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Brampton Brick Reports Earnings for the Third Quarter Ended September 30, 2012

BRAMPTON, ONTARIO -- (Marketwire) -- 11/09/12 --

(All amounts are stated in thousands of Canadian dollars, except per share amounts.)

Brampton Brick Limited (TSX:BBL.A) today reported net income of $2,215, or $0.20 per Class A Subordinate Voting share ("Class A share") and Class B Multiple Voting Share ("Class B share"), for the third quarter ended September 30, 2012 compared to a loss of $5,074, or $0.46 per share, for the third quarter in 2011. The aggregate weighted average number of Class A shares and Class B shares outstanding for the third quarter in 2012 was 10,937,380 and 10,936,554 for the same period in 2011.

DISCUSSION OF OPERATIONS

Three months ended September 30, 2012

For the quarter ended September 30, 2012, revenues were $27,270 compared to $26,307 in 2011. The increase of $963 was primarily due to higher shipments in the Masonry Products business segment.

Cost of sales during the current quarter declined slightly to $19,813, from $20,597 in 2011. Higher levels of plant capacity utilization reduced the average production cost per unit, as fixed plant overhead is apportioned over a larger number of production units. In the third quarter, clay brick shipments declined compared to the third quarter of 2011. In the first half of 2012, commercial and residential construction projects commenced earlier due to favourable weather conditions. This decline was offset, in part, by increases in sales volumes of concrete products.

Yard and delivery expenses during the current quarter also declined compared to 2011 due to operating efficiencies realized from the consolidation of distribution facilities.

Selling and general and administrative expenses during the current quarter in 2012 were comparable to the third quarter of 2011.

The impairment loss recognized on the loan receivable is discussed below under the caption 'Universal Resource Recovery Inc.'

Overall, the revenue increase combined with lower product manufacturing costs in the third quarter contributed to an increase in operating income of $1,366, or 52%, from $2,610 in 2011 to $3,976 in 2012.

Finance costs of $887 for the third quarter of 2012 declined by $496 from the comparable period in 2011. During the quarter ended September 30, 2012, the decrease in interest expense was attributable to lower debt balances outstanding on the Company's term loans and a payment of $500 to redeem part of the subordinated secured debentures. As well, the settlement of the interest rate swap contract on October 3, 2011, resulted in the elimination of the interest rate differential payments.

The Company's share of loss from its joint venture investment is discussed below under the caption 'Universal Resource Recovery Inc.'

The provision for income taxes of $876 and $466 for the third quarter of 2012 and 2011 respectively, relates solely to the pre-tax income of the Company's Canadian operations. The Company did not record a deferred tax asset with respect to the potential future income tax benefit pertaining to the losses incurred by its U.S. operations.

Nine months ended September 30, 2012

For the nine months ended September 30, 2012, the Company recorded net income of $3,193, or $0.29 per share, compared to a net loss of $10,039, or $0.92 loss per share, for the same period in 2011. The aggregate weighted average number of Class A shares and Class B shares outstanding for the nine month period in 2012 was 10,936,831 and 10,936,554 for the same period in 2011.

Revenues for the period ended September 30, 2012 totaled $74,319, an increase of $13,901 from the same period in 2011. Significantly higher sales volumes of masonry products and landscape products, due in part to favourable weather conditions in the first part of this year, together with the continued growth in sales of concrete masonry products, including concrete block, contributed to the increase in revenues.

Cost of sales for the nine months increased by 13% from 2011, compared to a corresponding 23% increase in revenues for the same period. The improvement in gross margin was due to increased production volumes of both masonry and landscape products in 2012 and a number of initiatives undertaken to improve operating efficiencies. 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 and consequently gross margins.

Selling expenses for the nine months decreased by $98 in 2012 from the comparative period in 2011. These expenses were higher in 2011 due to increased advertising and marketing expenditures incurred to support the introduction of a number of new products and to upgrade the Company's service level capabilities.

