CEMATRIX Corporation (TSXV: CVX) (OTCQB: CTXXF)
("
CEMATRIX" or the "
Company") a
North American leading manufacturer and supplier of technologically
advanced cellular concrete products announced the release of its
consolidated financial results for the quarter and year ending
December 31, 2023.
“We are delighted to announce another remarkable
quarter culminating in a record year that produced the best
financial results in the history of the Company,” stated Jeff
Kendrick, President and CEO of CEMATRIX. “I am pleased to report
record revenue, strong margins, and a record twelve-month adjusted
EBITDA of $4.9 million. The record fourth quarter was the result of
a push by general contractors to get work completed before the
colder (sub-zero) temperatures arrived. Along
with our solid financial performance, I would like to highlight
CEMATRIX’s sales and sales support teams that have played a
monumental part increasing market acceptance for the various
applications of cellular concrete, while simultaneously landing new
projects that have helped drive such positive results. The increase
in our backlog to $94.9 millions as at December 31, 2023, in the
context of record revenues on the year is a testament to the
successful efforts and performance of our sales staff,” stated Mr.
Kendrick.
“Revenue for the fourth quarter was $19.6
million compared to $8.3 million in the fourth quarter of 2022, a
136% increase. Gross margins improved to $5.4 million (27%)
compared to $0.4 million (5%) in the fourth quarter of 2022.
Adjusted EBITDA was $2.9 million this past quarter and $4.9 million
for the full year, a $7.6 million improvement compared to 2022,”
stated Marie-Josée Cantin, CFO of CEMATRIX.
“In Q4 we delivered on our belief that 2023 will
be the best year in the history of the Company. We grew revenue
organically by an incredible 85% from $29.0 million in 2022 to
$53.3 million in 2023. With supply chains challenges in the
rear-view mirror and increased revenues in 2023, we also improved
our gross margins. Strong gross margins resulted in positive
adjusted EBITDA and positive cashflow from operations, and we will
build on this strong momentum into an exciting 2024,” stated Randy
Boomhour, COO of CEMATRIX.
“I want to thank all our employees at CEMATRIX
for their contributions to our success. Quarterly and annual
results like these are only made possible through the hard work of
every single employee. These results were generated by operations
teams that spent many nights away from home, hard at work, and
working safely to deliver a quality product to our customers. Our
Company and our success are built upon the hard work and dedication
of our employees. We appreciate all their contributions to our
shared success,” stated Mr. Kendrick.
The following are the business and financial
highlights for the fourth quarter and year to date:
Business highlights for the
quarter:
- Announced $6.5 million in new
contracts (October 16, 2023)
- Announced $7.1 million in new
contracts (October 25, 2023)
- Announced $5.2 million in new
contracts (November 15, 2023)
- Announced the promotion of Randy
Boomhour to COO (November 27, 2023)
Business highlights subsequent to the
quarter:
- Announced $6.2 million in new
contracts (January 3, 2024)
- Announced Marie-Josée Cantin as the new CFO (February 5,
2024)
- Announced that CEMATRIX is recognized as a TSX Venture Top 50
company for a third time in four years (February 21, 2024)
- Announced $6.7 million in new
contracts (March 6, 2024)
Summary financial results:
|
Three months endedDecember, |
|
Twelve months endedDecember, |
($ millions) |
2023 |
2022 |
|
Change |
% |
|
2023 |
2022 |
|
Change |
% |
Revenue |
19.6 |
8.3 |
|
11.3 |
136 |
% |
|
53.3 |
29.0 |
|
24.3 |
84 |
% |
Gross Margin |
5.4 |
0.4 |
|
5.0 |
1250 |
% |
|
11.9 |
2.5 |
|
9.4 |
376 |
% |
SG&A |
3.0 |
1.7 |
|
1.3 |
76 |
% |
|
9.1 |
7.3 |
|
1.8 |
25 |
% |
Operating Income |
2.4 |
(1.3 |
) |
3.7 |
285 |
% |
|
2.7 |
(4.7 |
) |
7.4 |
157 |
% |
aEBITDA |
2.9 |
(0.8 |
) |
3.7 |
463 |
% |
|
4.9 |
(2.7 |
) |
7.6 |
281 |
% |
Cashflow from Operations |
2.9 |
(0.8 |
) |
3.7 |
463 |
% |
|
4.9 |
(2.6 |
) |
7.5 |
288 |
% |
|
|
|
|
|
|
|
|
|
|
Cashflow from Operations is before working
capital adjustments. Adjusted EBITDA (“aEBITDA”) is a non-GAAP
measure. The Company defines and provides the calculation for
aEBITDA in its MD&A.
