ABC Technologies Holdings Inc. Reports Q2 Fiscal 2022 Results
TORONTO–(BUSINESS WIRE)–ABC Technologies Holdings Inc. (TSX: ABCT) (“ABC Technologies”, “ABC”, or the “Company”), a leading manufacturer and supplier of custom, highly engineered, technical plastics and lightweighting innovations to the North American light vehicle industry, today announced results for the three and six months ended December 31, 2021 (“Q2 Fiscal 2022” and “YTD Fiscal 2022”, respectively) and has declared a quarterly cash dividend of C$0.0375 per share. All amounts are shown in United States Dollars (“$”), unless otherwise noted.
Please click HERE for ABC’s Second Quarter Fiscal Year 2022 MD&A or refer to the Company’s Interim Condensed Consolidated Financial Statements for the three and six months ended December 31, 2021 and the Company’s MD&A for same period on the Company’s profile at www.SEDAR.com.
Q2 Fiscal 2022 Highlights
- Q2 Fiscal 2022 revenue increased nearly 25% quarter over quarter to $203.4 million, though declined 22% from $261.3 million in the prior year period primarily due to the ongoing production slowdowns at our OEM customers brought on by global semiconductor shortages as well as the lingering impacts of the COVID-19 pandemic on supply chains and ABC’s labor force.
- Revenue impact due to a difficult year-over-year comparison with the preceding year, during which global production was running at elevated levels, with limited supply disruption, as OEMs restarted production following the peak of the COVID-19 lockdowns in Q3 and Q4 Fiscal 2020.
- Q2 Fiscal 2022 net loss of $16.4 million compared to a net profit of $11.5 million in Q2 Fiscal 2021.
- Q2 Fiscal 2022 Adjusted EBITDA1 of $11.5 million was up $22.8 million quarter over quarter as the business experienced a strong profitability flow through on incremental revenue and reduced expenses. These results compare to Adjusted EBITDA of $43.5 million in the prior year period with the decline primarily driven by the above-mentioned revenue declines as well as continued elevated resin pricing.
- Q2 Fiscal 2022 Adjusted Free Cash Flow1 of $5.0 million was up $64.5 million sequentially due to improved operating results and favorable working capital developments. This compares to Adjusted Free Cash Flow of $30.0 in the prior period largely as a result of the above-mentioned negative operating results.
- Dividend of C$0.0375 per share declared.
- Subsequent to the period-end, the Company entered into agreements to acquire dlhBOWLES Inc. and Karl Etzel GmbH for a total purchase price of approximately $255.0 million and approximately $95.0 million, respectively. To finance these acquisitions, the Company closed a private placement offering, launched a rights offering (collectively the “Equity Financings”) and entered into debt commitment letters (“Debt Commitment Letters”), as announced in news releases dated January 5, 2022 and January 21, 2022. For further information see the subsequent events section in the MD&A for details.
YTD Fiscal 2022 Highlights
- YTD Fiscal 2022 revenue declined to $366.9 million from $519.7 million in the prior year period due to the ongoing production interruptions at our OEM customers brought on by global semiconductor shortages.
- YTD Fiscal 2022 net loss of $44.6 million compared to a net profit of $20.8 million in YTD Fiscal 2021.
- YTD Fiscal 2022 Adjusted EBITDA1 of $0.2 million, compared to Adjusted EBITDA of $84.8 million in the prior year period primarily on account of the above-mentioned revenue declines as well as continued elevated resin pricing.
- YTD Fiscal 2022 Adjusted Free Cash Flow1 of negative $54.5 million, compared to Adjusted Free Cash Flow of $86.5 in the prior year period largely as a result of the above-mentioned negative operating results and one-time swing in working capital due to global production restarts following the trough of the COVID-19 pandemic earlier in Fiscal 2021.
- Proactively amended Credit Facility to provide additional flexibility to manage through the impact of semiconductor related business slowdowns covering the period through December 31, 2022.
