KP Tissue Releases Fourth Quarter and Full Year 2024 Financial Results

Record revenue surpasses $2-billion mark in 2024 combined with strong Adjusted EBITDA in all four quarters

MISSISSAUGA, Ontario, March 05, 2025 (GLOBE NEWSWIRE) — KP Tissue Inc. (KPT) (TSX: KPT) reports the Q4 2024 and full year 2024 financial and operational results of KPT and Kruger Products Inc. (Kruger Products). Kruger Products is Canada’s leading manufacturer of quality tissue products for the Consumer market (Cashmere®, Purex®, SpongeTowels®, Scotties®, White Swan® and BonterraTM) and the Away-From-Home (AFH) market and continues to grow in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products. KPT currently holds a 12.5% interest in Kruger Products.

Kruger Products Q4 2024 Business and Financial Highlights

  • Revenue was $539.6 million in Q4 2024 compared to $482.3 million in Q4 2023, an increase of $57.3 million or 11.9%.
  • Adjusted EBITDA1 was $66.8 million in Q4 2024 compared to $61.2 million in Q4 2023, an increase of 9.2%.
  • Net loss was $13.7 million in Q4 2024 compared to net income of $16.5 million in Q4 2023, a decrease of $30.2 million.
  • Declared a quarterly dividend of $0.18 per share to be paid on April 15, 2025.

Kruger Products Full Year 2024 Financial Highlights

  • Revenue was $2,049.9 million in Fiscal 2024 compared to $1,873.0 million in Fiscal 2023, an increase of $176.9 million or 9.4%.
  • Adjusted EBITDA1 was $264.8 million in Fiscal 2024 compared to $238.6 million in Fiscal 2023, an increase of 11.0%.
  • Net income was $23.8 million in Fiscal 2024 compared to a net loss of $5.3 million in Fiscal 2023, an improvement in net income of $29.1 million.

“We are pleased with our financial performance in 2024, highlighted by record revenue of more than $2 billion and strong Adjusted EBITDA in all four quarters,” stated KP Tissue’s Chief Executive Officer, Dino Bianco. “We are particularly proud of our profitability results which were relatively stable in each quarter despite volatile pulp prices and input costs for most of the year. The fourth quarter culminated with revenue growth of 11.9% year-over-year to $539.6 million, driven by higher sales volume in the United States, favourable selling prices in Canada and a positive foreign exchange impact.”

“Following the successful start-up of our tissue plant at Sherbrooke in 2024, we are currently evaluating the construction of a new manufacturing facility that would contain a state-of-the-art TAD paper machine and three converting lines. The proposed plan supports our continued focus to grow revenue and our market share as well as offer high-quality tissue products to customers across North America. The current business uncertainty will require us to complete additional due diligence prior to making any announcement.”

“Finally, we have contingency measures ready to deploy to mitigate the impact of potential U.S. tariffs on our business, while marketing campaigns have been launched to leverage increasingly patriotic consumer sentiment in Canada,” Mr. Bianco added.

Outlook for Q1 2025
As we look to Q1 results, we believe the fundamentals of our business remain strong, however given the uncertainty driven by the proposed tariffs we will not provide Q1 guidance. We hope to return to providing quarterly guidance once the impact of tariffs are better known.

Kruger Products Q4 2024 Financial Results
Revenue was $539.6 million in Q4 2024 compared to $482.3 million in Q4 2023, an increase of $57.3 million or 11.9%. The increase in revenue was primarily due to higher sales volume, primarily in the U.S., and the favourable impact of the previously announced Consumer selling price increase in Canada. Revenue was also favourably impacted by foreign exchange fluctuations on U.S. dollar sales.

Cost of sales was $459.3 million in Q4 2024 compared to $400.5 million in Q4 2023, an increase of $58.8 million or 14.7%. The increase in cost of sales was primarily due to higher sales volume and pulp prices, additional outsourcing activity compared to Q4 2023, higher manufacturing overhead spend and the unfavourable impact of foreign exchange fluctuations on U.S. dollar costs, partially offset by the favourable impact of overhead cost absorption resulting from higher inventory levels in the quarter. Freight rates were higher compared to Q4 2023, while warehousing costs increased as a result of handling costs. As a percentage of revenue, cost of sales was 85.1% in Q4 2024 compared to 83.0% in Q4 2023.

