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Velan Inc. Reports Solid Third Quarter 2022/23 Financial Results, With an Improving Trend in Backlog, Revenues and Profit

Velan Inc.
Velan Inc.

MONTREAL, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Velan Inc. (TSX: VLN) (the “Company”), a world-leading manufacturer of industrial valves, announced today its financial results for its third quarter ended November 30, 2022.

Highlights:

  • Sales for the quarter amounted to $95.2 million, a significant improvement of $10.2 million or 12.0% compared to the previous quarter of the current fiscal year, but a decrease of $14.7 million or 13.4% compared to the third quarter of the previous fiscal year. The decrease in sales for the quarter compared to the prior year is partly due to the weakened euro average rate against the U.S. dollar combined with lower sales achieved by the Company’s Italian operations in part due to a decrease in orders recorded by the subsidiary in prior periods as well as a strong shipment performance in the prior year.

  • Gross profit for the quarter amounted to $29.0 million or 30.4%, a significant improvement of $5.5 million or 280 basis points compared to the second quarter of the current fiscal year, but a decrease compared to last year’s $35.9 million or 32.6%. Noteworthy is that the gross profit for the nine-month period of the previous year was 30.1%, net of government subsidies related to Covid-19.

  • Net income1 of $2.7 million and EBITDA2 of $6.1 million for the quarter, a significant improvement compared to the prior quarter’s net loss1 of $3.2 million and EBITDA2 of $1.4 million, but a decrease compared to a net income1 of $4.5 million and EBITDA2 of $13.3 million last year. The decrease in EBITDA2 is primarily attributable to the previously mentioned reduction in gross profit partially offset by a decrease in administration costs in the quarter.

  • Order backlog2 remains strong at $488.3 million, an increase of $11 million or 2.3% over the prior quarter, but a decrease of $12.9 million or 2.6% since the beginning of the year. However, this reduction is primarily attributable to the weakening of the euro spot rate against the U.S. dollar and lower upstream oil and gas net new orders (“bookings”)2 for the nine-month period.

  • The portion of the current backlog2 deliverable in the next twelve months slightly increased to $336.2 million from $321.9 million from the year, while it decreased from $347.2 million when compared to the beginning of the quarter.

  • Bookings2 of $99.2 million for the quarter, an increase of $10.7 million or 12.1% compared to last year. The increase in bookings2 compared to last year resulted mainly from large marine orders recorded in the
    Company’s North American operations. The Company’s book-to-bill ratio2 for the quarter and the nine-month period was favorable at 1.04.

  • The Company’s net cash amounted to $29.3 million at the end of the quarter, a decrease of $24.2 million since the beginning of the fiscal year. The decrease in net cash for the fiscal year is primarily attributable to the lower net income1, combined with unfavorable non-cash working capital items and the ongoing repayment of long-term debt. The overall available liquidity remains strong with $137.6 million of available cash-on-hand and facilities. The Company’s net cash remained stable when compared to the previous quarter of the current fiscal year.

  • The Company continues its improvement trend by prudently navigating market and economic volatilities managing operational throughput as it executes on its backlog2 and securing a strong level of new bookings2 across the majority of its business segments.

Bruno Carbonaro, CEO and President of Velan Inc., said, “We are happy to see that our financial results are starting to reflect all the countless efforts our teams have put in since the start of the year. As the volatility across various macro economic factors continues across the globe, we once again managed to improve our performance quarter over quarter by carefully planning and executing around the various economic, logistics, supply chain and operational issues we face. Our ramp-up on shipments and deliveries and solid margins and bottom-line profit reflects that careful planning and execution. Our customer confidence is increasing, as evidenced by the strong bookings for the quarter and creates the perfect opportunity for us to continue to improve on our operational and financial performance for all our stakeholders.”

