Second quarter 2023 sales of US$585.9 million
Cash flow from
operations of US$52.8
million
Declares dividend of C$0.13 per share
LANGLEY,
BC, Aug. 10, 2023 /CNW/ - ADENTRA Inc.
("ADENTRA" or the "Company") today announced financial results for
the three and six months ended June 30, 2023. ADENTRA is one
of North America's largest
distributors of architectural building products to the residential,
repair and remodel, and commercial construction markets. We
currently operate a network of 86 facilities in the United States and Canada. All amounts are shown in United States dollars ("U.S. $" or "$"),
unless otherwise noted.
Financial Highlights for Q2 2023
- Generated sales of $585.9 million
(C$786.8 million)
- Achieved gross profit of $119.4
million, representing a gross margin percentage of
20.4%
- Operating expenses as a percentage of sales were 16.1%, and
grew by just $1.5 million, or 1.7%,
organically despite higher inflationary conditions prevalent in the
economy
- Generated net income of $9.4
million and Adjusted EBITDA of $46.2
million (C$62.0 million)
- Achieved basic earnings per share of $0.42 and Adjusted basic earnings per share of
$0.56 (C$0.75)
- Cash flow from operating activities was $52.8 million (C$70.8
million). Net bank debt decreased by $51.7 million
- Ended the quarter with a strong balance sheet and a Leverage
Ratio of 3.0 times
- Declared a dividend of C$0.13 per
share, payable on October 27, 2023 to
shareholders of record as of October 16,
2023
"ADENTRA performed well in the second quarter as we leveraged
our strategies and proven business model to achieve positive
financial results, increase operating cash flow, and pay down debt
even in a challenging macroeconomic environment," said Rob Brown, ADENTRA's President and CEO.
"While our Q2 results did not keep pace with the record results
generated during the exceptional conditions of fiscal 2022, we
achieved sequential quarterly improvement in sales volumes, gross
margin and EBITDA margin percentage as compared to Q1 2023. Our
performance in a period of reduced demand and product price
deflation underscores the success of our strategies to grow and
broaden our end-market participation, expand our channels to
market, diversify and strengthen our product mix, and deepen our
geographic coverage."
"We also continued to demonstrate our business's ability to
convert a high percentage of adjusted EBITDA into operating cash
flow before changes in working capital, and to release working
capital and generate additional cash flow in periods of reduced
economic activity. Second quarter operating cash flow grew to
$52.8 million, a year-over-year
increase of $26.1 million, supported
by a further $35.9 million reduction
in inventory."
"Our strong cash flow generation enabled us to further reduce
our net bank debt by $51.7 million
during the quarter, bringing to $132.0
million the total net debt reduction we have achieved in the
first half of 2023."
"Looking forward, market headwinds are expected to persist in
the near term but our business model and strategies are designed
for success. We are confident in our ability to continue generating
steady performance and strong operating cash flow through the
balance of 2023," said Mr. Brown.
Outlook
The combined impact of recent inflation and interest rate hikes
is expected to have a continued near-term negative effect on
economic activity. This, in turn, is resulting in a moderation of
demand for our products as compared to 2022, and could lead to a
continuation of the softer product pricing and volumes that we have
experienced thus far in 2023. While we expect third quarter 2023
adjusted results will be similar to what we achieved in Q2 2023, we
do not expect our overall 2023 financial performance to match the
record-setting levels achieved in 2022.
As we have demonstrated in previous business cycles and most
recently through the first half of 2023, we are adept at managing
our business and cash flows effectively in challenging market
conditions. Our size and scale, together with the diversity in our
product categories, customer channels and end-markets, provide
important stability while reducing our exposure to any one
geography or segment of the industry. Our strong balance sheet
provides financial stability as we move through periods of changing
market conditions, and our business model will continue to convert
a high proportion of EBITDA to operating cash flows before changes
in working capital. In addition, our investment in working capital
typically decreases during periods of reduced activity, resulting
in an additional source of cash.
Over the longer term we anticipate a return to robust demand
levels, supported by strong fundamentals in our end markets which
include historic under-building of homes, positive demographic
factors, strong home equity, and an aging housing stock. We
continue to see a multi-year runway for growth in the repair and
remodel, residential, and commercial markets we participate in.