Selling, general and administrative (SG&A) expenses were $45.1 million in Q4 2024 compared to $50.3 million in Q4 2023, a decrease of $5.2 million or 10.4%. The decrease was primarily due to lower advertising spend in the quarter, foreign exchange gains in Q4 2024 compared to losses in Q4 2023 and higher losses on the sale of fixed assets in Q4 2023, partially offset by consulting and legal costs to support operational and corporate initiatives. As a percentage of revenue, SG&A expenses were 8.4% in Q4 2024 compared to 10.4% in Q4 2023.

Adjusted EBITDA1 was $66.8 million in Q4 2024 compared to $61.2 million in Q4 2023, an increase of $5.6 million or 9.2%. The increase was primarily due to higher sales volume and selling prices, the favourable impact of overhead cost absorption and lower SG&A expenses, partially offset by additional outsourcing activity, higher manufacturing overhead spend and higher freight and warehousing expenses.

Net loss was $13.7 million in Q4 2024 compared to net income of $16.5 million in Q4 2023, a decrease of $30.2 million. The decrease was primarily due to a higher foreign exchange loss and higher depreciation and interest expenses, partially offset by higher Adjusted EBITDA1 and higher income from non-controlling interest, lower income tax expense and lower losses on the sale of fixed assets.

Kruger Products 2024 Financial Results
Revenue was $2,049.9 million in Fiscal 2024 compared to $1,873.0 million in Fiscal 2023, an increase of $176.9 million or 9.4%. The increase in revenue was primarily due to higher sales volume and selling prices across both segments. Revenue was also favourably impacted by foreign exchange fluctuations on U.S. dollar sales.

Adjusted EBITDA1 was $264.8 million in Fiscal 2024 compared to $238.6 million in Fiscal 2023, an increase of $26.2 million or 11.0%. The increase was primarily due to higher sales volumes, selling prices and favourable sales mix along with lower pulp prices, partially offset by higher manufacturing costs and higher warehousing and SG&A expenses.

Net income was $23.8 million in Fiscal 2024 compared to a net loss of $5.3 million in Fiscal 2023, an improvement in net income of $29.1 million. The improvement was primarily due to higher Adjusted EBITDA1 and lower income tax expense, partially offset by higher foreign exchange losses and higher depreciation expense.

Kruger Products Q4 2024 Financing Activity and Liquidity

On November 1, 2024, Kruger Products issued $135 million in an aggregate principal amount of 6.625% Senior Unsecured Notes (the Notes) due November 1, 2031 through a private placement. Interest on the Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2025. The majority of the proceeds were used to redeem the $125 million Senior Unsecured Notes with the remainder being used for general corporate purposes.

Kruger Products completed the previously announced redemption of its outstanding $125 million principal amount of 6.0% Senior Unsecured Notes on November 12, 2024 at a redemption price of 100% of the principal amount plus accrued and unpaid interest.

Total liquidity, representing cash and availability under the revolving credit agreements, was $344.6 million as of December 31, 2024. In addition, $16.6 million of cash was held for the Sherbrooke Expansion Project.

KPT Q4 2024 Financial Results
KPT had a net loss of $2.0 million in Q4 2024. Included in the net loss was $1.8 million representing KPT’s share of Kruger Products’ net loss, a dilution gain of $0.1 million and depreciation expense of $0.2 million related to adjustments to carrying amounts on acquisition and income tax expense of $0.1 million.

KPT 2024 Financial Results

KPT had net income of $2.4 million in Fiscal 2024. Included in the net income was $3.0 million representing KPT’s share of Kruger Products’ net income, a dilution gain of $0.6 million, depreciation expense of $1.1 million related to adjustments to carrying amounts on acquisition and an income tax expense of $0.1 million.

Dividends on Common Shares
The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on April 15, 2025 to shareholders of record at the close of business on March 31, 2025.

Additional Information
For additional information please refer to Management’s Discussion and Analysis (MD&A) of KPT and Kruger Products for the fourth quarter and fiscal year ended December 31, 2024 available on SEDAR+ at www.sedarplus.ca or our website at www.kptissueinc.com.

Fourth Quarter Results Conference Call Information
KPT will hold its fourth quarter conference call on Wednesday, March 5, 2025 at 8:30 a.m. Eastern Time.
Via telephone: 1-888-699-1199 or 416-945-7677
Via the internet at: www.kptissueinc.com

Presentation material referenced during the conference call will be available at www.kptissueinc.com.

