MONTREAL, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Supremex Inc. ("Supremex" or the "Company") (TSX: SXP), a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions, today announced its results for the fourth quarter and fiscal year ended December 31, 2024. The Company will hold a conference call to discuss these results today at 10:00 a.m. (Eastern Time).
Fourth Quarter Financial Highlights and Recent Events
- Total revenue of $69.1 million, compared to $72.3 million in the fourth quarter of 2023.
- Envelope segment revenue of $48.8 million, versus $50.6 million in the fourth quarter of 2023.
- Packaging and Specialty Products segment revenue of $20.3 million, compared to $21.7 million last year.
- Net earnings amounted to $5.8 million, compared to $0.7 million in the fourth quarter of 2023.
- Earnings per share of $0.23, versus $0.03 in the fourth quarter of 2023.
- Adjusted EBITDA1 totaled $12.9 million, or 18.7% of revenue, versus $9.0 million, or 12.4% of revenue, last year.
- Free cash flow1 of $8.7 million, compared to $15.1 million in the fourth quarter of 2023.
- On February 19, 2025, the Board of Directors declared a quarterly dividend of $0.05 per common share, payable on April 4, 2025, to shareholders of record at the close of business on March 20, 2025.
| Financial Highlights (in thousands of dollars, except for per share amounts and margins) | Three-month periods ended December 31 | Twelve-month periods ended December 31 | ||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Statement of Earnings | ||||||||
| Revenue | 69,075 | 72,301 | 281,035 | 302,187 | ||||
| Operating (loss) earnings | 8,811 | 1,936 | (4,090 | ) | 28,942 | |||
| Adjusted EBITDA(1) | 12,919 | 8,986 | 40,333 | 49,119 | ||||
| Adjusted EBITDA margin(1) | 18.7% | 12.4% | 14.4% | 16.3% | ||||
| Net earnings (loss) | 5,819 | 724 | (11,743 | ) | 17,334 | |||
| Basic and diluted net earnings (loss) per share | 0.23 | 0.03 | (0.47 | ) | 0.67 | |||
| Adjusted net earnings(1) | 5,211 | 2,236 | 11,874 | 18,335 | ||||
| Adjusted net earnings per share(1) | 0.20 | 0.09 | 0.48 | 0.72 | ||||
| Cash Flow | ||||||||
| Net cash flows related to operating activities | 9,201 | 14,813 | 32,087 | 43,897 | ||||
| Free cash flow(1) | 8,676 | 15,112 | 31,698 | 39,969 | ||||
| (1) | Non-IFRS financial measures or ratios. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the non-IFRS financial measures section for definitions and reconciliations. |
"Supremex delivered significant profitability gains in the fourth quarter, driven by optimization initiatives across both businesses and gradually improving market conditions," said Stewart Emerson, President and CEO of Supremex. "Our Envelope segment reported slight volume gains that were tempered by lower mix-related pricing during the quarter. As for Packaging, e-commerce fulfilment activities remained solid, partially offsetting a reduction in specialty printing, while markets subject to discretionary consumer demand continued to recover."
"Looking ahead to 2025, we continue to evaluate crystalizing the value of the two properties listed for sale in the third quarter, and expect to benefit from improved manufacturing absorption by increasing efficiency and consolidation efforts. In addition, we expect incremental cost savings and efficiency gains from the consolidation of our Envelope activities in the Greater Toronto Area, along with full-year benefits from optimizing our Packaging business, to support further margin improvement. Backed by a strong balance sheet and healthy cash flow generation, we remain focused on executing our business strategy and creating lasting value for our shareholders," added Mr. Emerson.
Summary of three-month period ended December 31, 2024
Revenue
Total revenue for the three-month period ended December 31, 2024, was $69.1 million, representing a decrease of $3.2 million, or 4.5%, from the equivalent quarter of 2023.
Envelope Segment
Revenue was $48.8 million, down from $50.6 million in the equivalent quarter of 2023. The decrease reflects an average selling price decrease of 4.0% from last year's fourth quarter primarily due to a less favourable customer and product mix between U.S. and the Canadian markets. These factors were partially offset by a 0.5% increase in the volume of units sold reflecting the contribution from the purchase of the Forest Envelope Group ("Forest Envelope"), and a favourable currency conversion effect. The Envelope segment represented 70.6% of total revenue in the quarter, versus 69.9% during the equivalent period of last year.
