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Premium Brands Holdings Corporation Reports Record Fourth Quarter And 2021 Results, Four New Acquisitions And A 10.2% Dividend Increase

by ahnationtalk on March 10, 2022408 Views

VANCOUVER, B.C., March 10, 2022. Premium 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 2021.

FOURTH QUARTER HIGHLIGHTS

  • Record fourth quarter revenue of $1.35 billion representing a 27.4%, or $289.2 million, increase as compared to the fourth quarter of 2020
  • Record fourth quarter adjusted EBITDA1 of $113.4 million representing a 29.3%, or $25.7 million, increase as compared to the fourth quarter of 2020
  • Record fourth quarter adjusted EPS1 of $1.19 per share representing a 38.4%, or $0.33 per share increase as compared to the fourth quarter of 2020
  • Clearwater Seafoods, which is accounted for using the equity method, continued to generate significantly improved results posting quarterly sales and adjusted EBITDA of $141.7 million and $26.9 million, respectively, as compared to $128.6 million and $22.7 million, respectively in the fourth quarter of 2020
  • While conditions in many of the Company’s selling channels have returned to normal, its customers in the airline and cruise line channels, as well as in certain segments of the foodservice channel, continue to be impacted by pandemic related challenges
  • Subsequent to the quarter, the Company increased its quarterly dividend by 10.2% to $0.70 per share or $2.80 per share on an annualized basis
  • Also subsequent to the quarter, the Company completed the acquisitions of: (i) Beechgrove Country Foods, an Ontario based manufacturer of dry cured and cooked protein products; (ii) Leonetti’s Frozen Foods, a Pennsylvania based manufacturer of premium handheld enrobed sandwiches; and (iii) Rocky Mountain Flatbread, a British Columbia based artisan pizza business. In addition, the Company increased its ownership position in California-based artisan breads manufacturer Shaw Bakers from 50% to 73.72%
  • Also subsequent to the quarter, the Company issued its sales and adjusted EBITDA guidance for 2022 with its sales expected to be in the range of $5.60 billion to $5.85 billion and its adjusted EBITDA1 to be in the range of $510 million and $530 million

2021 HIGHLIGHTS

  • Record revenue of $4.93 billion representing a 21.2%, or $862.8 million, increase as compared to 2020
  • Record adjusted EBITDA1 of $430.7 million representing a 37.8%, or $118.1 million, increase as compared to 2020
  • Record adjusted EPS1 of $4.48 per share representing a 46.9%, or $1.43 per share increase as compared to the fourth quarter of 2020
  1. The Company reports its financial results in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). 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 2021 results today at 10:30 a.m. PDT (1:30 p.m. EDT). An investor presentation that will be referenced on the conference call is available here or on the Company’s website at www.premiumbrandsholdings.com.

Access to the call may be obtained by calling the operator at (833) 300-9218 / (647) 689-4551 (Conference ID: 4991117) 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 8:59 p.m. PST on March 24, 2022 at (855) 859-2056 / (404) 537-3406 (passcode: 4991117). Alternatively, a recording of the conference call will be available at the Company’s website at www.premiumbrandsholdings.com.

Read More: https://premiumbrandsholdings.com/pdf/press-releases/2021-q4-press-release.pdf

NT4

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