General and administrative expenses increased by $112 from the prior year due to non-recurring employment related expenses and an accrual for year-end employee bonuses.

The impairment loss recognized on the loan receivable is discussed below under the caption 'Universal Resource Recovery Inc.'

Operating income of $7,803 reflected the improvement in both revenues and contribution margins for the nine month period ended September 30, 2012. For the comparable period in 2011, operating income was only $891.

Finance costs for the nine month period in 2012 decreased by $813 for the same reasons noted under the discussion for the three months ended September 30, 2012.

The Company's share of loss from its joint venture investment is discussed below under the caption 'Universal Resource Recovery Inc.'

As noted under the discussion for the three months ended September 30, 2012, the Company records a recovery of, or a tax provision for, income taxes with respect to its Canadian operations only. In 2011, a current income tax recovery of $126 was recorded to recognize non-capital losses pertaining to the Company's Canadian operations which were carried back to prior taxation years. The Company has not recorded a deferred tax asset with respect to the potential future income tax benefit pertaining to the losses incurred by its U.S. operations.

On June 20, 2012, Ontario's budget bill 114, approving the provincial general corporate income tax rate freeze at 11.5%, was substantively enacted. Previously enacted corporate income tax rate reductions for 2012 and 2013 to 11.0% and 10.0%, respectively, were repealed. However, there was no change to the current 10% income tax rate on income from manufacturing and processing. Consequently, for the Company's Canadian operations, the combined federal (15%) and provincial (10%) current and deferred income tax rate remains at 25%.

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

MASONRY PRODUCTS

For the three month period ended September 30, 2012, the Masonry Products business segment reported operating income of $3,207 on revenues of $18,581 compared to $1,165 on revenues of $17,794 for the same period in 2011.

During the third quarter of 2012, increases in sales volumes of concrete masonry products contributed to the increase in overall segment revenues. The strong growth in clay brick shipments in the first half of the year levelled off during the third quarter of 2012. Greater product acceptance due to various marketing and product promotion initiatives in 2011, translated into higher sales volumes of masonry concrete products, including concrete block.

For the nine month period ended September 30, 2012, this business segment recorded an operating income of $7,100 compared to $728 in 2011. Revenues for the nine month period increased to $54,009 from $43,014, representing a 26% increase over 2011.

For the nine month period in 2012, brick shipments into the Canadian market were higher than last year due in part to favourable weather conditions in both the first and second quarters of this year. In the U.S. market, brick shipments have increased over 2011 levels, although this market continues to be impacted by a historically low level of residential construction activity. In addition, the sale of new products, including concrete block, which was introduced into the Ontario market in April 2011, generated incremental revenues during the nine month period in 2012. The associated increase in production volumes positively affected gross margin and overall operating income for the period.

LANDSCAPE PRODUCTS

For the three month period ended September 30, 2012, the Landscape Products business segment reported operating income of $1,029 on revenues of $8,689 compared to $1,445 on revenues of $8,513 for the same period in 2011. The decrease in operating income is attributable to an increase in plant repair and maintenance expenses and a write-down of certain merchandise inventory.

For the nine month period ended September 30, 2012, this business segment recorded operating income of $1,325 compared to $163 in 2011. Revenues for the nine month period increased to $20,310 from $17,404, or by 17%, over 2011.

The higher sales volume through the first nine months of the year was due to a number of factors. Favourable weather conditions led to an early start to the selling season. The Company benefitted from an improvement in market share, due in part to the introduction of an expanded product portfolio. As well, in 2012, there has been a greater emphasis on sales of higher margin products.

UNIVERSAL RESOURCE RECOVERY INC. ("UNIVERSAL")

Universal is a joint venture which is accounted for by the Company using the equity method of accounting. The carrying value of the investment in Universal on the consolidated balance sheet is increased by advances from the Company and is increased or decreased by the Company's share of profit or loss of Universal. If the Company's share of losses equals or exceeds the carrying value of the investment in Universal, the Company does not recognize further losses, unless it had incurred legal or constructive obligations or made payments on behalf of Universal, of which there were none as at December 31, 2011 and as at September 30, 2012.

