(TheNewswire)
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March 24, 2022 – TheNewswire - Kelowna, British Columbia:Decisive Dividend Corporation (TSXV:DE) (the “Company” or “Decisive”) today reported its financial results for the fourth quarter and year ended December 31, 2021.
Highlights of the Company’s financial performance include the following:
-
Record quarterly sales in Q4, which increased 21% to $17.9 million, compared to $14.8 million in Q4 2020.
-
Record annual sales in fiscal 2021, which increased 29% to $62.5 million, compared to $48.5 million in 2020.
-
Generated $2.1 million in Adjusted EBITDA* in Q4 2021, an increase of 5% relative to Q4 2020. Excluding government subsidies, Q4 2021 Adjusted EBITDA* was 60% higher than Q4 2020.
-
Annual Adjusted EBITDA* of $8.7 million represents a 7% increase compared to 2020. Excluding subsidies, 2021 Adjusted EBITDA* was 26% higher than 2020.
-
Generated profit of $0.9 million, or $0.08 per share, in Q4 2021 bringing fiscal 2021 profit to $2.3 million, or $0.19 per share; both considerable increases compared to the losses generated in the same respective periods in 2020.
Selected Financial Highlights:
The following are selected financial highlights of Decisive for the year ended December 31, 2021. All amounts are expressed in Canadian dollars. The Company’s consolidated financial statements as well as its management’s discussion and analysis (“MD&A”) are posted on SEDAR and on Decisive’s website (www.decisivedividend.com).
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(Stated in thousands of dollars, except per share amounts)
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For the three months ended
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For the year ended
|
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December 31,
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|
2021
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|
|
2020
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Change
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|
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2021
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|
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2020
|
|
Change
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Sales
|
$
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17,852
|
|
$
|
14,815
|
|
20%
|
|
$
|
62,491
|
|
$
|
48,457
|
|
29%
|
|
Gross profit
|
|
5,843
|
|
|
4,365
|
|
34%
|
|
|
21,376
|
|
|
18,422
|
|
16%
|
|
Gross profit %
|
|
33%
|
|
|
29%
|
|
|
|
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34%
|
|
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38%
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|
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Adjusted EBITDA*
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2,091
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1,985
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5%
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8,657
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8,061
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7%
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Per share basic
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0.17
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0.17
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2%
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|
|
0.73
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|
|
0.70
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4%
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Profit (loss) before tax
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985
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(11)
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nm
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2,940
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(161)
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nm
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Profit (loss)
|
|
918
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(26)
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nm
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|
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2,282
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|
(736)
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nm
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Per share basic
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0.08
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-
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100%
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0.19
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(0.06)
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nm
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Per share diluted
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0.07
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n/a
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|
nm
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|
|
0.18
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|
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n/a
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|
nm
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Dividends declared
|
|
906
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|
-
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100%
|
|
|
2,461
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|
|
1,037
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137%
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Per share basic
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0.08
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|
|
-
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100%
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|
|
0.21
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|
|
0.09
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131%
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* Adjusted EBITDA is not a recognized financial measure under International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other issuers, but it is used by management to assess the performance of the Company and its segments. See ”Non-IFRS Financial Measures” later in this press release for the full description of Adjusted EBITDA and a reconciliation of applicable IFRS measures to non-IFRS measures.
nm – not meaningful
Q42021 Highlights:
-
Consolidated sales increased 21% to $17.9 million compared to $14.8 million in Q4 2020.
-
Consolidated gross profit increased 34% to $5.8 million from $4.4 million inQ4 2020. Excluding subsidies, Q4 2021 gross profit was 49% higher than Q4 2020
-
Consolidated gross profit percentages increased to 33% from 30% in Q4 2020
-
Consolidated Adjusted EBITDA* increased to $2.1 million, up 5% relative to Q4 2020. Excluding subsidies, Q4 2021 Adjusted EBITDA* was 60% higher than Q4 2020
-
Blaze King’s robust performance continued in the quarter, with sales consistent with its strong Q4 2020.
-
Slimline’sagricultural sprayer and parts divisions showed strong demand in the quarter evidenced by a 35% increase in the number of agricultural sprayers sold relative to Q4 2020
-
Hawk, Unicast and Northside each experienced dramatic increases in customer demand relative to Q4 2020 which led to a 42% increase in sales for the component manufacturing segment
-
The Company’s subsidiaries did not receive any subsidies from the Canada Emergency Wage Subsidy (“CEWS”) or Canada Emergency Rent Subsidy (“CERS”) programs in the quarter (Q4 2020 - $0.7 million).