- Closed the sale by ABC Group Canada LP, an affiliate of funds managed by Cerberus Capital Management, L.P, of its remaining minority stake in the Company to funds affiliated with Oaktree Capital Management, L.P. for C$9.00 per share.
ABC Technologies’ President and Chief Executive Officer, Todd Sheppelman, commented: “We were pleased to see the quarter meet our expectations of incremental improvement over fiscal Q1, which we believe represented the trough of the semiconductor chip shortage. Though we still need to see significant improvement in OEM production levels to return ABC to the revenue and margins we saw this time last year, there are encouraging green shoots. During the quarter we delivered strong profitability flow through on our increased revenue as well as strong free cash flow conversion, especially considering the operating environment. We are expecting to see the second half of fiscal 2022 show further improvement in volumes and financial results for ABC. We were also pleased to announce that we have signed agreements to make two important acquisitions – dlhBowles and Karl Etzel – both of which are expected to provide step ups in profitability, cash flow and operational excellence while delivering on our promises to grow and diversify ABC. These transactions are expected to close in our Fiscal Q3 2022.”
Q2 Fiscal 2022 Results of Operations
Sales were $203.4 million in Q2 Fiscal 2022 compared with $261.3 million in Q2 Fiscal 2021, a decrease of $57.9 million or 22.2%. According to IHS Markit reports, industry production in North America decreased by 14.7% in Q2 Fiscal 2022 compared to Q2 Fiscal 2021, an improvement from the 25.2% decrease in Q1 Fiscal 2022 compared to Q1 Fiscal 2021. Lost production due to OEM call-offs related to semiconductor shortages resulted in a significant decrease in revenue compared to the comparable prior year period where production had approached near normal production levels after the initial COVID-19 lockdowns that occurred from March to May 2020. Sales this quarter were disproportionately affected relative to the industry as a significant customer of the Company was affected by the global semiconductor shortage to a greater extent than many of its peers which cascaded to some of the Company’s programs with higher-than-average ABC content.
Cost of sales was $188.0 million in Q2 Fiscal 2022 compared with $214.5 million in Q2 Fiscal 2021, a decrease of $26.5 million or 12.4%. As a percentage of sales, cost of sales was 92.4% in Q2 Fiscal 2022 compared with 82.1% in Q2 Fiscal 2021. Gross margin in Q2 Fiscal 2022 was lower than the comparable prior year quarter because of higher costs resulting from inefficiencies due to lower production levels at the OEMs and increased raw material costs, primarily resin.
Selling, general and administrative expenses were $29.3 million in Q2 Fiscal 2022 compared with $28.2 million in Q2 Fiscal 2021, an increase of $1.1 million or 4.0%. As a percentage of sales, selling, general and administrative expenses were 14.4% in Q2 Fiscal 2022 compared with 10.8% in Q2 Fiscal 2021. Wages and salaries in Q2 Fiscal 2022 were $7.9 million, $5.3 million lower than the $13.2 million recorded in Q2 Fiscal 2021 as a result of adjustments to compensation due to lower sales. Business transformation costs in Q2 Fiscal 2022 were $5.7 million, $3.2 million higher than the $2.6 million recorded in Q2 Fiscal 2021, mainly resulting from higher costs associated with the two acquisitions announced in January 2022 (refer to the subsequent events section in Q2 Fiscal 2022 MD&A). In Q2 Fiscal 2022, the Company incurred expenses associated with being a public company which included higher insurance and share-based compensation.
Net loss was $16.4 million in Q2 Fiscal 2022 compared with net income of $11.5 million in Q2 Fiscal 2021, a decrease of $27.9 million or 243.3%. Primary contributors to the change between periods is a $31.4 million reduction in gross margin in Q2 Fiscal 2022 due to the combination of lower revenue due to semiconductor shortages, higher input costs primarily due to increased resin costs, and inefficient plant operations due to short notification by OEMs of their own plant closures, higher SG&A expense of $1.1 million, lower other income of $1.2 million, lower income from joint ventures of $1.8 million, partially offset by a favorable $5.7 million swing in tax expense to recovery and $1.9 million lower interest expense.
