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Highlights Revenues of $749.3 million for the quarter ended October 27, 2024; operating earnings of $79.3 million; and net earnings attributable to shareholders of the Corporation of $47.9 million ($0.57 per share). Adjusted operating earnings before depreciation and amortization (1) of $142.2 million for the quarter ended October 27, 2024; adjusted operating earnings (1) of $105.1 million; and adjusted net earnings attributable to shareholders of the Corporation (1) of $67.3 million ($0.79 per share). Revenues of $2,812.9 million for the fiscal year 2024; operating earnings of $209.5 million; and net earnings attributable to shareholders of the Corporation of $121.3 million ($1.41 per share). Adjusted operating earnings before depreciation and amortization (1) of $469.4 million for the fiscal year 2024; adjusted operating earnings (1) of $320.6 million; and adjusted net earnings attributable to shareholders of the Corporation (1) of $201.4 million ($2.34 per share). Growth in adjusted operating earnings before depreciation and amortization (1) of 5.1% for the fiscal year ended October 27, 2024, with an increase of 14.2% in the Packaging Sector and an increase of 2.1% in the Retail Services and Printing Sector. Repurchase of 2.1 million shares during the fiscal year ended October 27, 2024, for a total consideration of $32.3 million. Subsequent to the end of fiscal year 2024, sale of the industrial packaging operations to Hood Packaging Corporation for an amount of $132.0 million (US$95.0 million). (1) Please refer to the section entitled "Non-IFRS Financial Measures" in this press release for a definition of these measures. MONTREAL, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Transcontinental Inc. TCL announces its results for the fourth quarter and fiscal year 2024, which ended October 27, 2024. "Once again, we posted solid quarterly results and therefore ended the fiscal year on a strong note," said Thomas Morin, President and Chief Executive Officer of TC Transcontinental. "I am very pleased with the excellent results for fiscal 2024 and would like to thank our teams for their disciplined work in reducing costs and improving profitability. "In our Packaging Sector, despite the ongoing pressure on our medical market activities, we reported a 6.5% increase in adjusted operating earnings before depreciation and amortization for the quarter, mainly as a result of our cost reduction initiatives. For the fiscal year 2024, our adjusted operating earnings before depreciation and amortization amounted to $262.2 million, up 14.2% compared to the prior year. "In our Retail Services and Printing Sector, we recorded an increase in adjusted operating earnings before depreciation and amortization for a second consecutive quarter. The actions taken to improve our cost structure, a more favourable product mix, including the roll-out of raddar TM , as well as growth in our in-store marketing activities, continue to show results. For fiscal 2024, our adjusted operating earnings before depreciation and amortization stood at $201.0 million, an increase of 2.1% compared to the prior year. "Mainly as a result of the implementation of the program aimed at improving our profitability and our financial position, we posted a solid performance for fiscal 2024," added Donald LeCavalier, Executive Vice President and Chief Financial Officer of TC Transcontinental. "In addition, we generated significant cash flows in fiscal 2024 which, combined with the monetization of some real estate assets, enabled us to improve our balance sheet by reducing our net indebtedness ratio to 1.71 times the adjusted operating earnings before depreciation and amortization while allocating $32.3 million to our share repurchase program." Financial Highlights (in millions of dollars, except per share amounts) Q4-2024 Q4-2023 Variation in % Fiscal Year 2024 Fiscal Year 2023 Variation in % Revenues $749.3 $779.7 (3.9 )% $2,812.9 $2,940.6 (4.3 )% Operating earnings before depreciation and amortization 131.8 123.2 7.0 424.7 399.6 6.3 Adjusted operating earnings before depreciation and amortization (1) 142.2 145.5 (2.3 ) 469.4 446.5 5.1 Operating earnings 79.3 66.7 18.9 209.5 164.7 27.2 Adjusted operating earnings (1) 105.1 107.3 (2.1 ) 320.6 285.5 12.3 Net earnings attributable to shareholders of the Corporation 47.9 41.7 14.9 121.3 85.8 41.4 Net earnings attributable to shareholders of the Corporation per share 0.57 0.48 18.8 1.41 0.99 42.4 Adjusted net earnings attributable to shareholders of the Corporation (1) 67.3 71.8 (6.3 ) 201.4 176.0 14.4 Adjusted net earnings attributable to shareholders of the Corporation per share (1) 0.79 0.83 (4.8 ) 2.34 2.03 15.3 (1) Please refer to the section entitled "Reconciliation of Non-IFRS Financial Measures" in this Press release for adjusted data presented above. Results for the Fourth Quarter of Fiscal 2024 Revenues decreased by $30.4 million, or 3.9%, from $779.7 million in the fourth quarter of 2023 to $749.3 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector and the Packaging Sector, partially mitigated by the favourable effect of exchange rate fluctuations. Operating earnings before depreciation and amortization increased by $8.6 million, or 7.0%, from $123.2 million in the fourth quarter of 2023 to $131.8 million in the fourth quarter of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Despite an increase in adjusted operating earnings before depreciation and amortization in the two main operating sectors, consolidated adjusted operating earnings before depreciation and amortization decreased by $3.3 million, or 2.3%, from $145.5 million in the fourth quarter of 2023 to $142.2 million in