-
Consolidated net profit in the quarter was $0.9 million, or $0.08 per share, an increase of $0.9 million, or $0.08 per share, compared to Q4 2020.
2021 Annual Highlights:
-
Consolidated sales increased 29% to $62.5 million, compared to $48.5 million in
-
Consolidated gross profit increased 16% to $21.4 million from $18.4 million in 2020. Excluding subsidies, 2021 gross profit was 19% higher than in 2020
-
Consolidated gross profit percentages declined to 34% from 38% in 2020. The decline in gross profit percentages was driven by a change in sales mix relative to 2020, a lower exchange rate on United States dollar denominated sales, and supply chain and labour availability challenges, which resulted in material, freight, and labour cost increases.
-
Consolidated Adjusted EBITDA* increased to $8.7 million, up 7% relative to 2020, driven by the above noted increases in sales and gross profit. Excluding subsidies, 2021 Adjusted EBITDA* was 26% higher than in 2020.
-
Sales in the finished product segment increased by $5.3 million, or 20%, relative to 2020, driven by strong demand for Blaze King’s products and its increased market share after new EPA regulations took effect in May 2020
-
Sales for the component manufacturing segment increased by $8.7 million, or 41%, relative to 2020 based on customer demand increases driven by improving fundamentals in the sectors that those customers operate in.
-
The Company’s subsidiaries received $2.7 million in subsidies from the CEWS, CERS and paycheck protection programs in 2021 (2020 - $3.3 million)
-
Consolidated net profit in 2021 was $2.3 million, or $0.19 per share, an increase of $3.0 million, or $0.25 per share, compared to 2020. The net loss in 2020 included a $1.4 million non-cash impairment loss recorded against Hawk’s goodwill
Jeff Schellenberg, Chief Executive Officer of Decisive, noted:
“Q4 performance continued to demonstrate strong demand across our portfolio of companies. We are particularly pleased with our Adjusted EBITDA performance given current supply chain challenges. These results demonstrate the resilience of our diversified business model and reflect the efforts of our subsidiaries’ management teams to manage costs and optimize operations in a challenging market. We are also optimistic with respect to 2022 given the demand trends seem to be continuing and commodity prices continue to create tailwinds for our portfolio businesses.
We believe we are well positioned to drive forward our buy, build and hold business model and are continuing to work towards completing our next acquisition from our healthy, and growing, pipeline of potential targets. We look forward to providing further updates to our shareholders as we progress on this front.”
Outlook:
-
Building a strong and growing acquisition prospect pipeline by identifying and evaluating potential acquisitions to bolster diversity and add strength and resilience to operations.
-
Enhancing balance sheet strength and flexibility, well positioning the Company to take advantage of potential acquisition opportunities as they arise.
-
Experiencing strong demand across our portfolio of businesses, which trends look to be continuing through
-
Optimizing our operations, with an emphasis on enhancing margins in the face of broad and steady customer demand trends.
-
Stabilizing overall profitability performance through a volatile economic environment as a result of the diversity of the portfolio
-
Experiencing supply chain and labour availability challenges to varying degrees in each portfolio business but having some success in passing cost increases on to customers.
-
Increasing production capacity and improving operational efficiency, with $1.5 million of manufacturing equipment purchased in 2021, the majority of which was deployed at Blaze King.
About Decisive Dividend Corporation
Decisive Dividend Corporation is an acquisition-oriented company, focused on opportunities in manufacturing. The Company’s purpose is to be the sought-out choice for exiting legacy-minded business owners, while supporting the long-term success of the businesses acquired, and through that, creating sustainable and growing shareholder returns. The Company uses a disciplined acquisition strategy to identify already profitable, well-established, high quality manufacturing companies that have a sustainable competitive advantage, a focus on non-discretionary products, steady cash flows, growth potential and established, strong leadership.
For more information on Decisive, or to sign up for email notifications of Company press releases, please visit www.decisivedividend.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeff Schellenberg, Chief Executive Officer
Rick Torriero, Chief Financial Officer
#201, 1674 Bertram Street
Kelowna, BC V1Y 9G4
Telephone: (250) 870-9146
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-IFRS Financial Measures
In this press release, reference is made to “Adjusted EBITDA”, which is not a recognized financial measure under IFRS, but is believed to be meaningful in the assessment of the Company’s performance.
