Supremex Inc. (“Supremex” or the “Company”) (TSX: SXP), a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions, today announced its results for the fourth quarter and fiscal year ended December 31, 2022. The Company will hold a conference call to discuss these results, today at 10:00 a.m. (Eastern Time).
Fourth Quarter Financial Highlights and Recent Events
• Total revenue increased by 19.0% to $78.8 million, from $66.2 million in the fourth quarter of 2021.
• Envelope segment revenue was up 30.1% to $60.7 million, from $46.7 million in the fourth quarter of 2021.
• Packaging & specialty products segment revenue declined by 7.6% to $18.1 million, from $19.6 million last year, largely as a result of the wind down of Durabox and the relocation of folding carton operations.
• Net Earnings increased 36.0% to $6.7 million, from $4.9 million in the fourth quarter of 2021.
• Acquisitions of Royal Envelope Corporation (“Royal Envelope”), on November 1, 2022, and Impression Paragraph Inc. (“Paragraph”), on January 16, 2023.
“2022 was a banner year for Supremex with strong revenue growth, Adjusted EBITDA margin expansion and a robust cash flow generation despite working capital investments. The fourth quarter was the twelfth consecutive period of year-over-year improvement in Adjusted EBITDA, a significant achievement given the expected disruption caused by the wind down of the Durabox corrugate operations and the relocation of one of our folding carton businesses in the Montreal area. We are pleased that these initiatives were successfully completed according to plan, making Supremex a more efficient and focused player in the growing specialty packaging market,” said Stewart Emerson, President & CEO of Supremex.
“For 2023, our focus will be on integrating recent acquisitions with a priority on capturing all sales and cost synergies. In Envelope, Royal Envelope provides additional capacity as well as an expansion of our addressable market and geographical reaches in the fragmented U.S. market. As for our Packaging operations, Paragraph brings critical mass and provides Supremex with an enhanced offering of folding carton and complimentary solutions for our core pharmaceutical, health & beauty, home food and e-commerce markets.” concluded Mr. Emerson.
more at: https://supremex.com/press-releases/