Adjusted EBITDA1 was $11.5 million in Q2 Fiscal 2022 compared with $43.5 million in Q2 Fiscal 2021, a decrease of $32.0 million or 73.6%, primarily as a result of $35.6 million reduction in operating income due to the reasons described above.
Adjusted Free Cash Flow1 was $5.0 million, a decline of $25.0 million versus Q2 Fiscal 2021, primarily due to a decrease in cash flows generated from operating activities.
YTD Fiscal 2022 Results of Operations
Sales were $366.9 million for YTD Fiscal 2022 compared with $519.7 million for YTD Fiscal 2021, a decrease of $152.9 million or 29.4%. According to IHS Markit reports, industry production in North America decreased by 14.7% in Q2 Fiscal 2022 compared to Q2 Fiscal 2021, and 25.2% in Q1 Fiscal 2022 compared to Q1 Fiscal 2021. Lost production due to OEM plant closures due to semiconductor shortages resulted in a significant decrease in revenue compared to the prior year period where production had approached near normal levels after the initial COVID-19 lockdowns during the period from March to May 2020. Sales for the Company were disproportionately affected relative to the industry as a significant customer of the Company was affected by the semiconductor shortage to a greater extent than many of its peers, which cascaded to some of the Company’s programs with higher-than-average ABC content.
Cost of sales was $350.4 million for YTD Fiscal 2022 compared with $423.7 million for YTD Fiscal 2021, a decrease of $73.2 million or 17.3%. As a percentage of sales, cost of sales was 95.5% for YTD Fiscal 2022 compared with 81.5% for YTD Fiscal 2021. Gross margin in YTD Fiscal 2022 was lower as a result of higher costs resulting from inefficiencies due to frequent OEM customer plant closures, often with very little notice, and increased raw material costs, primarily resin. YTD Fiscal 2021 enjoyed the benefit of $6.2 million in Canada Emergency Wage Subsidy (“CEWS”) payments which reduced wages in the period, which was also partially offset by the increased costs around managing COVID-19 effects in the same period, versus YTD Fiscal 2022 where the Company was ineligible to receive CEWS.
Selling, general and administrative expenses were $57.6 million for YTD Fiscal 2022 compared with $57.6 million for YTD Fiscal 2021. As a percentage of sales, selling, general and administrative expenses were 15.7% for YTD Fiscal 2022 compared with 11.1% for YTD Fiscal 2021. Wages and salaries in YTD Fiscal 2022 were $3.0 million lower than in YTD Fiscal 2021 as a result of adjustments to compensation due to lower sales. In addition, during YTD Fiscal 2022, the Company incurred expenses associated with being a public company which included higher insurance and share-based compensation.
Net loss was $44.6 million for YTD Fiscal 2022 compared with net income of $20.8 million for YTD Fiscal 2021, a decrease of $65.4 million or 314.7%. Primary contributors to the change between periods is a $79.7 million reduction in gross margin in YTD Fiscal 2022 due to the combination of lower revenue due to semiconductor shortages, higher input costs primarily due to increased resin costs, and inefficient plant operations due to short notification by OEMs of their own plant closures, $6.1 million due to lower income from joint ventures, partially offset by a favorable $17.9 million swing in tax expense to recovery and lower interest expense of $4.4 million.
Adjusted EBITDA1 was $0.2 million for YTD Fiscal 2022 compared with $84.8 million for YTD Fiscal 2021, a decrease of $84.6 million or 99.8%, primarily as a result of $87.7 million reduction in operating income due to the reasons described above.