Grant of stock options and restricted
stock units
On April 10, 2024, the Company granted 1,200,000
incentive stock options to certain directors, executive officers
and employees of the Corporation, pursuant to the Corporation’s
Omnibus Equity Incentive Compensation Plan (“OEIC Plan”) for the
purchase of shares at an exercise price set to the closing price on
the grant date, subject to the vesting provisions of the options,
at any time up to and including April 10, 2029.
In addition, on April 10, 2024, the Company has
granted 1,071,851 restricted stock units (RSU’s) to certain
executive officers and employees of the Corporation, pursuant to
the Corporation’s OEIC Plan.
After the grants on April 10, 2024, the
Corporation will have a total of 7,139,405 options and RSU’s
outstanding which represents 5.3% of the approximately 135 million
issued and outstanding shares of the company and is 53% of the
maximum amount of 10.0% that is authorized under the OEIC
Plan.
Fourth quarter and 2023 year end results
earnings webinar
Management will host a webinar at 1:00 p.m. ET on
Thursday, April 11, 2024, to discuss CEMATRIX’s fourth quarter and
year end financial results, provide a corporate update and conclude
with a question-and-answer session from online participants.
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_rNuWrKYbQWa7HZ1H3gM38g.
ABOUT CEMATRIX
CEMATRIX is a rapidly growing company that
manufactures and supplies technologically advanced cellular
concrete products developed from proprietary formulations across
North America. This unique cement-based material with superior
thermal protection delivers cost-effective, innovative solutions to
a broad range of problems facing the infrastructure, industrial
(including oil and gas) and commercial markets. Through recent
acquisitions of Chicago based MixOnSite and Bellingham based
Pacific International Grout, CEMATRIX is now North America’s
largest Cellular Concrete company. For more information please
visit our website at www.cematrix.com.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS
This news release contains forward-looking
statements and forward-looking information (together,
"forward-looking statements") within the meaning of applicable
securities laws. All statements, other than statements of
historical facts, are forward-looking statements. Generally,
forward-looking statements can be identified by the use of
terminology such as "plans", "expects", "estimates", "intends",
"anticipates", "believes" or variations of such words, or
statements that certain actions, events or results "may", "could",
"would", "might", "will be taken", "occur" or "be achieved". The
forward-looking statements contained in this news release are based
on certain key expectations and assumptions made by the Company,
including satisfaction of regulatory requirements in various
jurisdictions and the Company’s anticipated use of the net proceeds
of the Offering. Forward looking statements involve risks,
uncertainties and other factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's filings with Canadian
securities regulators, which could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Although the Company believes that the
assumptions and factors used in preparing these forward-looking
statements are reasonable based upon the information currently
available to management as of the date hereof, actual results and
developments may differ materially from those contemplated by these
statements. Readers are therefore cautioned not to place undue
reliance on these statements, which only apply as of the date of
this news release, and no assurance can be given that such events
will occur in the disclosed times frames or at all. Except where
required by applicable law, the Company disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, please
contact:Jeff Kendrick - President and Chief Executive
Officer Phone: (403) 219-0484
Glen Akselrod – President, Bristol CapitalPhone: (905) 326 1888
ext 1glen@bristolir.com
Jeff Walker, The Howard Group – Investor
RelationsPhone: (888) 221-0915 or (403) 221-0915
jeff@howardgroupinc.com
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