From a trade perspective, the U.S. Department of Commerce
("Commerce") issued its final determination ("Final Determination")
with respect to certain hardwood plywood products produced in
Vietnam that Commerce believes are
circumventing a previously established anti-dumping and
countervailing duty order against hardwood plywood from
China (the "Circumventing
Products"). As a result of the Final Determination, we expect to
accrue duties of $15.7 million and
record the related impact in net income in the third quarter of
2023. The Circumventing Products are specifically defined by
Commerce and we believe that the products we have imported from
Vietnam do no meet Commerce's
definition of Circumventing Products. We intend to appeal
Commerce's decision and vigorously pursue recovery of any duties
paid. We note, however, that the appeal process is typically a
multi-year procedure and the timing and ultimate outcome of our
efforts are not estimable at this time.
Q2 2023 Investor Call
ADENTRA will hold an investor call on Friday August 11, 2023 at 8:00 am Pacific (11:00
am Eastern). Participants should dial 1-888-664-6392 or
(416) 764-8659 (GTA) at least five minutes before the call begins.
A replay will be available through August
25, 2023 by calling toll free 1-888-390-0541 or (416)
764-8677 (GTA), followed by passcode 090194.
Summary of Results
|
|
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Three
months
|
|
Six
months
|
|
Six
months
|
|
|
|
ended June
30
|
|
ended June
30
|
|
ended June
30
|
|
ended June
30
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Total sales
|
$
|
585,935
|
$
|
700,263
|
$
|
1,165,792
|
$
|
1,345,149
|
|
Sales in the
US
|
|
540,988
|
|
645,899
|
|
1,077,172
|
|
1,237,121
|
|
Sales in Canada
(CAD$)
|
|
60,365
|
|
69,412
|
|
119,433
|
|
137,357
|
|
Gross profit
|
|
119,449
|
|
153,829
|
|
236,442
|
|
301,611
|
|
Gross profit
%
|
|
20.4 %
|
|
22.0 %
|
|
20.3 %
|
|
22.4 %
|
|
Operating
expenses
|
|
(94,419)
|
|
(92,875)
|
|
(186,847)
|
|
(177,647)
|
|
Income from
operations
|
$
|
25,030
|
$
|
60,954
|
$
|
49,595
|
$
|
123,964
|
|
Add: Depreciation and
amortization
|
|
17,713
|
|
16,487
|
|
34,731
|
|
31,693
|
|
Earnings before
interest, taxes, depreciation and
|
|
|
|
|
|
|
|
|
|
amortization
("EBITDA")
|
$
|
42,743
|
$
|
77,441
|
$
|
84,326
|
$
|
155,657
|
|
EBITDA as a % of
revenue
|
|
7.3 %
|
|
11.1 %
|
|
7.2 %
|
|
11.6 %
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
(17,713)
|
|
(16,487)
|
|
(34,731)
|
|
(31,693)
|
|
Net finance
expense
|
|
(12,105)
|
|
(5,789)
|
|
(24,324)
|
|
(11,171)
|
|
Income tax
expense
|
|
(3,557)
|
|
(13,250)
|
|
(6,306)
|
|
(27,390)
|
|
Net income for the
period
|
$
|
9,368
|
$
|
41,915
|
$
|
18,965
|
$
|
85,403
|
|
Basic earnings per
share
|
$
|
0.42
|
$
|
1.77
|
$
|
0.85
|
$
|
3.60
|
|
Diluted earnings per
share
|
$
|
0.42
|
$
|
1.76
|
$
|
0.84
|
$
|
3.58
|
|
Average US dollar
exchange rate for one Canadian dollar
|
$
|
0.745
|
$
|
0.783
|
$
|
0.742
|
$
|
0.786
|
|
Analysis of Specific
Items Affecting Comparability (in thousands of Canadian
dollars)
|
|
|
Three
months
|
|
Three
months
|
|
Six
months
|
|
Six
months
|
|
|
|
ended June
30
|
|
ended June
30
|
|
ended June
30
|
|
ended June
30
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Earnings before
interest, taxes, depreciation and
|
|
|
|
|
|
|
|
|
|
amortization
("EBITDA"), per table above
|
$
|
42,743
|
$
|
77,441
|
$
|
84,326
|
$
|
155,657
|
|
LTIP expense
|
|
3,407
|
|
1,152
|
|
4,693
|
|
1,850
|
|
Transaction
expense
|
|
—
|
|
—
|
|
—
|
|
892
|
|
Adjusted
EBITDA
|
$
|
46,150
|
$
|
78,593
|
$
|
89,019
|
$
|
158,399
|
|
Adjusted EBITDA as a
% of revenue
|
|
7.9 %
|
|
11.2 %
|
|
7.6 %
|
|
11.8 %
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the
period, as reported
|
$
|
9,368
|
$
|
41,915
|
$
|
18,965
|
$
|
85,403
|
|
Adjustments, net of