Universal suspended its commercial operations in June 2011. As at December 31, 2011, the carrying value of the investment in Universal on the Company's consolidated balance sheet was reduced to zero due to losses incurred from Universal's operations. Consequently, losses totaling $1,791, which exceeded the carrying value of the Universal investment as at December 31, 2011, were not recognized by the Company.

For the third quarter of 2012, Universal continued to incur certain fixed costs, including interest on debt and facility occupancy costs amounting to $215. This increased the total of the unrecognized losses for the nine month period in 2012 to $574. The Company's total share of cumulative unrecognized losses increased to $2,365 as at September 30, 2012.

For the third quarter of 2011, the Company's share of loss from Universal totaled $5,840. This loss comprised of an operational loss of $537 and an impairment charge of $5,303, increasing the share of loss from the Company's investment in Universal for the nine months ended September 30, 2011 to $7,347.

The following table summarizes changes in the Company's carrying value of its investment in Universal, as well as cumulative unrecognized losses for the periods shown below:


----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              2011                           2012           
----------------------------------------------------------------------------
               January 1    July 1 to October 1 to   January 1    July 1 to 
              to June 30 September 30  December 31  to June 30 September 30 
----------------------------------------------------------------------------
Company's investment in Universal                                           
----------------------------------------------------------------------------
  Opening                                                                   
   balance       $ 5,562      $ 5,930  $       940  $        -  $         - 
----------------------------------------------------------------------------
  Share of                                                                  
   loss           (1,507)      (5,840)   (1,510(i))          -            - 
----------------------------------------------------------------------------
  Shareholder                                                               
   advances        1,875          850          570           -            - 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
  Ending                                                                    
   balance       $ 5,930  $       940  $         -  $        -  $         - 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cumulative unrecognized losses in Universal                                 
----------------------------------------------------------------------------
  Opening                                                                   
   balance    $        -  $         -  $         -     $(1,791)     $(2,150)
----------------------------------------------------------------------------
  For the                                                                   
   period              -            -       (1,791)       (359)        (215)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
  Ending                                                                    
   balance    $        -  $         -      $(1,791)    $(2,150)     $(2,365)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) As at December 31, 2011, the Company's share of loss was limited to     
    $1,510, as the investment in Universal was reduced to zero.             

Effective January 1, 2012, management of Universal committed to an active program to locate a buyer for the sale of assets held in Universal. Although it is expected that the sale will be recognized within one year from the date of classification of assets as 'held for sale', events beyond management's control may cause a delay in the sale of these assets. Management remains committed to its plan to sell the assets in Universal.

For the three months ended September 30, 2012, advances from the Company to Universal relating to the short-term loan receivable amounted to $705, increasing the total advanced to $2,045 for the nine month period ended September 30, 2012. These advances were classified as a short-term loan receivable as management believes the Company will be repaid from the sale proceeds of Universal's assets following the settlement of Universal's senior ranking claims. In relation to this short-term loan receivable, the Company has registered, as security, a mortgage on Universal's property located in Welland, Ontario, behind the bank's security. This short-term loan receivable was used by Universal primarily to fund its scheduled bank debt repayments, which amounted to $1,326 for the nine months ended September 30, 2012, as well as for debt financing expenses and certain fixed facility occupancy costs.

Universal's continuing financial difficulties indicated a potential impairment of the Company's short-term loan receivable. Due to increasing liquidity requirements in Universal as at September 30, 2012, an impairment analysis was performed to ascertain the fair value of this loan. An assessment of the present value of estimated future cash flows concluded that the carrying value exceeded its net recoverable value. Accordingly, for the three month period in 2012, an impairment loss of $260 was recorded by the Company. This increased the total impairment loss to $622 for the nine month period in 2012. This loss reduced the Company's short-term loan receivable to its fair value of $1,423 as at September 30, 2012.