“Adjusted EBITDA” is defined as earnings before finance costs, income taxes, depreciation, amortization, foreign exchange gains or losses, other non-cash items such as gains or losses recognized on the fair value of contingent consideration items, asset impairment, share-based compensation, and restructuring costs, and other non-operating items such as acquisition costs.
Adjusted EBITDA is a financial performance measure that management believes is useful for investors to analyze the results of the Company’s operating activities prior to consideration of how those activities are financed and the impact of non-operating charges related to planned or completed acquisitions, foreign exchange, taxation, depreciation, amortization, and impairment charges.
The most directly comparable financial measure is profit or loss. While Adjusted EBITDA is used by management to assess the historical financial performance of the Company, readers are cautioned that:
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Non-IFRS financial measures, such as Adjusted EBITDA, are not recognized financial measures under IFRS
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The Company’s method of calculating Non-IFRS financial measures, such as Adjusted EBITDA, may differ from that of other corporations or entities and therefore may not be directly comparable to measures utilized by other corporations or entities;
-
Non-IFRS financial measures, such as Adjusted EBITDA, should not be viewed as an alternative to measures that are recognized under IFRS such as profit or loss or cash from operating activities; and
Set forth below are reconciliations of Non-IFRS financial measures to their most relevant IFRS measures.
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(Stated in thousands of dollars)
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|
|
|
|
|
|
|
For the three months ended
|
|
For the year ended
|
|
December 31,
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
$
|
918
|
|
$
|
(26)
|
|
$
|
2,282
|
|
$
|
(736)
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|
|
|
|
|
|
|
|
|
|
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|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing costs
|
|
497
|
|
|
549
|
|
|
2,079
|
|
|
2,189
|
|
Income tax expense
|
|
67
|
|
|
17
|
|
|
658
|
|
|
575
|
|
Amortization and depreciation
|
|
976
|
|
|
990
|
|
|
3,666
|
|
|
3,905
|
|
Acquisition costs
|
|
115
|
|
|
-
|
|
|
115
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|
|
-
|
|
Goodwill impairment losses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,368
|
|
Inventory fair value adjustments and write downs
|
|
27
|
|
|
586
|
|
|
27
|
|
|
586
|
|
Share-based compensation expense
|
|
16
|
|
|
55
|
|
|
256
|
|
|
442
|
|
Foreign exchange expense (income)
|
|
(66)
|
|
|
421
|
|
|
54
|
|
|
424
|
|
Interest and other income
|
|
(404)
|
|
|
(607)
|
|
|
(408)
|
|
|
(621)
|
|
Gain on sale of equipment
|
|
(55)
|
|
|
-
|
|
|
(72)
|
|
|
(71)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
2,091
|
|
|
1,985
|
|
|
8,657
|
|
|
8,061
|
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on management’s current beliefs, assumptions and expectations as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information relating to the future prospects of the Company and its operating subsidiaries, 2022 demand levels and commodity pricing trends, increasing demand from customers, potential future acquisitions, and potential future capital expenditures surrounding productivity and automation initiatives being explored. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: general economic conditions; pandemics; competition; government regulation; environmental regulation; access to capital; market trends and innovation; climate risk; general uninsured losses; risk related to acquisitions; dependence on customers, distributors and strategic relationships; supply and cost of raw materials and purchased parts; operational performance and growth; implementation of the growth strategy; product liability and warranty claims; litigation; reliance on technology, intellectual property, and information systems; availability of future financing; interest rates and debt financing; income tax matters; foreign exchange; dividends; trading volatility of common shares; dilution risk; reliance on management and key personnel; employee and labour relations; and conflicts of interest, all as more particularly described in the most recent annual MD&A of the Company available on the Company’s profile at www.sedar.com. There can be no assurance as to the future financial performance of the Company or that the board of directors of the Company will declare or pay any dividends in the future or, if dividends are declared and paid, there can be no assurance as to the frequency or amount of such dividends. The Company cautions the reader that the risk factors referenced above are not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Not for distribution in the United States
This press release is not for distribution to U.S. Newswire Services or for dissemination in the United States.
