Latest news with #non-IFRS
Cision Canada
6 days ago
- Business
- Cision Canada
Sandstorm Gold Royalties Reports Second Quarter Sales and Record Revenue; Financial Results August 7
VANCOUVER, BC, July 10, 2025 /CNW/ - Sandstorm Gold Ltd. ("Sandstorm Gold Royalties", "Sandstorm", or the "Company") (NYSE: SAND) (TSX: SSL) is pleased to report sales, revenue, and other preliminary figures for the second quarter ended June 30, 2025 (all figures in U.S. dollars). Second Quarter Preliminary Results During the three months ended June 30, 2025, the Company sold approximately 15,100 attributable gold equivalent ounces 1 and realized record preliminary revenue 2 of $51.4 million (17,414 attributable gold equivalent ounces and $41.4 million in revenue for the comparable period in 2024). Preliminary cost of sales, excluding depletion 2 for the three months ended June 30, 2025, was $5.3 million resulting in record cash operating margins 1 of approximately $2,980 per attributable gold equivalent ounce 1 ($4.7 million and $2,043 per attributable gold equivalent ounce for the comparable period in 2024, respectively). As at June 30, 2025, the outstanding balance on the Company's revolving credit facility was approximately $315 million with an undrawn and available balance of $310 million 2. Release Date and Conference Call Details The Company will release its 2025 second quarter results on Thursday, August 7, 2025, after markets close. A conference call will be held on Friday, August 8, 2025, starting at 8:30am PDT to further discuss the results. To participate in the conference call, use the following dial-in numbers and conference ID, or join the webcast using the link below: International: (+1) 437-900-0527 North American Toll-Free: (+1) 888-510-2154 Conference ID: 95114 Webcast URL: Note 1 Sandstorm Gold Royalties has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards Accounting Standards ("IFRS Accounting Standards" or "IFRS") including (i) attributable gold equivalent ounces and (ii) cash operating margin. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently. Note these figures have not been audited and are subject to change. i. As the Company's operations are primarily focused on precious metals, the Company presents attributable gold equivalent ounces as it believes that certain investors use this information to evaluate the Company's performance in comparison to other mining companies in the precious metals mining industry who present results on a similar basis. Attributable gold equivalent ounces is a non-IFRS financial ratio that uses total sales, royalties, and income from other interests as a component. Total sales, royalties and income from other interests is a non-IFRS financial measure and is calculated by taking total revenue which includes sales and royalty revenue, and adding contractual income relating to royalties, streams, and other interests excluding gains and losses on dispositions. Attributable gold equivalent ounces is calculated by dividing the Company's total sales, royalties, and income from other interests, less revenue attributable to non-controlling shareholders for the period, by the average realized gold price per ounce from the Company's gold streams for the same respective period ([$51.4 million – $1.1 million]/$3,331 for the three months ended June 30, 2025, and [$41.4 million – $1.1 million]/$2,313 for the comparable period in 2024) and may be subject to change. ii. The Company presents cash operating margin as it believes that certain investors use this information to evaluate the Company's performance and ability to generate cash flow in comparison to other companies in the precious metals mining industry who present results on a similar basis. Cash operating margin is calculated by subtracting the average cash cost per attributable gold equivalent ounce from the average realized gold price per ounce from the Company's gold streams (see item i above) for the same respective period. Average cash cost per attributable gold equivalent ounce is calculated by dividing the Company's cost of sales, excluding depletion, by the number of attributable gold equivalent ounces ($5.3 million/15,100 attributable gold equivalent ounces for the three months ended June 30, 2025, and $4.7 million/17,414 attributable gold equivalent ounces for the comparable period in 2024). Note 2 These figures have not been audited and are subject to change. As the Company has not yet finished its quarter-end close procedures, the anticipated financial information presented in this press release is preliminary, subject to final quarter-end closing adjustments, and may change materially. ABOUT SANDSTORM GOLD ROYALTIES Sandstorm is a precious metals-focused royalty company that provides upfront financing to mining companies and receives the right to a percentage of production from a mine, for the life of the mine. Sandstorm holds a portfolio of approximately 230 royalties, of which 40 of the underlying mines are producing. Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold royalties. For more information visit: CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm Gold Royalties. Forward-looking statements include, but are not limited to: the payment of the dividend and declaration of future dividends, including the timing and amount thereof; the future price of gold, silver, copper, iron ore and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm Gold Royalties to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm Gold Royalties will operate in the future, including the receipt of all required approvals, the price of gold and copper and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled "Risks to Sandstorm" in the Company's annual report for the financial year ended December 31, 2024 and the section entitled "Risk Factors" contained in the Company's annual information form dated March 31, 2025 available at Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws. SOURCE Sandstorm Gold Ltd.
