Rogers Sugar Inc.’s (“our,” “we”, “us” or “Rogers”) (TSX: RSI)
today reported fourth quarter fiscal 2022 results with consolidated
adjusted EBITDA of $29.0 million and $102.1 million for the current
quarter and the year, respectively.
“Our Sugar segment continued to perform strongly
in the fourth quarter of 2022, driving our highest full year
adjusted EBITDA in our 135-year history,” said Mike Walton,
President, and Chief Executive Officer of Rogers and Lantic Inc.
“We generated another quarter of record sugar sales volumes in the
fourth quarter as our flexible manufacturing platform allowed us to
meet high demand and capture opportunistic sales in the domestic
market. Despite supply chain challenges and inflationary pressures
affecting both business segments, fiscal 2022 showcased the
strength and adaptability of our people and operations as we
continued to meet the needs of our valued customers.”
“Over the next fiscal year, we anticipate stable
financial results driven by continued strong demand and steady
margins in our Sugar segment, along with slightly improved
financial performance in our Maple segment, as the unfavourable
inflationary pressures begin to recede. With global demand for
sugar-containing products projected to remain strong, our
reputation as a reliable, high quality sugar supplier and combined
with our exciting growth project, we are well positioned to
continue to create value for our shareholders in the future.”
Fourth Quarter 2022 Consolidated
Highlights(unaudited) |
Q4 2022 |
|
Q4 2021 |
YTD 2022 |
|
YTD 2021 |
Financials
($000s) |
|
|
|
|
Revenues |
267,406 |
|
243,231 |
1,006,134 |
|
893,931 |
Gross margin |
28,472 |
|
39,616 |
130,805 |
|
139,744 |
Adjusted gross margin(1) |
39,141 |
|
31,020 |
143,482 |
|
120,811 |
Results from operating
activities |
(38,345 |
) |
26,952 |
13,313 |
|
84,497 |
EBITDA(1) |
18,283 |
|
33,382 |
89,461 |
|
109,708 |
Adjusted EBITDA(1) |
28,952 |
|
24,786 |
102,138 |
|
91,022 |
Net (Loss) earnings |
(45,502 |
) |
16,140 |
(16,568 |
) |
47,527 |
per share (basic) |
(0.44 |
) |
0.16 |
(0.16 |
) |
0.46 |
per share (diluted) |
(0.44 |
) |
0.15 |
(0.16 |
) |
0.44 |
Adjusted net
earnings(1)(2) |
12,161 |
|
9,620 |
40,659 |
|
33,866 |
Adjusted net earnings per
share (basic)(1)(2) |
0.12 |
|
0.09 |
0.39 |
|
0.33 |
Trailing twelve months free
cash flow(1) |
46,751 |
|
45,505 |
46,751 |
|
45,505 |
Dividends per share |
0.09 |
|
0.09 |
0.36 |
|
0.36 |
|
|
|
|
|
Volumes |
|
|
|
|
Sugar (metric tonnes) |
214,672 |
|
214,753 |
794,600 |
|
779,505 |
Maple
Syrup (thousand pounds) |
9,838 |
|
11,678 |
47,063 |
|
52,255 |
(1) See “Cautionary statement on Non-GAAP
Measures” section of this press release for definition and
reconciliation to GAAP measures. |
(2) Adjusted net earnings and adjusted net
earnings per shares exclude the goodwill impairment charge of $50.0
million recorded in the fourth quarter |
- Consolidated
adjusted EBITDA for the fourth quarter of 2022 was $29.0 million,
up $4.2 million from the same quarter last year, driven by higher
adjusted EBITDA in the Sugar segment;
- Consolidated
adjusted EBITDA for the 2022 fiscal year was $102.1 million, up
12.2% from the same period in 2021, and the highest balance
recorded in our history. Current year adjusted EBITDA increased as
a result of higher adjusted EBITDA in the Sugar segment; partly
offset by lower adjusted EBITDA in our Maple segment;
- Consolidated
revenues for the 2022 fiscal year amounted to $1.0 billion, an
increase of $112.2 million from 2021 or 12.6%, largely driven by
higher volume and higher selling prices in the Sugar segment;
- Sugar sales
volume in the fourth quarter of 2022 was stable in comparison to
the same quarter last year, totaling 214,700 metric tonnes.