the fourth quarter of 2024. This decrease is mainly due to the unfavourable effect of the change in the incentive compensation expense, including the stock-based compensation expense. Net earnings attributable to shareholders of the Corporation increased by $6.2 million, or 14.9%, from $41.7 million in the fourth quarter of 2023 to $47.9 million in the fourth quarter of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.48 to $0.57, respectively. Adjusted net earnings attributable to shareholders of the Corporation decreased by $4.5 million, or 6.3%, from $71.8 million in the fourth quarter of 2023 to $67.3 million in the fourth quarter of 2024. This decrease is mainly due to the previously explained decrease in adjusted operating earnings before depreciation and amortization and higher income taxes, partially mitigated by the decrease in depreciation and amortization, and lower financial expenses. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $0.83 to $0.79, respectively. Results for Fiscal Year 2024 Revenues decreased by $127.7 million, or 4.3%, from $2,940.6 million in fiscal year 2023 to $2,812.9 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector as well as in the Packaging Sector. Operating earnings before depreciation and amortization increased by $25.1 million, or 6.3%, from $399.6 million in fiscal year 2023 to $424.7 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Adjusted operating earnings before depreciation and amortization increased by $22.9 million, or 5.1%, from $446.5 million in fiscal year 2023 to $469.4 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives, partially offset by lower volume. Net earnings attributable to shareholders of the Corporation increased by $35.5 million, or 41.4%, from $85.8 million in fiscal year 2023 to $121.3 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.99 to $1.41, respectively. Adjusted net earnings attributable to shareholders of the Corporation increased by $25.4 million, or 14.4%, from $176.0 million in fiscal year 2023 to $201.4 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in adjusted operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $2.03 to $2.34, respectively. For more detailed financial information, please see the Management's Discussion and Analysis for the year ended October 27, 2024, as well as the financial statements in the "Investors" section of our website at www.tc.tc . Outlook In the Packaging Sector, our investments, including those related to sustainable packaging solutions, position us well for the future and should be a key driver of our long-term growth. In terms of profitability, we expect to generate organic growth in adjusted operating earnings before depreciation and amortization for fiscal 2025 compared to fiscal 2024. In the Retail Services and Printing Sector, we are encouraged by the roll-out of raddar TM and growth opportunities in our in-store marketing activities. Despite a decrease in revenues resulting from lower volume in our traditional activities and the roll-out of raddar TM , we expect adjusted operating earnings before depreciation and amortization for fiscal 2025 to be stable compared to fiscal 2024, excluding the impact of the labour conflict at Canada Post. Lastly, in addition to the amount received for the sale of our industrial packaging operations, we expect to continue generating significant cash flows from operating activities, which will enable us to reduce our net indebtedness while continuing to make strategic investments and return capital to our shareholders. Labour Conflict at Canada Post On November 15, 2024, the Canadian Union of Postal Workers initiated a national strike. As of December 11, 2024, this labour conflict at Canada Post, which remain unresolved, is disrupting the distribution services of flyers, including the raddar TM leaflet. As a result, the Corporation is incurring revenue losses in regions where raddar TM is not distributed through alternative networks, as well as additional costs, including the printing costs of undistributed flyers and the establishment of alternative distribution networks in certain regions of Quebec. As of December 11, 2024, the revenue losses, and consequently the profit losses, along with the additional costs, are estimated at approximately $7.0 million. Non-IFRS Financial Measures In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Accounting Standards ("IFRS") and the term "dollar", as well as the symbol "$" designate Canadian dollars. In addition, in this press release, we also use certain non-IFRS financial measures for which a complete definition is presented below and for which a reconciliation to financial information in accordance with IFRS is presented in the section entitled "Reconciliation of Non-IFRS Financial Measures" and in Note 3, "Segmented Information", to the audited annual consolidated financial statements for the fiscal year ended October 27, 2024. Terms Used Definitions Adjusted operating earnings before depreciation and amortization Operating earnings before depreciation and amortization as well as restructuring and other costs (revenues) and impairment of assets. Adjusted operating earnings Operating earnings before restructuring and other costs (revenues), amortization of intangible assets arising from business combinations and impairment of assets. Adjusted income taxes Income taxes before income taxes on restructuring and other costs (revenues), impairment of assets and amortization of intangible assets arising from business combinations as well as the recognition of previous years tax assets of an acquired company. Adjusted net earnings attributable to shareholders of the Corporation Net earnings attributable to shareholders of the