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Glacier Reports Year End 2023 Results

Glacier Reports Year End 2023 Results

Glacier 報告 2023 年年終業績
GlobeNewswire ·  03/23 06:22

VANCOUVER, British Columbia, March 22, 2024 (GLOBE NEWSWIRE) -- Glacier Media Inc. (TSX: GVC) ("Glacier" or the "Company") reported revenue and earnings for the year ended December 31, 2023.

不列顛哥倫比亞省溫哥華,2024年3月22日(GLOBE NEWSWIRE)——Glacier Media Inc.(多倫多證券交易所股票代碼:GVC)(“Glacier” 或 “公司”)公佈了截至2023年12月31日的年度的收入和收益。

SUMMARY RESULTS

摘要結果

(thousands of dollars)
except share and per share amounts 2023 2022
Revenue $ 154,940 $ 176,012
EBITDA (1) $ (4,169) $ 3,083
EBITDA (1) margin (2.7%) 1.8%
EBITDA (1) per share $ (0.03) $ 0.02
Capital expenditures $ 4,316 $ 4,945
Net loss attributable to common shareholder $ (99,250) $ (29,553)
Net loss attributable to common shareholder per share $ (0.76) $ (0.22)
Weighted average shares outstanding, net 131,198,520 132,558,408
(千美元)
股票和每股金額除外 2023 2022
收入 $ 154,940 $ 176,012
EBITDA (1) $ (4,169) $ 3,083
EBITDA (1) 按金 (2.7%) 1.8%
EBITDA (1) 每股 $ (0.03) $ 0.02
資本支出 $ 4,316 $ 4,945
歸屬於普通股股東的淨虧損 $ (99,250) $ (29,553)
歸屬於普通股股東的每股淨虧損 $ (0.76) $ (0.22)
加權平均已發行股份,淨額 131,198,520 132,558,408

(1) EBITDA is considered a non-GAAP measure. Refer to "EBITDA Reconciliation" below for a reconciliation of the Company's net (loss) income attributable to common shareholders as reported under IFRS to EBITDA.
2023 OPERATING PERFORMANCE AND OUTLOOK

(1) 息稅折舊攤銷前利潤被視爲非公認會計准則指標。有關根據國際財務報告準則報告的公司歸屬於普通股股東的淨(虧損)收益與息稅折舊攤銷前利潤的對賬,請參閱下文 “息稅折舊攤銷前利潤對賬”。
2023年經營業績與展望

Operating Performance

經營業績

Consolidated revenue for the year ended December 31, 2023, was $154.9 million, down $21.1 million or 12.0% from the prior year. Consolidated EBITDA loss for the year was $4.2 million, down $7.3 million from positive EBITDA of $3.1 million in the prior year. During Q1 2023, the Company completed two separate transactions that resulted in three operations being accounted for as joint ventures, as compared to the operations' profit and loss previously being consolidated. The Company completed the sale of its printing assets into two new joint venture operations. Certain print community media operations were treated as joint ventures from January 1, 2023, as the result of changes made in the structure of the underlying shareholders agreements with the previous minority shareholders, and it was determined that Company no longer has the ability to exercise control and therefore can no longer treat these entities as subsidiaries. These transactions had the effect of reducing reported revenue and EBITDA as compared to the same period in the prior year and increasing equity earnings in the current period as compared to the same period in the prior year. During the year, the Company completed the closure or sale of certain unprofitable print community media publications, which also had the effect of` reducing revenue.

截至2023年12月31日止年度的合併收入爲1.549億美元,比上年下降2,110萬美元,下降12.0%。該年度的合併息稅折舊攤銷前利潤虧損爲420萬美元,較去年同期的正息稅折舊攤銷前利潤310萬美元下降730萬美元。在2023年第一季度,公司完成了兩筆單獨的交易,導致三項業務被列爲合資企業,而之前合併的業務損益則有所不同。該公司完成了將其印刷資產出售給兩家新的合資企業。由於與先前少數股東簽訂的股東協議結構發生了變化,某些印刷社區媒體業務從2023年1月1日起被視爲合資企業,並確定公司不再有能力行使控制權,因此不能再將這些實體視爲子公司。與去年同期相比,這些交易減少了報告的收入和息稅折舊攤銷前利潤,與去年同期相比,本期的股票收益有所增加。在這一年中,公司完成了某些無利可圖的印刷社區媒體出版物的關閉或銷售,這也產生了 “減少收入的效果”。

