Andrew Peller Limited Reports Solid Performance in Third Quarter of Fiscal 2024

GRIMSBY, Ontario, Feb. 12, 2024 (GLOBE NEWSWIRE) — Andrew Peller Limited (TSX:ADW) (“APL” or the “Company”) announced today results for the three and nine months ended December 31, 2023. All amounts are expressed in Canadian dollars unless otherwise stated.

THIRD QUARTER 2024 HIGHLIGHTS

Sales were $100.2 million, down 4.5% compared with $104.9 million in Q3 2023;
Gross Margin was $34.7 million or 34.7%, compared with $42.3 million and 40.3% in Q3 2023;
EBITA decreased 15.2% to $13.2 million, from $15.6 million in Q3 2023; and
Net loss of $0.4 million ($0.01 per Class A Share), compared with $3.9 million ($0.09 per Class A Share) in Q3 2023.

FISCAL 2024 YTD HIGHLIGHTS:

Sales year-to-date decreased 1.2% to $300.8 million compared to $304.4 million in the prior year.
Gross margin was 38.2% compared to 39.4% in the prior year;
EBITA of $41.1 million, up from $39.3 million in the prior year;
Net income of $4.1 million ($0.10 per Class A Share), down from $6.7 million ($0.16 per Class A Share) last year; and
Dividend of $0.246 per Class A Share and $0.214 per Class B Share.

Financial Highlights
(Financial Statements and the Company’s Management Discussion and Analysis for the period can be obtained on the Company’s website at ir.andrewpeller.com)

For the three and nine months ended December 31,
Three Months
Nine Months

(in $000 except per share amounts)
2023
 
2022
 
2023
 
2022
 

Sales
100,192
 
104,913
 
300,848
 
304,428
 

Gross margin (1)
34,742
 
42,290
 
115,037
 
119,833
 

Gross margin (% of sales)
34.7%
 
40.3%
 
38.2%
 
39.4%
 

Selling and administrative expenses
21,494
 
26,660
 
73,979
 
80,574
 

EBITA (1)
13,248
 
15,630
 
41,058
 
39,259
 

Interest
4,802
 
5,273
 
12,972
 
13,902
 

Net unrealized loss (gain) on derivative financial instruments
2,840
 
–
 
1,644
 
(380)