A rebroadcast of the conference call will be available until midnight, March 12, 2025 by dialing 1-888-660-6345 or 289-819-1450 and entering passcode 54225.

The replay of the webcast will remain available on the website until midnight, March 12, 2025.

About KP Tissue Inc.

KPT was created to acquire, and its business is limited to holding, a limited equity interest in Kruger Products, which is accounted for as an investment on the equity basis. KPT currently holds a 12.5% interest in Kruger Products. For more information visit www.kptissueinc.com.

About Kruger Products Inc.
Kruger Products is Canada’s leading manufacturer of quality tissue products for household, industrial and commercial use. Kruger Products serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties®, White Swan® and BonterraTM. In the U.S., Kruger Products manufactures the White Cloud® brand, as well as many private label products. The Away-From-Home division manufactures and distributes high-quality, cost-effective product solutions to a wide range of commercial and public entities. Kruger Products has approximately 3,000 employees and operates ten FSC® COC-certified (FSC® C-104904) production facilities in North America. For more information visit www.krugerproducts.ca.

Non-GAAP Financial Measures

This press release uses certain non-GAAP financial measures which Kruger Products believes provide useful information to management of Kruger Products and the readers of the financial information in measuring the financial performance and financial condition of Kruger Products. These measures do not have a standardized meaning prescribed by GAAP and therefore may not be comparable to similarly titled measures presented by other companies. An example of such a measure is Adjusted EBITDA. Adjusted EBITDA is not a measurement of operating performance computed in accordance with GAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. “Adjusted EBITDA” is calculated by Kruger Products as net income (loss) before (i) interest expense and other finance costs, (ii) income taxes, (iii) depreciation, (iv) amortization, (v) loss on sale of non-financial assets, (vi) loss (gain) on disposal of property, plant and equipment, (vii) foreign exchange loss (gain), (viii) costs related to restructuring activities and (ix) changes in amortized cost of Partnership units liability. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the Segment and Geographic Results table of this news release.

Forward-Looking Statements
Certain statements in this press release about KPT’s and Kruger Products’ current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. The forward-looking statements are based on certain key expectations and assumptions made by KPT or Kruger Products, including the moderation of inflationary pressure on input costs and continued inflationary pressure on SG&A as labour, marketing and IT costs continue to rise. Although KPT and Kruger Products believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that such expectations and assumptions will prove to be correct.

The outlook provided in respect of Adjusted EBITDA1 for Q1 2025 is forward-looking information and is based on the assumptions and subject to the risk and uncertainties referred to below. The purpose of the outlook is to provide the reader with an indication of management’s expectations, at the date of this press release, regarding Kruger Products’ future financial performance. Readers are cautioned that this information may not be appropriate for other purposes.

Many factors could cause Kruger Products’ actual results, level of activity, performance or achievements or future events or developments (which could in turn affect the economic benefits derived from KPT’s economic interest in Kruger Products), to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail in the “Risk Factors – Risks Related to Kruger Products’ Business” section of the KPT Annual Information Form dated March 5, 2025 available on SEDAR+ at www.sedarplus.ca: Kruger Inc.’s influence over Kruger Products; Kruger Products’ reliance on Kruger Inc.; consequences of an event of insolvency relating to Kruger Inc.; risks associated with the ownership of the TAD Sherbrooke Project; risks associated with the operation of the TAD Sherbrooke Project; risks associated with the Sherbrooke Expansion Project; operational risks; significant increases in input costs; reduction in supply of fibre; increased pricing pressure and intense competition; Kruger Products’ inability to innovate effectively; adverse economic conditions; dependence on key retail trade customers; damage to the reputation of Kruger Products or Kruger Products’ brands; Kruger Products’ sales being less than anticipated; Kruger Products’ failure to implement its business and operating strategies; Kruger Products’ obligation to make regular capital expenditures; Kruger Products entering into unsuccessful acquisitions; Kruger Products’ dependence on key personnel; Kruger Products’ inability to retain its existing customers or obtain new customers; Kruger Products’ loss of key suppliers; Kruger Products’ failure to adequately protect its intellectual property rights; Kruger Products’ reliance on third party intellectual property licenses; adverse litigation and other claims affecting Kruger Products; material expenditures due to comprehensive environmental regulation affecting Kruger Products’ cash flow; Kruger Products’ pension obligations are significant and can be materially higher than predicted if Kruger Products Management’s underlying assumptions are incorrect; labour disputes adversely affecting Kruger Products’ cost structure and Kruger Products’ ability to run its plants; exchange rate and U.S. competitors; Kruger Products’ inability to service all of its indebtedness; exposure to potential consumer product liability; covenant compliance; interest rate and refinancing risk; and risks relating to information technology; cyber-security; insurance; internal controls, trade and tax.

