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
first quarter ended March 31, 2024.
“I am thrilled to report that CEMATRIX has not
only achieved another record quarter along with substantial
improvements in our key financial metrics. With a 17% increase in
revenue compared to the first quarter of last year and significant
enhancements in our gross margins, we've successfully generated
positive adjusted EBITDA during what is traditionally our slowest
period. This accomplishment underscores our effective management
and the robust demand for our products,” stated Jeff Kendrick, CEO
of CEMATRIX.
“We were able to generate significant positive
cashflow of $4.8 million. A large portion of this cashflow came
from the collection of our year-end accounts receivable balance
that was a product of the record revenue we generated in 2023. This
is a great start to the year for our business,” stated MJ Cantin,
CFO of CEMATRIX.
“I want to thank all of our employees at
CEMATRIX and in particular our field staff which continues to
safely and consistently deliver on time, on budget, and on quality
projects for our customers. Their efforts in the field is the
foundation of our success. I also wanted to thank our sales teams
who continue to win more projects, giving us more opportunities in
the future to demonstrate how cellular concrete is the right
solution to help our customers,” stated Randy Boomhour, COO of
CEMATRIX.
“Our commitment to growth and shareholder value
remains unwavering as we continue to foster strong organic growth
and maintain a robust balance sheet. With management holding a
significant stake in the company, our interests are closely aligned
with those of our shareholders. As we execute our strategic plan,
we are optimistic about 2024 and beyond, confident that our product
offerings and the advantages that it delivers to customers will
continue to bring tremendous opportunities for our business,”
concluded Jeff Kendrick.
The following are the business and financial
highlights for the fourth quarter and year to date:
Business highlights for the
quarter:
- Announced $6.2 million in new
contracts (January 3, 2024)
- Announced the appointment of
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)
Business highlights subsequent to the
quarter:
- Announced $7.6 million in new
contracts and a $17.0 million reduction in backlog due to a
reduction in scope of previously awarded tunnel project (April 26,
2024)
Summary financial results:
|
Three months ended March 31 |
|
($ millions) |
2024 |
|
2023 |
|
Change |
% |
|
Revenue |
8.4 |
|
|
7.2 |
|
|
1.2 |
|
|
17 |
% |
|
Gross Margin |
2.6 |
|
|
0.7 |
|
|
1.9 |
|
|
271 |
% |
|
Gross Margin % |
31 |
% |
|
10 |
% |
|
21 |
% |
|
218 |
% |
|
SG&A |
2.2 |
|
|
1.9 |
|
|
0.3 |
|
|
16 |
% |
|
Operating Income |
0.3 |
|
|
(1.2 |
) |
|
1.5 |
|
|
125 |
% |
|
Adjusted EBITDA |
1.0 |
|
|
(0.7 |
) |
|
1.7 |
|
|
243 |
% |
|
Cashflow from Operations |
0.9 |
|
|
(0.3 |
) |
|
1.2 |
|
|
400 |
% |
|
|
|
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
On May 8, 2024, the Company granted 450,000
incentive stock options to certain directors 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 May 8,
2029.
After the grants on May 8, 2024, the Corporation
will have a total of 7,167,723 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.
First quarter financial results
webinar
Management will host a webinar at 1:00 p.m. ET on
Thursday, May 9, 2024, to discuss CEMATRIX’s first quarter
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_Dix8sOfYTe-U8_qtyzb6SA
After registering, you will receive a
confirmation email containing information about joining the
webinar.
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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