Organic revenue declines in print media were driven by lower demand for print media products. Digital media achieved some revenue growth during the year. The environmental and property information operations held revenue consistent despite being reliant on the commercial and residential real estate industry, which is being affected by higher interest rates temporarily decreasing demand for real estate related products. The agricultural information operations noted a decrease in revenue driven by declines in print related revenue, resulting from the industry consolidation of advertisers and the declining demand for print products overall, which were partially offset by increases in the outdoor exhibition show revenue. The mining information operations continue to operate in a challenged industry, especially with respect to junior miners, which is resulting in lower advertising revenue. Additionally, the Company sold the mining media operations in the fourth quarter of 2023.

印刷媒體收入的有機下降是由對印刷媒體產品的需求減少所推動的。數字媒體在年內實現了一些收入增長。儘管依賴商業和住宅房地產行業,但環境和房地產信息業務仍保持收入穩定。商業和住宅房地產行業受到利率上升暫時減少對房地產相關產品的需求的影響。農業信息業務指出,由於廣告商的行業整合以及對印刷產品的整體需求的下降,印刷相關收入的下降推動了收入的下降,而戶外展覽會收入的增加部分抵消了這種下降。採礦信息業務繼續在一個充滿挑戰的行業中運營,尤其是對初級礦商而言,這導致廣告收入減少。此外,該公司在2023年第四季度出售了採礦媒體業務。

EBITDA for the year decreased as the result of lower revenues in the operations as discussed above and certain entities which were consolidated becoming joint ventures. Additionally, rising costs related to inflation, (e.g. increased employee costs, newsprint, and printing costs) compounded the effects of reduced revenue, and legal costs increased as compared to the prior year. This was partially offset by the effects of cost reduction measures that were put in place earlier in 2023, including lower investment spending and targeted print publication closures having a positive effect on results overall.

該年度的息稅折舊攤銷前利潤下降是由於上述運營收入減少以及某些實體合併爲合資企業。此外,與通貨膨脹相關的成本上漲(例如員工成本、新聞紙和印刷成本的增加)加劇了收入減少的影響,法律成本與去年相比有所增加。2023年初出臺的成本削減措施的影響部分抵消了這一點,包括減少投資支出和有針對性的關閉印刷出版物對整體業績產生積極影響。

Outlook

外表

Despite the challenging economic environment, the Company continues to focus on a combination of generating long-term revenue gains in its growth businesses and cost management in its legacy businesses. Operational investments in key strategic development areas continue to be scaled back until the economic outlook becomes more certain. The Company is monitoring economic conditions and will respond accordingly.

儘管經濟環境充滿挑戰,但公司繼續專注於將增長業務的長期收入增長與傳統業務的成本管理相結合。在經濟前景更加確定之前,對關鍵戰略發展領域的運營投資將繼續縮減。該公司正在監測經濟狀況,並將做出相應的回應。

The Company has taken action to reduce print operations where print products are no longer economically feasible. This transition has already been completed in a number of markets resulting in the closure of the related print publications. The targeted closure of print operations will continue to occur into 2024 and allow the Company to focus on the transformation to digital products.

該公司已採取行動減少印刷產品在經濟上不再可行的印刷業務。許多市場已經完成了這種過渡,導致相關的印刷出版物關閉。印刷業務的目標關閉將持續到2024年,這使公司能夠專注於向數字產品的轉型。

Higher interest rates continue to negatively impact results. Softness in the residential and commercial real estate markets negatively affected operations during the year. It is expected that industry specific softness will continue with overall economic uncertainty, inflation, and the impact of higher interest rates. Although uncertain, it is anticipated that the pressures from increased interest rates will begin to stabilize sometime in 2024.