Corporation before restructuring and other costs (revenues), amortization of intangible assets arising from business combinations and impairment of assets, net of related income taxes as well as the recognition of previous years tax assets of an acquired company. Net indebtedness Total of long-term debt, of current portion of long-term debt, of lease liabilities and of current portion of lease liabilities, less cash. Net indebtedness ratio Net indebtedness divided by the last 12 months' adjusted operating earnings before depreciation and amortization. Reconciliation of Non-IFRS Financial Measures The financial information has been prepared in accordance with IFRS. However, financial measures used, namely adjusted operating earnings before depreciation and amortization, adjusted operating earnings, adjusted income taxes, adjusted net earnings attributable to shareholders of the Corporation, adjusted net earnings attributable to shareholders of the Corporation per share, net indebtedness and net indebtedness ratio, for which a reconciliation is presented in the following table, do not have any standardized meaning under IFRS and could be calculated differently by other companies. We believe that many of our readers analyze the financial performance of the Corporation's activities based on these non-IFRS financial measures as such measures may allow for easier comparisons between periods. These measures should be considered as a complement to financial performance measures in accordance with IFRS. They do not substitute and are not superior to them. The Corporation also believes that these measures are useful indicators of the performance of its operations and its ability to meet its financial obligations. Furthermore, management also uses some of these non-IFRS financial measures to assess the performance of its activities and managers. Reconciliation of operating earnings - Fourth quarter and fiscal year Three months ended Year ended (in millions of dollars) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Operating earnings $ 79.3 $66.7 $ 209.5 $164.7 Restructuring and other costs (revenues) 7.1 (2.9 ) 33.9 21.7 Amortization of intangible assets arising from business combinations (1) 15.4 18.3 66.4 73.9 Impairment of assets 3.3 25.2 10.8 25.2 Adjusted operating earnings $ 105.1 $107.3 $ 320.6 $285.5 Depreciation and amortization (2) 37.1 38.2 148.8 161.0 Adjusted operating earnings before depreciation and amortization $ 142.2 $145.5 $ 469.4 $446.5 (1) Amortization of intangible assets arising from business combinations includes our customer relationships, non-compete agreements, rights of first refusal and educational book titles. (2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations. Reconciliation of operating earnings - Fourth quarter and fiscal year for the Packaging Sector Three months ended Year ended (in millions of dollars) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Operating earnings $30.6 $14.4 $ 114.7 $62.8 Restructuring and other costs 1.5 3.9 11.2 11.3 Amortization of intangible assets arising from business combinations (1) 14.4 16.1 60.9 64.1 Impairment of assets — 8.8 0.6 8.8 Adjusted operating earnings $ 46.5 $43.2 $ 187.4 $147.0 Depreciation and amortization (2) 19.2 18.5 74.8 82.5 Adjusted operating earnings before depreciation and amortization $65.7 $61.7 $ 262.2 $229.5 (1) Amortization of intangible assets arising from business combinations includes our customer relationships. (2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations. Reconciliation of operating earnings - Fourth quarter and fiscal year for the Retail Services and Printing Sector Three months ended Year ended (in millions of dollars) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Operating earnings $47.5 $26.0 $118.6 $108.8 Restructuring and other costs 2.5 3.8 22.1 11.0 Amortization of intangible assets arising from business combinations (1) 0.4 1.8 3.4 7.8 Impairment of assets 2.2 16.4 9.1 16.4 Adjusted operating earnings $ 52.6 $48.0 $ 153.2 $144.0 Depreciation and amortization (2) 11.0 13.1 47.8 52.9 Adjusted operating earnings before depreciation and amortization $ 63.6 $61.1 $ 201.0 $196.9 (1) Amortization of intangible assets arising from business combinations includes our customer relationships. (2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations. Reconciliation of operating earnings - Fourth quarter and fiscal year for the Other Sector Three months ended Year ended (in millions of dollars) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Operating earnings $ 1.2 $26.3 ($ 23.8 ) ($6.9 ) Restructuring and other costs (revenues) 3.1 (10.6 ) 0.6 (0.6 ) Amortization of intangible assets arising from business combinations (1) 0.6 0.4 2.1 2.0 Impairment of assets 1.1 — 1.1 — Adjusted operating earnings $ 6.0 $16.1 ($ 20.0 ) ($5.5 ) Depreciation and amortization (2) 6.9 6.6 26.2 25.6 Adjusted operating earnings before depreciation and amortization $ 12.9 $22.7 $ 6.2 $20.1 (1) Amortization of intangible assets arising from business combinations includes non-compete agreements, rights of first refusal and educational book titles. (2) Depreciation and amortization excludes the amortization of intangible assets arising from business combinations. Reconciliation of net earnings attributable to shareholders of the Corporation - Fourth quarter and fiscal year Three months ended Year ended (in millions of dollars, except per share amounts) October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Net earnings attributable to shareholders of the Corporation $ 47.9 $41.7 $ 121.3 $85.8 Restructuring and other costs (revenues) 7.1 (2.9 ) 33.9 21.7 Tax on restructuring and other costs (revenues) (1.8 ) 0.3 (8.6 ) (6.0 ) Amortization of