{"id":476674,"date":"2021-04-15T07:04:11","date_gmt":"2021-04-15T11:04:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/imaflex-reports-strong-q4-and-fy-2020-results-and-provides-business-update\/"},"modified":"2021-04-15T07:04:11","modified_gmt":"2021-04-15T11:04:11","slug":"imaflex-reports-strong-q4-and-fy-2020-results-and-provides-business-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/imaflex-reports-strong-q4-and-fy-2020-results-and-provides-business-update\/","title":{"rendered":"Imaflex Reports Strong Q4 and FY 2020 Results and Provides Business Update"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">Canada NewsWire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p class=\"prntac\">\n        <i><br \/>\n          <i><br \/>\n            <b>Announces Record Profitability for Fiscal 2020<\/b><br \/>\n          <\/i><br \/>\n        <\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <i>Q4 2020 revenues of <span class=\"xn-money\">$21.9 million<\/span>, up 17.1% over 2019; FY 2020 up 6.9% to <span class=\"xn-money\">$86.7 million<\/span><\/i>\n        <\/li>\n<li>\n          <i>Gross margins up materially over 2019, coming in at 20.6% for Q4 2020 and 19.1% for FY 2020 <\/i>\n        <\/li>\n<li>\n          <i>Q4 2020 EBITDA<\/i><br \/>\n          <sup>1<\/sup><br \/>\n          <i> was <span class=\"xn-money\">$2.8 million<\/span>, up 91.7% over 2019; FY 2020 up 96.9% to <span class=\"xn-money\">$12.3 million<\/span><\/i>\n        <\/li>\n<li>\n          <i>Q4 net income of <span class=\"xn-money\">$1.7 million<\/span>, up approximately 454% over 2019 <\/i>\n        <\/li>\n<li>\n          <i>Record FY 2020 net income of <span class=\"xn-money\">$6.3 million<\/span> (<span class=\"xn-money\">$0.13<\/span> per share<\/i><br \/>\n          <sup>2<\/sup><br \/>\n          <i>), versus <span class=\"xn-money\">$1.5 million<\/span> (<span class=\"xn-money\">$0.03<\/span> per share) in 2019<\/i>\n        <\/li>\n<li>\n          <i>Cash flow generation remains robust; ended the quarter with over <span class=\"xn-money\">$3.2 million<\/span> of cash and no debt on short term credit facility <\/i>\n        <\/li>\n<\/ul>\n<p>\n        <span class=\"xn-location\">MONTREAL<\/span>, <span class=\"xn-chron\">April 15, 2021<\/span> \/CNW Telbec\/ &#8211; Imaflex Inc. (&#8220;Imaflex&#8221; or the &#8220;Corporation&#8221;) (TSXV: IFX), announces strong consolidated financial results for the fourth quarter (Q4) and fiscal year (FY) ended <span class=\"xn-chron\">December 31, 2020<\/span> and provides a business update.\u00a0All amounts are in Canadian dollars. <\/p>\n<p>&#8220;It was a pivotal year for Imaflex, with the Corporation achieving record profitability, largely due to our capital investments permitting revenue growth at a higher contribution than historical norms,&#8221; said Mr. <span class=\"xn-person\">Joe Abbandonato<\/span>, President and Chief Executive Officer of Imaflex.\u00a0&#8220;This trend should continue in 2021 as there remains additional production capacity on these investments, which we are poised to exploit during the year.\u00a0With this solid foundation, and an impressive product line-up, we are well positioned to drive continued profitable growth.&#8221;\u00a0 <\/p>\n<p>\n        <b>Consolidated Financial Highlights (unaudited)<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt0 prnsbr0 prnbcc prnsbb0 prnsbl0\">\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three months ended December 31,<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Years ended December 31,<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>CDN $ thousands, except per share amounts <\/i><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(or otherwise indicated)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">% Change<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0\u00a0\u00a0 % Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>21,940<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,740<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17.1 %<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>86,682<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81,071<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.9 %<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gross Profit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,511<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,647<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">70.4 %<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>16,566<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,952<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">51.3 %<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Selling &amp; admin. expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,452<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,676<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13.4)%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>7,149<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,042<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1.5 %<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Foreign exchange &amp; other losses <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>965<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">374<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">158.0 %<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>533<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">872<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(38.9)%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,679<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">303<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">454.1 %<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,349<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,536<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">313.3 %<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic EPS<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0.03<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.01<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">200.0 %<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0.13<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.03<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">333.0 %<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Diluted EPS<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0.03<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.01<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">200.0 %<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>0.12<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.03<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">300.0 %<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gross margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>20.6%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14.1%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.5\u00a0 pp<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>19.1%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13.5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.6\u00a0 pp<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Selling &amp; admin. expenses as % of revenues<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6.6%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.9%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0(2.3) pp<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>8.2%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0(0.5) pp<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EBITDA (Excluding FX)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,658<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,837<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">99.1 %<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>12,768<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,144<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">78.7 %<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EBITDA<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,807<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,464<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">91.7 %<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>12,349<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,273<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">96.9 %<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EBITDA margin<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>12.8%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.8%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5.0\u00a0 pp<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>14.2%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6.5\u00a0 pp<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div>\n<table id=\"convertedTablebb69\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">_________________<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>1<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization.\u00a0 See &#8220;Caution Regarding Non-IFRS Financial\u00a0Measures&#8221; which follows.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>2<\/sup>\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic earnings per share (EPS)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Financial Review: Quarter and Year Ended <span class=\"xn-chron\">December 31<\/span><br \/><\/b><br \/>\n        <b>Revenues<br \/><\/b>Revenues were up 17.1% over the fourth quarter of 2019, reaching <span class=\"xn-money\">$21.9 million<\/span>. Growth was driven by product mix, including heightened sales of 5-layer and metalized agriculture films.\u00a0As well, sales of converted products were up materially over 2019.