SupremeX Announces Record Q1 2023 Results

Supremex Inc. (“Supremex” or the “Company”) (TSX: SXP), a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions, today announced its results for the first quarter ended March 31, 2023.

First Quarter Financial Highlights and Recent Events
• Total revenue increased by 39.8% to $88.4 million, from $63.3 million in the first quarter of 2022.
• Envelope segment revenue was up 44.4% to $64.5 million, from $44.6 million in the first quarter of 2022.
• Packaging and specialty products segment revenue rose by 28.7% to $24.0 million, from $18.6 million last year.
• Net earnings increased 50.7% to $9.5 million, from $6.3 million in the first quarter of 2022.
• Acquisitions of Impression Paragraph Inc. (“Paragraph”), on January 16, 2023 and of Graf-Pak Inc. (“Graf-Pak”) on May 8, 2023

“Supremex posted solid first-quarter results with recent acquisitions driving revenue growth, leading to a thirteenth consecutive period of year-over-year improvement in Adjusted EBITDA. Our robust performance in the Envelope segment reflects a focused penetration of the U.S. market and a continued emphasis on improving customer and product mix. In Packaging, revenue and profitability were affected by residual inefficiencies from a recent relocation of our primary folding carton facility in the Montreal area, and we continue to focus on leveraging the benefits from a larger and more efficient facility,” said Stewart Emerson, President & CEO of Supremex.

“For the balance of 2023, our focus remains on integrating recent acquisitions with a priority on capturing all sales and cost synergies. Looking to the immediate future, both segments we operate in are experiencing a slowdown in new orders as customers throughout the supply chain focus on reducing inventory levels built in 2022. Beyond this temporary ebb, we believe our solid position in the North American envelope market combined with a greater presence in the growing folding carton and e-commerce fulfilment packaging markets should drive further earnings and cash flow growth,” concluded Mr. Emerson.
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