- For the 2022
fiscal year, sugar sales volume reached the highest level delivered
in our history, at 794,600 metric tonnes, representing an increase
of almost 2.0% over 2021;
- Adjusted EBITDA
in the Sugar segment improved by $5.5 million in the fourth quarter
of fiscal 2022 compared to the same quarter last year due mainly to
higher selling prices; partially offset by higher operating costs,
administrative and selling expenses and distribution costs;
- Adjusted EBITDA
in the Maple segment for the fourth quarter was lower than last
year by $1.4 million largely as a result of lower sales volume and
higher operating costs driven by inflationary pressures;
- In the fourth
quarter of 2022, we recorded a non-cash impairment charge of $50.0
million to the goodwill asset associated with our Maple business
segment, reflecting the overall market-based deterioration of the
conditions of this business segment in 2022;
- Free cash flow
for the trailing 12 months ended October 1, 2022 was $46.8 million,
an increase of $1.2 million from the same period last year;
- In the fourth
quarter of fiscal 2022, we distributed $0.09 per share to our
shareholders for a total amount of $9.4 million;
- On November 30,
2022, the Board of Directors declared a quarterly dividend of $0.09
per share, payable on or before February 1, 2023; and
- We continue to
work on the design and planning stage of our planned expansion
project announced in August 2022. The current estimated cost of the
project is $160 million and would increase supply by 100,000 metric
tonnes in Eastern Canada within the next two to three years.
Sugar
Fourth Quarter 2022 Sugar
Highlights(unaudited) |
Q4 2022 |
Q4 2021 |
YTD 2022 |
YTD 2021 |
Financials
($000s) |
|
|
|
|
Revenues |
220,142 |
191,462 |
792,200 |
668,118 |
Gross margin |
26,758 |
35,671 |
115,872 |
121,029 |
Adjusted gross margin(1) |
35,324 |
26,020 |
126,168 |
100,223 |
Per metric tonne ($/ mt) (1) |
164.55 |
121.16 |
158.78 |
128.57 |
Administration and selling
expenses |
9,138 |
6,591 |
35,733 |
27,793 |
Distribution costs |
4,958 |
3,531 |
19,681 |
15,970 |
Results from operating
activities |
12,662 |
25,549 |
60,458 |
77,266 |
EBITDA(1) |
17,609 |
30,286 |
79,838 |
95,446 |
Adjusted EBITDA(1) |
26,175 |
20,634 |
90,134 |
74,640 |
|
|
|
|
|
Volumes (metric
tonnes) |
|
|
|
|
Total
volume |
214,672 |
214,753 |
794,600 |
779,505 |
(1) See “Cautionary statement on Non-GAAP Measures” section of this
press release for definition and reconciliation to GAAP
measures. |
In the fourth quarter, revenue increased by
$28.7 million, compared to the same period last year. The variance
was driven mainly by variation in prices for Raw #11 sugar charged
to customers, and improved average pricing for refining related
activities.
Gross margin was $26.8 million for the current
quarter and include a loss of $8.6 million for the mark-to-market
of derivative financial instruments. For the same periods last
year, gross margin was $35.7 million, with a mark-to-market gain of
$9.7 million.