\u00a0During the quarter, product pricing gradually firmed-up over 2019 levels as resin costs continued to rise above the market bottom reached earlier in 2020. As Imaflex has no long-term customer contracts, it is able to adjust product pricing in accordance with resin input costs, although there is usually a 30-day lag between a resin price increase and when customer pricing can be revised.\u00a0 <\/p>\n<p>Revenues came in at <span class=\"xn-money\">$86.7 million<\/span> for fiscal 2020, up 6.9% over 2019, while overall extruded film sales volumes on a poundage basis were up 9% year-over-year.\u00a0Growth was driven by robust flexible packaging sales volumes, along with heightened sales of agricultural films and converted products, partially offset by the lower pricing environment caused by on-going competitive pressures and lower resin prices.\u00a0 \u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\n        <b>Gross Profit\u00a0 <br \/><\/b>The quarterly gross profit remained well above prior-year levels, coming in at <span class=\"xn-money\">$4.5 million<\/span> or 20.6% of sales as compared to <span class=\"xn-money\">$2.6 million<\/span> and 14.1% of sales in 2019.\u00a0The improvement was largely driven by the positive impact of scale on the business, whereby incremental revenues have a fairly meaningful effect on margins due to the diminished impact of labor and overhead costs relative to sales.\u00a0\u00a0\u00a0 <\/p>\n<p>The gross profit for fiscal 2020 was also notably higher, reaching <span class=\"xn-money\">$16.6 million<\/span> or 19.1% of sales, versus <span class=\"xn-money\">$11.0 million<\/span> and 13.5% of sales in 2019.\u00a0The increase was driven by the same factors outlined for the quarter.\u00a0As well, during the front end of 2020 Imaflex benefited from favourable fluctuations in foreign exchange.\u00a0\u00a0 <\/p>\n<p>\n        <b>Operating Expenses<br \/><\/b>Selling and administrative expenses were <span class=\"xn-money\">$1.5 million<\/span> for the fourth quarter of 2020, down 13.4% from <span class=\"xn-money\">$1.7 million<\/span> in 2019, due largely to a decrease in administrative expenses. This, combined with the higher revenue base for the current quarter, also generated lower year-over-year selling and administrative expenses as a percent of sales, which came in at 6.6% for the fourth quarter of 2020, versus 8.9% in the prior year.\u00a0\u00a0 <\/p>\n<p>For calendar 2020, selling and administrative expenses were <span class=\"xn-money\">$7.1 million<\/span>, up slightly from <span class=\"xn-money\">$7.0 million<\/span> in 2019 due to increased sales commissions resulting from stronger revenues year-over-year. As a result of the higher revenue base for fiscal 2020, selling and administrative expenses as a percentage of sales were down versus 2019, coming in at 8.2% for calendar 2020 versus 8.7% in 2019.\u00a0 <\/p>\n<p>Due essentially to the depreciation of the US dollar against the Canadian dollar, Imaflex recorded a foreign exchange &amp; other loss of <span class=\"xn-money\">$1.0 million<\/span> in the fourth quarter of 2020, compared to a loss of <span class=\"xn-money\">$0.4 million<\/span> in 2019. This created an unfavourable year-over-year variance of <span class=\"xn-money\">$0.6 million<\/span>.\u00a0A one-time loss of <span class=\"xn-money\">$0.1 million<\/span> is included in the current quarter relating to the disposition of assets.\u00a0 <\/p>\n<p>For fiscal 2020, Imaflex recorded a foreign exchange &amp; other loss of <span class=\"xn-money\">$0.5 million<\/span>, down from a loss of <span class=\"xn-money\">$0.9 million<\/span> in 2019, culminating in a favourable year-over-year variance.\u00a0A majority of the Corporation&#8217;s foreign exchange gains and losses are non-cash impacting and largely relate to intercompany balances for which Imaflex can control the time of settlement.\u00a0\u00a0 <\/p>\n<p>\n        <b>Net Income and EBITDA\u00a0\u00a0<br \/><\/b>Net income came in at <span class=\"xn-money\">$1.7 million<\/span> for the fourth quarter of 2020, up 454.1% over the <span class=\"xn-money\">$0.3 million<\/span> realized in the prior year.\u00a0The year-over-year improvement was largely due to the higher gross profit and lower administrative expenses in the current quarter, partially offset by the higher foreign exchange and other losses versus 2019.<\/p>\n<p>For fiscal 2020, net income was <span class=\"xn-money\">$6.3 million<\/span>, up 313.3% over the prior year. The increase was driven by the higher gross profit and lower foreign exchange losses in 2019.\u00a0\u00a0\u00a0<\/p>\n<p>EBITDA stood at <span class=\"xn-money\">$2.8 million<\/span> or 12.8% of sales for the current quarter, up materially from <span class=\"xn-money\">$1.5 million<\/span> and 7.8% of sales in 2019.\u00a0On a constant currency basis, EBITDA came in at <span class=\"xn-money\">$3.7 million<\/span> (16.7% of sales) for the fourth quarter of 2020, up 99.1% from <span class=\"xn-money\">$1.8 million<\/span> (9.8% of sales) in 2019.