tax
|
|
3,142
|
|
1,049
|
|
4,313
|
|
2,299
|
|
Adjusted net income for
the period
|
$
|
12,510
|
$
|
42,964
|
$
|
23,278
|
$
|
87,702
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share, as reported
|
$
|
0.42
|
$
|
1.77
|
$
|
0.85
|
$
|
3.60
|
|
Net impact of above
items per share
|
|
0.14
|
|
0.04
|
|
0.19
|
|
0.10
|
|
Adjusted basic earnings
per share
|
$
|
0.56
|
$
|
1.81
|
$
|
1.04
|
$
|
3.70
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share, as reported
|
$
|
0.42
|
$
|
1.76
|
$
|
0.84
|
$
|
3.58
|
|
Net impact of above
items per share
|
|
0.14
|
|
0.04
|
|
0.19
|
|
0.10
|
|
Adjusted diluted
earnings per share
|
$
|
0.56
|
$
|
1.80
|
$
|
1.03
|
$
|
3.68
|
|
|
|
|
|
|
|
|
|
|
|
Results from Operations - Three Months Ended June 30,
2023
For the three months ended June 30, 2023, we generated
total sales of $585.9 million, as
compared to the record $700.3 million
achieved in a period of unusually high demand and increasing prices
in Q2 2022. The $114.3 million, or
16.3%, year-over-year decrease primarily reflects lower volumes in
the current period, and to a lesser extent, the impact of product
price deflation. Sales results also include a $2.3 million unfavorable foreign exchange impact
related to the translation of Canadian sales to US dollars for
reporting purposes.
Our U.S. operations generated second quarter sales of
$541.0 million, as compared to
$645.9 million in the same period in
2022. The $104.9 million, or 16.2%,
decrease primarily reflects the lower volumes year-over-year, as
well as some product price deflation.
In Canada, second quarter sales
of C$60.4 million were C$9.0 million, or 13.0%, lower than the same
period in 2022. The year-over-year change in Canadian sales
reflects both product price deflation and lower volumes.
We generated second quarter gross profit of $119.4 million, as compared to $153.8 million in the same period last year. The
$34.4 million, or 22.3%, decrease
reflects lower sales and a reduced gross profit percentage. At
20.4% our second quarter gross margin percentage did not match the
unusually strong 22.0% performance achieved in Q2 2022, but was
slightly higher than the 20.2% generated in Q1 2023. Our Q2 2022
gross profit percentage was temporarily elevated due to favorable
market dynamics, including strong demand and tight supply.
For the three months ended June 30, 2023, operating
expenses increased by $1.5 million to
$94.4 million, from $92.9 million in the same period last year. As a
percentage of sales, operating expenses were 16.1%, as compared to
13.3% in Q2 2022. The$1.5 million increase in operating
expenses primarily reflects higher premise and LTIP expenses
year-over-year.
For the three months ended June 30, 2023, depreciation and
amortization increased to $17.7
million, from $16.5 million in
Q2 2022, mainly driven by depreciation related to right-of-use
assets. Included in depreciation and amortization is $5.5 million of amortization on acquired
intangible assets, consistent with the same period last
year.
For the three months ended June 30, 2023, net finance
expense increased to $12.1 million,
from $5.8 million in Q2 2022. The
year-over-year increase was largely driven by higher interest
rates, partially offset by lower bank indebtedness.
For the three months ended June 30,
2023, income tax expense decreased to $3.6 million from $13.3
million in the same period last year, primarily reflecting
lower taxable income.
We generated second quarter Adjusted EBITDA of $46.2 million, as compared to $78.6 million during the same period in 2022. The
$32.4 million, or 41.3%,
year-over-year change largely reflects the $34.4 million decrease in gross profit, partially
offset by the $1.9 million decrease
in operating expenses (before changes in depreciation and
amortization, LTIP expense, and transaction expenses).
