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State: 17.08.2024 | 11PM
Thu, 14.11.2024       K-Bro Linen
CA48243M1077

(TSX: KBL)

EDMONTON, AB, Nov. 13, 2024 /CNW/ - K-Bro Linen Inc. ("K-Bro" or the "Corporation") today announces its Q3 2024 financial and operating results.

Q3 2024 Financial and Operating Highlights

Consolidated revenue increased 20.2% compared to Q3 2023, with healthcare revenue having increased by 6.0% and hospitality revenue by 36.8%.Adjusted EBITDA, Adjusted EBITDA Margin & Adjusted Net EarningsAdjusted EBITDA increased in the third quarter of 2024 by $4.9 million to $23.0 million compared to $18.1 million over the comparable 2023 period, a 27.2% increase.Adjusting items include costs of $0.6 million in the quarter related to non-recurring transaction and transition costs, offset by a gain on settlement of contingent consideration of $0.5 relating to Villeray.Adjusted EBITDA margin increased to 22.0% from 20.8% in the comparable period.Adjusted net earnings in the third quarter increased by $1.3 million to $8.3 million compared to $7.0 million in the comparative period of 2023.EBITDA, EBITDA Margin & Net EarningsEBITDA increased in the third quarter of 2024 by $5.1 million to $22.8 million compared to $17.7 million over the comparable 2023 period, a 29.1% increase.EBITDA margin increased to 21.9% from 20.4% in the comparable period as the result of the EBITDA contribution from the acquisition of Shortridge, as well as non-recurring transaction and transition costs in the third quarter of 2023.Net earnings in the third quarter of 2024 increased by $1.4 million to $8.1 million compared to $6.7 million in the comparative period of 2023, and as a percentage of revenue increased by 0.1% to 7.8%.For the third quarter of 2024, K-Bro declared dividends of $0.300 per common share.Long-term debt at the end of Q3 2024 was $135.9 million compared to $70.2 million at the end of fiscal 2023 due to the acquisitions of Shortridge and C.M.K-Bro entered into a three-year, $175 million committed, syndicated revolving credit facility on March 26, 2024. The facility includes access to a further $75 million accordion.
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