The Company will continue to fund its share of Universal's cash requirements until proceeds from the sale of Universal's assets are realized.

CASH FLOWS

Cash flow provided by operating activities for the period ended September 30, 2012 increased significantly to $12,781 compared to $3,186 in 2011. The increase in cash flow provided by operations was primarily due to the improvement in the operating results in 2012.

Cash utilized for purchases of property, plant and equipment totaled $2,220 for the nine month period in 2012, compared to $2,484 in 2011.

During the second quarter of 2012, sale proceeds relating primarily to the sale of certain obsolete production equipment, which was no longer supported by the Company's operational processes, totaled $461.

Advances to Universal relating to the short-term loan receivable for the nine months ended September 30, 2012, amounted to $2,045. Further discussion is contained above under the caption 'Universal Resource Recovery Inc.'

Cash advances to Universal for the nine month period ended September 30, 2011 totaled $2,725. These advances increased the carrying value of the investment in Universal, as they were utilized by Universal to finance its operational activities and capital expenditures incurred during the start-up period of its waste composting facility located in Welland, Ontario.

On February 26, 2010, the Company completed a subordinated secured debenture financing in the amount of $9,000 at an effective interest rate of 11.89%. A payment of $500 was made to a debenture holder in August 2012, representing a partial redemption of the subordinated secured debentures.

The balance of the subordinated secured debentures in the principal amount of $8,500, were redeemed on October 11, 2012. A 2% early redemption fee on the principal amount was also paid to debenture holders, as the debentures were to have matured in February 2013. The payment of both the principal and early redemption fee was funded from the Company's operating credit facility, bearing interest at prevailing bankers acceptance rates, plus a credit spread of 2.00%. Utilization of the Company's operating line of credit to redeem the debentures is expected to achieve significant savings in interest costs because of the reduction in comparable interest rates.

FINANCIAL CONDITION

The Company's Masonry Products and Landscape Products business segments are seasonal in nature. The Landscape Products business is affected by seasonality 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 September 30, 2012, bank operating advances were $1,500. This represented a decrease of $3,647 from the amount outstanding at December 31, 2011. The repayment of bank operating advances was funded by cash flows from operations during the nine month period. Trade payables totaled $11,911 at September 30, 2012 compared to $9,026 at December 31, 2011.

The ratio of total liabilities to shareholders' equity attributable to owners of the parent was 0.50:1 at September 30, 2012 compared to 0.51:1 at December 31, 2011. The decrease in this ratio from December 2011 to September 2012 was primarily due to improved operating results, offset in part by the increase in foreign exchange losses due to the strengthening of the Canadian dollar on translation of the financial statements of the Company's U.S. subsidiaries.

As at September 30, 2012, working capital was $8,759, representing a working capital ratio of 1.30:1. Comparable figures for working capital and the working capital ratio at December 31, 2011 were $13,137 and 1.65:1, respectively. The decline from December 31, 2011 is due to the inclusion in current liabilities of the subordinated debentures amounting to $8,451 which were redeemed and paid to debenture holders in October 2012. Excluding the subordinated debentures from current liabilities, the working capital ratio would be 1.81:1. During the month of August 2012, a portion of the subordinated debentures outstanding in the amount of $500 was paid. Cash and cash equivalents totaled $1,247 at September 30, 2012 compared with $1,180 at December 31, 2011.

On October 4, 2011, the Company concluded arrangements from a Canadian bank to provide its operating credit requirements. The new facility provides for borrowings up to $20,000 based on margin formulae for trade receivables and inventories, less priority claims and the mark-to-market exposure on swap contracts, if applicable. It is a demand facility secured primarily by trade receivables and inventories of the Company's Masonry Products and Landscape Products business segments in Canada and the U.S. The agreement also contains certain financial covenants.