Packaging & Specialty Products Segment
Revenue was $20.3 million, down from $21.7 million in the corresponding quarter of 2023. The decrease reflects lower sales, partially offset by higher demand for e-commerce packaging solutions, while demand from certain sectors more closely correlated to economic conditions has stabilized compared to last year. Packaging & Specialty Products represented 29.4% of total revenue in the quarter, compared to 30.1% during the equivalent period of last year.
EBITDA2 and Adjusted EBITDA2
EBITDA was $13.7 million, up from $6.9 million in the fourth quarter last year. This increase of $6.8 million includes lower restructuring expenses of $2.7 million. Adjusted EBITDA totalled $12.9 million, up from $9.0 million in the fourth quarter of 2023. This increase reflects lower operating expenses and lower selling, general and administrative expenses, partially offset by lower revenue, as detailed above. The Adjusted EBITDA margin reached 18.7% of revenue, up from 12.4% in the equivalent quarter of 2023.
Envelope Segment
Adjusted EBITDA was $9.2 million, up from $8.7 million in the fourth quarter of 2023. The increase mainly reflects benefits from optimization measures announced in July 2024 and from procurement optimization initiatives. As a percentage of segmented revenue, Adjusted EBITDA from the Envelope segment was 18.8%, compared to 17.2% in the equivalent period of 2023.
Packaging & Specialty Products Segment
Adjusted EBITDA was $2.4 million, up from $1.3 million in the fourth quarter of 2023. This increase is mainly due to benefits from optimization measures announced in October 2023 and from procurement optimization initiatives. As a percentage of segmented revenue, Adjusted EBITDA from the Packaging and Specialty Products operations was 11.6%, compared to 6.1% in the equivalent period of 2023.
Corporate and unallocated costs (recovery)
The corporate and unallocated recovery amounted to $1.4 million in the fourth quarter of 2024, as opposed to costs of $1.0 million in the fourth quarter of 2023. The variation mainly reflects a foreign exchange gain from the revaluation of foreign trade receivables and a favourable adjustment related to the DSUs and PSUs in the quarter due to different share price fluctuations this year versus last year.
Net Earnings, Adjusted Net Earnings, Net Earnings per share and Adjusted Net Earnings per share1
Net earnings were $5.8 million or $0.23 per share for the three-month period ended December 31, 2024, compared to $0.7 million or net earnings of $0.03 per share for the equivalent period last year.
Adjusted net earnings were $5.2 million or $0.20 per share for the three-month period ended December 31, 2024, compared to $2.2 million or net earnings of $0.09 per share for the equivalent period in 2023.
Summary of twelve-month period ended December 31, 2024
Revenue
Total revenue for the twelve-month period ended December 31, 2024, reached $281.0 million, representing a decrease of $21.1 million, or 7.0%, from the equivalent period of 2023.
Envelope Segment
Revenue was $199.2 million, down from $213.6 million in 2023, which includes a record first quarter in 2023 that was positively affected by the tailwinds of the Company's ability to capitalize on supply-chain issues in 2022. The variation reflects an average selling price decrease of 5.5% from last year primarily due to a less favourable customer and product mix in the U.S. and Canadian markets, and to a 1.3% decrease in the volume of units sold. These factors were partially offset by the contribution from the purchase of Forest Envelope Group and a favourable currency conversion effect. The Envelope segment represented 70.9% of the Company's revenue during the period, compared with 70.7% in the prior year.
Packaging & Specialty Products Segment
Revenue was $81.9 million, down from $88.6 million in 2023. The decrease reflects lower sales and lower demand from certain sectors more closely correlated to the economic conditions in the first half of the year. These factors were partially offset by higher demand for e-commerce packaging solutions. Packaging & Specialty Products represented 29.1% of the Company's revenue in 2024, compared with 29.3% in 2023.