Readers should not place undue reliance on forward-looking statements made herein. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information contained herein is made as of the date of press release and KPT undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.

INFORMATION:
Francois Paroyan
General Counsel and Corporate Secretary
KP Tissue Inc.
905-812-6936
francois.paroyan@krugerproducts.ca

INVESTORS:
Doris Grbic
Director, Investor Relations
KP Tissue Inc.
437-882-2596
IR@krugerproducts.ca

 

Kruger Products Inc.

Consolidated Statements of Financial Position

(thousands of Canadian dollars)

December 31, 2024

December 31, 2023

$

$

Assets

Current assets

Cash and cash equivalents

119,460

135,728

Restricted cash

48,375

12,451

Trade and other receivables

138,177

130,157

Receivables from related parties

80

842

Inventories

287,756

254,372

Income tax recoverable

3,208

4,578

Prepaid expenses

6,383

4,726

603,439

542,854

Non-current assets

Property, plant and equipment

1,509,592

1,421,650

Right-of-use assets

186,460

84,866

Other long-term assets

92

3,808

Pensions

92,661

69,839

Goodwill

152,021

152,021

Intangible assets

42,572

26,852

Deferred income taxes

10,500

23,740

Total assets

2,597,337

2,325,630

Liabilities

Current liabilities

Trade and other payables

346,264

400,385

Payables to related parties

17,829

10,973

Income tax payable

3

Dividends payable

14,308

13,675

Current portion of long-term debt

54,168

35,229

Current portion of lease liabilities

40,156

27,154

Current portion of long-term payable to related party

5,800

5,800

Current portion of provisions

4,184

3,952

482,712

497,168

Non-current liabilities

Long-term debt

1,180,488

1,034,016

Long-term lease liabilities

165,563

71,865

Long-term payable to related party

31,925

35,580

Long-term provisions

9,398

5,740

Pensions

17,845

18,935

Post-retirement benefits

47,140

48,699

Total liabilities

1,935,071

1,712,003

Equity

Share capital

308,622

278,252

Contributed surplus

395,382

395,382

Deficit

(171,874

)

(164,029

)

Accumulated other comprehensive income

100,177

81,011

Equity attributable to Kruger Products

632,307

590,616

Non-controlling interest

29,959

23,011

Total equity

662,266

613,627

Total equity and liabilities

2,597,337

2,325,630

 

Kruger Products Inc.

Consolidated Statementof Income (Loss)

(thousands of Canadian dollars)

3-month
period ended
December 31, 2024

3-month
period ended
December 31, 2023

12-month
period ended
December 31, 2024

12-month
period ended
December 31, 2023

$

$

$

$

Revenue

539,621

482,269

2,049,938

1,872,962

Expenses

Cost of sales

459,271

400,476

1,721,704

1,571,587

Selling, general and administrative expenses

45,105

50,319

178,250

167,209

Restructuring costs

274

219

1,574

Operating income

35,245

31,200

149,765

132,592

Interest expense and other finance costs

21,355

18,515

72,487

70,255

Other expense (income)

24,718

(8,482

)

31,870

(9,352

)

Income (loss) before income taxes

(10,828

)

21,167

45,408

71,689

Current tax expense (recovery)

(415

)

689

2,734

2,632

Deferred tax expense

4,956

1,916

16,679

70,776

Income tax expense

4,541

2,605

19,413

73,408

Net income (loss) including non-controlling interest

(15,369

)

18,562

25,995

(1,719

)

Net income (loss) attributable to non-controlling interest

(1,649

)

2,026

2,174

3,594

Net income (loss) attributable to Kruger Products

(13,720

)

16,536

23,821

(5,313

)

 

Kruger Products Inc.

