:1 compared to working capital and a working capital ratio at December 31, 2013 of $7,766 and 1.25:1, respectively. The increase in adjusted working capital was primarily due to an increase in inventories, which included inventories of $1,922 acquired on January 7, 2014, as part of the Atlas Block acquisition and trade and other receivables offset, in part, by higher bank operating advances. Cash and cash equivalents totaled $813 at March 31, 2014 compared to $1,200 at December 31, 2013.

The Company's demand operating facility provides for borrowings up to $22,000 based on margin formulae for trade receivables, certain other qualified receivables and inventories, less priority claims and the mark-to-market exposure on swap contracts, if applicable. It is a demand facility secured by a general security agreement over all assets. The agreement also contains certain financial covenants.

As at March 31, 2014, the borrowing limit was $19,287. The utilization was $17,741 and was comprised of a $8,900 banker's acceptance 90 day note, a current account balance of $8,567, and outstanding letters of credit of $274.

As previously discussed, on January 3, 2014, the Company finalized a new $40,000 demand revolving reducing term loan with its banker. The term of the new loan is nine years and requires monthly interest payments for the duration of the loan. Principal repayments of $500 per month will be paid from July 2015 to November 2022, but only during the months of July to November inclusive, for a total of $2,500 per annum, and a balloon payment of the then remaining principal will be paid in November 2022. The rate of interest is floating at the bank's prime rate plus a credit spread of 0.70% or at Banker's Acceptance rates plus a credit spread of up to 2.50%. The Company's credit spread is variable and determined by its fixed charge coverage ratio. This loan is secured primarily by real estate and production equipment of the Company's Masonry Products and Landscape Products business segments in both Canada and the U.S.

This liability has been classified as current on the condensed interim consolidated balance sheet. Notwithstanding the classification of the loan as a current liability, the Company's new debt affords it many benefits including a lower interest rate, flexibility to have interest rates at either floating or fixed and flexibility to accelerate principal repayments without any penalty. The Company is also permitted to redraw under the loan for the purchase of capital assets.

The Company was in compliance with all financial covenants under its term financing agreement and operating credit facility as at March 31, 2014 and anticipates that it will maintain compliance throughout the year.

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 January 7, 2014, the Company acquired substantially all of the property, plant and equipment from the court appointed receiver of a concrete masonry and landscape products company located in the province of Ontario for an aggregate purchase price of $11,366. Of the total assets purchased, $2,494 were acquired through a finance lease arrangement. These assets form part of two concrete manufacturing plants located in Hillsdale and Brockville, Ontario which the Company is in the process of commissioning.

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 loan receivable from 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, 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 above under "Risks and Uncertainties" in the 2013 annual MD&A included in the Company's 2013 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, 2013), 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 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 near Terre Haute, 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, Milton, 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™ trade name. The Company's products are used for residential construction and for industrial, commercial, and institutional building projects.


                       SELECTED FINANCIAL INFORMATION

(unaudited) (in thousands of dollars)
----------------------------------------------------------------------------

                                                     March 31    December 31
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS            2014           2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------

ASSETS
Current assets
  Cash and cash equivalents                      $        813    $     1,200
  Trade and other receivables                          11,164          9,891
  Inventories                                          29,512         25,032
  Taxes recoverable                                     1,435            281
  Other assets                                            787          2,565
                                                 ------------   ------------
                                                       43,711         38,969
Non-current assets
  Loan receivable                                       5,200          5,200
  Property, plant and equipment                       179,547        168,095
                                                 ------------   ------------

Total assets                                     $    228,458    $   212,264
                                                 ------------   ------------
                                                 ------------   ------------
LIABILITIES
Current liabilities
  Bank operating advances                        $     17,467    $    11,641
  Trade payables                                       12,143         11,514
  Current portion of debt                              40,533          5,704
  Decommissioning provisions                               50             50
  Other liabilities                                     2,112          2,294
                                                 ------------   ------------
                                                       72,305         31,203
                                                 ------------   ------------
                                                 ------------   ------------
Non-current liabilities
  Non-current portion of debt                           2,686         20,980
  Decommissioning provisions                            2,354          2,315
  Deferred tax liabilities                             14,210         15,016
                                                 ------------   ------------
Total liabilities                                $     91,555    $    69,514
                                                 ------------   ------------
                                                 ------------   ------------
EQUITY
Equity attributable to shareholders of
Brampton Brick Limited
  Share capital                                  $     33,711    $    33,711
  Contributed surplus                                   2,163          2,078
  Accumulated other comprehensive income                2,296            373
  Retained earnings                                    98,704        106,559
                                                 ------------   ------------
                                                 $    136,874    $   142,721
                                                 ------------   ------------
                                                 ------------   ------------
Non-controlling interests                                  29             29
                                                 ------------   ------------
Total equity                                     $    136,903    $   142,750
                                                 ------------   ------------
                                                 ------------   ------------