EBITDA3 and Adjusted EBITDA3
EBITDA amounted to $15.6 million in the twelve-month period ended December 31, 2024, compared to $47.8 million in the equivalent period of 2023. The variation is essentially due to an asset impairment charge recorded in the third quarter, as well as lower restructuring expenses of $1.0 million. Adjusted EBITDA reached $40.3 million in the twelve-month period ended December 31, 2024, compared to $49.1 million last year. This decrease is the result of lower revenue and operating expenses, partially offset by higher selling, general and administrative expenses. The Adjusted EBITDA margin stood at 14.4% of revenue, compared to 16.3% in the equivalent period of 2023.
Envelope Segment
Adjusted EBITDA was $36.0 million, down from $45.1 million last year. The decrease reflects lower revenue due to a decrease in the average selling price and the effect of lower volume on the absorption of fixed costs, as well as a record first quarter in 2023 that was positively affected by the tailwinds of the Company's ability to capitalize on supply-chain issues of 2022. These factors were partially offset by benefits from optimization measures and procurement optimization initiatives late in the year. As a percentage of segmented revenue, Adjusted EBITDA from the Envelope segment was 18.1%, down from 21.1% in the equivalent period of 2023.
Packaging & Specialty Products Segment
Adjusted EBITDA was $8.8 million, up from $8.5 million in the comparable period of 2023. The increase reflects benefits from optimization measures and procurement optimization initiatives, partially offset by lower demand from certain sectors more closely correlated to economic conditions in the first half of the year, which negatively impacted the absorption of fixed costs. As a percentage of segmented revenue, Adjusted EBITDA from the Packaging & Specialty Products segment was 10.7%, compared to 9.6% in the equivalent period of 2023.
Corporate and unallocated costs
Corporate and unallocated costs amounted to $4.5 million, versus $4.6 million in 2023, as a foreign exchange gain resulting from the revaluation of foreign trade receivables was offset by an unfavourable adjustment related to DSUs and PSUs and last year's benefits from a retroactive COVID-related subsidy for U.S. operations.
Net (Loss) Earnings, Adjusted Net Earnings, Net (Loss) Earnings per share and Adjusted Net Earnings per share4
The net loss was $11.7 million or net loss of $0.47 per share for the twelve-month period ended December 31, 2024, compared to net earnings of $17.3 million or $0.67 per share for the equivalent period in 2023.
Adjusted net earnings were $11.9 million or net earnings of $0.48 per share for the twelve-month period ended December 31, 2024, compared to $18.3 million or $0.72 per share for the equivalent period in 2023.
Liquidity and Capital Resources
Cash Flow
Net cash flows from operating activities were $9.2 million during the three-month period ended December 31, 2024, compared to $14.8 million in the equivalent period of 2023. The decrease is mainly attributable to working capital requirements this year as opposed to a working capital release last year, partially offset by higher profitability.
Net cash flows from operating activities were $32.1 million during the twelve-month period ended December 31, 2024, compared to $43.9 million in 2023. The variation essentially reflects a lower working capital release and lower profitability.
Free cash flow amounted to $8.7 million in the fourth quarter of 2024, compared to $15.1 million for the same period last year, essentially reflecting lower cash flows related to operating activities.
Free cash flow amounted to $31.7 million in the twelve-month period ended December 31, 2024, compared to $40.0 million in the corresponding period of 2023, mainly attributable to lower cash flows related to operating activities, partially offset by lower net acquisitions of property, plant and equipment.
Debt and Leverage
Total debt decreased to $43.1 million as at December 31, 2024, compared to $56.8 million as at December 31, 2023. The decrease reflects the repayment of $13.6 million in long-term debt during the 12-month period ended December 31, 2024, stemming from the Company's solid free cash flow generation.
Dividend Declaration
On February 19, 2025, the Board of Directors declared a quarterly dividend of $0.05 per common share, payable on April 4, 2025, to the shareholders of record at the close of business on March 20, 2025. This dividend is designated as an "eligible" dividend for the purpose of the Income Tax Act (Canada) and any similar provincial legislation.
Outlook
Following challenging market conditions for 2023 and 2024, demand for the Company's products is gradually returning to historical patterns, although the recovery is taking more time than anticipated. As it continues to expand in the vast and fragmented U.S. envelope market, Supremex will be increasingly subject to competitive pressures, but the Company will rely on its solid reputation and geographic reach to stimulate sales while continuing to proactively control expenses.
