Glacier Reports Third Quarter 2024 Results

VANCOUVER, British Columbia, Nov. 07, 2024 (GLOBE NEWSWIRE) — Glacier Media Inc. (TSX: GVC) (“Glacier” or the “Company”) reported revenue and earnings for the period ended September 30, 2024.

GENERAL RESULTS

(thousands of dollars)		The three months ended on September 30.								Nine months ended on September 30,
except shares and amounts per share			2024				2023				2024				2023
Income		$	40 239			$	42,686			$	108 521			$	119 226
EBITDA		$	5,867			$	1284			$	6,452			$	(4194	)
EBITDA margin			14.6	%			3.0	%			5.9	%			(3.5	%)
EBITDA per share		$	0.04			$	0.01			$	0.05			$	(0.03	)
Capital costs		$	954			$	976			$	2942			$	3195
Net (loss) income attributable to the holder of ordinary shares		$	37			$	(4205	)		$	(7,672	)		$	(17,608	)
Net (loss) income attributable to the holder of an ordinary share, per share		$	0.00			$	(0.03	)		$	(0.06	)		$	(0.13	)
Weighted average share of shares outstanding, net			131 131 598				131 143 598				131 131 598				131 221 073
(1) EBITDA is considered a non-GAAP measure. See “EBITDA Reconciliation” below for a reconciliation of the Company’s net (loss) income attributable to common shareholders under IFRS to EBITDA.

RESULTS FOR Q3 2024

Over the past 15 months, the Company has actively taken steps to close or sell underperforming print media outlets in order to focus on its core business. The company’s goal is to focus on long-term growth of its business information and consumer digital businesses. The company is optimistic that its core businesses can and will continue to perform well over the long term, generating strong cash flows and increasing shareholder value. Relevant brands, market positions and customer value remain strong.

Some remaining print operations continue to perform well, generating cash flow and benefiting customers and readers. The Company will manage these businesses while continuing to closely monitor their performance. The company will take measures to solve the problem of inefficient outdated enterprises.

Consolidated revenue for the three months ended September 30, 2024 was $40.2 million, a decrease of $2.4 million, or 5.7%, compared to the same period in the prior year. Consolidated EBITDA for the quarter was $5.9 million, up $4.6 million from $1.3 million in the comparable quarter. Capital expenditures for the period were $1.0 million, compared to $1.0 million in the comparable quarter.

In 2024, the Company realigned its operating segments to reflect a focus on environmental risk and compliance information, product information and digital consumer information as that is how senior management and decision makers view the business. Given the Company’s transformation, the change in segments was determined to better reflect the Company’s future and provide greater insight into its growth areas separate from managing its legacy operations.

The 5.7% decline in revenue compared to the prior quarter was primarily driven by the closure and sale of underperforming print media and the sale of the mining media business over the last several quarters. Excluding print public media, where most of the restructuring and business sales took place, total revenues increased 3.5%. Finally, the revenue mix changed between the third quarter of 2023 and the third quarter of 2024; the share of print public media revenues decreased from 19.0% of total revenues in 2023 to 11.0% of total revenues in 2024.

EBITDA for the quarter was $5.9 million, up $4.6 million from EBITDA of $1.3 million in the third quarter of 2023. The improvement in profitability for the quarter was the result of a combination of restructuring of legacy operations and improved profitability in several key operating divisions.

Financial situation. As of September 30, 2024, the Company had a cash balance of $6.9 million and non-recourse mortgages (which relate to agricultural show land in Saskatchewan and Ontario) of $6.9 million.

For more information, contact Mr. Orest Smyslyuik, Chief Financial Officer, at 604-708-3264.

ABOUT THE COMPANY

Glacier Media Inc. is a broad portfolio of business information and consumer digital businesses. Serving a wide range of industries and users, companies are typically leaders in their industries and/or geographic markets.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that relate to, among other things, the Company’s goals, objectives, strategies, intentions, plans, beliefs, expectations and estimates. These forward-looking statements include, among other things, statements regarding our expectations for strong long-term operating performance and future cash flow generation. These forward-looking statements are based on certain assumptions, including continued economic growth and recovery and the realization of cost savings in a timely manner and in the amounts expected, which are subject to risks, uncertainties and other factors that could cause the Company’s results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and undue reliance should not be placed on such statements.

Important factors that could cause actual results to differ materially from these expectations include the failure to implement or achieve the intended results of our strategic initiatives, as well as other risk factors listed in our annual information form under the heading “Risk Factors” and in our MD&A under the heading “Risk Factors”. section “Business Environment and Risks”, many of which are beyond our control. These other risk factors include, but are not limited to, future cash flow from operations and availability under existing banking arrangements considered sufficient to support financial obligations, the Company’s ability to sell advertising and subscriptions associated with its publications, foreign exchange rate fluctuations, seasonal and the cyclical nature of the agricultural and mining sectors, the end of government subsidies, general market conditions in Canada and the United States, changes in prices for purchased materials, including newsprint, the impact of competition in the Company’s markets. , dependence on key personnel, integration of newly acquired businesses, technological change, tax risk, financial risk, debt service risk and cybersecurity risk.

The forward-looking statements made in this press release speak only of events or information as of the date on which the statements are made. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unforeseen events.

FINANCIAL INDICATORS, NON-IFRS

Earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and EBITDA per share are not generally accepted measures of financial performance under IFRS. Management uses EBITDA as a measure of financial performance to evaluate profitability and return on equity in making decisions. In addition, the Company, its lenders and investors use EBITDA to measure performance and value for various purposes. Investors have been warned; however, this EBITDA indicator should not be considered as an alternative to net income (loss) attributable to ordinary shareholders, determined in accordance with IFRS as an indicator of the Company’s performance.

The Company’s method of calculating these financial performance measures may differ from those of other companies and, accordingly, they may not be comparable to measures used by other companies. A quantitative reconciliation of these non-IFRS measures is included in the EBITDA Reconciliation section.

EBITDA HELP

		Three months are over								Nine months are over
(thousands of dollars)		September 30,								September 30,
except shares and amounts per share			2024				2023				2024				2023
Net (loss) income attributable to holders of ordinary shares		$	37			$	(4205	)		$	(7,672	)		$	(17,608	)
Add (subtract):
Non-controlling interests		$	724			$	624			$	982			$	(2650	)
Depreciation and amortization		$	2641			$	3053			$	8,485			$	8882
(Profit) loss on disposal, net		$	(2748	)		$	–			$	(2635	)		$	6,169
Other income		$	(29	)		$	–			$	(1169	)		$	–
Restructuring and other expenses, net		$	3707			$	2776			$	6069			$	5.536
Share of loss (profit) from
joint ventures and partners		$	(191	)		$	(141	)		$	(471	)		$	392
Income tax refund		$	211			$	(1231	)		$	(1684	)		$	(5998	)
EBITDA (1)		$	5,867			$	1284			$	6,452			$	(4194	)
Notes:
(1) See the Non-IFRS Measures section of the MD&A for a discussion of the non-IFRS measures used in this table.