Adjusted Free Cash Flow1 was negative $54.5 million, a decline of $141.0 million versus YTD Fiscal 2021, primarily due to negative cash flows from operating activities and a swing in working capital due to global production restarts following the trough of the COVID-19 pandemic in Fiscal 2021.
Fiscal 2022 Guidance
The production volatility that ABC and the industry have experienced over the past several quarters, driven primarily by semiconductor chip shortages, has begun to abate. If this trend continues towards a more sustained and stable production environment, we expect ABC will be in a position to once again provide earnings guidance.
Management remains confident in the go-forward performance potential of ABC and maintains the view that with improvements in the current supply chain issues, ABC will be able to return to the superior absolute and relative margins it enjoyed prior to the COVID-19 pandemic.
Dividend
The Board of Directors today has declared a Q2 Fiscal 2022 quarterly cash dividend of C$0.0375 per share, payable on or about March 31, 2022 to shareholders of record on February 28, 2022.
Conference Call Information
ABC will host a conference call today, February 11, 2022 at 9:30am ET to discuss the results. Participants may listen to the call via audio streaming at www.abctechnologies.com/investors.
The dial-in number to participate in the call is:
Toll Free: 1-855-327-6837
Toll/International: 1-631-891-4304
A telephonic replay will be available approximately two hours after the call. The replay will be available until 11:59pm ET on Friday, February 25, 2022.
Replay Information:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 10017793
A webcast replay will be available approximately one hour after the conclusion of the call at www.abctechnologies.com/investors under the Events & Presentations section.
Non-IFRS Measures and Key Indicators
This news release uses certain non-IFRS financial measures and ratios. Management uses these non-IFRS financial measures for purposes of comparison to prior periods, to prepare annual operating budgets, and for the development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing our financial condition, business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, they should not be considered in isolation, nor as a substitute, for analysis of our financial information reported under IFRS. We use non-IFRS financial measures including Net Debt, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow to provide supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when using IFRS financial measures. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance as these measures are widely used by investors, securities analysts and other interested parties.
“Net Debt” means (i) long-term debt less cash plus (ii) proportionate long-term debt held at joint ventures less proportionate cash held at joint ventures.
“EBITDA” means net earnings (loss) before interest expense, income tax expense (recovery), depreciation of property, plant and equipment, depreciation of right-of-use assets, and amortization of intangible assets.
“Adjusted EBITDA” means EBITDA plus: loss on disposal and write-down of assets, unrealized loss (gain) on derivative financial instruments, transactional, recruitment, and other bonuses, business transformation and related costs (which may include severance and restructuring expenses), less: our share of income of joint ventures, plus the Company’s proportionate share of the EBITDA generated by our joint ventures, and share-based compensation expense. We also present Adjusted EBITDA excluding the impact of IFRS 16 by charging the lease payments applicable to those periods to expense as was the case prior to IFRS 16 – Leases (“IFRS 16”). The purpose of this is to allow direct comparability of these periods to Adjusted EBITDA performance in prior periods, which have been calculated under the previous accounting standards.
“Adjusted EBITDA Margin” means Adjusted EBITDA divided by sales adjusted to include the proportional share of joint venture sales attributable to ABC.
“Adjusted Free Cash Flow” means Net Cash Flows from Operating Activities less: purchases of property, plant and equipment, additions to intangible assets, lease payments, plus: proceeds from disposal of property, plant, and equipment, cash dividends received from joint ventures, and one time advisory, bonus and other costs.
Additional information about the Company, including the Company’s Management Discussion and Analysis of Operating Results and Financial Statements for the three and six months ended December 31, 2021 can be found at www.sedar.com.
1 The Company prepares its consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). However, the Company considers certain non-IFRS financial measures including “Adjusted EBITDA”, “Adjusted EBITDA Margin”, and “Adjusted Free Cash Flow” as useful additional information in measuring the financial performance and condition of the Company. These measures, which the Company believes are widely used by investors, securities analysts and other interested parties in evaluating the Company’s performance, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. For a reconciliation of non-IFRS measures used in this news release, including “Adjusted EBITDA”, “Adjusted EBITDA Margin”, and “Adjusted Free Cash Flow” to measures determined in accordance with IFRS that are their closest analogues, please see heading “Non-IFRS Measures and Key Indicators” below.
