(unaudited)
Three months ended Nine months ended
September 30, September 30,
2024 2023 2024 2023
Revenues $ 148,449 $ 145,591 $ 443,702 $ 399,878
Cost of sales:
Direct costs (104,359) (101,629) (318,723) (293,815)
Depreciation and amortization (6,432) (10,508) (24,247) (29,848)
Share-based compensation (73) (429) (465) (669)
Total cost of sales (110,864) (112,566) (343,435) (324,332)
Gross margin 37,585 33,025 100,267 75,546
Selling, general and
administrative expenses:
Direct costs (13,147) (11,611) (43,981) (37,701)
Depreciation and amortization (2,630) (2,299) (7,439) (5,307)
Share-based compensation (311) (1,731) (1,960) (3,179)
Total selling, general and
administrative expenses (16,088) (15,641) (53,380) (46,187)
Provision -- (4,291) -- (4,291)
Research and development costs (805) (427) (2,445) (1,437)
Write-off of property, plant and
equipment (618) (1,555) (2,866) (3,924)
Gain on disposal of property,
plant andequipment 11 5 31 390
Gain on settlement of lease -- -- 391 --
liabilities
Income from operating activities 20,085 11,116 41,998 20,097
Finance costs - loans and
borrowings andexchangeable
promissory notes (1,924) (2,286) (6,808) (5,502)
Finance costs - lease liabilities (185) (215) (591) (634)
Foreign exchange (loss) gain (1,259) (767) 1,771 146
Acquisition and restructuring
costs -- (839) -- (1,304)
Income before income taxes 16,717 7,009 36,370 12,803
Income tax recovery (expenses):
Current (804) (3,687) (2,459) (4,248)
Deferred 10,262 2,328 9,104 306
Income tax recovery (expenses) 9,458 (1,359) 6,645 (3,942)
Net income 26,175 5,650 43,015 8,861
Other comprehensive (loss) income
Foreign currency translation
differences onforeign operations (889) 4,842 1,304 591
Total comprehensive income $ 25,286 $ 10,492 $ 44,319 $ 9,452
Net income per share - basic (1) $ 0.75 $ 0.16 $ 1.24 $ 0.26
Net income per share - diluted (1) $ 0.68 $ 0.15 $ 1.12 $ 0.25
(1) Restated to reflect the 7:1 share consolidation on
July 3, 2024. Refer to the 'Share Consolidation' section
in this news release.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Nine months ended September 30, 2024 and 2023
Canadian dollars in '000s
(unaudited)
Share Treasuryshares Contributedsurplus Accumulatedothercomprehensiveincome Deficit Totalshareholders'equity
capital
Balance, December
31, 2022 $ 180,484 $ (959) $ 15,854 $ 17,389 $ (58,871) $ 153,897
Comprehensive
income -- -- -- 591 8,861 9,452
Contributed
surplus on
treasuryshares
vested -- 250 (250) -- -- --
Issued pursuant
to
warrantexercises 19,843 -- (3,433) -- -- 16,410
Issued pursuant
to stock
optionsexercised 673 -- (251) -- -- 422
Share-based
compensation -- -- 3,848 -- -- 3,848
Balance, June 30,
2023 $ 197,344 $ (709) $ 15,768 $ 17,980 $ (50,313) $ 181,344
Share Treasuryshares EP Contributedsurplus Accumulatedothercomprehensiveincome Deficit Totalshareholders'equity
capital notes
Balance,
December 31,
2023 $ 197,380 $ (709) $ 1,242 $ 17,002 $ 13,088 $ (48,535) $ 179,468
Comprehensive
income -- -- -- -- 1,304 43,015 44,319
Repurchased
pursuant
tonormal
course issuer
bid (2,899) -- -- -- -- (94) (2,993)
Accrued
purchases
under
thenormal
course issuer
bid (1,033) -- -- -- -- (51) (1,084)
Contributed
surplus
ontreasury
shares vested -- 240 -- (240) -- -- --
Issued
pursuant to
stockoptions
exercised 6,023 -- -- (2,333) -- -- 3,690
Share-based
compensation -- -- -- 2,425 -- -- 2,425
Balance,
September 30,
2024 $ 199,471 $ (469) $ 1,242 $ 16,854 $ 14,392 $ (5,665) $ 225,825
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Nine months ended September 30, 2024 and 2023
Canadian dollars in '000s
(unaudited)
Three months ended September Nine months ended September
30, 30,
2024 2023 2024 2023
Cash provided by
(used in):
Operating
activities:
Net income $ 26,175 $ 5,650 $ 43,015 $ 8,861
Non-cash
adjustments:
Income tax
expenses (9,458) 1,359 (6,645) 3,942
Depreciation and
amortization 9,062 12,807 31,686 35,155
Share-based
compensation 384 2,160 2,425 3,848
Write-off of
property, plant
and equipment 618 1,555 2,866 3,924
Gain on disposal
of property,
plant
andequipment (11) (5) (31) (390)
Gain on settlement -- -- (391) --
of lease
liabilities
Write-down of
inventory
included in cost
ofsales 366 599 427 977
Finance costs -
loans and
borrowings
andexchangeable
promissory notes 1,924 2,286 6,808 5,502
Finance costs -
lease liabilities 185 215 591 634
Income tax refund
(paid) (172) (198) (3,965) (846)
Unrealized foreign
exchange loss
(gain)on foreign
currency balances 1,531 (100) (2,117) (999)
30,604 26,328 74,669 60,608
Changes in
non-cash
operating working
capital (11,227) (17,200) (5,426) (7,213)
Cash flow -
operating
activities 19,377 9,128 69,243 53,395
Investing
activities:
Cash paid on
acquisitions, net
of cash acquired -- (27,426) -- (27,426)
Property, plant
and equipment
additions (9,108) (15,385) (39,091) (37,850)
Intangible asset
additions (7,541) (14) (14,400) (158)
Proceeds on
disposal of
property,
plantand
equipment -- 70 1,533 733
Changes in
non-cash
investing working
capital 5,508 4,023 9,497 2,268
Cash flow -
investing
activities (11,141) (38,732) (42,461) (62,433)
Financing
activities:
Advances of loans
and borrowings,
net ofupfront
financing fees -- 27,298 10,000 27,298
Repayments on
loans and
borrowings (5,148) (5,471) (22,016) (25,926)
Payments on lease
liabilities, net
of financecosts (716) (811) (2,532) (2,660)
Interest paid (1,812) (2,500) (6,501) (6,136)
Common shares
repurchased
pursuant tonormal
course issuer bid (2,000) (3,955) (4,077) (3,955)
Proceeds on common
share and
warrantissuances,
net of issuance
costs 1,460 1,465 3,690 16,832
Changes in
non-cash
financing working
capital 1,084 1,765 1,084 1,765
Cash flow -
financing
activities (7,132) 17,791 (20,352) 7,218
Effect of exchange
rate on changes
on cash (604) 2,862 331 1,817
Change in cash 500 (8,951) 6,761 (3)
Cash, beginning of
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