intangible assets arising from business combinations (1) 15.4 18.3 66.4 73.9 Tax on amortization of intangible assets arising from business combinations (3.8 ) (4.3 ) (16.3 ) (18.1 ) Impairment of assets 3.3 25.2 10.8 25.2 Tax on impairment of assets (0.8 ) (6.5 ) (2.7 ) (6.5 ) Recognition of previous years tax assets of an acquired company — — (3.4 ) — Adjusted net earnings attributable to shareholders of the Corporation $ 67.3 $71.8 $ 201.4 $176.0 Net earnings attributable to shareholders of the Corporation per share $ 0.57 $0.48 $ 1.41 $0.99 Adjusted net earnings attributable to shareholders of the Corporation per share $ 0.79 $0.83 $ 2.34 $2.03 Weighted average number of shares outstanding 84.8 86.6 86.1 86.6 (1) Amortization of intangible assets arising from business combinations includes our customer relationships, non-compete agreements, rights of first refusal and educational book titles. Reconciliation of net indebtedness (in millions of dollars, except ratios) As at October 27, 2024 As at October 29, 2023 Long-term debt $668.1 $937.8 Current portion of long-term debt 201.0 2.1 Lease liabilities 95.8 94.6 Current portion of lease liabilities 24.1 23.5 Cash (185.2 ) (137.0 ) Net indebtedness $803.8 $921.0 Adjusted operating earnings before depreciation and amortization (last 12 months) $469.4 $446.5 Net indebtedness ratio 1.71 x 2.06 x Dividend The Corporation's Board of Directors declared a quarterly dividend of $0.225 per share on Class A Subordinate Voting Shares and Class B Shares. This dividend is payable on January 20, 2025, to shareholders of record at the close of business on January 6, 2025. Normal Course Issuer Bid On June 12, 2024, the Corporation has been authorized to repurchase, for cancellation on the open market, or subject to the approval of any securities authority by private agreements, between June 17, 2024 and June 16, 2025, or at an earlier date if the Corporation concludes or cancels the offer, up to 3,662,967 of its Class A Subordinate Voting Shares and up to 668,241 of its Class B Shares. The repurchases are made in the normal course of business at market prices through the Toronto Stock Exchange. During the fourth quarter of 2024, the Corporation repurchased and cancelled 900,459 Class A Subordinate Voting Shares at a weighted average price of $16.20 and 2,000 Class B Shares at a weighted average price of $16.39, for a total cash consideration of $14.6 million. During fiscal 2024, the Corporation repurchased and cancelled 2,060,217 Class A Subordinate Voting Shares at a weighted average price of $15.65 and 7,000 Class B Shares at a weighted average price of $15.66, for a total cash consideration of $32.3 million. On October 16, 2024, the Corporation authorized its broker to repurchase shares between October 28, 2024, and December 13, 2024, inclusively, in accordance with parameters set by the Corporation. Subsequent to the year ended October 27, 2024, the Corporation repurchased 413,278 Class A Subordinated Voting Shares and 2,400 Class B Shares for a total cash consideration of $7.0 million. Additional information Conference Call Upon releasing its results for the fourth quarter and fiscal 2024, the Corporation will hold a conference call for the financial community on December 12, 2024, at 8:00 a.m. The dial-in numbers are 1-289-514-5100 or 1-800-717-1738. Media may hear the call in listen-only mode or tune in to the simultaneous audio broadcast on TC Transcontinental's website, which will then be archived for 30 days. For media requests or interviews, please contact Nathalie St-Jean, Senior Advisor, Corporate Communications of TC Transcontinental, at 514-954-3581. Profile TC Transcontinental is a leader in flexible packaging in North America and in retail services in Canada, and is Canada's largest printer. The Corporation is also the leading Canadian French-language educational publishing group. Since 1976, TC Transcontinental's mission has been to create quality products and services that allow businesses to attract, reach and retain their target customers. Respect, teamwork, performance and innovation are the strong values held by the Corporation and its employees. TC Transcontinental's commitment to its stakeholders is to pursue its business activities in a responsible manner. Transcontinental Inc. TCL , known as TC Transcontinental, has approximately 7,500 employees, the majority of which are based in Canada, the United States and Latin America. TC Transcontinental generated revenues of $2.8 billion during the fiscal year ended October 27, 2024. For more information, visit TC Transcontinental's website at www.tc.tc . Forward-looking Statements Our public communications often contain oral or written forward-looking statements which are based on the expectations of management and inherently subject to a certain number of risks and uncertainties, known and unknown. By their very nature, forward-looking statements are derived from both general and specific assumptions. The Corporation cautions against undue reliance on such statements since actual results or events may differ materially from the expectations expressed or implied in them. Forward-looking statements may include observations concerning the Corporation's objectives, strategy, anticipated financial results and business outlook. The Corporation's future performance may also be affected by a number of factors, many of which are beyond the Corporation's will or control. These factors include, but are not limited to the impact of digital product development and adoption, the impact of changes in the participants in the distribution of newspapers and printed advertising materials and the disruption in their activities resulting mainly from labour disputes, including