TAIGA'S (TBL) FOURTH QUARTER RESULTS IMPACTED BY LOW COMMODITY PRICES

December 31,

(in thousands of Canadian dollars, except for per share amounts)     

2023

2022

Sales

367,658

400,813

Gross margin

42,448

49,431

Distribution expense

8,241

7,933

Selling and administration expense

24,335

27,210

Finance expense

(425)

1,055

Subordinated debt interest expense

-

113

Other expense (income)

(61)

20

Earnings (loss) before income taxes

10,358

13,100

Income tax expense

968

3,387

Net earnings (loss)

9,390

9,713

Net earnings (loss) per share⁽¹⁾

0.09

0.09

EBITDA⁽²⁾

13,141

17,221

December 31,

(in thousands of Canadian dollars)

2023

2022

Net earnings (loss)

9,390

9,713

Income tax expense

968

3,387

Finance and subordinated debt interest expense                                                       

(425)

1,168

Amortization

3,208

2,953

EBITDA

13,141

17,221

December 31,

(in thousands of Canadian dollars, except for per share amounts)     

2023

2022

Sales

1,679,667

2,192,705

Gross margin

198,395

291,153

Distribution expense

32,259

29,941

Selling and administration expense

86,980

133,522

Finance expense

2,302

6,553

Subordinated debt interest expense

-

769

Other expense (income)

169

(140)

Earnings before income taxes

76,685

120,508

Income tax expense

15,384

31,880

Net earnings

61,301

88,628

Net earnings per share⁽¹⁾

0.57

0.82

EBITDA⁽²⁾

91,263

139,299

(in thousands of Canadian dollars)

2023

2022

Net earnings

61,301

88,628

Income tax expense

15,384

31,880

Finance and subordinated debt interest expense                                                       

2,302

7,322

Amortization

12,276

11,469

EBITDA

91,263

139,299

Notes:

(1)  Earnings per share is calculated using the weighted average number of shares.

(2)  Reference is made above to EBITDA, which represents earnings before interest, taxes, and amortization. As there is no generally accepted method of calculating EBITDA, the measure as calculated by Taiga might not be comparable to similarly titled measures reported by other issuers. EBITDA is presented as management believes it is a useful indicator of a company's ability to meet debt service and capital expenditure requirements and because management interprets trends in EBITDA as an indicator of relative operating performance. EBITDA should not be considered by an investor as an alternative to net income or cash flows as determined in accordance with IFRS. For the disclosure of the manner in which EBITDA is calculated and reconciliation to net earnings refer to the "EBITDA" section of the Company's management's discussion and analysis which will be available shortly on SEDAR at www.sedar.com.