Adjusted gross margin increased by $9.3 million
in the current quarter compared to the same quarter last year
mainly as a result of higher sugar sales margin from improved
average pricing on sugar refining related activities. This positive
variance was partially offset by higher production costs mainly
driven by higher labour related costs and market-based inflationary
pressures on other operating costs. In addition, by-product
contribution was lower by $0.9 million in comparison to the same
period last fiscal year due to timing. On a per unit basis,
adjusted gross margin for the fourth quarter was at $164.55 per
metric tonne, higher than last year by $43.39 per metric tonne. The
favourable variance was mainly due to the increase in overall
margin from improved selling prices, partially offset by higher
production cost, as compared to last year.
Results from operating activities for the fourth
quarter were $12.7 million, a decrease of $12.9 million as compared
to same periods last year. These results include gains and losses
from the mark-to-market of derivative financial instruments, as
well as timing differences in the recognition of any gains and
losses on the liquidation of derivative instruments. In addition,
higher non-cash depreciation and amortization expense mainly from
increased property plant and equipment had a negative impact on the
results from operating activities.
EBITDA for the fourth quarter was $17.6 million,
a decrease of $12.7 million as compared to same periods last year.
These results include gains and losses from the mark-to-market of
derivative financial instruments, as well as timing differences in
the recognition of any gains and losses on the liquidation of
derivative instruments.
Adjusted EBITDA for the fourth quarter increased
by $5.5 million compared to the same period last year, largely as a
result of higher adjusted gross margin, offset by higher
administration and selling expenses as well as higher distribution
costs.
Maple
Fourth Quarter 2022 Maple
Highlights(unaudited) |
Q4 2022 |
|
Q4 2021 |
|
YTD 2022 |
|
YTD 2021 |
|
Financials
($000s) |
|
|
|
|
Revenues |
47,264 |
|
51,769 |
|
213,934 |
|
225,813 |
|
Gross margin |
1,714 |
|
3,945 |
|
14,933 |
|
18,715 |
|
Adjusted gross margin(1) |
3,817 |
|
5,000 |
|
17,314 |
|
20,588 |
|
As a percentage of revenues (%) (1) |
8.1% |
|
9.7% |
|
8.1% |
|
9.1% |
|
Administration and selling
expenses |
2,411 |
|
2,084 |
|
10,050 |
|
9,162 |
|
Distribution costs |
310 |
|
458 |
|
2,028 |
|
2,322 |
|
Results from operating
activities |
(51,007 |
) |
1,403 |
|
(47,145 |
) |
7,231 |
|
EBITDA(1) |
674 |
|
3,096 |
|
9,623 |
|
14,509 |
|
Adjusted EBITDA(1) |
2,777 |
|
4,152 |
|
12,004 |
|
16,382 |
|
|
|
|
|
|
Volumes (thousand
pounds) |
|
|
|
|
Total
volume |
9,838 |
|
11,678 |
|
47,063 |
|
52,255 |
|
(1) See “Cautionary statement on Non-GAAP Measures” section of this
press release for definition and reconciliation to GAAP
measures. |
Revenues for the fourth quarter were $4.5
million lower than the same period last year due to lower volume,
partially offset by higher average sale pricing.
Gross margin was $1.7 million for the three
months ended in the current fiscal year and includes a loss of $2.1
million for the mark-to-market of derivative financial instruments.
For the same periods last year, gross margin was $3.9 million, with
a mark-to-market loss of $1.1 million.
Adjusted gross margin for the fourth quarter of
fiscal 2022 was lower by $1.2 million due to lower volume and
higher operating costs. Operating costs increased largely as a
result of market-based inflationary pressures for packaging,
freight and energy expenditures as well as increased compensation
cost and employee benefits incurred to attract and retain employees
in our production facilities.
Results from operating activities for the fourth
quarter and the 2022 fiscal year were a loss of $51.0 million,
compared to positive results of $1.4 million for the same periods
last year. These results include gains and losses from the
mark-to-market of derivative financial instruments, as well as
timing differences in the recognition of any gains and losses on
the liquidation of derivative instruments and a goodwill impairment
of $50.0 million recorded in the fourth quarter of fiscal 2022.