Fiscal Q2 2022 Financial Results
ABC Technologies Holdings Inc. (previously ABC Group Holdings Parent Inc.) Consolidated Statement of Financial Position (Expressed in thousands of United States dollars) | |||||
December 31, 2021 | June 30, 2021 | ||||
Assets | (unaudited) | ||||
Current assets | |||||
Cash | $ | 26,546 |
| $ | 14,912 |
Trade and other receivables |
| 53,752 |
|
| 76,653 |
Inventories |
| 94,626 |
|
| 82,170 |
Prepaid expenses and other |
| 30,793 |
|
| 34,472 |
Total current assets |
| 205,717 |
|
| 208,207 |
Property, plant and equipment |
| 325,603 |
|
| 334,775 |
Right-of-use assets |
| 155,615 |
|
| 153,628 |
Intangible assets |
| 73,025 |
|
| 73,346 |
Deferred income taxes |
| 10,309 |
|
| 5,237 |
Investment in joint ventures |
| 46,476 |
|
| 47,412 |
Derivative financial assets |
| 2,196 |
|
| 10,053 |
Goodwill |
| 18,944 |
|
| 18,944 |
Other long-term assets |
| 5,483 |
|
| 4,027 |
Total non-current assets |
| 637,651 |
|
| 647,422 |
Total assets | $ | 843,368 |
| $ | 855,629 |
Liabilities and equity | |||||
Current liabilities | |||||
Trade payables | $ | 89,337 |
| $ | 118,723 |
Accrued liabilities and other payables |
| 79,418 |
|
| 71,339 |
Provisions |
| 16,612 |
|
| 16,063 |
Current portion of lease liabilities |
| 10,710 |
|
| 10,351 |
Total current liabilities |
| 196,077 |
|
| 216,476 |
Long-term debt |
| 345,000 |
|
| 280,000 |
Lease liabilities |
| 160,101 |
|
| 156,400 |
Deferred income taxes |
| 22,674 |
|
| 32,673 |
Derivative financial liabilities |
| 1,762 |
|
| 2,483 |
Other long-term liabilities |
| 2,048 |
|
| 2,393 |
Total non-current liabilities |
| 531,585 |
|
| 473,949 |
Total liabilities |
| 727,662 |
|
| 690,425 |
Equity | |||||
Capital stock |
| 3,107 |
|
| 2,991 |
Other reserves |
| 2,308 |
|
| 972 |
Retained earnings |
| 104,228 |
|
| 151,936 |
Foreign currency translation reserve and other |
| (809 | ) |
| 276 |
Cash flow hedge reserve, including cost of hedging |
| 6,872 |
|
| 9,029 |
Total equity |
| 115,706 |
|
| 165,204 |
Total liabilities and equity | $ | 843,368 |
| $ | 855,629 |
ABC Technologies Holdings Inc. (previously ABC Group Holdings Parent Inc.) Consolidated Statement of Comprehensive Income (Loss) (Expressed in thousands of United States dollars) | ||||||||||||
For the three months ended | For the six months ended | |||||||||||
| 2021 |
|
| 2020 |
|
| 2021 |
|
| 2020 |
| |
(Unaudited) | ||||||||||||
Sales | $ | 203,439 |
| $ | 261,327 |
| $ | 366,854 |
| $ | 519,730 |
|
Cost of sales |
| 188,039 |
|
| 214,536 |
|
| 350,449 |
|
| 423,667 |
|
Gross profit |
| 15,400 |
|
| 46,791 |
|
| 16,405 |
|
| 96,063 |
|
Selling, general and administrative |
| 29,287 |
|
| 28,152 |
|
| 57,568 |
|