Financial Highlights:

 

Three-month periods ended

Nine-month periods ended

(thousands of U.S. dollars, excluding per share amounts)

November 30, 2022

November 30, 2021

November 30, 2022

November 30, 2021

 

 

 

 

 

Sales

$

95,229

$

109,971

$

255,288

$

286,393

Gross profit

 

28,965

 

35,861

 

72,520

 

87,246

Gross profit %

 

30.4%

 

32.6%

 

28.4%

 

30.5%

Net income (loss)1

 

2,739

 

4,507

 

(8,289)

 

4,449

Net income (loss)1 per share – basic and diluted

 

0.13

 

0.21

 

(0.38)

 

0.21

EBITDA2

 

6,136

 

13,291

 

4,623

 

23,007

EBITDA2 per share – basic and diluted

 

0.28

 

0.62

 

0.21

 

1.07

 

 

 

 

 

 

 

 

 

Third Quarter Fiscal 2023 and First Nine months Fiscal 2023 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the third quarter of fiscal 2022):

Backlog

  • The total backlog2 decreased by $12.9 million or 2.6% since the beginning of the fiscal year, settling at $488.3 million at the end of the quarter. The decrease in backlog2 is primarily attributable to the weakening of the euro spot rate against the U.S. dollar since the beginning of the fiscal year which represented $22.2 million for the nine-month period.

  • The decrease since the beginning of the fiscal year was partially offset by a positive book-to-bill ratio2 of 1.04 as a result of bookings2 outpacing sales.

Bookings

  • Bookings2 for the quarter amounted to $99.2 million, an increase of $10.7 million or 12.1% compared to the third quarter of last year. Bookings2 for the nine-month period amounted to $266.1 million, a decrease of $20.3 million or 7.1% compared to the prior fiscal year.

  • The weakening of the euro average rate against the U.S. dollar on order bookings2 for the Company’s European operations resulted in a negative impact of $5.1 million in the third quarter and $13.1 million on the nine-month period compared to the prior year. Additionally, the decrease in bookings2 for the nine-month period is also attributable to lower large orders recorded in the Company’s Italian and Portuguese operations. The decrease for the nine-month period was partially offset by a strong bookings2 quarter from the Company’s North American operations which recorded significant marine orders.

  • The decrease for both periods is also attributable to the disposal of the Company’s Korean foundry at the end of the previous fiscal year. The Korean foundry had recorded $1.2 million of bookings2 in the second quarter of the previous fiscal year and $5.5 million for the nine-month period of the same year.

Sales

  • Sales amounted to $95.2 million for the quarter, decreasing by $14.7 million or 13.4% compared to the same quarter last year. Sales for the nine-month period totaled $255.3 million, a decrease of $31.1 or 10.86% compared to the last fiscal year.

  • The negative effect of the weakening of the euro average rate against the U.S. dollar on sales for the quarter amounted to $4.9 million, and $15.9 million for the nine-month period compared to the third quarter and first nine-month of last fiscal year.

  • The decrease in sales for both periods is also attributable to the delivery of significant orders by the Company’s Italian operations destined to the upstream oil and gas sector in the prior fiscal year combined with lower bookings and also the timing effect thereof.

  • Finally, the decrease for the quarter was partially offset by the recognition of a $10.9 million order which could not be recorded in the previous quarter due to logistics delays.

Gross Profit

  • Gross profit for the quarter amounted to $29.0 million, a decrease of $6.9 million or 19.2% compared to the same quarter last year. Gross profit for the nine-month period amounted to $72.5 million, a decrease of $14.7 million or 16.9% compared to the same period last year. The gross profit percentage for the quarter of 30.4% was a decrease of 220 basis points compared to last year’s third quarter, while the gross profit percentage for the nine-month period of 28.4% represented a decrease of 210 basis points compared to the same period last year.

  • The gross profit in the prior year was positively impacted by the recording of $1.1 million for the nine-month period of Covid-19 subsidies, which when removed, resulted in gross profit of 30.1% for the nine-month period.

  • The decrease in gross profit percentage for both periods is primarily attributable to the lower sales volume which impacted the absorption of fixed production overhead costs. The decrease in gross profit percentage was also due to the unfavorable effect of the product mix delivered. Additionally, The Company’s gross profit for the quarter was negatively impacted by unfavorable foreign exchange movements, when compared to similar movements from the previous year, which were primarily made up of unrealized foreign exchange translations related to the fluctuation of the U.S. dollar against the euro and Canadian dollar. These foreign exchange movements were favorable in the nine-month period.