EBITDA for the fourth quarter and the 2022
fiscal year was $0.7 million, a decrease of $2.4 million compared
to same periods last year. These results include gains and losses
from the mark-to-market of derivative financial instruments, as
well as timing differences in the recognition of any gains and
losses on the liquidation of derivative instruments.
Adjusted EBITDA for the current quarter of
fiscal 2022 decreased by $1.4 million, due to lower adjusted gross
margin.
OUTLOOK
The health and safety of our employees continue
to be our top priority. We will continue to monitor closely the
potential impacts related to the COVID-19 pandemic and follow
closely public health authority recommendations.
Following a strong performance in 2022,
including our highest sugar volume, consolidated revenue and
adjusted EBITDA results to date, we expect to deliver a strong,
stable financial performance in 2023. The continued strength in
sugar demand and pricing is expected to provide stable results,
despite ongoing challenges related to supply chain and logistics.
We expect our Maple segment to slowly recover during 2023 as the
unfavorable inflationary pressures encountered over the last year
begin to recede.
Sugar
We expect the sugar segment to perform well in
fiscal 2023. Underlying North American demand remains strong across
all customer segments supported by favourable market dynamics.
Improvements in pricing implemented in 2022 will continue to
support our financial results positively, allowing us to mitigate
the current impact of inflationary pressures on costs.
We expect sales volume for 2023 to reach 790,000
metric tonnes, representing a reduction of approximately 5,000
metric tonnes as compared to 2022. The slight reduction in volume
in 2023 relates to the temporary increase in volumes recorded in
the later part of 2022, in connection with a temporary tightness in
market supply in North America. We do not expect this tightness to
reoccur and anticipate the domestic market to be otherwise stable
for 2023. We expect export volumes to decrease as we will
prioritize the growing domestic demand. Our current view for volume
by customer segment in 2023 is as follows:
- Industrial, our
largest segment, is expected to decrease by 3%, although demand for
sugar-containing products remains steady both in Canada and the
US.
- Liquid volume is
expected to growth by 6.0 % driven by continued demand from
existing customers.
- Consumer volume
is expected to increase by 2% for 2023, due to higher expected
demand
- We anticipate
selling 10% less to the export markets in 2023, due to the growing
demand of the domestic market. We intend to explore potential
supplemental export sales as favourable opportunities arise.
The harvest period for our sugar beet facility
in Taber was completed in early November. We have received the
expected quantity of beets from the Alberta growers. However,
unfavourable weather conditions such as hailstorms and warmer
temperatures encountered in the later stage of the growing period
have reduced the expected sugar content of the sugar beets. We are
currently in the processing stage of the 2022 beet campaign. We
anticipate completing the processing of the sugar beets received by
the end of February. Currently, based on our early assessment, we
anticipate the 2022 crop to deliver between 100,000 metric tonnes
and 110,000 metric tonnes of beet sugar. This would be lower than
the 2021 crop which delivered 120,000 metric tonnes.
Production costs and maintenance programs for
our three production facilities are expected to be moderately
impacted by the current inflationary market-based pressures, as we
continue to focus on cost control initiatives throughout our
operations.
Distribution costs are expected to be stable in
2023. These expenditures will continue to reflect the market
dynamics requiring the transfer of sugar produced in the West to
the East to meet customer demand. We also expect that recent cost
increases for logistics and our supply chain will remain. Once our
planned expansion project is completed, we plan to optimize our
increased national capacity to efficiently service our domestic
customer base.
Administration and selling expenses are expected
to decrease in 2023 as we do not anticipate the impact of
share-based compensation to be as high.
We have been able to mitigate the potential
unfavourable impact on our business of the recent increases in
interest rates and energy costs through our multi-year hedging
strategy. We do not anticipate these increases to have a material
impact on our financial results in the near future, as we expect
our hedging strategy will continue to mitigate such risks.