Total liabilities and equity                     $    228,458    $   212,264
                                                 ------------   ------------
                                                 ------------   ------------

----------------------------------------------------------------------------




                       SELECTED FINANCIAL INFORMATION

(unaudited) (in thousands of dollars, except per share amounts)
----------------------------------------------------------------------------

CONDENSED INTERIM CONSOLIDATED STATEMENTS       Three months ended March 31
OF COMPREHENSIVE INCOME (LOSS)                         2014            2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Revenues                                      $      12,612    $     12,889

Cost of sales                                        14,419          11,774
Selling expenses                                      2,150           1,785
General and administrative expenses                   1,701           1,558
Loss (gain) on disposal of property, plant
 and equipment                                            6              (5)
Other expense                                           113               3
Impairment loss on loan receivable                        -             158
                                              -------------- ---------------
                                                     18,389          15,273

Operating loss                                       (5,777)         (2,384)

Finance expense                                      (4,037)           (664)

Loss before income taxes                             (9,814)         (3,048)

Recovery of income taxes
  Current                                             1,152             358
  Deferred                                              807             116
                                              -------------- ---------------
                                                      1,959             474
                                              -------------- ---------------

Net loss for the period                       $      (7,855)   $     (2,574)
                                              -------------- ---------------
                                              -------------- ---------------

Net loss attributable to:
  Shareholders of Brampton Brick Limited      $      (7,855)   $     (2,574)
  Non-controlling interests                               -               -
                                              -------------- ---------------
Net loss for the period                       $      (7,855)   $     (2,574)
                                              -------------- ---------------
                                              -------------- ---------------

Other comprehensive income
  Items that may be reclassified
   subsequently to profit or loss:
  Foreign currency translation income         $       1,923    $        979
                                              -------------- ---------------

Total comprehensive loss for the period       $      (5,932)   $     (1,595)
                                              -------------- ---------------
                                              -------------- ---------------

Total comprehensive loss attributable to:
  Shareholders of Brampton Brick Limited      $      (5,932)   $     (1,595)
  Non-controlling interests                               -               -
                                              -------------- ---------------

Total comprehensive loss for the period       $      (5,932)   $     (1,595)
                                              -------------- ---------------
                                              -------------- ---------------

Net loss per Class A Subordinate Voting
 share and Class B Multiple Voting share
 attributable to shareholders of Brampton
 Brick Limited                                $       (0.72)   $      (0.24)

Weighted average Class A Subordinate
 Voting shares and Class B Multiple Voting
 shares outstanding (000's)                          10,940          10,940
                                              -------------- ---------------

----------------------------------------------------------------------------


                      SELECTED FINANCIAL INFORMATION

(unaudited) (in thousands of dollars)
---------------------------------------------------------------------------

CONDENSED INTERIM CONSOLIDATED STATEMENTS      Three months ended March 31
OF CASH FLOWS                                          2014           2013
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Cash provided by (used for)

Operating activities
  Net loss for the period                      $     (7,855)  $     (2,574)
  Items not affecting cash and cash
   equivalents
    Depreciation                                      2,004          1,765
    Current taxes                                    (1,152)          (358)
    Deferred taxes                                     (807)          (116)
    Loss (gain) on disposal of property,
     plant and equipment                                  6             (5)
    Unrealized foreign currency exchange
     loss (gain)                                         22             (1)
    Impairment loss on loan receivable                    -            158
    Net interest expense                              4,062            665
    Other                                                85             73
                                               -------------  -------------
                                                     (3,635)          (393)
  Changes in non-cash items
    Trade and other receivables                      (1,227)           289
    Inventories                                      (4,220)        (4,785)
    Other assets                                      1,786           (290)
    Trade payables                                      835            387
    Other liabilities                                  (283)            27
                                               -------------  -------------
                                                     (3,109)        (4,372)