Cision Canada
30-06-2025
- Business
- Cision Canada
HIGH LINER FOODS COMPLETES ACQUISITION OF LEADING U.S. SEAFOOD BRANDS MRS. PAUL'S AND VAN DE KAMP'S FROM CONAGRA BRANDS
LUNENBURG, NS, June 30, 2025 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company"), a leading North American value-added frozen seafood company, today announced the completion of its previously announced acquisition of the Mrs. Paul's and Van de Kamp's frozen breaded and battered seafood brands from Conagra Brands, Inc. ("Conagra") for the adjusted purchase price of USD $42.4 million, compared to the USD $55 million initially disclosed. The adjusted purchase price accounts for an estimated USD $23.8 million of inventory acquired by the Company as part of the transaction on closing, compared to the normalized target of $36 million. The inventory adjustment reflects normal seasonal shifts in inventory at the time of closing and is subject to a further post-closing adjustment. "The completion of this acquisition marks an exciting milestone for High Liner Foods," said Paul Jewer, President and Chief Executive Officer of High Liner Foods. "As we integrate these two trusted brands into our portfolio, our focus now shifts to realizing synergies, expanding our reach across the U.S. retail market, and building an even stronger platform for long-term, sustainable growth." As previously disclosed, the transaction secures the volume currently tied to High Liner Foods' co-manufacturing agreement with Conagra, which is set to expire in 2027. With this acquisition, the Company expects annual volume from this business to total approximately 29 million pounds of seafood sold in the U.S., and will provide expanded distribution and access to a new base of national retail customers. The transaction is estimated to deliver USD $11 million annual run rate Adjusted EBITDA 1 in 2027, inclusive of current contract margin, incremental contribution margin and net cost synergies, with potential for further growth. The purchase was funded through High Liner Foods' existing asset-based lending facility, allowing the Company to maintain its strong balance sheet and healthy leverage position. Non-IFRS Measures The Company reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). Included in this press release are the following non-IFRS financial measures: Adjusted EBITDA. The Company believes this non-IFRS financial measure provides useful information to both management and investors in measuring the financial performance and financial condition of the Company for the reasons outlined below. This measure does not have any standardized meaning as prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should it be construed as an alternative to other financial measures determined in accordance with IFRS. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for items that are not considered representative of ongoing operational activities of the business. We use Adjusted EBITDA as a performance measure as it approximates cash generated from operations before capital expenditures and changes in working capital, and it excludes the impact of expenses and recoveries associated with certain non-routine items that are not considered representative of the ongoing operational activities, as discussed above, and share-based compensation expense related to the Company's share price. We believe investors and analysts also use Adjusted EBITDA to evaluate the performance of our business. The most directly comparable IFRS measure to Adjusted EBITDA is "Net income" on the consolidated statements of income. Adjusted EBITDA is also useful when comparing to other companies, as it eliminates the differences in earnings that are due to how a company is financed. Also, for the purpose of certain covenants on our credit facilities, "EBITDA" is based on Adjusted EBITDA, with further adjustments as defined in the Company's credit agreements. For a reconciliation of Adjusted EBITDA to net income, refer to the Company's MD&A for the fifty-two weeks ended December 28, 2024 which is available on SEDAR+ at Forward Looking Statements This press release contains forward-looking information within the meaning of applicable securities laws, including, but not limited to, statements regarding the Company's acquisition of the Mrs. Paul's and Van de Kamp's brands and associated inventories and adjustments, the anticipated benefits and synergies from such acquisition, the future financial and operational performance of the Company and the business to be acquired, including Adjusted EBITDA, financing of the acquisition, and the business strategies and operational activities of the Company and the markets and industries in which it operates. Forward-looking statements are based on information currently available to the Company and management's estimates, expectations and assumptions, which we believe are reasonable as of the current date but may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information include, but