Net income for the second quarter of 2023 was $9.4 million, as compared to $41.9 million in Q2 2022. The $32.5 million, or 77.7%, decrease primarily
reflects $34.7 million lower EBITDA,
the $6.3 million increase in net
finance expense, and the $1.2 million
increase in depreciation and amortization, partially offset by the
$9.7 million decrease in income tax
expense.
For the three months ended June 30,
2023, we generated basic earnings per share of $0.42, as compared to $1.77 in Q2 2022. Adjusted net income was
$12.5 million, as compared to
$43.0 million in Q2 2022, and
Adjusted basic earnings per share were $0.56, as compared to $1.81 in Q2 2022.
Results from Operations - Six Months Ended June 30,
2023
For the six months ended June 30, 2023, we generated total
sales of $1.17 billion, as compared
to $1.35 billion in the same period
in 2022. The $179.4 million, or
13.3%, decrease primarily reflects a $201.4
million reduction in organic sales, partially offset by
$27.3 million of incremental revenue
from our acquisitions of Mid-Am and Rojo. An unfavorable foreign
exchange impact related to the translation of Canadian sales to US
dollars for reporting purposes accounted for the remaining
$5.3 million of sales
impact.
First half sales from our U.S. operations were $1.08 billion, as compared to $1.24 billion in the same period in 2022. The
$159.9 million, or 12.9%, decrease
reflects a $187.3 million year-over-year market-driven
reduction in organic sales following the record-setting pace
achieved in 2022. This was partially offset by $26.4 million of incremental revenue from a full
six months of Mid-Am's results, as compared to just under five
months' contribution in the same period last year. First half 2023
revenue also includes $1.0 million of
contribution from the Rojo business acquired in the first
quarter.
In Canada, sales for the first
six months decreased by C$17.9
million to C$119.4 million,
from C$137.4 million in the same
period in 2022. This 13.0% change primarily reflects lower volumes,
and to a lesser extent, product price deflation.
We generated gross profit of $236.4
million in the first half of 2023, as compared to
$301.6 million in the same period
last year. The $65.2 million, or
21.6%, year-over-year decrease reflects lower organic sales and a
gross profit percentage of 20.3%, as compared to 22.4% in the same
period in 2022. Our gross profit percentage in the prior-year
period was temporarily elevated due to favorable market dynamics,
including strong demand and tight supply.
For the six months ended June 30, 2023, operating expenses
increased by $9.2 million to
$186.8 million, from $177.6 million in the same period last year. As a
percentage of sales, operating expenses were 16.0%, as compared to
13.2% in the same period last year.
The $9.2 million increase in
operating expenses includes $3.2
million related to incremental operating expenses from the
inclusion of a full six months' results from the recently-acquired
Mid-Am operations, $1.0 million of
amortization on intangible assets acquired in connection with the
Mid-Am acquisition, and $5.0 million
relating to organic increases in operating expenses.
For the six months ended June 30, 2023, depreciation and
amortization increased to $34.7
million, from $31.7 million in
the same period in 2022. This $3.0
million increase includes $1.5
million of incremental depreciation and amortization related
to the Mid-Am acquisition with the remaining $1.5 million attributed to our organic
business driven by higher depreciation on premise leases. Included
in this total depreciation and amortization of $34.7 million is $11.1
million of amortization on acquired intangible assets, as
compared to $10.2 million in the
prior-year period.
For the six months ended June 30, 2023, net finance expense
increased to $24.3 million, from
$11.2 million in the same period last
year. This increase was primarily driven by higher interest rates
on bank indebtedness.
For the six months ended June 30, 2023, income tax expense
decreased to $6.3 million, from
$27.4 million in the same period in
2022, primarily reflecting lower taxable income.
We generated Adjusted EBITDA of $89.0
million in the first half of 2023, as compared to
$158.4 million during the same period
in 2022. The $69.4 million, or 43.8%,
change primarily reflects the $65.2
million decrease in gross profit and the $4.2 million increase in operating expenses
(before changes in depreciation and amortization, LTIP expense, and
transaction expenses).
Net income for the first half of 2023 was $19.0 million, as compared to $85.4 million in the same period in 2022. The
$66.4 million, or 77.8%, decrease
primarily reflects $71.3 million
lower EBITDA, the $3.0 million
increase in depreciation and amortization, and the $13.2 million increase in net finance expense,
partially offset by the $21.1 million
decrease in income tax expense.
For the six months ended June 30,
2023, we generated basic earnings per share of $0.85, as compared to $3.60 in the same period last year. Adjusted net
income was $23.3 million, as compared
to $87.7 million in the first half of
2022, and Adjusted basic earnings per share were $1.04, as compared to $3.70 in the same period last year.