On September 7, 2012, the Company issued bankers acceptance notes amounting to $1,500 under its operating credit facility. These notes have a 30-day term and are renewed upon maturity, as required. The rate of interest on the bankers acceptance notes as at September 30, 2012 is based on prevailing bankers acceptance rates plus a credit spread of 2.00%.

As at September 30, 2012, the borrowing limit was $19,066 and the utilization was $1,744, including $1,500 representing bankers acceptance notes and $244 representing outstanding letters of credit.

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.

The Company was in compliance with all financial covenants with respect to its financial arrangements as at September 30, 2012 and anticipates that it will maintain compliance throughout the year.

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 short-term 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 under 'Risks and Uncertainties' in the 2011 annual MD&A included in the Company's 2011 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, 2011), 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 stone veneer products marketed under the Stoneworks(TM) trade name and concrete brick and block. Concrete interlocking paving stones, retaining walls, garden walls and enviro products are manufactured in Markham, Milton and Brampton, Ontario and Wixom, Michigan. These products are sold to markets in Ontario, Quebec, Michigan, New York, Pennsylvania, Ohio, Kentucky, Illinois and Indiana under the Oaks(TM) trade name. Products are used for residential construction and for industrial, commercial, and institutional building projects. The Company also holds a 50% joint-venture interest in Universal Resource Recovery Inc., a waste composting facility located in Welland, Ontario, which is currently not operating.


Selected Financial Information                                              
                                                                            
(unaudited) (in thousands of Canadian dollars)                              
                                                                            
----------------------------------------------------------------------------
CONDENSED INTERIM CONSOLIDATED BALANCE      September 30        December 31 
 SHEET                                              2012               2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
ASSETS                                                                      
Current assets                                                              
  Cash and cash equivalents               $        1,247     $        1,180 
  Trade and other receivables                     13,420              9,964 
  Inventories                                     21,142             20,805 
  Income taxes recoverable                           274                744 
  Loan receivable                                  1,423                  - 
  Other assets                                       890                597 
                                         ----------------   ----------------
                                                  38,396             33,290 
Non-current assets                                                          
Property, plant and equipment                    168,319            172,629 
                                         ----------------   ----------------
Total assets                              $      206,715     $      205,919 
                                         ----------------   ----------------
                                         ----------------   ----------------
                                                                            
LIABILITIES                                                                 
Current liabilities                                                         
  Bank operating advances                 $        1,500     $        5,147 
  Trade payables                                  11,911              9,026 
  Income taxes payable                             2,379                829 
  Current portion of debt                         11,447              3,091 
  Decommissioning provisions                          78                 50 
  Other liabilities                                2,322              2,010 
                                         ----------------   ----------------
                                                  29,637             20,153 
                                         ----------------   ----------------
                                         ----------------   ----------------
Non-current liabilities                                                     
Non-current portion of debt                       24,542             35,166 
Decommissioning provisions                           954                950 
Deferred income tax liabilities                   13,422             13,163 
                                         ----------------   ----------------
Total liabilities                         $       68,555     $       69,432 
                                         ----------------   ----------------
                                         ----------------   ----------------
                                                                            
EQUITY                                                                      
Equity attributable to owners of the                                        
 parent                                                                     
  Share capital                           $       33,711     $       33,689 
  Contributed surplus                              1,894              1,801 
  Accumulated other comprehensive loss            (3,175)            (1,540)
  Retained earnings                              105,719            102,527 
                                         ----------------   ----------------
                                          $      138,149     $      136,477 
                                         ----------------   ----------------
                                         ----------------   ----------------
Non-controlling interests                             11                 10 
                                         ----------------     --------------
Total equity                              $      138,160     $      136,487 
                                         ----------------   ----------------
                                         ----------------   ----------------
Total liabilities and equity              $      206,715     $      205,919 
                                         ----------------   ----------------
                                         ----------------   ----------------
                                                                            
----------------------------------------------------------------------------
                                                                            
                                                                            
(unaudited) (in thousands of Canadian dollars, except per share amounts)    
                                                                            