  Income tax payments                                    (2)            (3)
                                               -------------  -------------

                                               -------------  -------------
Cash used for operating activities                   (6,746)        (4,768)
                                               -------------  -------------

Investing activities
  Purchase of property, plant and equipment          (9,517)          (774)
  Loan advances to Universal Resource
   Recovery Inc.                                          -           (475)
  Proceeds from disposal of property, plant
   and equipment                                         40              5
                                               -------------  -------------

Cash used for investment activities                  (9,477)        (1,244)
                                               -------------  -------------

Financing activities
  Increase in bank operating advances                 5,826          6,227
  Proceeds from issuance of the demand
   revolving reducing term loan                      36,595              -
  Payment of term loans                             (22,567)           (16)
  Interest paid                                      (3,770)          (607)
  Payments on obligations under finance
   leases                                              (192)          (107)
                                               -------------  -------------

Cash used for financing activities                   15,892          5,497
                                               -------------  -------------

Foreign exchange on cash held in foreign
 currency                                               (56)            83

Decrease in cash and cash equivalents                  (387)          (432)

                                               -------------  -------------
Cash and cash equivalents at the beginning
 of the period                                        1,200          1,412
                                               -------------  -------------

Cash and cash equivalents at the end of the
 period                                        $        813   $        980
                                               -------------  -------------
                                               -------------  -------------

---------------------------------------------------------------------------


    SELECTED FINANCIAL INFORMATION

(unaudited) (in thousands of dollars)
-------------------------------------------------------------------------


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
-------------------------------------------------------------------------
-------------------------------------------------------------------------
                         Attributable to shareholders of Brampton Brick
                                             Limited
                       --------------------------------------------------
                                                            Accumulated
                                                                  Other
                                 Share     Contributed    Comprehensive
                               Capital         Surplus    Income (Loss)
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Balance - January 1,
 2013                     $     33,711    $      1,895    $      (2,655)

  Net loss for the
   period                            -               -                -

  Other comprehensive
   income (net of
   taxes, $nil)                      -               -              979
                       --------------------------------------------------

Comprehensive income
 (loss) for the period               -               -              979
                       --------------------------------------------------

  Share-based
   compensation                      -              73                -
-------------------------------------------------------------------------
Balance - March 31,
 2013                     $     33,711    $      1,968    $      (1,676)
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Balance - January 1,
 2014                     $     33,711    $      2,078    $         373
  Net loss for the
   period                            -               -                -

  Other comprehensive
   income (net of
   taxes, $nil)                      -               -            1,923
                       --------------------------------------------------

Comprehensive income
 (loss) for the period               -               -            1,923
                       --------------------------------------------------

  Share-based
   compensation                      -              85                -
-------------------------------------------------------------------------
Balance - March 31,
 2014                     $     33,711    $      2,163    $       2,296
-------------------------------------------------------------------------
-------------------------------------------------------------------------

-------------------------------------------------------------------------

----------------------------------------------------------------------------


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                             Attributable to
                        shareholders of Brampton
                              Brick Limited
                       -----------------------------------------------------

                                                            Non-
                           Retained                  controlling      Total
                           Earnings        Total        interest     Equity
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance - January 1,
 2013                    $  104,010   $  136,961    $         12  $ 136,973

  Net loss for the
   period                    (2,574)      (2,574)              -     (2,574)

  Other comprehensive
   income (net of
   taxes, $nil)                   -          979               -        979
                       -----------------------------------------------------

Comprehensive income
 (loss) for the period       (2,574)      (1,595)              -     (1,595)
                       -----------------------------------------------------

  Share-based
   compensation                   -           73               -         73
----------------------------------------------------------------------------
Balance - March 31,
 2013                    $  101,436   $  135,439    $         12  $ 135,451
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance - January 1,
 2014                    $  106,559   $  142,721    $         29  $ 142,750
  Net loss for the
   period                    (7,855)      (7,855)              -     (7,855)

  Other comprehensive
   income (net of
   taxes, $nil)                   -        1,923               -      1,923
                       -----------------------------------------------------

Comprehensive income
 (loss) for the period       (7,855)      (5,932)              -     (5,932)
                       -----------------------------------------------------

  Share-based
   compensation                   -           85               -         85
----------------------------------------------------------------------------
Balance - March 31,
 2014                    $   98,704   $  136,874    $         29  $ 136,903
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------

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