\u00a0\u00a0<\/p>\n<p>For fiscal 2020, EBITDA came in at <span class=\"xn-money\">$12.3 million<\/span> or 14.2% of sales, up from <span class=\"xn-money\">$6.3 million<\/span> and 7.7% of sales in 2019. Excluding the impact of foreign exchange, EBITDA was <span class=\"xn-money\">$12.8 million<\/span> (14.7% of sales) for calendar 2020, up 78.7% from <span class=\"xn-money\">$7.1 million<\/span> (8.8% of sales) in 2019. <\/p>\n<p>\n        <b>Liquidity and Capital Resources<br \/><\/b>Cash flows from operating activities, before movements in working capital and income taxes, stood at <span class=\"xn-money\">$3.8 million<\/span> for the fourth quarter of 2020, up from <span class=\"xn-money\">$1.8 million<\/span> in the prior year.\u00a0Including movements in working capital and taxes paid, net cash generated by operating activities was <span class=\"xn-money\">$2.2 million<\/span> for the current quarter, versus <span class=\"xn-money\">$2.7 million<\/span> in 2019.\u00a0The decrease over 2019 was largely driven by movements in trade and other receivables and inventories.\u00a0\u00a0\u00a0<\/p>\n<p>For fiscal 2020, cash flows from operating activities, before movements in working capital and income taxes, stood at <span class=\"xn-money\">$12.8 million<\/span>, up from <span class=\"xn-money\">$7.2 million<\/span> in 2019. Including movements in working capital and taxes paid, net cash generated by operating activities stood at <span class=\"xn-money\">$12.0 million<\/span> for calendar 2020, versus <span class=\"xn-money\">$9.7 million<\/span> in the prior year.\u00a0 <\/p>\n<p>As at <span class=\"xn-chron\">December 31, 2020<\/span>, Imaflex had approximately <span class=\"xn-money\">$15.2 million<\/span> of cash available for operating activities, including <span class=\"xn-money\">$3.2 million<\/span> of cash and the full <span class=\"xn-money\">$12.0 million<\/span> available under its revolving line of credit.\u00a0\u00a0<\/p>\n<p>\n        <b>ADVASEAL\u00ae Update <br \/><\/b>As previously announced, Imaflex has one remaining step before submitting the registration package for EPA approval of ADVASEAL\u00ae\u00a0as a new physical pesticide formulation.\u00a0Four of the five active ingredients (&#8220;active ingredients&#8221; or &#8220;TGAI&#8221;<sup>3<\/sup>)\u00a0used on ADVASEAL\u00ae\u00a0come from <span class=\"xn-location\">Asia<\/span> and are not yet registered in the U.S.A.\u00a0To simplify their registration as generic pesticides Imaflex has mandated a lab to prove their equivalence with TGAIs already registered and marketed in the U.S.A.\u00a0Going forward, holding our own TGAI registration should provide us with greater autonomy as we commercialize ADVASEAL\u00ae, while also making us less reliant on a particular supplier. The work is progressing well and Imaflex remains on track to submit the TGAI and ADVASEAL registration package around summer 2021.\u00a0\u00a0\u00a0 <\/p>\n<div>\n<table id=\"convertedTablebb69\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">____________________<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>3\u00a0<\/sup><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">A\u00a0<b>technical grade active ingredient<\/b>\u00a0(&#8220;TGAI&#8221;) is used for the manufacturing of pesticide end-use products and contains, in addition to the pure active ingredient, minor amounts of impurities.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Impact of COVID-19 \u2013 All plants remain fully operational and running at normal levels<br \/><\/b>COVID-19 continues to have no significant impact on operations, nor is the Corporation experiencing any material issues with customer receivables or delays with suppliers and distribution channels.\u00a0 Imaflex is considered an essential vendor due to the important role its products play in protecting and preserving the integrity of products, particularly within the food and packaging industry. \u00a0All plants remain fully operational and running at normal business levels, while no material capital project has been halted. \u00a0Each plant has the ability to take on more volume should it be required due to business interruption at another location or heightened order flow.\u00a0The Corporation is monitoring developments closely and taking strong preventative measures to protect its employees, customers and business.<\/p>\n<p>\n        <b>Outlook <br \/><\/b>&#8220;Looking ahead, the impact of COVID-19 on our business, financial situation and results remains unclear and cannot be predicted,&#8221; said Mr. Abbandonato.\u00a0&#8220;Any outbreak at one of our plants, deferrals in purchases, payment issues with customers, or supply and distribution delays could impact performance.\u00a0However, these risks are considered temporary and with a strong balance sheet and dynamic team the Corporation is well positioned to meet any challenges ahead.&#8221;<\/p>\n<p>&#8220;Imaflex operates in a competitive pricing environment.