----------------------------------------------------------------------------
CONDENSED INTERIM                                                           
 CONSOLIDATED                                                               
 STATEMENT OF                                                               
 COMPREHENSIVE INCOME        Three months ended           Nine months ended 
 (LOSS)                            September 30                September 30 
                             2012          2011          2012          2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Revenues              $    27,270   $    26,307   $    74,319   $    60,418 
                                                                            
Cost of sales              19,813        20,597        55,943        49,611 
Selling expenses            1,660         1,545         5,188         5,286 
General and                                                                 
 administrative                                                             
 expenses                   1,592         1,581         4,750         4,638 
Loss (gain) on sale                                                         
 of property, plant                                                         
 and equipment                  1           (62)           56           (63)
Other (income)                                                              
 expense                      (32)           36           (43)           55 
Impairment loss on                                                          
 loan receivable              260             -           622             - 
                     ------------- ------------- ------------- -------------
                           23,294        23,697        66,516        59,527 
                                                                            
Operating income            3,976         2,610         7,803           891 
                                                                            
Finance (expense)                                                           
 income                                                                     
 Finance costs               (887)       (1,383)       (2,780)       (3,593)
 Finance income                 2             5             6            23 
                     ------------- ------------- ------------- -------------
                             (885)       (1,378)       (2,774)       (3,570)
                     ------------- ------------- ------------- -------------
Share of loss from                                                          
 investment in                                                              
 Universal Resource                                                         
 Recovery Inc.                  -        (5,840)            -        (7,347)
                     ------------- ------------- ------------- -------------
                                                                            
Income (loss) before                                                        
 income taxes               3,091        (4,608)        5,029       (10,026)
                                                                            
(Provision for)                                                             
 recovery of income                                                         
 taxes                                                                      
 Current                     (917)         (570)       (1,575)          126 
 Deferred                      41           104          (261)         (139)
                     ------------- ------------- ------------- -------------
                             (876)         (466)       (1,836)          (13)
                     ------------- ------------- ------------- -------------
                                                                            
Net income (loss) for                                                       
 the period           $     2,215   $    (5,074)  $     3,193   $   (10,039)
                     ------------- ------------- ------------- -------------
                     ------------- ------------- ------------- -------------
                                                                            
Net income (loss)                                                           
 attributable to:                                                           
 Owners of the parent $     2,215   $    (5,074)  $     3,192   $   (10,041)
 Non-controlling                                                            
  interests                     -             -             1             2 
                     ------------- ------------- ------------- -------------
Net income (loss) for                                                       
 the period           $     2,215   $    (5,074)  $     3,193   $   (10,039)
                     ------------- ------------- ------------- -------------
                     ------------- ------------- ------------- -------------
                                                                            
Other comprehensive                                                         
 income (loss)                                                              
 Foreign currency                                                           
  translation         $    (1,677)  $     4,172   $    (1,635)  $     2,632 
                     ------------- ------------- ------------- -------------
                                                                            
Total comprehensive                                                         
 income (loss) for                                                          
 the period           $       538   $      (902)  $     1,558   $    (7,407)
                     ------------- ------------- ------------- -------------
                     ------------- ------------- ------------- -------------
                                                                            
Total comprehensive                                                         
 income (loss)                                                              
 attributable to:                                                           
 Owners of the parent $       538   $      (902)  $     1,557   $    (7,409)
 Non-controlling                                                            
  interests                     -             -             1             2 
                     ------------- ------------- ------------- -------------
Total comprehensive                                                         
 income (loss) for                                                          
 the period           $       538   $      (902)  $     1,558   $    (7,407)
                     ------------- ------------- ------------- -------------
                     ------------- ------------- ------------- -------------
Net income (loss) per                                                       
 Class A and Class B                                                        
 share                $      0.20   $     (0.46)  $      0.29   $     (0.92)
Weighted average                                                            
 Class A and Class                                                          
 Bshares outstanding                                                        
 (000's)                   10,937        10,937        10,937        10,937 
                     ------------- ------------- ------------- -------------
                                                                            