About ADENTRA
ADENTRA is one of North
America's largest distributors of architectural building
products to the residential, repair and remodel, and commercial
construction markets. The Company currently operates a network of
86 facilities in the United States
and Canada. ADENTRA's common
shares are listed on the Toronto Stock Exchange under the symbol
ADEN.
Non-GAAP and other Financial Measures
In this news release, reference is made to the following
non-GAAP financial measures:
- "Adjusted EBITDA" is EBITDA before long term incentive plan
("LTIP") expense, professional fees and transaction expenses. We
believe Adjusted EBITDA is a useful supplemental measure for
investors, and is used by management, for evaluating our ability to
meet debt service requirements and fund organic and inorganic
growth, and as an indicator of relative operating performance.
- "Adjusted net income" is net income before LTIP expense,
professional fees and transaction expenses. We believe adjusted
profit is a useful supplemental measure for investors, and is used
by management, for evaluating our profitability, our ability to
meet debt service and capital expenditure requirements, our ability
to generate cash flow from operations, and as an indicator of
relative operating performance.
- "EBITDA" is earnings before interest, income taxes,
depreciation and amortization, where interest is defined as net
finance income (expense) as per the consolidated statement of
comprehensive income. We believe EBITDA is a useful supplemental
measure for investors, and is used by management, for evaluating
our ability to meet debt service requirements and fund organic and
inorganic growth, and as an indicator of relative operating
performance.
- "Organic growth" and "acquisition-based growth" consists of
quantifying the change in total sales as either related to organic
growth or acquisition-based growth, or the impact of foreign
exchange related to the translation of Canadian sales to U.S.
dollars. Total sales earned by acquired companies in the first 12
months following an acquisition is reported as acquisition-based
growth and thereafter as organic growth. Organic growth excludes
the impact of acquisitions and foreign exchange impact related to
the translation of Canadian sales to U.S. dollars. From time to
time, we also quantify the impacts of certain unusual events to
organic growth to provide useful information to investors to help
better understand our financial results.
In this news release, reference is also made to the following
non-GAAP ratios: "adjusted basic earnings per share", "adjusted
diluted earnings per share", "Adjusted EBITDA margin" and "Leverage
Ratio". For a description of the composition of each non-GAAP ratio
and how each non-GAAP ratio provides useful information to
investors and is used by management, see "Non-GAAP and Other
Financial Measures" in the Company's management's discussion and
analysis for the year ended December 31,
2022 (which is incorporated by reference herein).
Such non-GAAP financial measures and non-GAAP ratios are not
standardized financial measures under International Financial
Reporting Standards ("IFRS") and might not be comparable to similar
financial measures disclosed by other issuers. For reconciliation
between non-GAAP measures and the most directly comparable
financial measure in our financial statements, please refer to the
"Summary of Results".
Forward-Looking Statements
Certain statements in this press release contain forward-looking
information within the meaning of applicable securities laws in
Canada ("forward-looking
information"). The words "anticipates", "believes", "budgets",
"could", "estimates", "expects", "forecasts", "intends", "may",
"might", "plans", "projects", "schedule", "should", "will", "would"
and similar expressions are often intended to identify
forward-looking information, although not all forward-looking
information contains these identifying words.
The forward-looking information in this press release includes,
but is not limited to: Looking forward, market headwinds are
expected to persist in the near term but our business model and
strategies are designed for success; we are confident in our
ability to continue generating steady performance and strong
operating cash flow through the balance of 2023; the combined
impact of recent inflation and interest rate hikes is expected to
have a continued near-term negative effect on economic activity;
this could lead to a continuation of the softer product pricing and
volumes that we have experienced thus far in 2023; we expect third
quarter 2023 adjusted results will be similar to what we achieved
in Q2 2023; we do not expect our overall 2023 financial performance
to match the record-setting levels achieved in 2022; we are adept
at managing our business and cash flows effectively in challenging
market conditions; our size and scale, together with the diversity
in our product categories, customer channels and end-markets,
provide important stability while reducing our exposure to any one
geography or segment of the industry; our strong balance sheet
provides financial stability as we move through periods of changing
market conditions, and our business model will continue to convert
a high proportion of EBITDA to operating cash flows before changes
in working capital; our investment in working capital typically
decreases during periods of reduced activity, resulting in an
additional source of cash; over the longer term we anticipate a
return to robust demand levels, supported by strong fundamentals in
our end markets which include historic under-building of homes,
positive demographic factors, strong home equity, and an aging
housing stock; we continue to see a multi-year runway for growth in
the repair and remodel, residential, and commercial markets we
participate in.