Consolidated Statements of Cash Flows

(thousands of Canadian dollars)

3-month
period ended
December 31, 2024

3-month
period ended
December 31, 2023

12-month
period ended
December 31, 2024

12-month
period ended
December 31, 2023

$

$

$

$

Cash flows from (used in) operating activities

Net income (loss) including non-controlling interest

(15,369

)

18,562

25,995

(1,719

)

Items not affecting cash

Depreciation

29,105

26,691

107,793

96,996

Amortization

2,022

1,106

6,322

4,377

Loss on sale of property, plant and equipment

370

1,945

639

3,043

Gain (loss) on disposal of leased assets

47

47

(488

)

Foreign exchange loss (gain)

24,719

(8,482

)

32,752

(9,352

)

Interest expense and other finance costs

21,355

18,515

72,487

70,255

Pension and post-retirement benefits

3,328

2,200

12,292

8,656

Provisions

1,464

998

4,879

3,702

Income tax expense

4,541

2,605

19,413

73,408

Loss on sale of non-financial assets

18

3

45

24

Total items not affecting cash

86,969

45,581

256,669

250,621

Net change in non-cash working capital

(5,630

)

45,895

(58,604

)

110,162

Contributions to pension and post-retirement benefit plans

(1,058

)

(1,098

)

(4,476

)

(8,537

)

Provisions paid

(862

)

(3,695

)

(4,305

)

Income tax payments, net

(665

)

174

(3,786

)

(1,834

)

Net cash from operating activities

64,247

108,252

212,103

344,388

Cash flows from (used in) investing activities

Purchases of property, plant and equipment

(28,941

)

(19,980

)

(44,762

)

(34,653

)

Purchases of property, plant and equipment and software

    related to the TAD Sherbrooke Project

(855

)

(2,435

)

Purchases of property, plant and equipment related to the

Sherbrooke Expansion Project

(13,511

)

(57,943

)

(129,678

)

(147,938

)

Interest paid on credit facilities related to the Sherbrooke Expansion

Project

(2,628

)

(133

)

(7,764

)

(454

)

Government assistance received

1,250

Purchases of software

(2,978

)

(646

)

(3,272

)

(1,202

)

Proceeds on sale of property, plant and equipment

121

28

2,586

Net cash used in investing activities

(48,058

)

(79,436

)

(185,448

)

(182,846

)

Cash flows from (used in) financing activities

Proceeds from long-term debt

160,156

43,411

279,353

130,954

Repayment of long-term debt

(130,770

)

(57,874

)

(163,815

)

(127,780

)

Payment of deferred financing fees

(3,181

)

(494

)

(4,493

)

(899

)

Payment of lease liabilities

(9,736

)

(9,984

)

(36,199

)

(30,819

)

Change in Restricted cash

(3,543

)

(1,369

)

(35,924

)

(5,306

)

Interest paid on long-term debt

(15,839

)

(15,109

)

(54,678

)

(49,390

)

Payment to related party

(5,800

)

(5,700

)

Dividends paid, net

(7,925

)

(1,743

)

(25,350

)

(6,988

)

Net cash used in financing activities

(10,838

)

(43,162

)

(46,906

)

(95,928

)

Effect of exchange rate changes on cash and cash

equivalents held in foreign currency

2,894

(1,071

)

3,983

(1,147

)

Increase (decrease) in cash and cash equivalents during the period

8,245

(15,417

)

(16,268

)

64,467

Cash and cash equivalents – Beginning of period

111,215

151,145

135,728

71,261

Cash and cash equivalents – End of period

119,460

135,728

119,460

135,728

 

Kruger Products Inc.

Segment and Geographic Results

(thousands of Canadian dollars)

3-month
period ended
December 31, 2024

3-month
period ended
December 31, 2023

12-month
period ended
December 31, 2024

12-month
period ended
December 31, 2023

$

$

$

$

Segment Information

Segment Revenue

Consumer

452,709

400,867

1,708,119

1,551,157

AFH

86,912

81,402

341,819

321,805

Revenue from external customers

539,621

482,269

2,049,938

1,872,962

Other segment items

    Consumer

388,737

341,025

1,458,774

1,320,847

    AFH

82,293

75,688

313,259

301,013

    Corporate and other costs

1,831

4,337

13,122

12,496

Total other segment items

472,861

421,050

1,785,155

1,634,356

Adjusted EBITDA

Consumer

63,972

59,842

249,345

230,310

AFH

4,619

5,714

28,560

20,792

Corporate and other costs

(1,831

)