The Company remains focused on optimizing operating efficiency, productivity and capacity utilization throughout its network, as well as on capturing all sales and cost synergies from recent business acquisitions. In this regard, initiatives announced in July 2024 for the Envelope segment are expected to result in annual cost savings in excess of $2.0 million once all measures are implemented, while initiatives announced in October 2023 for the Packaging and Specialty Products segment are expected to yield annual cost savings of approximately $1.5 million once all measures are implemented.
With respect to capital deployment, the Company will continue to look for strategic acquisitions, mainly in the Packaging and Specialty Products segment, while sustaining capital returns to shareholders.
Tariffs
On February 1, 2025, the US President announced a 25% tariff on imports from Canada, to become effective on February 4, 2025. However, on February 3, 2025, the tariff was paused for at least 30 days. The duration of this pause and the final decision on the tariff remain uncertain. The Company is currently assessing mitigating strategies, which may lead the Company to adjust its business strategy in order to remain competitive in Canada and the US. The direct and indirect effects of these tariffs, retaliatory tariffs, and other trade protectionist measures could be material. There is no guarantee mitigating strategies, if and when implemented, will be sufficient or adequate to counteract, in whole or in part, the potential negative financial impacts on the Company of tariffs.
February 20, 2025 - Fourth Quarter and Year-End Results Conference Call:
A conference call to discuss the Company's results for the fourth quarter and fiscal year ended December 31, 2024, will be held Thursday, February 20, 2025, at 10:00 a.m. (Eastern Time). A live broadcast of the Conference Call will be available on the Company's website, in the Investors section under Webcast.
To participate (professional investment community only) or to listen to the live conference call, please dial the following numbers. We suggest that participants call in at least 5 minutes prior to the scheduled start time:
| 647-484-8814 |
| 1-844-763-8274 |
A replay of the conference call will be available on the Company's website in the Investors section under Webcast. To listen to a recording of the conference call, please call toll-free 1 855-669-9658 or 412-317-0088 and enter the code 1709455. The recording will be available until Thursday, February 27, 2025.
Non-IFRS Financial Measures
Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies and should not be viewed as alternatives to measures of financial performance prepared in accordance with IFRS. Management considers these metrics to be information which may assist investors in evaluating the Company's profitability and enable better comparability of the results from one period to another.
These Non-IFRS Financial Measures are defined as follows:
| Non-IFRS Measure | Definition |
| EBITDA | EBITDA represents earnings before net financing charges, income tax expense, depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets. The Company uses EBITDA to assess its performance. Management believes this non-IFRS measure, provides users with an enhanced understanding of its operating earnings. |
| Adjusted EBITDA | Adjusted EBITDA represents EBITDA adjusted to remove items of significance that are not in the normal course of operations and/or that do not reflect the Company's operating expenses and are not indicative of the Company's core operating performance. These items of significance include, when applicable, but are not limited to, charges for impairment of assets, restructuring expenses, value adjustment on inventory acquired and business acquisition costs. The Company uses Adjusted EBITDA to assess its operating performance, excluding items that are not in the normal course of operations and/or that do not reflect the Company's operating expenses and are not indicative of the Company's core operating performance. Management believes this non-IFRS measure provides users with enhanced understanding of the Company's operating earnings and increases the transparency and clarity of the Company's core results. It also allows users to better evaluate the Company's operating profitability when compared to previous years. |
| Adjusted EBITDA margin | Adjusted EBITDA margin is a percentage corresponding to the ratio of Adjusted EBITDA divided by revenue. The Company uses Adjusted EBITDA margin for the purpose of evaluating business performance, excluding items that are not in the normal course of operations and/or that do not reflect the Company's operating expenses and are not indicative of the Company's core operating performance. Management believes this non-IFRS measure, provides users with enhanced understanding of its results and related trends. |