Administration Costs

  • Administration costs for the quarter amounted to $25.4 million, a decrease of $1.0 million or 3.8%. Administration costs for the nine-month period amounted to $75.9 million, an increase of $1.7 million or 2.3%. Administration costs for both periods were negatively affected by an increase in the Company’s long-term asbestos provision as well as higher outbound freight costs caused by the current global supply chain issues which are impacting freight costs and shipping delays.

  • The administration costs in the prior year benefited from the recording of $0.9 million for the nine-month period of CEWS. The movement for both periods were favorably impacted by lower sales commissions recorded on the delivery of large orders and a general reduction in remaining administration costs.

EBITDA2

  • EBITDA2 for the quarter amounted to $6.1 million or $0.28 per share compared to $13.3 million or $0.62 per share last year. EBITDA2 for the nine-month period amounted to $4.6 million or $0.21 per share compared to $23.0 million or $1.07 per share last year. The unfavorable movements in EBITDA2 for both periods are primarily attributable to the previously explained decrease in gross profit combined with an increase in administration costs for the nine-month period.

  • The decrease in EBITDA2 for the quarter was partially offset by a reduction in administration costs. A portion of the effects on the EBITDA2 caused by the weakening of the euro against the U.S. dollar were hedged by the company.

Net Income

  • Net income1 amounted to $2.7 million or $0.13 per share compared to $4.5 million or $0.21 per share last year. Net loss for the nine-month period amounted to $8.3 million or $0.38 per share compared to a net income of $4.4 million or $0.21 per share last year.

  • The negative movement in the Company’s results was primarily attributable to the same factors as explained in the EBITDA section, partially offset by favorable movements in income taxes and in finance costs for both periods.

Dividend

For the current quarter, no dividend will be declared. The Company will revisit the declaration of dividends in subsequent quarters.

Conference call

The company will hold an analyst call on Thursday, January 12, 2023 at 11:00 A.M. (EST) to discuss the results. The call may be accessed by dialing 1-800-954-0599 and quoting the reservation number 22024886. The material that will be referenced during the conference call will be made available shortly before the event on the company’s website under the Investor Relations section (https://www.velan.com/en/company/investor_relations). There will be PostView available for 7 days following this conference call. The numbers are as follows: 1-416-626-4100 or 1-800-558-5253. Enter reservation number 22024886 then follow the system prompts.

About Velan

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world’s leading manufacturers of industrial valves, with sales of US$411.2 million in its last reported fiscal year. The Company employs 1,664 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Safe harbour statement

This news release may include forward-looking statements, which generally contain words like “should”, “believe”, “anticipate”, “plan”, “may”, “will”, “expect”, “intend”, “continue” or “estimate” or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company’s filings with the appropriate securities commissions. While these statements are based on management’s assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-IFRS and supplementary financial measures

In this press release, the Company has presented measures of performance or financial condition which are not defined under IFRS (“non-IFRS measures”) and are, therefore, unlikely to be comparable to similar measures presented by other companies. These measures are used by management in assessing the operating results and financial condition of the Company and are reconciled with the performance measures defined under IFRS. Company has also presented supplementary financial measures which are defined at the end of this report. Reconciliation and definition can be found on the next page.

Earnings before interest, taxes, depreciation and amortization ("EBITDA")

 

Three-month periods ended

Nine-month periods ended


(thousands, except amount per shares)

November 30,
2022

$

November 30,
2021

$

November 30,
2022

$

November 30,
2021

$

 

 

 

 

 

Net income (loss)1

6,136

4,507

(8,289)

4,449

 

 

 

 

 

Adjustments for:

 

 

 

 

Depreciation of property, plant and equipment

2,086

2,382

6,270

7,190

Amortization of intangible assets

540

556

1,664

1,565

Finance costs – net

422

619

1,036

1,674

Income taxes

349

5,227

3,942

8,129

 

 

 

 

 

EBITDA

6,136

13,291

4,623

23,007

EBITDA per share

 

 

 

 

- Basic and diluted

0.28

0.62

0.21

1.07

The term “EBITDA” is defined as net income or loss attributable to Subordinate and Multiple Voting Shares plus depreciation of property, plant & equipment, plus amortization of intangible assets, plus net finance costs plus income tax provision. The terms “EBITDA per share” is obtained by dividing EBITDA by the total amount of subordinate and multiple voting shares. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Definitions of supplementary financial measures

The term “Net new orders” or “bookings” is defined as firm orders, net of cancellations, recorded by the Company during a period. Bookings are impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the Company’s sales operation performance for a given period as well as well as an expectation of future sales and cash flows to be achieved on these orders.