更高的利率繼續對業績產生負面影響。住宅和商業房地產市場的疲軟對該年度的運營產生了負面影響。隨着整體經濟的不確定性、通貨膨脹和更高利率的影響,預計行業特有的疲軟態勢將繼續下去。儘管不確定,但預計利率上升的壓力將在2024年的某個時候開始穩定。

Long-term, the digital media, data, and information businesses offer growth potential for the future. The underlying fundamentals of these products have demonstrated their value in the face of the challenging market conditions.

從長遠來看,數字媒體、數據和信息業務爲未來提供了增長潛力。面對充滿挑戰的市場條件,這些產品的基本面已經證明了它們的價值。

Even with the challenging economic environment, some of the Company's operations continue to perform well. The Company is optimistic that many of its operations can and will continue to perform well in the long-term and will continue to generate strong cash flows and enhance shareholder value. The respective brands, market positions, and value to customers have remained strong. The Company continues to focus on the long-term growth of its data and information and digital media operations. The targeted closure of print publications which are no longer economically feasible will help the transition to digital and support the long-term growth therein. Strategic investment spending in the core areas of focus has resulted in lower operating profits in the short term, with the goal of improved and more robust product offerings over time. This investment spending has become more targeted to strictly necessary spending and will continue to be scaled back until economic recovery is more certain. The Company has implemented cost cutting measures throughout 2023 and will continue to proactively implement targeted measures into 2024.

儘管經濟環境充滿挑戰,但該公司的部分業務仍然表現良好。該公司樂觀地認爲,其許多業務可以而且將繼續保持良好的長期表現,並將繼續產生強勁的現金流並提高股東價值。各自的品牌、市場地位和對客戶的價值一直保持強勁。該公司繼續專注於其數據和信息以及數字媒體業務的長期增長。有針對性地關閉在經濟上不再可行的印刷出版物將有助於向數字化過渡並支持其長期增長。核心重點領域的戰略投資支出導致短期內營業利潤降低,目標是隨着時間的推移改善和增強產品供應。這種投資支出已變得更有針對性地用於嚴格必要的支出,並將繼續縮減直至經濟復甦更加確定。該公司在2023年全年實施了削減成本的措施,並將繼續積極實施有針對性的措施直至2024年。

The Company is working to reach the point where increases in the revenue, profit and cash flow from its data, analytics and intelligence products and digital media products exceeds the decline of its print advertising related profit and cash flow.

該公司正在努力達到這樣的地步:其數據、分析和情報產品以及數字媒體產品的收入、利潤和現金流的增長超過其與平面廣告相關的利潤和現金流的下降。

Uncertain Tax Position

不確定的稅收狀況

In relation to the tax notices of reassessments and assessments from the Canada Revenue Agency ("CRA"), and unfavourable rulings in similar cases heard in the Supreme Court of Canada and in the Court of Appeal in 2023, the Company has recorded a full provision of the $23.5 million against the carrying value of the deposits and deferred tax assets related to unused carryforward amounts and a liability of approximately $47.3 million for unpaid taxes and estimated interest for the reassessment. The total of these amounts, $70.8 million, was recognized in the Statement of Operations and was recorded as income tax expense for the provision of uncertain tax positions of $52.2 million and an estimated interest expense on uncertain tax positions of $18.7 million.

關於加拿大稅務局(“CRA”)的重新評估和評估的稅務通知,以及加拿大最高法院和上訴法院2023年審理的類似案件中的不利裁決,該公司已記錄了2350萬美元的全額準備金,用於支付與未使用的結轉金額相關的存款和遞延所得稅資產的賬面價值,以及約4,730萬美元的未繳稅款負債和重新評估的估計利息。這些金額的總額爲7,080萬美元,已在運營報表中確認,並記爲5,220萬美元的不確定稅收狀況的所得稅支出和1,870萬美元不確定稅收狀況的估計利息支出。

Financial Position. As at December 31, 2023, the Company had a cash balance of $6.6 million and $7.2 million of non-recourse mortgages and loans (which relates to farm show land in Saskatchewan and Ontario).

