Maintained Strong Growth Trajectory, Achieving Solid Profitability
Q2 2024 Highlights
Revenues of $28.8 million, up 17.7% from $24.5 million in Q2 2023
Net income rose to $3.4 million (EPS of $0.071), up 684.0% from $0.4 million (EPS: $0.01) in prior year
Robust balance sheet with $12.7 million in available liquidity, including a cash balance of $0.7 million and another $12.0 million under a fully undrawn revolving line of credit
Generated free cash flow2 of 5.2 million, despite equipment related investments of $0.9 million
MONTRÉAL, QC, Aug. 28, 2024 /CNW/ - Imaflex Inc. ("Imaflex" or the "Corporation") (TSXV:IFX) reports consolidated financial results for the second quarter (Q2) ended June 30, 2024 and provides a business update. All amounts are in Canadian dollars.
"Business momentum continued into the second quarter, with top and bottom-line growth comfortably surpassing the corresponding prior-year period and Q1 2024," said Mr. Joe Abbandonato, President and Chief Executive Officer of Imaflex. "This solid performance is a direct result of our proven business model, built on innovation and profitable growth. Our strategic investments to elevate production capacity, enhance capabilities and drive operational efficiencies are contributing to these results."
Consolidated Financial Highlights (unaudited)
Three months ended June 30,
Six months ended June 30,
CDN $ thousands, except per share amounts(or otherwise indicated)
2024
2023
% Change
2024
2023
% Change
Revenues
28,833
24,494
17.7 %
56,236
47,730
17.8 %
Gross Profit
6,287
3,341
88.2 %
10,318
6,521
58.2 %
Selling & admin. expenses
2,239
2,319
(3.4) %
4,422
4,297
2.9 %
Other (gains) losses
(271)
395
(168.6) %
(797)
391
(303.8) %
Net income
3,434
438
684.0 %
5,281
1,361
288.0 %
Basic EPS
0.07
0.01
600.0 %
0.10
0.03
233.3 %
Diluted EPS
0.07
0.01
600.0 %
0.10
0.03
233.3 %
Gross margin
21.8 %
13.6 %
8.2 pp
18.3 %
13.7 %
4.6 pp
