SAINT-BRUNO-DE-MONTARVILLE, Quebec, Feb. 29, 2024 (GLOBE NEWSWIRE) — Colabor Group Inc. (TSX:GCL) (“Colabor” or the “Company”) reports its results for the fourth quarter and fiscal year ended December 30, 2023.
Fourth Quarter 2023 Financial Highlights:
Sales increased by 1.6% to $196.3 million, compared to $193.2 million for the corresponding period of 2022. In 2022, the quarter had an additional week. Excluding sales from the additional week of 2022, sales growth would have been 5.8%;
Decrease of net earnings from continuing operations to $0.4 million compared to $1.7 million for the corresponding period of 2022;
Adjusted EBITDA(1) increased by 18.2% to $11.7 million from $9.9 million for the corresponding period of 2022 and increase in adjusted EBITDA(1) margin to 5.9% of sales compared to 5.1% of sales during the corresponding period of 2022;
Cash flow from operating activities increased to $8.9 million compared to $(0.7) million for the fourth quarter of 2022; and
The Company has finalized the relocation of its head office and warehouse, which were located in Boucherville, to new facilities in Saint-Bruno-de-Montarville at the end of fiscal year 2023. The new industrial premises are more modern and better located to serve our two business segments, and will offer a stimulating work environment, ideal for the well-being of employees.
Event Since the End of the Quarter:
Today, Colabor announces the acquisition of certain assets related to the foodservice sector from Beaudry & Cadrin Inc. (“Groupe Beaudry”), effective before the end of March 2024.
Fiscal 2023 Financial Highlights:
Consolidated sales amounted to $659.1 million, up 14.8% compared to fiscal year 2022. Excluding sales from the additional week of 2022, the sales growth would have been 16.4%;
Net earnings from continuing operations increased to $6.0 million compared to $4.6 million for fiscal year 2022;
Adjusted EBITDA(1) increased to $37.6 million or 5.7% of sales compared to $29.1 million or 5.1% of sales for the fiscal year 2022;
Cash flow generated by operating activities up to $28.9 million compared to $19.3 million in 2022; and
Net debt(2) increased to $61.5 million, compared to $47.8 million as at December 31, 2022. The leverage ratio(3) is 2.4x as at December 30, 2023, compared to 2.3x as at December 31, 2022.
Table of Fourth Quarter and Fiscal 2023 Financial Highlights:
Financial highlights
16 weeks
17 weeks
52 weeks
53 weeks
(in thousands of dollars, except percentages, per share data and financial leverage ratio)
2023
2022
2023
2022
$
$
$
$
Sales from continuing operations
196,320
193,246
659,129
574,071
Adjusted EBITDA(1)
11,652
9,855
37,554
29,068
Adjusted EBITDA(1) margin (%)
5.9
5.1
5.7
5.1
Net earnings from continuing operations
354
1,682
6,047
4,551
Net (loss) earnings
(101
)
1,263
5,592
4,065
Per share – basic and diluted ($)
—
0.01
0.05
0.04
Cash flow from operating activities
8,899
(663
)
28,943
19,299
Financial position
As at
As at