----------------------------------------------------------------------------
                                                                            
                                                                            
(unaudited) (in thousands of Canadian dollars)                              
                                                                            
----------------------------------------------------------------------------
                                                          Nine months ended 
                                                               September 30 
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH                            
 FLOWS                                                   2012          2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Cash provided by (used for)                                                 
Operating activities                                                        
  Net income (loss) for the period                  $   3,193     $ (10,039)
  Items not affecting cash and cash equivalents                             
    Depreciation                                        5,234         5,040 
    Current income taxes                                1,575          (126)
    Deferred income taxes                                 261           139 
    Loss (gain) on sale of property, plant and                              
     equipment                                             56           (63)
    Unrealized foreign currency exchange loss                               
     (gain)                                                13           (67)
    Impairment loss on loan receivable                    622             - 
    Loss on derivative financial instrument                 -            27 
    Net interest expense                                2,774         3,548 
    Share of loss in investment in Universal                                
     Resource Recovery Inc.                                 -         7,347 
    Other                                                  96           115 
                                                   -----------  ------------
                                                       13,824         5,921 
  Changes in non-cash items                                                 
    Trade and other receivables                        (3,486)       (6,984)
    Inventories                                          (530)        3,148 
    Other assets                                         (300)         (397)
    Trade payables                                      2,516            78 
    Income tax credits applied                            449            11 
    Other liabilities                                     351         1,468 
                                                   -----------  ------------
                                                       (1,000)       (2,676)
  Income tax payments                                      (3)            - 
  Payments for decommissioning of assets                  (40)          (59)
                                                   -----------  ------------
Cash provided by operating activities                  12,781         3,186 
                                                   -----------  ------------
Investing activities                                                        
  Purchase of property, plant and equipment            (2,220)       (2,484)
  Loan receivable                                      (2,045)            - 
  Advances to Universal Resource Recovery Inc.              -        (2,725)
  Proceeds from sale of property, plant and                                 
   equipment                                              509            63 
                                                   -----------  ------------
Cash used for investment activities                    (3,756)       (5,146)
                                                   -----------  ------------
Financing activities                                                        
  Decrease (increase) in bank operating advances       (3,647)        4,558 
  Payment of term loans                                (1,759)       (1,730)
  Payment of subordinated secured debentures             (500)            - 
  Interest paid                                        (2,567)       (3,300)
  Payments on obligations under finance leases           (415)         (316)
  Payment of dividends by subsidiary to non-                                
   controlling interests                                  (75)            - 
  Proceeds from exercise of stock options                  19             - 
                                                   -----------  ------------
Cash used for financing activities                     (8,944)         (788)
                                                   -----------  ------------
Foreign exchange on cash held in foreign currency         (14)           19 
Increase (decrease) in cash and cash equivalents           67        (2,729)
Cash and cash equivalents at the beginning of the                           
 period                                                 1,180         5,383 
                                                   -----------  ------------
Cash and cash equivalents at the end of the period  $   1,247    $    2,654 
                                                   -----------  ------------
                                                   -----------  ------------
                                                                            
----------------------------------------------------------------------------
                                                                            
                                                                            
(unaudited) (in thousands of Canadian dollars)                              
                                                                            
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY               
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                Attributable to owners of the parent        
                        ----------------------------------------------------
                                                                Accumulated 
                                                                      Other 
                                    Share      Contributed    Comprehensive 
                                  Capital          Surplus    Income (loss) 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance - January 1,                                                        
 2011                    $         33,689 $          1,658 $         (2,616)
 (Loss) income for the                                                      
  period                                -                -                - 
 Other comprehensive                                                        
  income (net of taxes,                                                     
  $nil)                                 -                -            2,632 
                        ----------------------------------------------------
Comprehensive income                                                        
 (loss) for the period                  -                -            2,632 
                        ----------------------------------------------------
 Share-based                                                                
  compensation                          -              115                - 
                        ----------------------------------------------------
Balance - September 30,                                                     
 2011                    $         33,689 $          1,773 $             16 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                         Attributable to owners                             
                              of the parent                                 
                        ----------------------------------------------------
                                                                            