March 24, 2022 – TheNewswire - Kelowna, British Columbia:Decisive Dividend Corporation (TSXV:DE) (the “Company” or “Decisive”) today reported its financial results for the fourth quarter and year ended December 31, 2021.
Highlights of the Company’s financial performance include the following:
-
Record quarterly sales in Q4, which increased 21% to $17.9 million, compared to $14.8 million in Q4 2020.
-
Record annual sales in fiscal 2021, which increased 29% to $62.5 million, compared to $48.5 million in 2020.
-
Generated $2.1 million in Adjusted EBITDA* in Q4 2021, an increase of 5% relative to Q4 2020. Excluding government subsidies, Q4 2021 Adjusted EBITDA* was 60% higher than Q4 2020.
-
Annual Adjusted EBITDA* of $8.7 million represents a 7% increase compared to 2020. Excluding subsidies, 2021 Adjusted EBITDA* was 26% higher than 2020.
-
Generated profit of $0.9 million, or $0.08 per share, in Q4 2021 bringing fiscal 2021 profit to $2.3 million, or $0.19 per share; both considerable increases compared to the losses generated in the same respective periods in 2020.
Selected Financial Highlights:
The following are selected financial highlights of Decisive for the year ended December 31, 2021. All amounts are expressed in Canadian dollars. The Company’s consolidated financial statements as well as its management’s discussion and analysis (“MD&A”) are posted on SEDAR and on Decisive’s website (www.decisivedividend.com).
|
(Stated in thousands of dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
For the year ended
|
|
December 31,
|
|
2021
|
|
|
2020
|
|
Change
|
|
|
2021
|
|
|
2020
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
$
|
17,852
|
|
$
|
14,815
|
|
20%
|
|
$
|
62,491
|
|
$
|
48,457
|
|
29%
|
|
Gross profit
|
|
5,843
|
|
|
4,365
|
|
34%
|
|
|
21,376
|
|
|
18,422
|
|
16%
|
|
Gross profit %
|
|
33%
|
|
|
29%
|
|
|
|
|
34%
|
|
|
38%
|
|
|
|
Adjusted EBITDA*
|
|
2,091
|
|
|
1,985
|
|
5%
|
|
|
8,657
|
|
|
8,061
|
|
7%
|
|
Per share basic
|
|
0.17
|
|
|
0.17
|
|
2%
|
|
|
0.73
|
|
|
0.70
|
|
4%
|
|
Profit (loss) before tax
|
|
985
|
|
|
(11)
|
|
nm
|
|
|
2,940
|
|
|
(161)
|
|
nm
|
|
Profit (loss)
|
|
918
|
|
|
(26)
|
|
nm
|
|
|
2,282
|
|
|
(736)
|
|
nm
|
|
Per share basic
|
|
0.08
|
|
|
-
|
|
100%
|
|
|
0.19
|
|
|
(0.06)
|
|
nm
|
|
Per share diluted
|
|
0.07
|
|
|
n/a
|
|
nm
|
|
|
0.18
|
|
|
n/a
|
|
nm
|
|
Dividends declared
|
|
906
|
|
|
-
|
|
100%
|
|
|
2,461
|
|
|
1,037
|
|
137%
|
|
Per share basic
|
|
0.08
|
|
|
-
|
|
100%
|
|
|
0.21
|
|
|
0.09
|
|
131%
|
* Adjusted EBITDA is not a recognized financial measure under International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other issuers, but it is used by management to assess the performance of the Company and its segments. See ”Non-IFRS Financial Measures” later in this press release for the full description of Adjusted EBITDA and a reconciliation of applicable IFRS measures to non-IFRS measures.
nm – not meaningful
Q42021 Highlights:
-
Consolidated sales increased 21% to $17.9 million compared to $14.8 million in Q4 2020.
-
Consolidated gross profit increased 34% to $5.8 million from $4.4 million inQ4 2020. Excluding subsidies, Q4 2021 gross profit was 49% higher than Q4 2020
-
Consolidated gross profit percentages increased to 33% from 30% in Q4 2020
-
Consolidated Adjusted EBITDA* increased to $2.1 million, up 5% relative to Q4 2020. Excluding subsidies, Q4 2021 Adjusted EBITDA* was 60% higher than Q4 2020
-
Blaze King’s robust performance continued in the quarter, with sales consistent with its strong Q4 2020.
