Montreal, Quebec, May 8, 2024 – Supremex Inc. (“Supremex” or the “Company”) (TSX: SXP), a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions, today announced its results for the first quarter ended March 31, 2024.
The Company will hold a conference call to discuss these results tomorrow at 8:30 a.m. (Eastern Time).
First Quarter Financial Highlights and Recent Events
- Total revenue of $73.3 million, down from $88.4 million in the first quarter of 2023, but up sequentially from $72.3 million in the fourth quarter of 2023.
- Envelope segment revenue of $53.4 million, versus $64.5 million a year ago and $50.6 million three months ago.
- Packaging and Specialty Products segment revenue of $19.8 million, versus $24.0 million last year and $21.7 million in the fourth quarter of 2023.
- Net earnings of $3.5 million, or $0.14 per share, versus $9.5 million, or $0.37 per share, in the first quarter of 2023, and $0.7 million, or $0.03 per share in the fourth quarter of 2023.
- Adjusted EBITDA1 was $10.5 million, or 14.3% of revenue, versus $18.8 million, or 21.3% of revenue, last year, and 9.0 million, or 12.4% of sales, in the fourth quarter of 2023.
- On May 1st, 2024, the Company announced the acquisition of the assets of Forest Envelope Group (“Forest Envelope”), a regional leader in specialty envelope manufacturing located in Bolingbrook, Illinois.
- On May 8, 2024, the Board of Directors declared a quarterly dividend of $0.04 per common share, payable on June 21, 2024, to shareholders of record at the close of business on June 6, 2024.
Source: Supremex
