Premium Brands: Announces Q1-2020 Results

Vancouver / CA. (pbh) Premium Brands Holdings Corporation, a leading producer, marketer and distributor of branded specialty food products, announced its results for the first quarter of 2020 – the thirteen weeks ended March 28.

«As we navigate through these unprecedented times, our hearts and prayers go out to the families and communities impacted by the Covid-19 pandemic. We are truly humbled by and thankful for the heroism and acts of generosity and humanity that occur daily in response to this crisis, and in particular for the dedication and incredible work of our medical personnel and first responders.

«Within our own company, the story is no different with our dedicated associates across Canada and the U.S. continuing to selflessly come to work to prepare the food and nourishment needed by their fellow citizens. While we appreciate the role that our industry must play at times like these, I can assure you that our first priority is the health and safety of our associates, and the well-being of our communities,» said George Paleologou, President and CEO. Highlights:

• Record first quarter revenue of USD 935.0 million representing a 20.4 percent or USD 158.4 million increase as compared to the first quarter of 2019
• Organic sales volume growth of 14.6 percent or 13.8 percent if normalized for impacts associated with the Covid-19 pandemic
• Record first quarter adjusted Ebitda of USD 64.3 million
• Adjusted EPS for the quarter of USD 0.53 per share as compared to USD 0.52 per share in the first quarter of 2019
• A strong balance sheet with USD 214.2 million of available credit capacity
• While the market ramifications of the Covid-19 pandemic had a slightly positive impact on the Company’s first quarter sales and adjusted Ebitda, it expects the pandemic to have a significantly negative impact on its results for the year, in general, and the second quarter, in particular
• The Company is withdrawing its 2020 revenue and adjusted Ebitda guidance due to the uncertainties associated with the Covid-19 pandemic
• Subsequent to the quarter, the 2020 CEO’s Letter to Shareholders titled Great People and Great Culture – Our Points of Difference was posted to the Company’s website
• Subsequent to the quarter, the Company declared a quarterly dividend of USD 0.5775 per share

For additional information please read Premium Brands’ PDF file below (285 KB).

20200514-PBC-Q1-2020.