Donnerstag, 16.03.2023 07:30 von PR Newswire | Aufrufe: 121

PREMIUM BRANDS HOLDINGS CORPORATION REPORTS RECORD FOURTH QUARTER AND 2022 RESULTS AND A 10.0% DIVIDEND INCREASE

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VANCOUVER, BC, March 16, 2023

VANCOUVER, BC, March 16, 2023 /CNW/ - Pemium Brands Holdings Corporation (TSX: PBH), a leading producer, marketer and distributor of branded specialty food products, announced today its results for the fourth quarter of 2022.

FOURTH QUARTER HIGHLIGHTS

Record fourth quarter revenue of $1.63 billion representing a 21.5%, or $289.4 million, increase as compared to the fourth quarter of 2021
Record fourth quarter adjusted EBITDA¹ of $136.4 million representing a 20.3%, or $23.0 million, increase as compared to the fourth quarter of 2021
Fourth quarter adjusted EPS¹of $1.19 per share, which was unchanged from the fourth quarter of 2021
Subsequent to the quarter, dividend rate increased by 10.0% and a dividend of $0.77 per common share declared for the first quarter of 2023
Purchased 167,086 common shares under a normal course issuer bid for $13.7 million representing an average per share cost of $81.68
Initiated a three-phase project to build a 525,000 square foot state-of-the-art sandwich production facility in Cleveland, TN
Released new five-year plan with revenue and adjusted EBITDA targets of $10.0 billion and $1.0 billion, respectively

2022 HIGHLIGHTS

Record revenue of $6.0 billion representing a 22.3%, or $1.1 billion, increase as compared to 2021
Record adjusted EBITDA¹ of $504.2 million representing a 17.1%, or $73.5 million, increase as compared to 2021
Record adjusted EPS¹ of $4.82 per share representing a 7.6%, or $0.34 per share increase as compared to 2021

¹	The Company reports its financial results in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Adjusted EBITDA and adjusted EPS are non-IFRS financial measures. Reconciliations and explanations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release.

CONFERENCE CALL

The Company will hold a conference call to discuss its fourth quarter 2022 results today at 10:30 a.m. Vancouver time (1:30 p.m. Toronto time). An investor presentation that will be referenced on the conference call is available here or by navigating through the Company's website at www.premiumbrandsholdings.com.

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Access to the call may be obtained by calling the operator at (416) 764-8646 or (888) 396-8049 (Conference ID: 11419492) up to ten minutes prior to the scheduled start time. For those who are unable to participate, a recording of the conference call will be available through to noon Toronto time on April 17, 2023 at (877) 674-7070 (passcode: 419492#). Alternatively, a recording of the conference call will be available at the Company's website at www.premiumbrandsholdings.com.

SUMMARY FINANCIAL INFORMATION
(In millions of dollars except per share amounts and ratios)

	14 weeks ended Dec 31, 2022	13 weeks ended Dec 25, 2021	53 weeks ended Dec 31, 2022	52 weeks ended Dec 25, 2021
Revenue	1,634.8	1,345.4	6,029.8	4,931.7
Adjusted EBITDA¹	136.4	113.4	504.2	430.7
Earnings	30.9	38.0	160.1	132.7
EPS	0.69	0.87	3.59	3.05
Adjusted earnings¹	52.9	52.2	215.0	194.8
Adjusted EPS¹	1.19	1.19	4.82	4.48
Free cash flow¹			285.8	263.3
Free cash flow per share			6.41	6.05
Declared dividends			125.3	111.5
Declared dividend per share			2.80	2.54
Payout ratio¹			43.8 %	42.3 %

¹Reconciliations for all non-IFRS measures are included in the Non-IFRS Financial Measures section of this press release.

"Our record results for the fourth quarter, which is a seasonally slower quarter, once again demonstrates the strength and resiliency of our business model as we were able to achieve these during a period of unprecedented volatility," said Mr. George Paleologou, President and CEO. "Our performance is the direct result of our decentralized management structure and strong entrepreneurial focused culture, which on a combined basis empower our talented management teams to act decisively and effectively in dealing with challenges and capitalizing on opportunities.

"For 2022, we are very pleased to report our 18th consecutive year of record financial results. Furthermore, we achieved our five-year sales target one year ahead of plan and are well positioned to meet our five-year adjusted EBITDA target of $600 million this year," said Mr. Paleologou. "Looking forward, we continue to see tremendous opportunities to grow both our revenue and margins and have announced a new five-year plan which calls for us to deliver $10 billion in sales and $1 billion in adjusted EBITDA by 2027. With a full pipeline of opportunities, we expect acquisitions to continue to be a key growth driver for our business, however, these new targets are conservatively based primarily on organic initiatives given the significant opportunities our businesses are pursuing through product innovation, automation and capacity expansion," stated Mr. Paleologou.

FIRST QUARTER 2023 DIVIDEND

The Company also announced that its Board of Directors approved a cash dividend of $0.77 per share for the first quarter of 2023, which will be payable on April 14, 2023 to shareholders of record at the close of business on March 31, 2023.

Unless indicated otherwise in writing at or before the time the dividend is paid, each dividend paid by the Company in 2023 or a subsequent year is an eligible dividend for the purposes of the Enhanced Dividend Tax Credit System.

ABOUT PREMIUM BRANDS

Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States.

www.premiumbrandsholdings.com

RESULTS OF OPERATIONS

The Company reports on two reportable segments, Specialty Foods and Premium Food Distribution, as well as non-segmented investment income and corporate costs (Corporate). The Specialty Foods segment consists of the Company's specialty food manufacturing businesses while the Premium Food Distribution segment consists of the Company's differentiated distribution and wholesale businesses as well as certain seafood processing businesses. Investment income includes interest and management fees generated from the Company's businesses that are accounted for using the equity method.

Revenue

(in millions of dollars except percentages)

14 weeks

ended

Dec 31,

2022

(1)

13 weeks

ended

Dec 25,

2021

(1)

53 weeks

ended

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