\u00a0This said, we believe our diversified customer base and multi-year investments in growth and innovation put us in a strong position, as reflected in the solid financials seen throughout 2020.\u00a0The benefit and impact of our increasing scale should also continue, whereby incremental sales fall fairly meaningfully to the bottom line.\u00a0Going forward, our sound balance sheet and strong cash flows also provides us with the financial flexibility to more readily purchase capital assets and look at possible acquisitions.&#8221;\u00a0 <\/p>\n<p>\n        <b>Caution Regarding Non-IFRS Financial Measures <br \/><\/b>The Company&#8217;s management uses a non-IFRS measure in this press release, namely EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and EBITDA excluding foreign exchange.\u00a0\u00a0\u00a0 <\/p>\n<p>While EBITDA is not a standard International Financial Reporting Standards (IFRS) measure, management, analysts, investors and others use it as an indicator of the Company&#8217;s financial and operating management and performance. EBITDA should not be construed as an alternative to net income determined in accordance with IFRS as an indicator of the Company&#8217;s performance.\u00a0The Company&#8217;s method of calculating EBITDA may be different from those used by other companies and accordingly it should not be considered in isolation.<\/p>\n<p>\n        <b>About Imaflex Inc. <br \/><\/b>Founded in 1994, Imaflex is focused on the development and manufacturing of innovative solutions for the flexible packaging space.\u00a0Concurrently, the Corporation develops and manufactures films for the agriculture industry.\u00a0The Corporation&#8217;s products consist primarily of polyethylene (plastic) film and bags, including metalized plastic film, for the industrial, agricultural and consumer markets.\u00a0\u00a0 Headquartered in <span class=\"xn-location\">Montreal, Quebec<\/span>, Imaflex has manufacturing facilities in <span class=\"xn-location\">Canada<\/span> and the United States.\u00a0The Corporation&#8217;s common stock is listed on the TSX Venture Exchange under the ticker symbol IFX.\u00a0Additional information is available at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3129583-1&amp;h=1724770031&amp;u=http%3A%2F%2Fwww.imaflex.com%2F&amp;a=www.imaflex.com\" rel=\"nofollow noopener\">www.imaflex.com<\/a>.<\/p>\n<p>\n        <b>Cautionary Statement on Forward Looking Information<br \/><\/b><br \/>\n        <i>Certain information included in this press release constitutes &#8220;forward-looking&#8221; statements within the meaning of Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the management of the Corporation, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies.The Corporation cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Imaflex to be materially different from the Corporation&#8217;s estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Corporation&#8217;s most recent Management Discussion and Analysis filed on SEDAR at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3129583-1&amp;h=1698193311&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener\">www.sedar.com<\/a> and on the investor section of the Corporation&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3129583-1&amp;h=1724770031&amp;u=http%3A%2F%2Fwww.imaflex.com%2F&amp;a=www.imaflex.com\" rel=\"nofollow noopener\">www.imaflex.com<\/a>.\u00a0The Corporation disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law.\u00a0Readers are cautioned not to put undue reliance on these forward-looking statements.<\/i>\n      <\/p>\n<p>\n        <i>Neither the 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.<\/i>\n      <\/p>\n<p>SOURCE  Imaflex Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C5891&amp;Transmission_Id=202104150700CANADANWWEB______C5891&amp;DateId=20210415\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada NewsWire Announces Record Profitability for Fiscal 2020 Q4 2020 revenues of $21.9 million, up 17.1% over 2019; FY 2020 up 6.9% to $86.7 million Gross margins up materially over 2019, coming in at 20.6% for Q4 2020 and 19.1% for FY 2020 Q4 2020 EBITDA 1 was $2.8 million, up 91.7% over 2019; FY 2020 up 96.9% to $12.3 million Q4 net income of $1.7 million, up approximately 454% over 2019 Record FY 2020 net income of $6.3 million ($0.13 per share 2 ), versus $1.5 million ($0.03 per share) in 2019 Cash flow generation remains robust; ended the quarter with over $3.2 million of cash and no debt on short term credit facility MONTREAL, April 15, 2021 \/CNW &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/imaflex-reports-strong-q4-and-fy-2020-results-and-provides-business-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Imaflex Reports Strong Q4 and FY 2020 Results and Provides Business Update&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-476674","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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