財務狀況。截至2023年12月31日,該公司的現金餘額爲660萬加元,無追索權抵押貸款和貸款(涉及薩斯喀徹溫省和安大略省的農場展示用地)。

The Company has net $3.0 million of deferred purchase price obligations to be paid over the next two years. This amount is net of contributions from minority partners.

該公司將在未來兩年內淨償還300萬美元的遞延收購價格債務。這一數額減去了少數族裔夥伴的捐款。

For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.

欲了解更多信息,請致電 604-708-3264 聯繫首席財務官 Orest Smysnuik 先生。

ABOUT THE COMPANY

關於該公司

Glacier Media Inc. is an information & marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. The Company's products and services are focused in two areas: 1) data, analytics and intelligence; and 2) content & marketing solutions.

Glacier Media Inc. 是一家信息和營銷解決方案公司,致力於在提供基本信息和相關服務爲客戶提供高效用和價值的行業中實現增長。該公司的產品和服務側重於兩個領域:1) 數據、分析和情報;以及 2) 內容和營銷解決方案。

FORWARD LOOKING STATEMENTS

前瞻性陳述

This news release contains forward-looking statements that relate to, among other things, the Company's objectives, goals, strategies, intentions, plans, beliefs, expectations, and estimates. These forward-looking statements include, among other things, statements relating to our expectations as to investment spending and in targeted key strategic areas and the scaling back of such spending; the expected effects of cost cutting measures and targeted closure of print publications; the expected industry specific softness in 2024; our expectations as to timing of easing of interest rate increases; and pressures from increased interest rates will begin to stabilize in 2024. These forward-looking statements are based on certain assumptions, including continued economic growth and recovery and the realization of cost savings in a timely manner and in the expected amounts, which are subject to risks, uncertainties and other factors which may cause results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and undue reliance should not be placed on such statements.

本新聞稿包含與公司的目標、目標、戰略、意圖、計劃、信念、期望和估計等相關的前瞻性陳述。除其他外,這些前瞻性陳述包括與我們對投資支出和目標關鍵戰略領域的預期以及此類支出的縮減有關的陳述;削減成本措施和定向關閉印刷出版物的預期影響;2024年預期的行業具體疲軟;我們對放鬆加息時機的預期;以及利率上升的壓力將在2024年開始穩定。這些前瞻性陳述基於某些假設,包括持續的經濟增長和復甦以及及時按預期金額實現成本節約,這些假設受風險、不確定性和其他因素的影響,這些因素可能導致公司的業績、業績或成就與此類前瞻性陳述所表達或暗示的任何未來業績、業績或成就存在重大差異,不應過度依賴此類陳述。

Important factors that could cause actual results to differ materially from these expectations include failure to implement or achieve the intended results from our strategic initiatives, the failure to reduce debt and the other risk factors listed in our Annual Information Form under the heading "Risk Factors" and in our MD&A under the heading "Business Environment and Risks", many of which are out of our control. These other risk factors include, but are not limited to that future cash flow from operations and the availability under existing banking arrangements are believed to be adequate to support financial liabilities, the ability of the Company to sell advertising and subscriptions related to its publications, foreign exchange rate fluctuations, the seasonal and cyclical nature of the agricultural and energy sectors, discontinuation of government grants, general market conditions in both Canada and the United States, changes in the prices of purchased supplies including newsprint, the effects of competition in the Company's markets, dependence on key personnel, integration of newly acquired businesses, technological changes, tax risk, financing risk, debt service risk and cybersecurity risk.

可能導致實際業績與這些預期存在重大差異的重要因素包括未能實施或實現我們的戰略舉措的預期成果、未能減少債務以及我們在年度信息表中 “風險因素” 標題下以及我們的管理與分析中列出的其他風險因素,其中許多風險因素是我們無法控制的。這些其他風險因素包括但不限於未來的運營現金流和現有銀行安排下的可用性被認爲足以支持金融負債、公司銷售與其出版物相關的廣告和訂閱的能力、外匯匯率波動、農業和能源行業的季節性和週期性、政府補助金的終止、加拿大和美國的總體市場狀況、已購供應品價格的變化包括新聞紙、公司市場競爭的影響、對關鍵人員的依賴、新收購業務的整合、技術變革、稅收風險、融資風險、還本付息風險和網絡安全風險。

