Supremex Inc T.SXP

a friend of mine had a scheme

[siwashrock]

He was selling loonies for 95 cents each

and trying to make it up on volume. Sounds kinda

like Supremex envelope division these days.

I'm keeping my eye on adjusted ebitda and found this:

Envelope adj ebitda was down 15% compared to last 4 quarters average.

Packaging adj ebitda was up 44% compared to last 4 quarters average.

So there's that. Unfortunately, Envelope is double the revenue size of Packaging,

a pretty weak quarter indeed. However, the CEO will likely promise better days ahead.

[birder]

Envelop EBITDA margins are down because of mix. The margins are better in Canada as they run a quasi-monopoly, but it's more competitive in the USA. Canadian volume isn't increasing as they already capture almost all the volume and this isn't a growing industry. Incremental volumes comes from the USA. That being said, they are restructuring their operation in Ontario with expected