The term “backlog” is defined as the buildup of all outstanding bookings to be delivered by the Company. The Company’s backlog is impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the future operational challenges of the Company as well as an expectation of future sales and cash flows to be achieved on these orders.

The term “book-to-bill” is obtained by dividing bookings by sales. The measure provides an indication of the Company’s performance and outlook for a given period.

The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

_________________________________________
1
Net income or loss refer to net income or loss attributable to Subordinate and Multiple Voting Shares.
2 Non-IFRS and supplementary financial measures – See explanation above.

 

 

 

Consolidated Statements of Financial Position

 

 

(in thousands of U.S. dollars)

 

 

 

 

As at

 

November 30,

February 28,

 

2022

2022

 

$

$

Assets

 

 

 

 

 

Current assets

 

 

Cash and cash equivalents

31,354

54,015

Short-term investments

9,410

8,726

Accounts receivable

114,247

115,834

Income taxes recoverable

7,389

2,955

Inventories

217,697

223,198

Deposits and prepaid expenses

7,348

6,877

Derivative assets

341

553

 

387,786

412,158

 

 

 

Non-current assets

 

 

Property, plant and equipment

68,548

73,906

Intangible assets and goodwill

15,604

16,693

Deferred income taxes

4,581

4,774

Other assets

652

897

 

 

 

 

89,385

96,270

 

 

 

Total assets

477,171

508,428

 

 

 

Liabilities

 

 

 

 

 

Current liabilities

 

 

Bank indebtedness

2,043

550

Accounts payable and accrued liabilities

78,812

80,503

Income taxes payable

1,784

3,806

Customer deposits

40,782

41,344

Provisions

14,941

18,444

Derivative liabilities

302

560

Current portion of long-term lease liabilities

1,221

1,360

Current portion of long-term debt

13,333

8,111

 

153,218

154,678

 

 

 

Non-current liabilities

 

 

Long-term lease liabilities

9,673

11,073

Long-term debt

20,970

22,927

Income taxes payable

1,079

1,244

Deferred income taxes

4,074

4,025

Customer deposits

19,593

30,139

Provisions

16,626

13,101

Other liabilities

5,576

5,731

 

 

 

 

77,591

88,240

 

 

 

Total liabilities

230,809

242,918

 

 

 

Total equity

246,362

265,510

 

 

 

Total liabilities and equity

477,171

508,428

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income (loss)

 

 

 

 

 

 

 

 

(in thousands of U.S. dollars, excluding number of shares and per share amounts)

 

 

 

 

 

 

 

 

 

Three-month periods ended

 

Nine-month periods ended

 

November 30

November 30

 

November 30

November 30

 

2022

2021

 

2022

2021

 

$

$

 

$

$

 

 

 

 

 

 

 

 

 

 

 

 

Sales

95,229

 

109,971

 

 

255,288

 

286,393

 

 

 

 

 

 

 

Cost of sales

66,264

 

74,110

 

 

182,768

 

199,147

 

 

 

 

 

 

 

Gross profit

28,965

 

35,861

 

 

72,520

 

87,246

 

 

 

 

 

 

 

Administration costs

25,428

 

26,436

 

 

75,918

 

74,192

 

Other expense (income)

2

 

(579

)

 

(132

)

(537

)

 

 

 

 

 

 

Operating profit (loss)

3,535

 

10,004

 

 

(3,266

)

13,591

 

 

 

 

 

 

 

Finance income

59

 

77

 

 

227

 

367

 

Finance costs

(479

)

(696

)

 

(1,261

)