| Adjusted net earnings | Adjusted net earnings represents net earnings excluding items of significance listed above under Adjusted EBITDA, net of income taxes. The Company uses Adjusted net earnings to assess its business performance and profitability without the effect of items that are not in the normal course of operations, and/or that do not reflect the Company's operating expenses and are not indicative of the Company's core operating performance, net of income taxes. Management believes this non-IFRS measure provides users with an alternative assessment of the Company's earnings without the effect of items that are not it the normal course of operations or reflective of operating performance, making it valuable to assess ongoing operations and trends in the business performance. Management also believes this non-IFRS measure provides users with enhanced understanding of the Company's results and provides better comparability between periods. |
| Adjusted net earnings per share | Adjusted net earnings per share represents Adjusted net earnings divided by the weighted average number of common shares outstanding for the relevant period. The Company uses Adjusted net earnings per share for the purpose of evaluating performance and profitability, excluding items that are not in the normal course of operations of the Company, net of income taxes, on a per share basis. |
| Free cash flow | This measure corresponds to net cash flows related to operating activities according to the consolidated statements of cash flows, less additions (net of disposals) to property, plant and equipment and intangible assets. Management considers Free cash flow to be a good indicator of the Company's financial strength and operating performance because it shows the amount of funds available to manage growth, repay debt and reinvest in the Company. Management considers this measure useful to provide investors with a perspective on its ability to generate liquidity, after making capital investments required to support business operations and long-term value creation. |
| Net debt | Net debt represents the Company's total debt, net of deferred financing costs and cash. The Company uses Net debt as an indicator of its indebtedness level and financial leverage as it represents the amount of debt that is not covered by available cash. Management believes that investors could benefit from the use of net debt to determine a company's financial leverage. |
| Net debt to Adjusted EBITDA ratio | Net debt to Adjusted EBITDA ratio represents Net debt divided by trailing 12-month (TTM) Adjusted EBITDA. This ratio is used by management to monitor the Company's financial leverage and management believes certain investors use this ratio as a measure of financial leverage. |
The following tables provide the reconciliation of Non-IFRS Financial Measures:
| Reconciliation of Net earnings (loss) to Adjusted EBITDA (in thousands of dollars, except for margins) | Three-month periods ended December 31 | Twelve-month periods ended December 31 | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net earnings (loss) | 5,819 | 724 | (11,743 | ) | 17,334 | |||||||
| Income tax (recovery) expense | 1,814 | (68 | ) | 2,797 | 6,002 | |||||||
| Net financing charges | 1,178 | 1,280 | 4,856 | 5,606 | ||||||||
| Depreciation of property, plant and equipment | 1,626 | 1,603 | 6,744 | 6,712 | ||||||||
| Depreciation of right-of-use assets | 1,588 | 1,376 | 5,995 | 5,462 | ||||||||
| Amortization of intangible assets | 1,715 | 2,027 | 6,917 | 6,663 | ||||||||
| EBITDA | 13,740 | 6,942 | 15,566 | 47,779 | ||||||||
| COVID-related subsidies | - | - | - | (1,456 | ) | |||||||
| Acquisition costs related to business combinations | 7 | 174 | 112 | 446 | ||||||||
| Asset impairment | - | - | 23,412 | - | ||||||||
| Restructuring (recovery) expenses | (828 | ) | 1,870 | 1,297 | 2,272 | |||||||
| Value adjustment on acquired inventory through a business combination | - | - | (54 | ) | 78 | |||||||
| Adjusted EBITDA | 12,919 | 8,986 | 40,333 | 49,119 | ||||||||
| Adjusted EBITDA Margin (%) | 18.7% | 12.4% | 14.4% | 16.3% | ||||||||
| Reconciliation of Net earnings (loss) to Adjusted net earnings and of Net earnings (loss) per share to Adjusted net earnings per share (in thousands of dollars, except for per share amounts) | Three-month periods ended December 31 | Twelve-month periods ended December 31 | ||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Net earnings (loss) | 5,819 | 724 | (11,743 | ) | 17,334 | |||
| Adjustments, net of income taxes | ||||||||
| COVID-related subsidies | - | - | - | (1,068 | ) | |||
| Acquisition costs related to business combinations | 5 | 129 | 83 | 329 | ||||
| Asset impairment | - | - | 22,615 | - | ||||
| Restructuring (recovery) expenses | (613 | ) | 1,383 | 959 | 1,681 | |||
| Value adjustment on acquired inventory through a business combination | - | - | (40 | ) | 59 | |||
| Adjusted net earnings | 5,211 | 2,236 | 11,874 | 18,335 | ||||
| Net earnings(loss) per share | 0.23 | 0.03 | (0.47 | ) | 0.67 | |||
| Adjustments, net of income taxes, per share | (0.03 | ) | 0.06 | 0.95 | 0.05 | |||