are not limited to: availability, demand and prices of raw materials, energy and supplies; expectations with regards to sales volume, earnings, product margins, product innovations, brand development and anticipated financial performance; the ability to develop new and innovative products that result in increased sales and market share; the maintenance of existing customer and supplier relationships; manufacturing facility efficiency; the ability of the Company to reduce operating and supply chain costs; the condition of the Canadian and American economies; product pricing; foreign exchange rates, especially the rate of exchange of the CAD to the USD; the ability to attract and retain customers; operating costs and improvement to operating efficiencies; interest rates; continued access to capital; the competitive environment and related market conditions; the ability of the Company to execute and integrate the acquisition; and the general assumption that none of the risks identified below will materialize. Forward-looking statements are also subject to risks and uncertainties, including, but not limited to, risks relating to the inability to successfully transition and integrate the business acquired following closing, the risk that the acquisition may not be completed in a timely manner or at all, risks related to a failure to obtain financing by the Company on acceptable terms, the potential failure to realize anticipated synergies and other benefits from the proposed transaction, customer risk, geopolitical and tariff risks, and uncertainty and adverse changes in general economic conditions and consumer spending habits. Actual results or events may differ materially from those expressed or implied by such forward-looking statements. Additional information about these and other assumptions, risks and uncertainties is included in the Company's securities regulatory filings, including under the headings "Risk Factors" and "Forward-Looking Information" in the Company's annual Management's Discussion & Analysis, which can be found under the Company's profile on SEDAR+ at Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof, and the Company does not undertake to update or revise any forward-looking information, whether as a result of any new information, future events or otherwise, except as may be required by applicable law. About High Liner Foods Incorporated High Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange. For further information about the Company, please visit our website at or send an e-mail to [email protected]. SOURCE High Liner Foods Incorporated
Cision Canada
26-06-2025
- Business
- Cision Canada
CORUS ENTERTAINMENT ANNOUNCES FISCAL 2025 THIRD QUARTER RESULTS
Consolidated revenue decreased 10% for the quarter and 11% for the year-to-date Consolidated segment profit (1) decreased 9% for the quarter and 32% for the year-to-date Consolidated segment profit margin (1) of 21% for the quarter and 18% for the year-to-date Net loss attributable to shareholders of $7.3 million ($0.04 loss per share basic) for the quarter and $51.3 million ($0.26 loss per share basic) for the year-to-date Free cash flow (1) of negative $32.5 million for the quarter and positive $3.3 million for the year-to-date TORONTO, June 26, 2025 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) announced its third quarter financial results today. "Our third quarter results reflect progress on our plan to reduce the cost base of our business," said John Gossling, Chief Executive Officer. "Television advertising revenue was consistent with our Q3 outlook, with impressive audience performance on Global and our largest specialty brands offset by a challenging industry landscape. Looking ahead, we have secured a stellar line-up of new shows and returning hit programming for the upcoming broadcast season, supporting our pursuit of targeted growth opportunities. Given persistent industry headwinds, we are making steady progress on our capital and debt plan while capturing significant savings and efficiencies through our ongoing right-sizing initiatives." (1) In addition to disclosing results in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), the Company also provides supplementary non-IFRS measures as a method of evaluating the Company's performance and to provide a better understanding of how management views the Company's performance. These non-IFRS or non-Generally Accepted Accounting Principles ("GAAP") measures can include: segment profit (loss), segment profit margin, free cash flow, adjusted net income (loss) attributable to shareholders, adjusted basic earnings (loss) per share, net debt to segment profit, and new platform revenue. These are not measurements in accordance with IFRS and should not be considered as an alternative to any other measure of performance under IFRS. Please see additional discussion and reconciliations under the Key Performance Indicators and Non-GAAP Financial Measures section of the Company's