-
Slimline’sagricultural sprayer and parts divisions showed strong demand in the quarter evidenced by a 35% increase in the number of agricultural sprayers sold relative to Q4 2020
-
Hawk, Unicast and Northside each experienced dramatic increases in customer demand relative to Q4 2020 which led to a 42% increase in sales for the component manufacturing segment
-
The Company’s subsidiaries did not receive any subsidies from the Canada Emergency Wage Subsidy (“CEWS”) or Canada Emergency Rent Subsidy (“CERS”) programs in the quarter (Q4 2020 - $0.7 million).
-
Consolidated net profit in the quarter was $0.9 million, or $0.08 per share, an increase of $0.9 million, or $0.08 per share, compared to Q4 2020.
2021 Annual Highlights:
-
Consolidated sales increased 29% to $62.5 million, compared to $48.5 million in
-
Consolidated gross profit increased 16% to $21.4 million from $18.4 million in 2020. Excluding subsidies, 2021 gross profit was 19% higher than in 2020
-
Consolidated gross profit percentages declined to 34% from 38% in 2020. The decline in gross profit percentages was driven by a change in sales mix relative to 2020, a lower exchange rate on United States dollar denominated sales, and supply chain and labour availability challenges, which resulted in material, freight, and labour cost increases.
-
Consolidated Adjusted EBITDA* increased to $8.7 million, up 7% relative to 2020, driven by the above noted increases in sales and gross profit. Excluding subsidies, 2021 Adjusted EBITDA* was 26% higher than in 2020.
-
Sales in the finished product segment increased by $5.3 million, or 20%, relative to 2020, driven by strong demand for Blaze King’s products and its increased market share after new EPA regulations took effect in May 2020
-
Sales for the component manufacturing segment increased by $8.7 million, or 41%, relative to 2020 based on customer demand increases driven by improving fundamentals in the sectors that those customers operate in.
-
The Company’s subsidiaries received $2.7 million in subsidies from the CEWS, CERS and paycheck protection programs in 2021 (2020 - $3.3 million)
-
Consolidated net profit in 2021 was $2.3 million, or $0.19 per share, an increase of $3.0 million, or $0.25 per share, compared to 2020. The net loss in 2020 included a $1.4 million non-cash impairment loss recorded against Hawk’s goodwill
Jeff Schellenberg, Chief Executive Officer of Decisive, noted:
“Q4 performance continued to demonstrate strong demand across our portfolio of companies. We are particularly pleased with our Adjusted EBITDA performance given current supply chain challenges. These results demonstrate the resilience of our diversified business model and reflect the efforts of our subsidiaries’ management teams to manage costs and optimize operations in a challenging market. We are also optimistic with respect to 2022 given the demand trends seem to be continuing and commodity prices continue to create tailwinds for our portfolio businesses.
We believe we are well positioned to drive forward our buy, build and hold business model and are continuing to work towards completing our next acquisition from our healthy, and growing, pipeline of potential targets. We look forward to providing further updates to our shareholders as we progress on this front.”
Outlook:
-
Building a strong and growing acquisition prospect pipeline by identifying and evaluating potential acquisitions to bolster diversity and add strength and resilience to operations.
-
Enhancing balance sheet strength and flexibility, well positioning the Company to take advantage of potential acquisition opportunities as they arise.
-
Experiencing strong demand across our portfolio of businesses, which trends look to be continuing through
-
Optimizing our operations, with an emphasis on enhancing margins in the face of broad and steady customer demand trends.
-
Stabilizing overall profitability performance through a volatile economic environment as a result of the diversity of the portfolio
-
Experiencing supply chain and labour availability challenges to varying degrees in each portfolio business but having some success in passing cost increases on to customers.
-
Increasing production capacity and improving operational efficiency, with $1.5 million of manufacturing equipment purchased in 2021, the majority of which was deployed at Blaze King.
About Decisive Dividend Corporation
Decisive Dividend Corporation is an acquisition-oriented company, focused on opportunities in manufacturing. The Company’s purpose is to be the sought-out choice for exiting legacy-minded business owners, while supporting the long-term success of the businesses acquired, and through that, creating sustainable and growing shareholder returns. The Company uses a disciplined acquisition strategy to identify already profitable, well-established, high quality manufacturing companies that have a sustainable competitive advantage, a focus on non-discretionary products, steady cash flows, growth potential and established, strong leadership.