Spending on regular business capital projects is
also expected to be stable for fiscal 2023. We anticipate spending
approximately $25 million on various initiatives, with
approximately a quarter allocated to return-on-investment projects.
This estimate for capital spending excludes potential expenditures
that could be incurred in 2023, regarding the announcement we made
in August 2022, about our intention to expand the capacity of our
Montreal sugar refinery and Toronto distribution centre.
Maple
The Maple segment financial results were lower
than anticipated for 2022. This was due mainly to lower volume and
unexpected inflationary pressures on costs for packaging material,
freight, and labour, along with global shipping challenges. We
expect these financial and operating pressures to remain in the
first part of 2023. Despite such challenges and a strong 2022 crop,
we expect this business segment to slowly recover and to deliver
slightly improved financial performance in 2023 as compared to
2022. The improvement will be driven by expected higher volume from
new customers and higher margin from price increases on recently
negotiated agreements.
Capital investments have reduced significantly
for the Maple segment in recent years. The Maple segment is
expected to spend between $1 million and $2 million annually on
capital projects. The main driver for the Maple segment projects is
to improve productivity and profitability through automation.
A full copy of Rogers fourth quarter 2022,
including management’s discussion and analysis and audited
consolidated financial statements, can be found at
www.LanticRogers.com.
Cautionary Statement Regarding non-GAAP
measures
In analyzing results, we supplement the use of
financial measures that are calculated and presented in accordance
with IFRS with a number of non-GAAP financial measures. A non-GAAP
financial measure is a numerical measure of a company’s
performance, financial position or cash flow that excludes
(includes) amounts or is subject to adjustments that have the
effect of excluding (including) amounts, that are included
(excluded) in most directly comparable measures calculated and
presented in accordance with IFRS. Non-GAAP financial measures are
not standardized; therefore, it may not be possible to compare
these financial measures with the non-GAAP financial measures of
other companies having the same or similar businesses. We strongly
encourage investors to review the audited consolidated financial
statements and publicly filed reports in their entirety, and not to
rely on any single financial measure.
We use these non-GAAP financial measures in
addition to, and in conjunction with, results presented in
accordance with IFRS. These non-GAAP financial measures reflect an
additional way of viewing aspects of the operations that, when
viewed with the IFRS results and the accompanying reconciliations
to corresponding IFRS financial measures, may provide a more
complete understanding of factors and trends affecting our
business. Refer to “Non-GAAP measures” section at the end of the
MD&A for the current quarter for additional information.
The following is a description of the non-GAAP
measures we used in this press release:
- Adjusted gross
margin is defined as gross margin adjusted for “the adjustment to
cost of sales”, which comprises the mark-to-market gains or losses
on sugar futures, foreign exchange forward contracts and embedded
derivatives as shown in the notes to the consolidated financial
statements and the cumulative timing differences as a result of
mark-to-market gains or losses on sugar futures, foreign exchange
forward contracts and embedded derivatives.
- Adjusted results
from operating activities are defined as results from operating
activities adjusted for the adjustment to cost of sales and
goodwill impairment.
- EBITDA is
defined as earnings before interest, taxes, depreciation,
amortization and goodwill impairment.
- Adjusted EBITDA
is defined as adjusted results from operating activities adjusted
to add back depreciation and amortization expenses.
- Adjusted net
earnings is defined as net earnings adjusted for the adjustment to
cost of sales, goodwill impairment and the income tax impact on
these adjustments.
- Adjusted gross
margin rate per MT is defined as adjusted gross margin of the Sugar
segment divided by the sales volume of the Sugar segment.
- Adjusted gross
margin percentage is defined as the adjusted gross margin of the
Maple segment divided by the revenues generated by the Maple
segment.
- Adjusted net
earnings per share is defined as adjusted net earnings divided by
the weighted average number of shares outstanding.