(2,041

)

 

 

 

 

 

 

Finance costs – net

(420

)

(619

)

 

(1,034

)

(1,674

)

 

 

 

 

 

 

Income (loss) before income taxes

3,115

 

9,385

 

 

(4,300

)

11,917

 

 

 

 

 

 

 

Income tax expense

350

 

5,227

 

 

3,943

 

8,129

 

 

 

 

 

 

 

Net income (loss) for the period

2,765

 

4,158

 

 

(8,243

)

3,788

 

 

 

 

 

 

 

Net income (loss) attributable to:

 

 

 

 

 

Subordinate Voting Shares and Multiple Voting Shares

2,739

 

4,507

 

 

(8,289

)

4,449

 

Non-controlling interest

26

 

(349

)

 

46

 

(661

)

 

 

 

 

 

 

Net income (loss) for the period

2,765

 

4,158

 

 

(8,243

)

3,788

 

 

 

 

 

 

 

Net income (loss) per Subordinate and Multiple Voting Share

 

 

 

 

 

Basic and diluted

0.13

 

0.21

 

 

(0.38

)

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per Subordinate and Multiple

-

 

-

 

 

0.02

 

-

 

Voting Share

(CA$ - )

(CA$ - )

 

(CA$0.03)

(CA$-)

 

 

 

 

 

 

 

 

 

 

 

 

Total weighted average number of Subordinate and

 

 

 

 

 

Multiple Voting Shares

 

 

 

 

 

Basic and diluted

21,585,635

 

21,585,635

 

 

21,585,635

 

21,585,635

 

 

 

 

 

 

 


 

 

 

 

 

 

Consolidated Statements of Comprehensive Loss

 

 

 

(in thousands of U.S. dollars)

 

 

 

 

 

 

Three-month periods ended

 

Nine-month periods ended

 

November 30

November 30

 

November 30

November 30

 

2022

2021

 

2022

2021

 

$

$

 

$

$

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the period

2,765

4,158

 

 

(8,243

)

3,788

 

 

 

 

 

 

 

Other comprehensive loss

 

 

 

 

 

Foreign currency translation

3,183

(6,080

)

 

(10,408

)

(9,502

)

 

 

 

 

 

 

Comprehensive loss

5,948

(1,922

)

 

(18,651

)

(5,714

)

 

 

 

 

 

 

Comprehensive income (loss) attributable to:

 

 

 

 

 

Subordinate Voting Shares and Multiple Voting Shares

5,922

(1,559

)

 

(18,697

)

(5,007

)

Non-controlling interest

26

(363

)

 

46

 

(707

)

 

 

 

 

 

 

Comprehensive loss

5,948

(1,922

)

 

(18,651

)

(5,714

)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss is composed solely of items that may be reclassified subsequently to the consolidated statement of income (loss).

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Consolidated Statements of Changes in Equity

 

 

 

 

 

(in thousands of U.S. dollars, excluding number of shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity attributable to the Subordinate and Multiple Voting shareholders

 

 

 

Share capital

Contributed surplus

Accumulated other comprehensive loss

Retained earnings

Total

Non-controlling interest

Total equity

 

 

 

 

 

 

 

 

Balance - February 28, 2021

72,695

6,260

(21,007

)

239,136

 

297,084

 

3,137

 

300,221

 

 

 

 

 

 

 

 

 

Net income (loss) for the period

-

-

-

 

4,449

 

4,449

 

(661

)

3,788

 

Other comprehensive loss

-

-

(9,456

)

-

 

(9,456

)

(46

)

(9,502

)

 

 

 

 

 

 

 

 

Comprehensive income (loss)

-

-

(9,456

)

4,449

 

(5,007

)

(707

)

(5,714

)

 

 

 

 

 

 

 

 

Balance - November 30, 2021

72,695

6,260

(30,463

)

243,585

 

292,077

 

2,430

 

294,507

 

 

 

 

 

 

 

 

 

Balance - February 28, 2022

72,695

6,260

(32,223

)

218,092

 

264,824

 

686

 

265,510

 

 

 

 

 

 

 

 

 

Net income (loss) for the period

-

-

-

 

