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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Decisive Dividend Corporation | TSXV:DE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.28 | -4.40% | 6.08 | 6.08 | 6.36 | 6.36 | 6.08 | 6.17 | 20,203 | 21:00:02 |
KELOWNA, BC, Nov. 2, 2022 /CNW/ - Decisive Dividend Corporation (TSXV: DE) (the "Company" or "Decisive") today reported its financial results for the three and nine months ended September 30, 2022.
Highlights of the Company's financial performance in Q3 2022 include the following:
Selected Financial Highlights:
The following are selected financial highlights of Decisive for the three and nine months ended September 30, 2022. All amounts are expressed in Canadian dollars. The Company's Unaudited - interim condensed consolidated financial statements as well as its management's discussion and analysis ("MD&A") are posted on SEDAR and on Decisive's website (www.decisivedividend.com).
(Stated in thousands of dollars, except per share amounts) | |||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||
September 30, | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||
Sales | $ | 25,932 | $ | 16,500 | 57 % | $ | 67,810 | $ | 44,639 | 52 % | |||||
Gross profit | 8,912 | 5,064 | 76 % | 22,867 | 15,533 | 47 % | |||||||||
Gross profit % | 34 % | 31 % | 34 % | 35 % | |||||||||||
Adjusted EBITDA* | 3,999 | 1,837 | 118 % | 9,651 | 6,566 | 47 % | |||||||||
Per share basic | 0.32 | 0.15 | 106 % | 0.77 | 0.55 | 40 % | |||||||||
Profit before tax | 2,644 | 593 | 346 % | 4,702 | 1,955 | 141 % | |||||||||
Profit | 2,029 | 489 | 315 % | 3,423 | 1,364 | 151 % | |||||||||
Per share basic | 0.16 | 0.04 | 300 % | 0.27 | 0.11 | 145 % | |||||||||
Per share diluted | 0.15 | 0.04 | 275 % | 0.26 | 0.11 | 136 % | |||||||||
Dividends declared | 1,193 | 841 | 42 % | 3,238 | 1,555 | 108 % | |||||||||
Per share basic | 0.09 | 0.07 | 34 % | 0.26 | 0.13 | 99 % |
* Adjusted EBITDA is not a recognized financial measure under International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other issuers, but it is used by management to assess the performance of the Company and its segments. See "Non-IFRS Financial Measures" later in this press release for the full description of Adjusted EBITDA and a reconciliation of applicable IFRS measures to non-IFRS measures. |
Q3 2022 Highlights:
2022 Year-to-Date Highlights:
Jeff Schellenberg, Chief Executive Officer of Decisive, noted:
"Q3 was another tremendous quarter for Decisive as we made further progress on all of our key operational, financial and acquisition-related strategic objectives. During the quarter, we achieved record quarterly operating results for the second straight quarter. We also increased the availability on our credit facilities while extending them to 2025, and we completed an equity offering, led by Waratah Capital Advisors Ltd., setting the stage for the acquisition of ACR Heat Products Limited in early October, our second acquisition of 2022.
Each of our portfolio companies continue to experience strong demand for their products as demonstrated by our record revenue levels and robust growth. However, the increase in gross margins experienced in Q3 2022 is an operational highlight of the quarter and demonstrates the reward for the hard work our subsidiaries have done to increase efficiency, negotiate pricing increases with their customers and add new profitable customers. We view our portfolio of businesses as a key driver of our future growth and continue to invest in these businesses to support that growth while enhancing profitability.
We are also very pleased to have completed a sizable equity offering during a period of significant volatility in capital market conditions and to do so with the backing of a prominent institutional investor that has an excellent reputation and performance track record. Additionally, the renewal, extension and upsize of our credit facilities provides us with further flexibility to continue pursuing our strategic objectives. The demonstrated support from both our lenders and Waratah are a validation of our business model, performance and future potential.
We continue to have an active and growing pipeline of potential targets. Completing our second acquisition of the year in October, financed by an equity raise, demonstrates our commitment to continue growing through acquisition within our long-term funding target of 50% equity and 50% debt. In addition, the integration of Marketing Impact has gone very well, and we are pleased to see that business perform in a way that has met all of the expectations we had for the company when Decisive acquired it in April. In addition, we are excited to have our first add-on acquisition in ACR, which provides immediate geographic diversity and accretive earnings, in the Hearth industry, which is a sector that we have enjoyed great success in.
We have had an eventful first nine months of 2022 and look forward to providing further updates to our shareholders as we progress through the remainder of the year and into 2023."
