Financial Highlights: *Net sales of $532 million compared to $869 million in the second quarter of 2019 *Organic net sales decrease of 29.1% from the second quarter of 2019 *GAAP net loss of $63 million, or $1.86 per diluted share, compared to net loss of $25 million, or $0.72 per diluted share, in the second quarter of 2019 *Cash balance of $97 million as of June 30, 2020, providing sufficient liquidity to continue to fund ongoing operations *No drawings under our debtor-in-possession ("DIP") credit facility
TC Transcontinental (TSX: TCL.A TCL.B) is proud to have climbed to 16th place on the list of the 100 most sustainable corporations in the world, as unveiled today by Corporate Knights, in addition to ranking first in the packaging industry. This performance represents a significant improvement, whereas last year the corporation ranked 45th in the same category.
According to Corporate Knights, TC Transcontinental stood out for its high percentage of clean revenue from the sale of eco-responsible products, its clean investments, and the gender diversity of its Board of Directors and senior management. The Corporation has indeed made several advances in terms of corporate social responsibility (CSR), including:
*Expanding its vieVERTe sustainable packaging portfolio, which includes its commercialized compostable, 100% recyclable and post consumer resin product lines
*Investing more than $10 million in product research and development (R&D)
*Launching the ASTRA Center, composed of four different state-of-the-art R&D labs, located in Menasha, Wisconsin
*Achieving 31% women in leadership positions in its Packaging, Printing and Media sectors, exceeding its initial target.
“I am proud of TC Transcontinental’s strong values, our coworkers’ commitment to build a sustainable future and the role we are playing in creating a circular economy for plastics”, said Peter Brues, President and Chief Executive Officer of the corporation. “We will continue to invest significantly in R&D that accelerates the development and commercialization of sustainable packaging and ensures that we meet the targets we set as part of the Ellen MacArthur Foundation’s New Plastics Economy Global Commitment.”
lsabelle Marcoux, Chair of the Board, added: “This recognition highlights the effectiveness, rigor and scope of the work accomplished in corporate social responsibility by our operating teams and around the Board table. In line with our corporate values, CSR is an integral part of our long-term vision, and the Board ensures that it oversees and supports the actions driven by our strong corporate strategy and governance. As our 2019-2021 Corporate Social Responsibility Plan draws to a close, our people are working to develop new, even more ambitious targets, anchored in our vision of sustainable growth and in line with our stakeholders’ expectations.”
The Global 100 Most Sustainable Corporations in the World is a comprehensive analysis of 6,914 international organizations with revenues over $1 billion. Corporations are evaluated on a series of performance indicators specific to their sector, such as percentage of clean revenue, resource management, employee management, financial management and diversity.