For the three‐month period ended
For the six months ended
In
“I am proud of our employees' commitment and contribution, which enabled us to deliver another positive quarter in a challenging business environment and, in parallel, successfully exit the Etiwanda property early. With the relocation of certain equipment from the Etiwanda facility progressing forward, this will provide further operating leverage in the latter part of 2023," said
“With the reset in steel prices, we continue to closely engage and support our customers in all market segments, while prudently monitoring operations," said
RESULTS FROM OPERATIONS | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
($'000 unless otherwise stated) | ||||||||||
2023 | 2022 | 2023 | 2022 | |||||||
Revenue | 63,591 | 98,370 | 138,861 | 191,116 | ||||||
Cost of sales | (53,304 | ) | (75,477 | ) | (115,461 | ) | (145,972 | ) | ||
Depreciation | (1,205 | ) | (1,305 | ) | (2,534 | ) | (2,721 | ) | ||
Gross profit | 9,082 | 21,588 | 20,866 | 42,423 | ||||||
Selling, general and administrative expenses | (3,352 | ) | (3,693 | ) | (6,836 | ) | (7,057 | ) | ||
Operating income | 5,730 | 17,895 | 14,030 | 35,366 | ||||||
Foreign exchange gain (loss) | (125 | ) | 75 | 18 | (38 | ) | ||||
Loss on property, plant and equipment sale | (31 | ) | ‐ | (97 | ) | ‐ | ||||
Other expenses | ‐ | (21 | ) | ‐ | (30 | ) | ||||
Site shutdown expenses | (1,040 | ) | ‐ | (1,340 | ) | ‐ | ||||
Financing expenses | (118 | ) | (660 | ) | (417 | ) | (1,154 | ) | ||
Reorganization costs | (2,097 | ) | ‐ | (2,097 | ) | ‐ | ||||
Income before income taxes | 2,319 | 17,289 | 10,097 | 34,144 | ||||||
Income tax expense | (668 | ) | (4,170 | ) | (2,596 | ) | (8,298 | ) | ||
Net income | 1,651 | 13,119 | 7,501 | 25,846 | ||||||
Net income per share | 0.06 | 0.46 | 0.27 | 0.91 | ||||||
Dividends per share | 0.05 | 1.23 | 0.10 | 1.28 | ||||||
Financial position as at: | 2023 | 2022 | ||||||||
Total assets | 174,409 | 176,326 | ||||||||
Total non‐current financial liabilities | 26,196 | 27,557 | ||||||||
Adjusted EBITDA | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
($'000 unless otherwise stated) | ||||||||||
2023 | 2022 | 2023 | 2022 | |||||||
Operating income 5,730 | 5,730 | 17,895 | 14,030 | 35,366 | ||||||
Add back depreciation | 1,205 | 1,305 | 2,534 | 2,721 | ||||||
Foreign exchange (loss) gain | (125 | ) | 75 | 18 | (38 | ) | ||||
Adjusted EBITDA1 | 6,810 | 19,275 | 16,582 | 38,049 | ||||||
1 See definition on Adjusted EBITDA in Section 2 NON‐IFRS MEASURES of the |
About
Forward‐Looking Statements
This press release includes forward‐looking information with respect to Tree Island including its business, operations and strategies, its dividend policy and the declaration and payment of dividends thereunder as well as financial performance and conditions. The use of forward‐looking words such as, "may," "will," "expect" or similar variations generally identify such statements. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward‐looking statements. Although management believes that expectations reflected in forward‐looking statements are reasonable, such statements involve risks and uncertainties including risks and uncertainties discussed under the heading “Risk Factors” in Tree Island’s most recent annual information form and management discussion and analysis.
The forward‐looking statements contained herein reflect management's current beliefs and are based upon certain assumptions that management believes to be reasonable based on the information currently available to management. By their very nature, forward‐looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward‐looking statements. In evaluating these statements, prospective investors should specifically consider various factors including the risks outlined in the Company’s most recent annual information form and management discussion and analysis which may cause actual results to differ materially from any forward‐looking statement. Such risks and uncertainties include, but are not limited to: general economic, market and business conditions, the impact of global health pandemics on the Company, its customers and vendors, the cyclical nature of our business and demand for our products, financial condition of our customers, competition, volume and price pressure from import competition, deterioration in the Company’s liquidity, disruption in the supply of raw materials, volatility in the costs of raw materials, transportation costs and availability, foreign exchange fluctuations, leverage and restrictive covenants, labour relations, trade actions, dependence on key personnel and skilled workers, intellectual property risks, energy costs, un‐insured loss, credit risk, operating risk, relocation of certain production equipment from the Etiwanda operations, management of growth, changes in tax, environmental and other legislation, and other risks and uncertainties set forth in our publicly filed materials.
This press release has been reviewed by the Company's Board of Directors and its Audit Committee, and contains information that is current as of the date of this press release, unless otherwise noted. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Readers are cautioned not to place undue reliance on this forward‐looking information and management of the Company undertakes no obligation to update publicly or revise any forward‐looking information, whether as a result of new information, future events or otherwise except as required by applicable securities laws.
For further information contact:
(416) 962‐3300
e‐mail: amahdavi@treeisland.com
Website: www.treeisland.com
Source:
2023 GlobeNewswire, Inc., source