Third Quarter 2025 Report to Shareholders. Segment Revenue (1) New platform revenue does not have a standardized meaning prescribed by IFRS. For definition and explanation, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the Third Quarter 2025 Report to Shareholders. Operational Highlights Building on Corus' strong schedule, Global TV was #1 in core primetime for Spring 2025 and Fall 2024 (1). Total monthly hours streamed across streaming platforms (STACKTV and the Global TV App) for the Winter/Spring season grew 7% over prior year (2). In addition, Corus continued to implement cost savings initiatives. Global announces its 2025/26 lineup with seven new prime time acquisitions, alongside top series and returning favourites. Global TV's roster will deliver 16.5 hours of simulcast programming in primetime this fall and introduces new ensemble workplace comedy DMV, dramas CIA and Sheriff Country, and new singing competition series The Road. The fall schedule also features the return of #1 Comedy Ghosts (3), #1 Reality Show Survivor (3), #1 Late Night Show Saturday Night Live (3), along with the NCIS franchise and popular series 9-1-1, FBI, Matlock and Elsbeth. Corus Entertainment announces its 2025/2026 lineup across its Specialty portfolio and streaming platforms. Corus continues its exclusive content partnership with NBCUniversal, delivering Peacock and Sky Original series including The Paper, The Copenhagen Test, PONIES, All Her Fault, and The 'Burbs, as well as returning hits Ted and Bel-Air. Corus' unscripted and reality networks will see the return of The Curse of Oak Island, Top Chef Canada, Gordon Ramsay's Kitchen Nightmares, and Corus Original series House of Ali and Rock Solid Builds, alongside new series Life is Messy, WWII with Tom Hanks, Tiffany Haddish Goes Off and Corus Original series Building Baeumler, Halloween Bakeshop and Holiday Bakeshop. Corus' full 2025/2026 Specialty schedule will be available to stream on STACKTV. (1) Numeris Personal People Meter ("PPM") Data, Total Canada, Conventional Spring'25 (January 6, 2025 – June 1, 2025), Fall'24 (September 16, 2024 – December 22, 2024) – confirmed data, Core primetime: Monday-Sunday 8pm-11pm, Local time, Average Minute Audience ("AMA") (000), Adults aged 18+, Canadian Conventional Commercial English National Networks. (2) Amazon Video Central (STACKTV)/Adobe Analytics (Global TV App), January 2025 to May 2025 monthly average vs. January 2024 to May 2024 monthly average (3) Numeris Personal People Meter Data. Total Canada, Spring 2025 (January 6 – June 1, 2025) – confirmed to May 25, 2025, Adults aged 25-54, Average Minute Audience (000's), Canadian Conventional Commercial English, all stations based on 'Total' except for CTV Com, 3+ airings, excludes NHL and NFL Playoffs Financial Highlights Free cash flow (1) of a negative $32.5 million in Q3 and positive $3.3 million year-to-date compared to $18.4 million in Q3 and $75.0 million year-to-date, respectively, in the same comparable prior year periods. The decrease in free cash flow (1) for the third quarter is mainly attributable to lower cash provided by operating activities. The decrease for the year-to-date is mainly attributable to lower cash provided by operating activities, offset by higher proceeds from sale of property. Net debt to segment profit (1) was 5.39 times as at May 31, 2025, up from 3.84 times at August 31, 2024, as a result of the decrease in segment profit. On March 21, 2025, Corus completed an assignment of all the indebtedness and obligations under its Seventh Amended and Restated Credit Agreement dated October 24, 2024 to existing Canadian strategic debtholders. The Company also completed an agreement to amend and restate the Credit Facility, which now matures on March 20, 2027. A copy of the updated Credit Facility is available under the Company's profile on SEDAR+ at As of May 31, 2025, the Company had $81.9 million of cash and cash equivalents and $45.0 million available to be drawn under its Revolving Facility. (1) Free cash flow, segment profit and net debt to segment profit do not have standardized meanings prescribed by IFRS. The Company reports on these because they are key measures used to evaluate performance. For definitions and explanations, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the Third Quarter 2025 Report to Shareholders and/or Management's Discussion and Analysis in the Company's Annual Report for the year ended August 31, 2024 ("2024 MD&A"). Corus Entertainment Inc. reports its financial results in Canadian dollars. The unaudited interim condensed consolidated financial statements and accompanying notes for the three and nine months ended May 31, 2025 and Management's Discussion and Analysis are available on the Company's website at in the Investor Relations section and under the Company's SEDAR+ profile at A conference call with Corus senior management is scheduled for June 26, 2025 at 8:00 a.m. ET. While this call is directed at analysts and