| 57,599 |
|
Loss (gain) on disposal and write-down of assets |
| 129 |
|
| (129 | ) |
| 105 |
|
| 464 |
|
Loss (gain) on derivative financial instruments |
| (148 | ) |
| (1,084 | ) |
| 313 |
|
| (2,002 | ) |
Share of loss (income) of joint ventures |
| (1,168 | ) |
| (3,004 | ) |
| 406 |
|
| (5,716 | ) |
Operating income (loss) |
| (12,700 | ) |
| 22,856 |
|
| (41,987 | ) |
| 45,718 |
|
Interest expense, net |
| 7,856 |
|
| 9,769 |
|
| 15,222 |
|
| 19,609 |
|
Income (loss) before income tax |
| (20,556 | ) |
| 13,087 |
|
| (57,209 | ) |
| 26,109 |
|
Income tax expense (recovery) | ||||||||||||
Current |
| 752 |
|
| (743 | ) |
| 1,855 |
|
| 2,702 |
|
Deferred |
| (4,882 | ) |
| 2,369 |
|
| (14,452 | ) |
| 2,625 |
|
Total income tax expense (recovery) |
| (4,130 | ) |
| 1,626 |
|
| (12,597 | ) |
| 5,327 |
|
Net income (loss) | $ | (16,426 | ) | $ | 11,461 |
| $ | (44,612 | ) | $ | 20,782 |
|
|
|
| ||||||||||
Other comprehensive income (loss) | ||||||||||||
Items that may be recycled subsequently to net earnings (loss): | ||||||||||||
Foreign currency translation of foreign operations and other |
| (492 | ) |
| 2,358 |
|
| (1,085 | ) |
| 3,382 |
|
Cash flow hedges, net of taxes |
| 2,677 |
|
| 14,782 |
|
| (1,797 | ) |
| 21,346 |
|
Cash flow hedges recycled to net earnings, net of taxes |
| 509 |
|
| 846 |
|
| 956 |
|
| 1,777 |
|
Other comprehensive income (loss) | $ | 2,694 |
| $ | 17,986 |
| $ | (1,926 | ) | $ | 26,505 |
|
Total comprehensive income (loss) for the period | $ | (13,732 | ) | $ | 29,447 |
| $ | (46,538 | ) | $ | 47,287 |
|
Earnings (loss) per share – basic and diluted | $ | (0.31 | ) | $ | 0.22 |
| $ | (0.85 | ) | $ | 0.40 |
|
ABC Technologies Holdings Inc. (previously ABC Group Holdings Parent Inc.) Consolidated Statement of Cash Flows (Expressed in thousands of United States dollars) | ||||||||||||
For the three months ended | For the six months ended | |||||||||||
(Unaudited) |
| 2021 |
|
| 2020 |
|
| 2021 |
|
| 2020 |
|
Cash flows from (used in) operating activities | ||||||||||||
Net income (loss) | $ | (16,426 | ) | $ | 11,461 |
| $ | (44,612 | ) | $ | 20,782 |
|
Adjustments for: | ||||||||||||
Depreciation of property, plant and equipment |
| 11,991 |
|
| 11,356 |
|
| 23,958 |
|
| 22,751 |
|
Depreciation of right-of-use assets |
| 3,690 |
|
| 3,412 |
|
| 7,316 |
|
| 6,890 |
|
Amortization of intangible assets |
| 5,457 |
|
| 4,736 |
|
| 10,643 |
|
| 9,191 |
|
Loss (gain) on disposal and write-down of assets |
| 129 |
|
| (129 | ) |
| 105 |
|
| 464 |
|
Unrealized loss (gain) on derivative financial instruments |
| (200 | ) |
| (256 | ) |
| 217 |
|
| (682 | ) |
Interest expense |
| 7,856 |
|
| 9,769 |
|
| 15,222 |
|
| 19,609 |
|