The forward-looking statements made in this news release relate only to events or information as of the date on which the statements are made. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

本新聞稿中的前瞻性陳述僅與截至聲明發表之日的事件或信息有關。除非法律要求,否則公司沒有義務在聲明發表之日之後公開更新或修改任何前瞻性陳述,無論是由於新信息、未來事件還是其他原因,或者是爲了反映意外事件的發生。

NON-IFRS FINANCIAL MEASURES

非國際財務報告準則財務指標

Earnings before interest, taxes, depreciation and amortization ("EBITDA"), EBITDA margin and EBITDA per share, are not generally accepted measures of financial performance under IFRS. Management utilizes EBITDA as a financial performance measure to assess profitability and return on equity in its decision making. In addition, the Company, its lenders and its investors use EBITDA to measure performance and value for various purposes. Investors are cautioned; however, that EBITDA should not be construed as an alternative to net income (loss) attributable to common shareholders determined in accordance with IFRS as an indicator of the Company's performance.

根據國際財務報告準則,扣除利息、稅項、折舊和攤銷前的收益(“息稅折舊攤銷前利潤”)、息稅折舊攤銷前利潤率和每股息稅折舊攤銷前利潤並不是衡量財務業績的公認指標。管理層利用息稅折舊攤銷前利潤作爲財務業績衡量標準,在決策中評估盈利能力和股本回報率。此外,公司、其貸款人和投資者出於各種目的使用息稅折舊攤銷前利潤來衡量業績和價值。但是,投資者請注意,不應將息稅折舊攤銷前利潤解釋爲根據國際財務報告準則確定的普通股股東應占淨收益(虧損)的替代方案,以此作爲公司業績的指標。

The Company's method of calculating these financial performance measures may differ from other companies and, accordingly, they may not be comparable to measures used by other companies. A quantitative reconciliation of these non-IFRS measures is included in the section entitled EBITDA Reconciliation.

公司計算這些財務業績指標的方法可能與其他公司不同,因此,它們可能無法與其他公司使用的衡量標準進行比較。這些非國際財務報告準則指標的量化對賬載於標題爲 “息稅折舊攤銷前利潤對賬” 的章節中。

EBITDA RECONCILIATION

息稅折舊攤銷前利潤

(thousands of dollars)
except share and per share amounts 2023 2022
Net loss attributable to common shareholders $ (99,250) $ (29,553)
Add (deduct):
Non-controlling interests $ (2,436) $ 624
Net interest expense, debt and lease liability $ 19,925 $ 1,713
Depreciation and amortization $ 11,873 $ 12,455
Loss on disposal, net $ 2,726 $ -
Impairment expense $ 13,588 $ 15,525
Other income $ (2,115) $ (4,247)
Restructuring and other expenses (net) $ 7,790 $ 904
Share of (earnings) losses
from joint ventures and associates $ (590) $ 11,829
Income tax expense (recovery) $ 44,320 $ (6,167)
EBITDA (1) $ (4,169) $ 3,083
Notes:
(1) Refer to "Non-IFRS Measures" section of MD&A for discussion of non-IFRS measures used in this table.
(千美元)
股票和每股金額除外 2023 2022
歸屬於普通股股東的淨虧損 $ (99,250) $ (29,553)
加(扣除):
非控股權益 $ (2,436) $ 624
淨利息支出、債務和租賃負債 $ 19,925 $ 1,713
折舊和攤銷 $ 11,873 $ 12,455
處置損失,淨額 $ 2,726 $ -
減值支出 $ 13,588 $ 15,525
其他收入 $ (2,115) $ (4,247)
重組和其他費用(淨額) $ 7,790 $ 904
(收益)虧損份額
來自合資企業和聯營企業 $ (590) $ 11,829
所得稅支出(恢復) $ 44,320 $ (6,167)
稅前利潤 (1) $ (4,169) $ 3,083
注意事項:
(1) 有關本表中使用的非國際財務報告準則指標的討論,請參閱MD&A的 “非國際財務報告準則指標” 部分。

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