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Acasta Enterprises Inc
Symbol C : AEF
Shares Issued 70,215,298
Close 2018-08-08 C$ 1.48
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Acasta loses $96.9-million in Q2

2018-08-09 18:42 ET - News Release

Mr. Ian Kidson reports


Acasta Enterprises Inc. has released its consolidated financial results for the quarter ended June 30, 2018, and has provided the following corporate update.

Financial and operating highlights:

  • Acasta's results from continuing operations for the three-month period ended June 30, 2018, included revenues of $44.1-million, a net loss of $96.9-million or $1.49 per share (basic and diluted), an adjusted net loss of $17.6-million or 27 cents per share (basic and diluted), and adjusted EBITDA (net income (loss) as recorded in the unaudited condensed consolidated interim statements of income (loss) and comprehensive income (loss) for the exclusion of certain other income and expense items determined in accordance with IFRS, being the calculation for adjusted net income (loss) and then further adjusting for finance costs, current and deferred income tax, depreciation and amortization expenses, foreign exchange, and impairment charges) of ($9.8-million) compared with revenues of $43.4-million, a net loss of $500,000 or one cent per share (basic and diluted), adjusted net loss of $2.2-million or two cents per share (basic and diluted), and adjusted EBITDA of $6.4-million for the three-month period ended June 30, 2017.
  • On June 1, 2018, the company sold 100 per cent of its shares held in JemPak Corp. at a purchase price of $118.0-million. Net cash proceeds were used to reduce debt outstanding and pay fees and accrued interest to lenders.
  • On May 15, 2018, Acasta monetized its interest in the Stelloan profit participating notes (PPNs) for net proceeds of $25.8-million (U.S.). These proceeds exclude the additional $5.0-million (U.S.) in downside protection due from the purchaser of Stellwagen pursuant to the sale agreement.
  • Proceeds from the sales of JemPak, Stellwagen and the monetization of the PPNs were primarily used to repay debt. As a result, Acasta has effectively reduced its total indebtedness by approximately $911.3-million from $983.9-million at Dec. 31, 2017, to $72.6-million at June 30, 2018.

Second quarter 2018 results conference call

Acasta's senior management will host a conference call on Aug. 10, 2018, at 9 a.m. EDT to discuss the company's financial and operating results. Please dial 1-416-340-2217 or toll-free (Canada/United States) 1-800-806-5484 with passcode 2398339 followed by the number sign. To ensure your participation, please join approximately five minutes prior to the scheduled start of the conference call.

The conference call will be available for replay at 1-905-694-9451 or toll-free (Canada/United States) 1-800-408-3053 with passcode 4939925 followed by the number sign, expiring on Sept. 14, 2018.

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