                                                           Non-             
                            Retained                controlling       Total 
                            Earnings       Total      interests      Equity 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance - January 1,                                                        
 2011                    $   112,506  $  145,237  $         112     145,349 
 (Loss) income for the                                                      
  period                     (10,041)    (10,041)             2     (10,039)
 Other comprehensive                                                        
  income (net of taxes,                                                     
  $nil)                            -       2,632              -       2,632 
                        ----------------------------------------------------
Comprehensive income                                                        
 (loss) for the period       (10,041)     (7,409)             2      (7,407)
                        ----------------------------------------------------
 Share-based                                                                
  compensation                     -         115              -         115 
                        ----------------------------------------------------
Balance - September 30,                                                     
 2011                    $   102,465  $  137,943  $         114 $   138,057 
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                                                            
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                Attributable to owners of the parent        
                       -----------------------------------------------------
                                                                Accumulated 
                                                                      Other 
                                   Share      Contributed     Comprehensive 
                                 Capital          Surplus     Income (loss) 
                       -----------------------------------------------------
                       -----------------------------------------------------
Balance - January 1,                                                        
 2012                   $         33,689 $          1,801  $         (1,540)
 Net income for the                                                         
  period                               -                -                 - 
 Other comprehensive                                                        
  loss (net of taxes,                                                       
  $nil)                                -                -            (1,635)
                       -----------------------------------------------------
Comprehensive (loss)                                                        
 income for the period                 -                -            (1,635)
                       -----------------------------------------------------
Issue of Class A                                                            
 Subordinate Voting                                                         
 Shares under the                                                           
 Employee Stock Option                                                      
 Incentive Plan                       19                -                 - 
                       -----------------------------------------------------
Transfer to share                                                           
 capital on exercise of                                                     
 stock options                         3               (3)                - 
                       -----------------------------------------------------
Share-based                                                                 
 compensation                          -               96                 - 
----------------------------------------------------------------------------
Balance - September 30,                                                     
 2012                   $         33,711 $          1,894  $         (3,175)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                        Attributable to owners                              
                             of the parent                                  
                       -----------------------------------------------------
                                                                            
                                                           Non-             
                            Retained                controlling       Total 
                            Earnings      Total       interests      Equity 
                       -----------------------------------------------------
                       -----------------------------------------------------
Balance - January 1,                                                        
 2012                   $    102,527 $  136,477  $           10     136,487 
 Net income for the                                                         
  period                       3,192      3,192               1       3,193 
 Other comprehensive                                                        
  loss (net of taxes,                                                       
  $nil)                            -     (1,635)              -      (1,635)
                       -----------------------------------------------------
Comprehensive (loss)                                                        
 income for the period         3,192      1,557               1       1,558 
                       -----------------------------------------------------
Issue of Class A                                                            
 Subordinate Voting                                                         
 Shares under the                                                           
 Employee Stock Option                                                      
 Incentive Plan                    -         19               -          19 
                       -----------------------------------------------------
Transfer to share                                                           
 capital on exercise of                                                     
 stock options                     -          -               -           - 
                       -----------------------------------------------------
Share-based                                                                 
 compensation                      -         96               -          96 
----------------------------------------------------------------------------
Balance - September 30,                                                     
 2012                   $    105,719 $  138,149  $           11 $   138,160 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contacts:
Brampton Brick Limited
Jeffrey G. Kerbel
President and Chief Executive Officer
905-840-1011
905-840-1535 (FAX)

Brampton Brick Limited
Trevor M. Sandler
Vice-President, Finance and Chief Financial Officer
905-840-1011
905-840-1535 (FAX)
investor.relations@bramptonbrick.com

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