The forecasts and projections that make up the forward-looking
information are based on assumptions which include, but are not
limited to: there are no material exchange rate fluctuations
between the Canadian and U.S. dollar that affect our performance;
the general state of the economy does not worsen; we do not lose
any key personnel; there is no labor shortage across multiple
geographic locations; there are no circumstances, of which we are
aware that could lead to the Company incurring costs for
environmental remediation; there are no decreases in the supply of,
demand for, or market values of our products that harm our
business; we do not incur material losses related to credit
provided to our customers; our products are not subjected to
negative trade outcomes; we are able to sustain our level of sales
and earnings margins; we are able to grow our business long term
and to manage our growth; we are able to integrate acquired
businesses; there is no new competition in our markets that leads
to reduced revenues and profitability; we can comply with existing
regulations and will not become subject to more stringent
regulations; no material product liability claims; importation of
components or other innovative products does not increase and
replace products manufactured in North
America; our management information systems upon which we
are dependent are not impaired; we are not adversely impacted by
disruptive technologies; an outbreak or escalation of a contagious
disease does not adversely affect our business; and, our insurance
is sufficient to cover losses that may occur as a result of our
operations.
The forward-looking information is subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from historical results or results anticipated by
the forward-looking information. The factors which could cause
results to differ from current expectations include, but are not
limited to: exchange rate fluctuations between the Canadian and
U.S. dollar could affect our performance; our results are dependent
upon the general state of the economy; impacts of COVID-19, further
mutations thereof or other outbreaks of disease, could have
significant impacts on our business; we depend on key personnel,
the loss of which could harm our business; a labour shortage across
multiple geographic locations could harm our business; decreases in
the supply of, demand for, or market values of hardwood lumber or
sheet goods could harm our business; we may incur losses related to
credit provided to our customers; our products may be subject to
negative trade outcomes; we may not be able to sustain our level of
sales or earnings margins; we may be unable to grow our business
long term or to manage any growth; we are unable to integrate
acquired businesses; competition in our markets may lead to reduced
revenues and profitability; we may fail to comply with existing
regulations or become subject to more stringent regulations;
product liability claims could affect our revenues, profitability
and reputation; importation of components or other innovative
products may increase, and replace products manufactured in
North America; disruptive
technologies could lead to reduced revenues or a change in our
business model; we are dependent upon our management information
systems; disruptive technologies could lead to reduced revenues or
a change in our business model; our information systems are subject
to cyber securities risks; our insurance may be insufficient to
cover losses that may occur as a result of our operations; an
outbreak or escalation of a contagious disease may adversely affect
our business; our credit facility affects our liquidity, contains
restrictions on our ability to borrow funds, and impose
restrictions on distributions that can be made by us and certain of
our subsidiaries; the market price of our Shares will fluctuate;
there is a possibility of dilution of existing Shareholders; and,
other risks described in our annual information form and in our
management's discussion and analysis for the year ended
December 31, 2022, each of which are
available on the Company's profile at www.sedarplus.ca.
This news release contains information that may constitute a
"financial outlook" within the meaning of applicable securities
laws. The financial outlook has been approved by management as of
the date of this news release. The financial outlook is provided
for the purpose of providing readers with an understanding of the
Company's anticipated financial performance. Readers are cautioned
that the information contained in the financial outlook may not be
appropriate for other purposes.
All forward-looking information in this news release is
qualified in its entirety by this cautionary statement and, except
as may be required by law, we undertake no obligation to revise or
update any forward-looking information as a result of new
information, future events or otherwise after the date
hereof.
Third-Party Information
Certain information contained in this news release includes
market and industry data that has been obtained from or is based
upon estimates derived from third-party sources, including industry
publications, reports and websites. Although the data is believed
to be reliable, we have not independently verified the accuracy,
currency or completeness of any of the information from third-party
sources referred to in this news release or ascertained from the
underlying economic assumptions relied upon by such sources. We
hereby disclaim any responsibility or liability whatsoever in
respect of any third-party sources of market and industry data or
information.
SOURCE ADENTRA Inc.