at Canada Post, the impact of regulations or legislation regarding door-to-door distribution on the printing of paper flyers or printed advertising materials, inflation and recession risks, economic conditions and geopolitical uncertainty, environmental risks as well as adoption of new regulations or amendments and changes to consumption habits, risk of an operational disruption that could be harmful to its ability to meet deadlines, the worldwide outbreak of a disease, a virus or any other contagious disease could have an adverse impact on the Corporation's operations, the ability to generate organic long-term growth and face competition, a significant increase in the cost of raw materials, the availability of those materials and energy consumption could have an adverse impact on the Corporation's activities, the ability to complete acquisitions and properly integrate them, cybersecurity, data protection, warehousing and usage, the impact of digital product development and adoption on the demand for printed products other than flyers, the failure of patents, trademarks and confidentiality agreements to protect intellectual property, a difficulty to attract and retain employees in the main operating sectors, the safety and quality of packaging products used in the food industry, bad debts from certain customers, import and export controls, duties, tariffs or taxes, exchange rate fluctuations, increase in market interest rates with respect to our financial instruments as well as availability of capital at a reasonable cost, the legal risks related to its activities and the compliance of its activities with applicable regulations, the impact of major market fluctuations on the solvency of defined benefit pension plans, changes in tax legislation and disputes with tax authorities or amendments to statutory tax rates in force, the impact of impairment tests on the value of assets and a conflict of interest between the controlling shareholder and other shareholders. The main risks, uncertainties and factors that could influence actual results are described in the Management's Discussion and Analysis for the fiscal year ended October 27, 2024 and in the latest Annual Information Form . Unless otherwise indicated by the Corporation, forward-looking statements do not take into account the potential impact of non-recurring or other unusual items, nor of disposals, business combinations, mergers or acquisitions which may be announced or entered into after the date of December 11, 2024. The forward-looking statements in this press release are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. The forward-looking statements in this release are based on current expectations and information available as at December 11, 2024. Such forward-looking information may also be found in other documents filed with Canadian securities regulators or in other communications. The Corporation's management disclaims any intention or obligation to update or revise these statements unless otherwise required by the securities authorities. For information: Media Nathalie St-Jean Senior Advisor, Corporate Communications TC Transcontinental Telephone: 514-954-3581 nathalie.st-jean@tc.tc www.tc.tc Financial Community Yan Lapointe Director, Investor Relations and Treasury TC Transcontinental Telephone: 514-954-3574 yan.lapointe@tc.tc www.tc.tc CONSOLIDATED STATEMENTS OF EARNINGS Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars, unless otherwise indicated and per share data) October 27, October 29, 2024 2023 Revenues $ 2,812.9 $ 2,940.6 Operating expenses 2,343.5 2,494.1 Restructuring and other costs 33.9 21.7 Impairment of assets 10.8 25.2 Operating earnings before depreciation and amortization 424.7 399.6 Depreciation and amortization 215.2 234.9 Operating earnings 209.5 164.7 Net financial expenses 60.0 66.3 Earnings before income taxes 149.5 98.4 Income taxes 27.6 12.5 Net earnings 121.9 85.9 Non-controlling interests 0.6 0.1 Net earnings attributable to shareholders of the Corporation $ 121.3 $ 85.8 Net earnings attributable to shareholders of the Corporation per share - basic and diluted $ 1.41 $ 0.99 Weighted average number of shares outstanding - basic and diluted (in millions) 86.1 86.6 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars) October 27, October 29, 2024 2023 Net earnings $ 121.9 $ 85.9 Other comprehensive income Items that may be subsequently reclassified to net earnings Net change related to cash flow hedges (1) Net change in the fair value of designated derivatives - foreign exchange risk 0.7 1.9 Net change in the fair value of designated derivatives - interest rate risk (1.4 ) 7.5 Reclassification of the net change in the fair value of designated derivatives recognized in net earnings during the year 1.5 1.5 Related income taxes 0.2 2.9 0.6 8.0 Cumulative translation differences Net unrealized exchange gains on the translation of the financial statements of foreign operations 15.4 33.2 Net losses on hedge of the net investment in foreign operations (3.5 ) (14.0 ) Related income taxes (recovery) (4.2 ) 0.1 16.1 19.1 Items that will not be reclassified to net earnings Changes related to defined benefit plans Actuarial losses on defined benefit plans (2.8 ) (14.7 ) Related income tax recovery (0.8 ) (3.9 ) (2.0 ) (10.8 ) Other comprehensive income 14.7 16.3 Comprehensive income $ 136.6 $ 102.2 (1) For the year ended October 29, 2023, an amount of $2.8 million was reclassified to Net change in the fair value of designated derivatives - foreign exchange risk and Net change in the fair value of designated derivatives - interest rate risk. These amounts were previously reported under Reclassification of the net change in the fair value of designated derivatives recognized in net earnings during the year. This reclassification had no impact on comprehensive income or net earnings. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars) Accumulated other Non- Share Contributed Retained comprehensive controlling Total capital surplus earnings income Total interests equity Balance as at October 29, 2023 $ 636.6 $ 0.9 $ 1,226.8 $ 37.0 $ 1,901.3 $ 4.9 $ 1,906.2 Net earnings — — 121.3 — 121.3 0.6 121.9 Other comprehensive income — — — 14.7 14.7 — 14.7 Shareholders' contributions and distributions to shareholders Share repurchases and related income taxes (17.4 ) — (33.2 ) — (50.6 ) — (50.6 ) Dividends — — (77.4 ) — (77.4 ) — (77.4 ) Balance as at October 27, 2024 $ 619.2 $ 0.9 $ 1,237.5 $ 51.7 $ 1,909.3 $ 5.5 $ 1,914.8 Balance as at October 30, 2022 $ 636.6 $ 0.9 $ 1,219.0 $ 20.7 $ 1,877.2 $ 4.8 $ 1,882.0 Net earnings — — 85.8 — 85.8 0.1 85.9 Other comprehensive income — — — 16.3 16.3 — 16.3 Shareholders' contributions and distributions to shareholders Dividends — — (78.0 ) — (78.0 ) — (78.0 ) Balance as at October 29, 2023 $ 636.6 $ 0.9 $ 1,226.8 $ 37.0 $ 1,901.3 $ 4.9 $ 1,906.2 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars) As at As at October 27, October 29, 2024 2023 Current assets Cash $ 185.2 $ 137.0 Accounts receivable 504.4 514.7 Income taxes receivable 28.7 37.0 Inventories 365.7 391.1 Prepaid expenses and other current assets 21.7 20.6 Assets held for sale 108.9 — 1,214.6 1,100.4 Property, plant and equipment 751.4 796.5 Right-of-use assets 99.6 98.6 Intangible assets 354.5 447.1 Goodwill 1,154.0 1,194.9 Deferred taxes 35.9 30.4 Other assets 31.3 32.4 $ 3,641.3 $ 3,700.3 Current liabilities Accounts payable and accrued liabilities $ 495.1 $ 465.5 Income taxes payable 21.1 24.8 Deferred revenues and deposits 10.9 10.4 Current portion of long-term debt 201.0 2.1 Current portion of lease liabilities 24.1 23.5 Liabilities held for sale 13.1 — 765.3 526.3 Long-term debt 668.1 937.8 Lease liabilities 95.8 94.6 Deferred taxes 70.3 89.8 Other liabilities 127.0 145.6 1,726.5 1,794.1 Equity Share capital 619.2 636.6 Contributed surplus 0.9 0.9 Retained earnings 1,237.5 1,226.8 Accumulated other comprehensive income 51.7 37.0 Attributable to shareholders of the Corporation 1,909.3 1,901.3 Non-controlling interests 5.5 4.9 1,914.8 1,906.2 $ 3,641.3 $ 3,700.3 CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended October 27, 2024 and October 29, 2023 (in millions of Canadian dollars) October 27, October 29, 2024 2023 Operating activities Net earnings $ 121.9 $ 85.9 Adjustments to reconcile net earnings and cash flows from operating activities: Impairment of assets 10.8 25.2 Depreciation and amortization 215.2 234.9 Financial expenses on long-term debt and lease liabilities 47.7 55.5 Net gains on disposal of assets (5.1 ) (8.2 ) Income taxes 27.6 12.5 Net foreign exchange differences and other (0.9 ) 4.1 Cash flows generated by operating activities before changes in non-cash operating items and income taxes paid 417.2 409.9 Changes in non-cash operating items 33.7 110.8 Income taxes paid (37.2 ) (48.4 ) Cash flows from operating activities 413.7 472.3 Investing activities Business combinations, net of acquired cash — 0.3 Acquisitions of property, plant and equipment (95.1 ) (145.3 ) Disposals of property, plant and equipment and other 8.9 12.0 Increase in intangible assets (26.4 ) (32.2 ) Cash flows from investing activities (112.6 ) (165.2 ) Financing activities Reimbursement of long-term debt (3.1 ) (2.6 ) Net decrease in credit facilities (75.4 ) (58.1 ) Financial expenses paid on long-term debt and credit facilities (43.3 ) (49.5 ) Repayment of principal on lease liabilities (23.0 ) (24.8 ) Interest paid on lease liabilities (3.5 ) (3.3 ) Dividends (77.4 ) (78.0 ) Share redemptions (32.3 ) — Cash flows from financing activities (258.0 ) (216.3 ) Effect of exchange rate changes on cash denominated in foreign currencies 5.1 0.5 Net change in cash 48.2 91.3 Cash at beginning of year 137.0 45.7 Cash at end of year $ 185.2 $ 137.0 Non-cash investing activities Net change in capital asset acquisitions financed by accounts payable $ (9.4 ) $ 6.9 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.lol646 login 。

The meeting with Collins was closely watched as she is seen as more likely than most of her Republican Senate colleagues to vote against some of Trump’s Cabinet picks.Johnson Controls prices senior notes offeringNoneQuarterback Joe Burrow and wide receiver Ja’Marr Chase are in a rare class of QB-WR duos who got to ply their trade together in college and in the pros. But just because they’re buddies doesn’t mean they don’t have little nagging habits that bother the other. Chase spoke about one of his habits—using copious amounts of “warm skin lotion”—to help him stay warm in the freezing Cincinnati cold. However, this habit has always been part of his routine, even in college, and it’s something that pushes his QB to the edge. Chase was smirking throughout the presser, so the lotion is clearly nothing more than an inside joke. However, Bengals fans were surely laughing nervously and feeling a bit uneasy when they heard Chase say that Burrow would withhold the ball from the superstar receiver. But it seems to be all in good fun. Chase recalled a time in college when Burrow made him remove the ointment after seeing how “shiny” the wideout became with it before the game. Burrow and Chase played together at LSU from 2018 to 2019, winning a National Championship in that final year. The Cincinnati Bengals then drafted Burrow No. 1 overall in 2020. The next year, the same team nabbed Chase at No. 5 overall. The Chase-Burrow connection has been working like gang-busters for Cincinnati this year