Supremex Inc. announced its results for the 4Q and fiscal year ended December 31, 2020. Total revenue for the three-month period ended December 31, 2020, was $54.6 million, representing an increase of 11.1% from the equivalent quarter of 2019.
EBITDA was $4.6 million, down from $6.8 million in the equivalent quarter of last year resulting from a $2.8 million non-cash asset impairment and a $1.8 million restructuring expense recorded in the quarter.
Net earnings were $0.3 million (or $0.01 per share) for the three-month period ended December 31, 2020, compared with $2.3 million (or $0.08 per share) for the equivalent period in 2019.
"We ended the year on very solid ground with revenue and profitability growth from both our envelope and packaging platforms and a significant deleveraging of the balance sheet during the course of the year," said Stewart Emerson, President & CEO.
"The acquisition of Royal Envelope earlier in the year provided important earnings power to our envelope business. Our packaging and specialty products segment also performed well on the strength of our e–commerce offering and improved operations in Folding Carton, which allowed margins to trend towards higher historical levels."
Total revenue increased by 6.7% to $204.6 million in fiscal 2020, from $191.7 million in 2019.
EBITDA increased by 7.7% to $27.2 million in fiscal 2020, up from $25.3 million in fiscal 2019 primarily from, the acquisition of Royal Envelope, higher e-commerce sales, growth of the U.S. envelope businesses and $1.9 million from the CEWS program.
Adjusted EBITDA grew by 27.9% or $7.1 million, to $32.4 million. Adjusted EBITDA margins were 15.8% of revenues, up from 13.2% in 2019.
Net earnings stood at $7.5 million (or $0.27 per share) for the twelve-month period ended December 31, 2020, compared with net earnings of $7.1 million (or $0.25 per share) in the equivalent period in 2019.
Supremex is a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions.