(4,337

)

(13,122

)

(12,496

)

Total Adjusted EBITDA

66,760

61,219

264,783

238,606

Reconciliation to net income (loss):

Depreciation and amortization

31,127

27,797

114,115

101,373

Interest expense and other finance costs

21,355

18,515

72,487

70,255

Loss on sale of property, plant and equipment

370

1,945

639

3,043

Loss on sale of non-financial assets

18

3

45

24

Change in amortized cost of Partnership unit liability

(882

)

Restructuring costs, net

274

219

1,574

Foreign exchange loss (gain)

24,718

(8,482

)

32,752

(9,352

)

Income (loss) before income taxes

(10,828

)

21,167

45,408

71,689

Income tax expense

4,541

2,605

19,413

73,408

Net income (loss) including non-controlling interest

(15,369

)

18,562

25,995

(1,719

)

Geographic Revenue

Canada

291,391

274,843

1,118,754

1,068,376

US

248,230

207,426

931,184

804,586

Total revenue

539,621

482,269

2,049,938

1,872,962

 

KP Tissue Inc.

Statements of Financial Position

(thousands of Canadian dollars)

December 31, 2024

December 31, 2023

$

$

Assets

Current assets

Dividends receivable

1,798

1,793

Income taxes recoverable

652

1,798

2,445

Non-current assets

Investment in associate

69,517

68,162

Total assets

71,315

70,607

Liabilities

Current liabilities

Dividend payable

1,798

1,793

Payable to investee

457

Total liabilities

1,798

2,250

Equity

Common shares

22,762

22,560

Contributed surplus

144,819

144,819

Deficit

(116,673

)

(115,027

)

Accumulated other comprehensive income

18,609

16,005

Total equity

69,517

68,357

Total liabilities and equity

71,315

70,607

 

KP Tissue Inc.

Statements of Income (Loss)

(thousands of Canadian dollars, except share and per share amounts)

3-month
period ended
December 31, 2024

3-month
period ended
December 31, 2023

12-month
period ended
December 31, 2024

12-month
period ended
December 31, 2023

$

$

$

$

    Share of income (loss)

(1,765

)

2,212

2,993

(697

)

    Depreciation of fair value increments

(276

)

(279

)

(1,123

)

(1,165

)

Equity income (loss)

(2,041

)

1,933

1,870

(1,862

)

    Dilution gain

119

245

619

1,032

Income (loss) before income taxes

(1,922

)

2,178

2,489

(830

)

Current tax expense

56

215

56

215

Deferred tax expense

3,892

Income tax expense

56

215

56

4,107

Net income (loss)

(1,978

)

1,963

2,433

(4,937

)

Basic earnings (loss) per share

(0.15

)

0.20

0.24

(0.50

)

Weighted average number of shares outstanding

9,986,446

9,962,907

9,976,725

9,955,981

 

KP Tissue Inc.

Statements of Cash Flows

(thousands of Canadian dollars)

3-month
period ended
December 31, 2024

3-month
period ended
December 31, 2023

12-month
period ended
December 31, 2024

12-month
period ended
December 31, 2023

$

$

$

$

Cash flows from (used in) operating activities

Net income (loss)

(1,978

)

1,963

2,433

(4,937

)

Items not affecting cash

Equity loss (income)

2,041

(1,933

)

(1,870

)

1,862

Dilution gain

(119

)

(245

)

(619

)

(1,032

)

Deferred tax expense

56

215

56

4,107

Total items not affecting cash

1,978

(1,963

)

(2,433

)

4,937

Increase (decrease) in payable to investee

65

424

(595

)

287

Tax refunds, net

(65

)

(424

)

595

(287

)

Net cash from (used in) operating activities

Cash flows from investing activities

Dividends received, net

1,735

1,742

6,974

6,984

Net cash from investing activities

1,735

1,742

6,974

6,984

Cash flows used in financing activities

Dividends paid, net

(1,735

)

(1,742

)

(6,974

)

(6,984

)

Net cash used in financing activities

(1,735

)

(1,742

)

(6,974

)

(6,984

)

Increase (decrease) in cash and cash equivalents during the period

Cash and cash equivalents – Beginning of period

Cash and cash equivalents – End of period

Source: westerngrocer.com

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