- Free cash flow
is defined as cash flow from operations excluding changes in
non-cash working capital, mark-to-market and derivative timing
adjustments, financial instruments non-cash amount, goodwill
impairment and includes deferred financing charges, funds received
from stock options exercised, capital and intangible assets
expenditures, net of value-added capital expenditures, and payments
of capital leases.
In this press release, we discuss the non-GAAP
financial measures, including the reasons why we believe these
measures provide useful information regarding the financial
condition, results of operations, cash flows and financial
position, as applicable. We also discuss, to the extent material,
the additional purposes, if any, for which these measures are used.
These non-GAAP measures should not be considered in isolation, or
as a substitute for, analysis of our results as reported under
GAAP. Reconciliations of non-GAAP financial measures to the most
directly comparable IFRS financial measures are as follows:
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO
IFRS FINANCIAL MEASURES
|
|
Q4 2022 |
|
|
|
Q4 2021 |
|
Consolidated results(In thousands of dollars) |
Sugar |
Maple Products |
|
Total |
|
Sugar |
|
Maple Products |
Total |
|
Gross margin |
26,758 |
1,714 |
|
28,472 |
|
35,671 |
|
3,945 |
39,616 |
|
Total
adjustment to the cost of sales(1) |
8,566 |
2,103 |
|
10,669 |
|
(9,651 |
) |
1,055 |
(8,596 |
) |
Adjusted gross margin |
35,324 |
3,817 |
|
39,141 |
|
26,020 |
|
5,000 |
31,020 |
|
|
|
|
|
|
|
|
Results from operating
activities |
12,662 |
(51,007 |
) |
(38,345 |
) |
25,549 |
|
1,403 |
26,952 |
|
Total adjustment to the cost
of sales(1) |
8,566 |
2,103 |
|
10,669 |
|
(9,651 |
) |
1,055 |
(8,596 |
) |
Goodwill impairment |
- |
50,000 |
|
50,000 |
|
- |
|
- |
- |
|
Adjusted results from operating activities |
21,228 |
1,096 |
|
22,324 |
|
15,898 |
|
2,458 |
18,356 |
|
|
|
|
|
|
|
|
Results from operating
activities |
12,662 |
(1,007 |
) |
(38,345 |
) |
25,549 |
|
1,403 |
26,952 |
|
Depreciation of property,
plant and equipment, amortization of intangible assets and
right-of-use assets |
4,947 |
1,681 |
|
6,628 |
|
4,737 |
|
1,694 |
6,430 |
|
Goodwill impairment |
- |
50,000 |
|
50,000 |
|
- |
|
- |
- |
|
EBITDA(1) |
17,609 |
674 |
|
18,283 |
|
30,286 |
|
3,096 |
33,382 |
|
|
|
|
|
|
|
|
EBITDA(1) |
17,609 |
674 |
|
18,283 |
|
30,286 |
|
3,096 |
33,382 |
|
Total
adjustment to the cost of sales(1) |
8,566 |
2,103 |
|
10,669 |
|
(9,651 |
) |
1,055 |
(8,596 |
) |
Adjusted EBITDA |
26,175 |
2,777 |
|
28,952 |
|
20,634 |
|
4,152 |
24,786 |
|
|
|
|
|
|
|
|
Net (loss) earnings |
|
|
(45,502 |
) |
|
|
16,140 |
|
Total adjustment to the cost
of sales(1) |
|
|
10,669 |
|
|
|
(8,596 |
) |
Goodwill impairment |
|
|
50,000 |
|
|
|
- |
|
Net change in fair value in
interest rate swaps(1) |
|
|
(328 |
) |
|
|
(162 |
) |
Income
taxes on above adjustments |
|
|
(2,678 |
) |
|
|
2,238 |
|