For more information on Decisive, or to sign up for email notifications of Company press releases, please visit www.decisivedividend.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeff Schellenberg, Chief Executive Officer
Rick Torriero, Chief Financial Officer
#201, 1674 Bertram Street
Kelowna, BC V1Y 9G4
Telephone: (250) 870-9146
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-IFRS Financial Measures
In this press release, reference is made to “Adjusted EBITDA”, which is not a recognized financial measure under IFRS, but is believed to be meaningful in the assessment of the Company’s performance.
“Adjusted EBITDA” is defined as earnings before finance costs, income taxes, depreciation, amortization, foreign exchange gains or losses, other non-cash items such as gains or losses recognized on the fair value of contingent consideration items, asset impairment, share-based compensation, and restructuring costs, and other non-operating items such as acquisition costs.
Adjusted EBITDA is a financial performance measure that management believes is useful for investors to analyze the results of the Company’s operating activities prior to consideration of how those activities are financed and the impact of non-operating charges related to planned or completed acquisitions, foreign exchange, taxation, depreciation, amortization, and impairment charges.
The most directly comparable financial measure is profit or loss. While Adjusted EBITDA is used by management to assess the historical financial performance of the Company, readers are cautioned that:
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Non-IFRS financial measures, such as Adjusted EBITDA, are not recognized financial measures under IFRS
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The Company’s method of calculating Non-IFRS financial measures, such as Adjusted EBITDA, may differ from that of other corporations or entities and therefore may not be directly comparable to measures utilized by other corporations or entities;
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Non-IFRS financial measures, such as Adjusted EBITDA, should not be viewed as an alternative to measures that are recognized under IFRS such as profit or loss or cash from operating activities; and
Set forth below are reconciliations of Non-IFRS financial measures to their most relevant IFRS measures.
|
(Stated in thousands of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
For the year ended
|
|
December 31,
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
$
|
918
|
|
$
|
(26)
|
|
$
|
2,282
|
|
$
|
(736)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add (deduct):
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing costs
|
|
497
|
|
|
549
|
|
|
2,079
|
|
|
2,189
|
|
Income tax expense
|
|
67
|
|
|
17
|
|
|
658
|
|
|
575
|
|
Amortization and depreciation
|
|
976
|
|
|
990
|
|
|
3,666
|
|
|
3,905
|
|
Acquisition costs
|
|
115
|
|
|
-
|
|
|
115
|
|
|
-
|
|
Goodwill impairment losses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,368
|
|
Inventory fair value adjustments and write downs
|
|
27
|
|
|
586
|
|
|
27
|
|
|
586
|
|
Share-based compensation expense
|
|
16
|
|
|
55
|
|
|
256
|
|
|
442
|
|
Foreign exchange expense (income)
|
|
(66)
|
|
|
421
|
|
|
54
|
|
|
424
|
|
Interest and other income
|
|
(404)
|
|
|
(607)
|
|
|
(408)
|
|
|
(621)
|
|
Gain on sale of equipment
|
|
(55)
|
|
|
-
|
|
|
(72)
|
|
|
(71)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
2,091
|
|
|
1,985
|
|
|
8,657
|
|
|
8,061
|
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on management’s current beliefs, assumptions and expectations as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information relating to the future prospects of the Company and its operating subsidiaries, 2022 demand levels and commodity pricing trends, increasing demand from customers, potential future acquisitions, and potential future capital expenditures surrounding productivity and automation initiatives being explored. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: general economic conditions; pandemics; competition; government regulation; environmental regulation; access to capital; market trends and innovation; climate risk; general uninsured losses; risk related to acquisitions; dependence on customers, distributors and strategic relationships; supply and cost of raw materials and purchased parts; operational performance and growth; implementation of the growth strategy; product liability and warranty claims; litigation; reliance on technology, intellectual property, and information systems; availability of future financing; interest rates and debt financing; income tax matters; foreign exchange; dividends; trading volatility of common shares; dilution risk; reliance on management and key personnel; employee and labour relations; and conflicts of interest, all as more particularly described in the most recent annual MD&A of the Company available on the Company’s profile at www.sedar.com. There can be no assurance as to the future financial performance of the Company or that the board of directors of the Company will declare or pay any dividends in the future or, if dividends are declared and paid, there can be no assurance as to the frequency or amount of such dividends. The Company cautions the reader that the risk factors referenced above are not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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