(8,289

)

(8,289

)

46

 

(8,243

)

Other comprehensive loss

-

-

(10,408

)

-

 

(10,408

)

-

 

(10,408

)

 

 

 

 

 

 

 

 

Comprehensive income (loss)

-

-

(10,408

)

(8,289

)

(18,697

)

46

 

(18,651

)

 

 

 

 

 

 

 

 

Dividends

 

 

 

 

 

 

 

Multiple Voting Shares

-

-

-

 

(366

)

(366

)

-

 

(366

)

Subordinate Voting Shares

-

-

-

 

(131

)

(131

)

-

 

(131

)

 

 

 

 

 

 

 

 

Balance - November 30, 2022

72,695

6,260

(42,631

)

209,306

 

245,630

 

732

 

246,362

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Consolidated Statements of Cash Flow

 

 

 

 

(in thousands of U.S. dollars)

 

 

 

 

 

 

Three-month periods ended

 

Nine-month periods ended

 

November 30

November 30

 

November 30

November 30

 

2022

2021

 

2022

2021

 

$

$

 

$

$

 

 

 

 

 

 

Cash flows from

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

Net income (loss) for the period

2,765

 

4,158

 

 

(8,243

)

3,788

 

Adjustments to reconcile net income (loss) to cash provided (used) by operating activities

(1,558

)

4,918

 

 

2,759

 

10,975

 

Changes in non-cash working capital items

(4,585

)

(1,512

)

 

(12,483

)

(4,771

)

Cash provided (used) by operating activities

(3,378

)

7,564

 

 

(17,967

)

9,992

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

Short-term investments

64

 

(268

)

 

(1,117

)

(1,686

)

Additions to property, plant and equipment

(1,449

)

(1,379

)

 

(2,985

)

(4,948

)

Additions to intangible assets

(107

)

(520

)

 

(1,316

)

(1,330

)

Proceeds on disposal of property, plant and equipment

4

 

10,597

 

 

44

 

13,729

 

Net change in other assets

2

 

2

 

 

30

 

(25

)

Cash used by investing activities

(1,486

)

8,432

 

 

(5,344

)

5,740

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

Dividends paid to Subordinate and Multiple Voting shareholders

-

 

-

 

 

(497

)

-

 

Net change in revolving credit facility

5,357

 

(11,872

)

 

5,373

 

(5,624

)

Increase in long-term debt

-

 

-

 

 

2,160

 

5,889

 

Repayment of long-term debt

(1,038

)

(1,522

)

 

(3,715

)

(6,068

)

Repayment of long-term lease liabilities

(359

)

(427

)

 

(1,091

)

(1,284

)

Cash provided (used) by financing activities

3,960

 

(13,786

)

 

2,230

 

(7,052

)

 

 

 

 

 

 

Effect of exchange rate differences on cash

490

 

(2,360

)

 

(3,073

)

(3,652

)

 

 

 

 

 

 

Net change in cash during the period

(414

)

(2,294

)

 

(24,154

)

2,884

 

 

 

 

 

 

 

Net cash – Beginning of the period

29,725

 

68,131

 

 

53,465

 

62,953

 

 

 

 

 

 

 

Net cash – End of the period

29,311

 

65,837

 

 

29,311

 

65,837

 

 

 

 

 

 

 

Net cash is composed of:

 

 

 

 

 

Cash and cash equivalents

31,354

 

66,687

 

 

31,354

 

66,687

 

Bank indebtedness

(2,043

)

(850

)

 

(2,043

)

(850

)

 

 

 

 

 

 

Net cash – End of the period

29,311

 

65,837

 

 

29,311

 

65,837

 

 

 

 

 

 

 

Supplementary information

 

 

 

 

 

Interest paid

(242

)

(526

)

 

(450

)

(1,360

)

Income taxes paid

(2,802

)

(1,782

)

 

(6,799

)

(3,366

)

 

 

 

 

 

 

For further information please contact:
Bruno Carbonaro, Chief Executive Officer and President
Tel: (438) 817-7593
or
Rishi Sharma, Chief Financial Officer
Tel: (438) 817-4430