For the three-month period ended
For the nine months ended
“In the past three months our company’s performance was influenced by declining worldwide steel prices resulting in lower sales prices from our facilities. With the uncertainty in the market, we will remain prudent in managing our inventory and costs,” said
“Amid challenging macroeconomic conditions, we will continue to focus on our operational strengths, delivering quality products to our customers and maintaining the strength of our balance sheet,” said
RESULTS FROM OPERATIONS | ||||
Three Months Ended | Nine Months Ended | |||
($'000 unless otherwise stated) | ||||
2023 | 2022 | 2023 | 2022 | |
Revenue | 53,366 | 80,202 | 192,227 | 271,318 |
Cost of sales | (46,114) | (64,322) | (161,576) | (210,292) |
Depreciation | (1,213) | (1,289) | (3,747) | (4,010) |
Gross profit | 6,039 | 14,591 | 26,904 | 57,016 |
Selling, general and administrative expenses | (3,213) | (3,674) | (10,049) | (10,731) |
Operating income | 2,826 | 10,917 | 16,855 | 46,285 |
Foreign exchange gain (loss) | 22 | (2) | 39 | (40) |
Loss on property, plant and equipment sale | (7) | - | (104) | - |
Other expenses | - | - | - | (30) |
Site closure costs | - | - | (1,340) | - |
Financing expenses, net of investment income | (429) | (629) | (846) | (1,783) |
Reorganization costs | - | (126) | (2,097) | (126) |
Income before income taxes | 2,412 | 10,160 | 12,507 | 44,306 |
Income tax expense | (468) | (2,147) | (3,064) | (10,445) |
Net income | 1,944 | 8,013 | 9,443 | 33,861 |
Net income per share | 0.07 | 0.28 | 0.34 | 1.19 |
Financial position as at: | 2023 | 2022 | ||
Total assets | 175,539 | 176,326 | ||
Total non‐current financial liabilities | 27,380 | 27,557 | ||
Adjusted EBITDA | ||||
Three Months Ended | Nine Months Ended | |||
($'000 unless otherwise stated) | ||||
2023 | 2022 | 2023 | 2022 | |
Operating income 5,730 | 2,826 | 10,917 | 16,855 | 46,285 |
Add back depreciation | 1,213 | 1,289 | 3,747 | 4,010 |
Foreign exchange (loss) gain | 22 | (2) | 39 | (40) |
Adjusted EBITDA1 | 4,061 | 12,204 | 20,641 | 50,255 |
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, the results of the Company’s appeal against the notices of reassessment received from the
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