if you look strictly at the box score—but if you take a gander up at the scoreboard, the combo has not been getting it done. Burrow leads the league in passing TDs and is top five in yards, passer rating, and INT rate. Ja’Marr Chase leads the league in both receiving yards and TDs, and is just short of the receptions lead too. And yet, the Bengals have stumbled out to a 4-7 record in 2024. That’s their worst start to a season since 2020, when they went 4-11-1 in Burrow’s rookie year. They still have designs on the postseason in 2024, however. A tough divisional matchup with the division-leading Pittsburgh Steelers, who are sitting at 8-3, is on the horizon this Sunday. With temperatures expected to be in the 20s and 30s degrees Fahrenheit, Chase will need the “warm skin lotion”. Burrow might just have to deal with his WR1 being a little shiny on Sunday.

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Canadian telecommunications firms are monitoring their networks for signs that they may have been targeted as part of a global cyberespionage campaign from China. A group of hackers known as Salt Typhoon is being blamed for the sprawling cybersecurity attack that gave Beijing access to the calls and texts of a number of top U.S. officials, including president-elect Donald Trump and vice-president-elect J.D. Vance. There is no indication thus far Canadian networks have also been breached by the campaign, which has dominated headlines for weeks. But experts say the networks contain the same vulnerabilities as those in the U.S., which should serve as a wake-up call to address them. Cyberattacks against Canadian critical infrastructure have become more numerous and sophisticated in recent years. The White House has said that the Salt Typhoon attack, which was perpetrated for a year or more by exploiting legacy telecom equipment, has affected at least eight U.S. telecoms and dozens of countries around the world. China has dismissed the allegations as disinformation. Madeline Deyo, a spokesperson the Canadian Centre for Cyber Security, part of the federal cryptologic agency, said in an e-mail Tuesday that it was “not aware of any Canadian networks impacted by this activity,” but had engaged directly with Canadian service providers to help contextualize the nature and significance of the threat posed by the Salt Typhoon hacking campaign. In late October, the Cyber Centre said it was aware that a sophisticated state-sponsored threat actor from China had performed reconnaissance scanning over several months against numerous organizations and government agencies. It listed critical infrastructure providers among the targets. Rogers Communications Inc., RCI-B-T BCE Inc.’s Bell, BCE-T Telus Corp. T-T and SaskTel told The Globe and Mail that they are aware of the reported surveillance affecting telecom providers in the U.S., and are actively working with industry peers and government to remain vigilant against attacks. Cogeco Inc. CGO-T and Bragg Communications Inc.’s Eastlink said they are monitoring the situation. Of these providers, Rogers, Bell and Cogeco said they have not observed any evidence of malicious activity on its networks. Quebecor QBR-B-T did not respond to requests for comment. Yet numerous experts say the full extent of the breach – and its effects on Canada – have likely not yet been discovered. “There’s no reason to think that somehow Canada would be immune from this kind of attack,” said Charles Finlay, executive director of Rogers Cybersecure Catalyst at Toronto Metropolitan University. Canada is particularly vulnerable given the interconnectedness of the telecommunications systems with the United States, he said. Canadian telecoms should be alert given that they generally use similar infrastructure – in particular, core routers and network devices – to what is used by the affected U.S. companies, said Gary Miller, a threat intelligence expert and researcher with the University of Toronto’s Citizen Lab. While the U.S. government did not identify a particular company’s equipment as being the entry point for Salt Typhoon, it published last Tuesday specific security guidance for Cisco Systems Inc. products, which are broadly used by Canadian telecoms as well, Mr. Miller said. Moreover, finding evidence of attacks or surveillance takes time, he added. While Canadian telecoms have traditionally been alert to threats entering through cracks in the edge of their networks where it interconnects with other providers, he said, they have not been as quick to identify threats once they’re already inside. There are varying reports about how long the attackers had been inside the networks, with the White House suggesting the infiltration could have been continuing for as long as two years. The fact that different information about the length of the attack is emerging suggests its full breadth is still unknown, said Bryan Pollitt, an EY Canada telecommunications cybersecurity expert. “I don’t think we yet know the full scope of the affected organizations – we’re just learning,” he said. Meanwhile, telecoms and lawmakers shouldn’t discount the recent history of geopolitical tensions with China that may make Canada a target for telecom interference, experts said. Canada has been critical of China’s human-rights record, approach to Hong Kong and Taiwan, and interference in Canadian elections. Ottawa recently imposed new surtaxes on Chinese-made electric vehicles and certain metal imports, and said it is mulling further surtaxes. “Canada has been on the receiving end of negative rhetoric from Chinese-linked actors over the past few years, and it would be naive to think of any such public statements as empty threats,” said Claudiu Popa, president of Datarisk