Imaflex Delivers Solid Q1 2024 Results, Provides Business Update
Robust sales and earnings drive growth
Highlights
-
Revenues of
$27.4 million , up 17.9% from$23.2 million in Q1 2023 -
Net income of
$1.8 million ($0.04 cents per share1 ), up 100.1% from$0.9 million ($0.02 cents per share) in prior year -
EBITDA2
of
$3.6 million (13.3% sales), up 65.0% over Q1 2023 -
Strong balance sheet with cash available for operating activities totalling
$8.5 million at quarter end, including a cash balance of$0.9 million and another$7.6 million underImaflex 's$12.0 million revolving line of credit
"
Delivering Sustainable Growth
"We are excited about our future and encouraged by the growth platform we have built in recent years," continued
"The Board and
_____________________________ |
1 Based on basic and diluted weighted shares outstanding |
2 EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization. See "Caution Regarding Non-IFRS Financial Measures" which follows. |
Succession Planning
"Together with the Board of Directors, we recognize the importance of proactive leadership planning to ensure our on-going success," said
Consolidated Financial Highlights (unaudited)
|
Three months ended |
||
CDN $ thousands, except per share amounts |
2024 |
2023 |
% Change |
Revenues |
27,404 |
23,236 |
17.9 % |
Gross Profit |
4,031 |
3,180 |
26.8 % |
Selling & admin. expenses |
2,182 |
1,978 |
10.3 % |
Other (gains) losses |
(525) |
(4) |
n/a |
Net income |
1,847 |
923 |
100.1 % |
Basic EPS |
0.04 |
0.02 |
100.0 % |
Diluted EPS |
0.04 |
0.02 |
100.0 % |
Gross margin |
14.7 % |
13.7 % |
1.0 pp |
Selling & admin. expenses as % of revenues |
8.0 % |
8.5 % |
(0.5) pp |
EBITDA (Excluding FX) |
3,114 |
2,256 |
38.0 % |
EBITDA |
3,639 |
2,206 |
65.0 % |
EBITDA margin |
13.3 % |
9.5 % |
3.8 pp |
Financial Review: Quarter Ended
Revenues
Revenues were
Gross Profit
Gross profit came in at
Operating Expenses
Selling and Administrative expenses were
A majority of the Corporation's foreign exchange gains and losses are non-cash impacting and largely relate to intercompany balances for which
Net Income and EBITDA
The Company recorded net income of
EBITDA came in at
Liquidity and Capital Resources
Net cash flows generated by operating activities, before movements in working capital and taxes paid, stood at
As at
ADVASEAL
®
Update
Outlook
"
Annual General Meeting
Caution Regarding Non-IFRS Financial Measures
The Company's management uses non-IFRS measures in this press release, namely EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), and EBITDA excluding foreign exchange.
While EBITDA is not a standard International Financial Reporting Standards (IFRS) measure, management, analysts, investors and others use it as an indicator of the Company's financial and operating management and performance. EBITDA should not be construed as an alternative to net income determined in accordance with IFRS as an indicator of the Company's performance. The Company's method of calculating EBITDA may be different from those used by other companies and accordingly they should not be considered in isolation.
About
Founded in 1994,
Cautionary Statement on Forward Looking Information
Certain information included in this press release constitutes "forward-looking" statements within the meaning of Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the management of the Corporation, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. The Corporation cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance, or achievements of Imaflex to be materially different from the Corporation's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Corporation's most recent Management Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and on the investor section of the Corporation's website at www.imaflex.com. The Corporation disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the
SOURCE