| Adjusted net earnings per share | 0.20 | 0.09 | 0.48 | 0.72 | ||||
| Reconciliation of Cash flows related to operating activities to Free cash flow (in thousands of dollars) | Three-month periods ended December 31 | Twelve-month periods ended December 31 | ||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Net cash flows related to operating activities | 9,201 | 14,813 | 32,087 | 43,897 | ||||
| Acquisitions (net of disposals) of property, plant and equipment | (487 | ) | 509 | (275 | ) | (3,576 | ) | |
| Acquisitions of intangible assets | (38 | ) | (210 | ) | (114 | ) | (352 | ) |
| Free cash flow | 8,676 | 15,112 | 31,698 | 39,969 | ||||
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws, including (but not limited to) statements about the EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Adjusted net earnings per share, Free cash flow, Net debt, Net debt to Adjusted EBITDA ratio5, split of revenue between its Envelope and Packaging segments, capital expenditures, dividend payments, and future performance of Supremex and similar statements or information concerning anticipated future results, circumstances, performance or expectations. Forward-looking information may include words such as anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, seek, should, strive, target and will. Such information relates to future events or future performance and reflects current assumptions, expectations and estimates of management regarding growth, results of operations, performance, business prospects and opportunities, Canadian economic environment and ability to attract and retain customers. Such forward-looking information reflects current assumptions, expectations and estimates of management and is based on information currently available to Supremex as at the date of this MD&A. Such assumptions, expectations and estimates are discussed throughout the MD&A for the year ended December 31, 2024. Supremex cautions that such assumptions may not materialize and that economic conditions such as economic uncertainty, downturns or recessions, or the imposition of tariffs or trade restrictions, may render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty.
Forward-looking information is subject to certain risks and uncertainties and should not be read as a guarantee of future performance or results and actual results may differ materially from the conclusion, forecast or projection stated in such forward-looking information. These risks and uncertainties include but are not limited to the following: decline in envelope consumption, growth and diversification strategy, key personnel, labour shortage, contributions to employee benefits plans, raw material price increases, cyber security and data protection, operational disruption, dependence on and loss of customer relationships, increase of competition, economic conditions and uncertainty, risk related to the international trade and tax environment (including tariffs, quotas and custom and other restrictions), exchange rate fluctuation, interest rate fluctuation, credit risks with respect to trade receivables, availability of capital, concerns about protection of the environment, potential risk of litigation and, no guarantee to pay dividends. Such risks and uncertainties are discussed throughout this MD&A for the year ended December 31, 2024, particularly in "Risk Factors". Consequently, the Company cannot guarantee that any forward-looking information will materialize. Readers should not place any undue reliance on such forward-looking information unless otherwise required by applicable securities legislation. The Company expressly disclaims any intention and assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
The Management Discussion and Analysis and Financial Statements can be found on www.sedarplus.ca and on Supremex' website.
About Supremex
Supremex is a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions. Supremex operates nine manufacturing facilities across four provinces in Canada and five manufacturing facilities in four states in the United States employing approximately 900 people. Supremex' extensive network allows it to efficiently manufacture and distribute envelope and packaging solutions designed to the specifications of major national and multinational corporations, direct mailers, resellers, government entities, SMEs and solutions providers.
For more information, please visit www.supremex.com.
| Contact: | |
| François Bolduc, CPA | Martin Goulet, M.Sc., CFA |
| Chief Financial Officer | MBC Capital Markets Advisors |
| investors@supremex.com | mgoulet@maisonbrison.com |
| 514 595-0555, extension 2316 | 514 731-0000, extension 229 |
1 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations.
2 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations.
3 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations.
4 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations.
5 Non-IFRS financial measures or ratios. Refer to the non-IFRS financial measures section for definitions and reconciliations.