Adjusted net earnings |
|
|
12,161 |
|
|
|
9,620 |
|
Net (loss) earnings per share
(basic) |
|
|
(0.44 |
) |
|
|
0.16 |
|
Adjustment for the above |
|
|
0.56 |
|
|
|
(0.07 |
) |
Adjusted net earnings per share (basic) |
|
|
0.12 |
|
|
|
0.09 |
|
(1) See “Adjusted results” section in the
MD&A |
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES TO IFRS FINANCIAL MEASURES
(CONTINUED)
|
YTD 202 |
YTD 2021 |
Consolidated results(In thousands of dollars) |
Sugar |
Maple Products |
|
Total |
|
Sugar |
|
Maple Products |
Total |
|
Gross margin |
115,872 |
14,933 |
|
130,805 |
|
121,029 |
|
18,715 |
139,744 |
|
Total
adjustment to the cost of sales(1) |
10,296 |
2,381 |
|
12,677 |
|
(20,806 |
) |
1,873 |
(18,933 |
) |
Adjusted gross margin |
126,168 |
17,314 |
|
143,482 |
|
100,223 |
|
20,588 |
120,811 |
|
|
|
|
|
|
|
|
Results from operating
activities |
60,458 |
(47,145 |
) |
13,313 |
|
77,266 |
|
7,231 |
84,497 |
|
Total adjustment to the cost
of sales(1) |
10,296 |
2,381 |
|
12,677 |
|
(20,806 |
) |
1,873 |
(18,933 |
) |
Goodwill impairment |
- |
50,000 |
|
50,000 |
|
- |
|
- |
- |
|
Adjusted results from operating activities |
70,754 |
5,236 |
|
75,990 |
|
56,460 |
|
9,104 |
65,564 |
|
|
|
|
|
|
|
|
Results from operating
activities |
60,458 |
(47,145 |
) |
13,313 |
|
77,266 |
|
7,231 |
84,497 |
|
Depreciation of property,
plant and equipment, amortization of intangible assets and
right-of-use assets |
19,380 |
6,768 |
|
26,148 |
|
18,180 |
|
7,031 |
25,211 |
|
Goodwill impairment |
- |
50,000 |
|
50,000 |
|
- |
|
- |
- |
|
EBITDA(1) |
79,838 |
9,623 |
|
89,461 |
|
95,446 |
|
14,509 |
109,708 |
|
|
|
|
|
|
|
|
EBITDA(1) |
79,838 |
9,623 |
|
89,461 |
|
95,446 |
|
14,509 |
109,708 |
|
Total adjustment to the cost
of sales(1) |
10,296 |
2,381 |
|
12,677 |
|
(20,806 |
) |
1,873 |
(18,933 |
) |
Maple
Segment non-recurring costs |
- |
- |
|
- |
|
- |
|
247 |
247 |
|
Adjusted EBITDA(1) |
90,134 |
12,004 |
|
102,138 |
|
74,640 |
|
16,382 |
91,022 |
|
|
|
|
|
|
|
|
Net (loss) earnings |
|
|
(16,568 |
) |
|
|
47,527 |
|
Total adjustment to the cost
of sales(1) |
|
|
12,677 |
|
|
|
(18,933 |
) |
Goodwill impairment |
|
|
50,000 |
|
|
|
- |
|
Net change in fair value in
interest rate swaps(1) |
|
|
(2,800 |
) |
|
|
451 |
|
Income
taxes on above adjustments |
|
|
(2,650 |
) |
|
|
4,821 |
|
Adjusted net earnings |
|
|
40,659 |
|
|
|
33,866 |
|
Net (loss) earnings per share
(basic) |
|
|
(0.16 |
) |
|
|
0.46 |
|
Adjustment for the above |
|
|
0.55 |
|
|
|
(0.13 |
) |
Adjusted net earnings per share (basic) |
|
|
0.39 |
|
|
|
0.33 |
|
(1) See “Adjusted results” section in the
MD&A |
Conference Call and Webcast
We will host a conference call to discuss our
fourth quarter of fiscal 2022 results on December 1, 2022 starting
at 8:00a.m. ET. To participate, please dial 1-888-396-8049. A
recording of the conference call will be accessible shortly after
the conference, by dialing 1-877-674- 7070, access code 896442#.