Share of loss (income) of joint ventures |
| (1,168 | ) |
| (3,004 | ) |
| 406 |
|
| (5,716 | ) |
Income tax expense (recovery) |
| (4,130 | ) |
| 1,626 |
|
| (12,597 | ) |
| 5,327 |
|
Share-based compensation expense |
| 768 |
|
| – |
|
| 1,481 |
|
| – |
|
Changes in: | ||||||||||||
Trade and other receivables and prepaid expenses and other |
| 2,226 |
|
| 20,751 |
|
| 20,425 |
|
| (7,955 | ) |
Inventories |
| 5,990 |
|
| 7,235 |
|
| (12,919 | ) |
| 3,539 |
|
Trade payables, accrued liabilities and other payables, and provisions |
| 19,044 |
|
| (13,558 | ) |
| (7,636 | ) |
| 50,610 |
|
Cash generated from operating activities | $ | 35,227 |
| $ | 53,399 |
| $ | 2,009 |
| $ | 124,810 |
|
Interest received |
| 84 |
|
| 77 |
|
| 213 |
|
| 124 |
|
Income taxes recovered (paid) |
| (702 | ) |
| (3,310 | ) |
| (977 | ) |
| 3,230 |
|
Interest paid on leases |
| (3,425 | ) |
| (3,510 | ) |
| (6,812 | ) |
| (7,153 | ) |
Interest paid on long-term debt and other |
| (4,366 | ) |
| (6,010 | ) |
| (9,262 | ) |
| (9,988 | ) |
Net cash flows from (used in) operating activities | $ | 26,818 |
| $ | 40,646 |
| $ | (14,829 | ) | $ | 111,023 |
|
Cash flows from (used in) investing activities | ||||||||||||
Purchases of property, plant and equipment |
| (8,490 | ) |
| (9,420 | ) |
| (19,505 | ) |
| (18,053 | ) |
Dividends received from joint ventures |
| 553 |
|
| 3,769 |
|
| 553 |
|
| 4,491 |
|
Proceeds from disposals of property, plant and equipment |
| – |
|
| 171 |
|
| – |
|
| 171 |
|
Additions to intangible assets |
| (4,948 | ) |
| (3,179 | ) |
| (10,323 | ) |
| (7,122 | ) |
Net cash flows used in investing activities | $ | (12,885 | ) | $ | (8,659 | ) | $ | (29,275 | ) | $ | (20,513 | ) |
Cash flows from (used in) financing activities | ||||||||||||
Net drawings on revolving credit facilities |
| 8,163 |
|
| – |
|
| 65,000 |
|
| (85,000 | ) |
Repayment of long-term debt |
| – |
|
| (12,000 | ) |
| – |
|
| (12,000 | ) |
Principal payments of lease liabilities |
| (2,601 | ) |
| (1,997 | ) |
| (5,198 | ) |
| (4,044 | ) |
Financing costs |
| (44 | ) |
| – |
|
| (624 | ) |
| (648 | ) |
Dividends paid |
| (3,096 | ) |
| – |
|
| (3,096 | ) |
| – |
|
Net cash flows from (used in) financing activities | $ | 2,422 |
| $ | (13,997 | ) | $ | 56,082 |
| $ | (101,692 | ) |
Net increase (decrease) in cash |
| 16,355 |
|
| 17,990 |
|
| 11,978 |
|
| (11,182 | ) |
Net foreign exchange difference |
| (171 | ) |
| 392 |
|
| (344 | ) |
| 513 |
|
Cash, beginning of period |
| 10,362 |
|
| 45,007 |
|
| 14,912 |
|
| 74,058 |
|
Cash, end of period | $ | 26,546 |
| $ | 63,389 |
| $ | 26,546 |
| $ | 63,389 |
|
Contacts
Investor Contact:
Nathan Barton
Investor Relations
[email protected]