Canada, a Toronto-based cybersecurity firm. In response to the attacks in the U.S., experts are warning Canadian lawmakers about vulnerabilities in this country’s networks. Kate Robertson, a senior researcher at the Citizen Lab, is concerned that a bill currently before Parliament – Bill C-26 – contemplates allowing Ottawa to impose compromise points in next-generation technology, such as 5G networks, to enable government surveillance. By requiring those legal access points, she said, Canada’s networks could be more vulnerable to future attacks. “The attack that is unfolding in the United States is a reflection of historical and continuing vulnerabilities in the mobile communication networks around the world,” Ms. Robertson said. And Mr. Miller said global telecom regulators, including the Canadian Radio-television and Telecommunications Commission, should take a more active role in requiring cybersecurity measures for the industry. While telecom companies have security systems – such as firewalls – in place, they don’t go far enough to protect all aspects of the network, such as protocols that interconnect different operators, he said. And telecoms may be hesitant to go to the furthest lengths possible of their own accord because of the high costs. In an e-mail, the CRTC told The Globe that the Salt Typhoon attacks fall outside its scope. While 5G promises improved security, EY’s Mr. Pollitt cautioned against treating it as a silver bullet. “We need to be mindful that a well-financed, organized, persistent group is going to find a way in and will infiltrate even the best defences,” he said."The Young Turks" host Cenk Uygur attacked historian Allan Lichtman for being "preposterously, stupidly wrong" on his presidential election predictions. Leftist "The Young Turks" co-host and longtime anti-Trumper Cenk Uygur admitted that President-elect Donald Trump’s victory earlier this month brings him "optimistic." Uygur, who routinely railed against Trump for years on his progressive online talk show , posted to his X account on Friday that he had accepted Trump’s win because it meant that "the establishment" had been defeated. "I've been trying to figure out why I'm more optimistic now than I was before the election, even though I was so against the guy who won. I know now. MAGA is not my mortal enemy (and neither is the extreme left). My mortal enemy is the establishment. And they have been defeated!" he wrote. CANADIAN PM JUSTIN TRUDEAU VISITS TRUMP AT MAR-A-LAGO AMID STEEP TARIFF THREATS: REPORT Cenk Uygur, host of "The Young Turks," admitted on Friday he's feeling "optimistic" following President-elect Trump's win. (Seb Daly/Sportsfile via Getty Images) The point represents a notable turnaround for the progressive host who, just weeks before the election, was calling Trump an "unstable madman" during an episode of "Piers Morgan Uncensored." During the British journalist’s popular web show, Uygur trotted out various anti-Trump talking points. "He thinks we should terminate our Constitution. He had no problem trampling our democracy. I’m not letting that clown come in here and destroy this country," he told Morgan and his guest panel. But on Friday, Uygur seemed pleased that not only the "establishment candidate" was beaten, but that the mainstream media suffered a major blow as well. In a follow-up X post he added, "It's not just that the establishment candidate lost, it's that their media is mortally wounded. The source of their strength was not insipid politicians like Mitch McConnell and Joe Biden. The source of their strength was their propaganda machine - the mainstream media." He continued, noting that independent media is now freer following Trump’s win. "Now, online media is strong enough that their oppressive monopoly on the American mind has been broken. Now, we're in the jungle. They hate that! I love it! This uncontrolled marketplace of ideas is where I'm home. I'd rather be in the populist woods than an establishment prison." CLICK HERE FOR MORE COVERAGE OF MEDIA AND CULTURE Uygur claimed that Trump's win was also a win for "independent media" like Joe Rogan's podcast. (Screenshots/The Joe Rogan Experience) Various commentators and the Trump campaign itself have credited independent media for the president-elect’s victory on Election Day. Ahead of the vote, then-candidate Trump chose to appear on popular podcasts and take interviews with major influencers, including Joe Rogan, The Nelk Boys, and others. Trump leaning into podcasts this election cycle, as opposed to traditional media interviews, paid off among Gen Z men and millennials. The Fox News Voter Survey published earlier this month found that men aged 18-44 supported Trump at 53% compared to Vice President Kamala Harris’ 45%. Ex-Young Turks alum Jimmy Dore wasn't convinced of his former colleague's new stance, posting on X , "Cenk is a phony & a willing propagandist who is a cancer on the political discourse in America." Uygur made headlines earlier this month for calling out presidential historian Allan Lichtman on Morgan’s talk show for getting his 2024 election prediction wrong with his famous "Key to the White House" prediction model. The historian had predicted that Harris would win. "Look, I debated Professor Lichtman before. I told him his theories about the keys are absurd. I was right. He was wrong. I said he'd lose his keys," Uygur told the panel about Lichtman, who was present as well. Lichtman fired back, "No, you were not right, and I was not wrong!" Lichtman interrupted. "And that's a cheap shot. And I will not stand for it." Fox News Digital’s Emma Colton contributed to this report. CLICK HERE TO GET THE FOX NEWS APP Gabriel Hays is an associate editor for Fox News Digital.