This recording will be available until December 15, 2022. A live
audio webcast of the conference call will also be available via
www.LanticRogers.com.
About Rogers Sugar
Rogers is a corporation established under the
laws of Canada. Rogers holds all of the common shares of Lantic and
its administrative office is in Montréal, Québec. Lantic operates
cane sugar refineries in Montreal, Québec and Vancouver, British
Columbia, as well as the only Canadian sugar beet processing
facility in Taber, Alberta. Lantic also operate a custom blending
and packaging operation and distribution center in Toronto,
Ontario. Lantic’s sugar products are marketed under the “Lantic”
trademark in Eastern Canada, and the “Rogers” trademark in Western
Canada and include granulated, icing, cube, yellow and brown
sugars, liquid sugars and specialty syrups. Lantic owns all of the
common shares of TMTC and its head office is headquartered in
Montréal, Québec. TMTC operates bottling plants in Granby,
Dégelis and in St-Honore-de-Shenley, Québec and in Websterville,
Vermont. TMTC’s products include maple syrup and derived maple
syrup products supplied under retail private label brands in over
fifty countries and also sold under various brand names, such as
TMTC, Uncle Luke’s, Great Northern, Decacer and Highland
Sugarworks.
For more information about Rogers please visit
our website at www.LanticRogers.com.
Cautionary Statement Regarding
forward-looking information
This report contains statements or information
that are or may be “forward-looking statements” or “forward-looking
information” within the meaning of applicable Canadian Securities
laws. Forward-looking statements may include, without limitation,
statements and information which reflect our current expectations
with respect to future events and performance. Wherever used, the
words “may,” “will,” “should,” “anticipate,” “intend,” “assume,”
“expect,” “plan,” “believe,” “estimate,” and similar expressions
and the negative of such expressions, identify forward-looking
statements. Although this is not an exhaustive list, we caution
investors that statements concerning the following subjects are, or
are likely to be, forward-looking statements:
- Future demand
for refined sugar and maple syrup
- our intention to
increase sugar refining capacity and the related eastern Canada
distribution network
- the impact of
the COVID-19 pandemic on our operations
- future prices of
raw sugar
- expected
inflationary pressures on costs
- natural gas
costs
- beet production
forecasts
- growth of the
maple syrup industry and the refined sugar industry
- the status of
labour contracts and negotiations
- the level of
future dividends
- the status of
government regulations and investigations
Forward-looking statements are based on
estimates and assumptions made by us in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that we believe are
appropriate and reasonable in the circumstances, including with
respect to our ability to finance and complete the expansion
project of our Montreal plant and eastern distribution network, the
continuity of our operations despite the COVID-19 pandemic, but
there can be no assurance that such estimates and assumptions will
prove to be correct. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. Actual performance
or results could differ materially from those reflected in the
forward-looking statements, historical results or current
expectations. Readers should also refer to the section “Risks and
Uncertainties” in our current quarter MD&A for additional
information on risk factors and other events that are not within
our control. These risks are also referred to in our Annual
Information Form in the “Risk Factors” section. Although we believe
that the expectations and assumptions on which forward-looking
information is based are reasonable under the current
circumstances, readers are cautioned not to rely unduly on this
forward-looking information as no assurance can be given that it
will prove to be correct. Forward-looking information contained
herein is made as at the date of this press release and we do not
undertake any obligation to update or revise any forward-looking
information, whether as a result of events or circumstances
occurring after the date hereof, unless so required by law.
For further information Mr.
Jean-Sébastien CouillardVice President of Finance, Chief Financial
Officer and Corporate SecretaryPhone: (514) 940-4350Email:
jscouillard@lantic.ca
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