Outlook:
Decisive remains focused on continuing to drive performance in line with its overall strategic objectives including:
Decisive also announced that the Corporation granted stock options to purchase an aggregate of 5,000 common shares of the Corporation at an exercise price of $4.89 per common share for a period of ten years from the date of grant. The stock options will vest over a thirty-six (36) month period, with one-third vesting twelve (12) months from the date of grant, one-third vesting twenty-four (24) months from the date of grant and the remaining one-third vesting thirty-six (36) months from the date of grant.
About Decisive Dividend Corporation
Decisive Dividend Corporation is an acquisition-oriented company, focused on opportunities in manufacturing. The Company's purpose is to be the sought-out choice for exiting legacy-minded business owners, while supporting the long-term success of the businesses acquired, and through that, creating sustainable and growing shareholder returns. The Company uses a disciplined acquisition strategy to identify already profitable, well-established, high quality manufacturing companies that have a sustainable competitive advantage, a focus on non-discretionary products, steady cash flows, growth potential and established, strong leadership.
For more information on Decisive, or to sign up for email notifications of Company press releases, please visit www.decisivedividend.com.
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-IFRS Financial Measures
In this press release, reference is made to "Adjusted EBITDA", which is not a recognized financial measure under IFRS, but is believed to be meaningful in the assessment of the Company's performance.
"Adjusted EBITDA" is defined as earnings before finance costs, income taxes, depreciation, amortization, foreign exchange gains or losses, other non-cash items such as gains or losses recognized on the fair value of contingent consideration items, asset impairment, share-based compensation, and restructuring costs, and other non-operating items such as acquisition costs.
Adjusted EBITDA is a financial performance measure that management believes is useful for investors to analyze the results of the Company's operating activities prior to consideration of how those activities are financed and the impact of non-operating charges related to planned or completed acquisitions, foreign exchange, taxation, depreciation, amortization, and impairment charges.
The most directly comparable financial measure is profit or loss. While Adjusted EBITDA is used by management to assess the historical financial performance of the Company, readers are cautioned that:
Set forth below are reconciliations of Non-IFRS financial measures to their most relevant IFRS measures.
(Stated in thousands of dollars) | |||||||||||
For the three months ended | For the nine months ended | ||||||||||
September 30, | 2022 | 2021 | 2022 | 2021 | |||||||
Profit for the period | $ | 2,029 | $ | 489 | $ | 3,423 | $ | 1,364 | |||
Add (deduct): | |||||||||||
Financing costs | 672 | 531 | 1,784 | 1,581 | |||||||
Income tax expense | 615 | 104 | 1,279 | 591 | |||||||
Amortization and depreciation | 1,204 | 914 | 3,221 | 2,689 | |||||||
Acquisition and restructuring costs | 61 | - | 639 | - | |||||||
Share-based compensation expense | 26 | 23 | 124 | 241 | |||||||
Foreign exchange losses (gains) | (598) | (221) | (793) | 120 | |||||||
Interest and other expense (income) | (5) | - | (13) | (3) | |||||||
Gain on sale of equipment | (5) | (3) | (13) | (17) | |||||||
Adjusted EBITDA | 3,999 | 1,837 | 9,651 | 6,566 |
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on management's current beliefs, assumptions and expectations as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information relating to the future prospects of the Company and its operating subsidiaries, 2022 and 2023 demand levels, increasing demand from customers, potential future acquisitions, and productivity and efficiency initiatives being explored to enhance margins. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: general economic conditions; pandemics; competition; government regulation; environmental regulation; access to capital; market trends and innovation; climate risk; general uninsured losses; risk related to acquisitions; dependence on customers, distributors and strategic relationships; supply and cost of raw materials and purchased parts; operational performance and growth; implementation of the growth strategy; product liability and warranty claims; litigation; reliance on technology, intellectual property, and information systems; availability of future financing; interest rates and debt financing; income tax matters; foreign exchange; dividends; trading volatility of common shares; dilution risk; reliance on management and key personnel; employee and labour relations; and conflicts of interest, all as more particularly described in the most recent annual MD&A of the Company available on the Company's profile at www.sedar.com. There can be no assurance as to the future financial performance of the Company or that the board of directors of the Company will declare or pay any dividends in the future or, if dividends are declared and paid, there can be no assurance as to the frequency or amount of such dividends. The Company cautions the reader that the risk factors referenced above are not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE Decisive Dividend Corporation
Copyright 2022 Canada NewsWire
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