investors, members of the media are welcome to listen in. To instantly join the conference call by phone, please use the following URL to easily register and be connected to the conference call automatically: You can also dial direct to be entered into the call by an Operator. The dial-in number for the conference call for local and international callers is 1.416.945.7677 and for North America is 1.888.699.1199. This call will be archived and available for replay in the Investor Relations section of the Corus website beginning June 26, 2025, at 11 a.m. ET or accessible by telephone until July 3, 2025, at 1.888.660.6345 (toll-free North America) or 289.819.1450 (local or international), using replay code 85170#. More information can be found on the Corus Entertainment website at in the Investor Relations section. Risks and Uncertainties Significant risks and uncertainties affecting the Company and its business are discussed under the heading "Risks and Uncertainties" and "Seasonal Fluctuations" in the 2024 MD&A, as well as in the accompanying quarterly MD&A included in the Third Quarter 2025 Report to Shareholders under the heading "Risks and Uncertainties". These discussions are important to understanding the assumptions and factors which may affect the Company's outlook and results and are incorporated by reference. Outlook In the fourth quarter, we expect geopolitical and economic uncertainty and the ongoing over-supply of premium digital video inventory from foreign competitors will contribute to continued lower demand for linear advertising. As such, the year-over-year percentage decline in Television advertising revenue in the fourth quarter of fiscal 2025 is expected to be in the 20 percent range. Amortization of TV program rights is expected to be relatively flat in the quarter compared to the prior year. The Company will continue with its implementation of additional cost reduction initiatives and expects general and administrative expenses to decline in the range of 10 to 15% for the fourth quarter versus the prior year, excluding any potential benefit from the Independent Local News Fund. Use of Non-GAAP Financial Measures This press release includes the non-GAAP or non-IFRS financial measures of segment profit (loss), segment profit margin, free cash flow, adjusted net income attributable to shareholders, adjusted basic earnings per share, net debt to segment profit, as well as supplementary financial measures not presented in the financial statements such as new platform revenue. Non-GAAP or non IFRS measures that are not in accordance with, nor an alternate to, generally accepted accounting principles ("GAAP") and may be different from non-GAAP or non-IFRS measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non GAAP financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial results. A reconciliation of the Company's non-GAAP measures is included in the Company's most recent Report to Shareholders for the three and nine months ended May 31, 2025, which is available on Corus' website at as well as on SEDAR+ at Caution Concerning Forward-Looking Information This press release contains forward-looking information and should be read subject to the following cautionary language: To the extent any statements made in this document contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking information"). This forward-looking information relates to, among other things, the Company's objectives, goals, strategies, targets, intentions, plans, estimates and outlook, including the adoption and anticipated impact of the Company's strategic plan, advertising and expectations of advertising trends for fiscal 2025, subscriber revenue and anticipated subscription trends, distribution, production and other revenue, the Company's dividend policy and the payment of future dividends; the Company's leverage target; the Company's ability to manage retention and reputation risks related to its on air talent; expectations regarding financial performance, including capital allocation strategy and capital structure management, operating costs and tariffs, taxes and fees, and can generally be identified by the use of words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" or the negatives of these terms and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances may be considered forward-looking information. Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves assumptions, risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied with respect to the forward-looking information, including without limitation, factors and assumptions regarding the Company's ability to maintain necessary access to loan and credit facilities, the general market conditions and general outlook for the industry including: the impact of recessionary conditions and continuing supply chain constraints; the potential impact of new competition and industry mergers and acquisitions; changes to applicable tax, licensing and regulatory regimes; inflation and interest rates, stability of the advertising, subscription, production and distribution markets; changes to key suppliers or clients; operating and capital costs and tariffs, taxes and fees, the Company's ability to source, produce or sell desirable content and the Company's capital and operating results being consistent with its expectations. Actual results may differ materially from those expressed or implied in such information. Important factors that could cause actual results to differ materially from these expectations include, among other things: the Company's ability to maintain necessary access to loan and credit facilities, the Company's ability to attract, retain and manage fluctuations in advertising revenue; the impact of imposed and threatened tariffs, including trade disruptions, restrictions on cross-border supply chains, shifting policies, uncertainty, timing and the resolution thereof; the Company's ability to maintain relationships with key suppliers and clients and on anticipated financial terms and conditions; audience acceptance of the Company's television programs and cable networks including new, re-branded or re-programmed channels; the Company's ability to manage retention and reputation risks related to its on-air talent; the Company's ability to recoup production costs; the availability of tax credits; the availability of expected news, production and related credits, programs and funding; the existence of co-production treaties; the Company's ability to compete in any of the industries in which it does business including with competitors which may not be regulated in the same way or to the same degree; the business and strategic opportunities (or lack thereof) that may be presented to and pursued by the Company; conditions in the entertainment, information and communications industries and technological developments therein; changes in laws or regulations or the interpretation or application of those laws and regulations including statements, decisions or positions by applicable regulators including, without limitation, the Canadian Radio-television and Telecommunications Commission ("CRTC"), Canadian Heritage and Innovation, Science and Economic Development Canada ("ISED"); changes to licensing status or conditions; unanticipated or un mitigatable programming costs; the Company's ability to integrate and realize anticipated benefits from its acquisitions and to effectively manage its growth; the Company's ability to successfully defend itself against litigation matters and complaints; failure to renegotiate, obtain relief from or meet covenants under the Company's senior credit facility, senior unsecured notes or other instruments or facilities; epidemics, pandemics or other public health and safety crises in Canada and globally; physical and operational changes to the Company's key facilities and infrastructure; labour disruption and work stoppages; cybersecurity threats or incidents to the Company or its key suppliers and vendors; and changes in accounting standards. Additional information about these factors and about the material assumptions underlying any forward-looking information may be found under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the year ended August 31, 2024 (the "2024 MD&A") and under the heading "Risk Factors" in the Company's Annual Information Form for the year ended August 31, 2024 (the "AIF"). Corus cautions that the foregoing list of important assumptions and factors that may affect future results is not exhaustive. When relying on the Company's forward looking information to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document and may be updated or amended from time to time. Except as otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information whether as a result of new information, events or circumstances that arise after the date thereof or otherwise. Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops, delivers and distributes high quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company's portfolio of multimedia offerings encompass 30 specialty television services, 36 radio stations, 15 conventional television stations, digital and streaming platforms, and social digital agency and media services. Corus' roster of premium brands includes Global Television, W Network, Flavour Network, Home Network, The HISTORY ® Channel, Showcase, Slice, Adult Swim, National Geographic and Global News, along with streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. For more information visit (unaudited - in thousands of Canadian dollars) As at May 31, As at August 31, 2025 2024 ASSETS Current Cash and cash equivalents 81,862 82,422 Accounts receivable 259,559 232,040 Income taxes recoverable — 25,006 Prepaid expenses and other assets 19,814 17,857 Total current assets 361,235 357,325 Tax credits receivable 28,696 19,756 Investments and other assets 39,645 57,325 Property, plant and equipment, net 233,485 250,810 Program rights 654,694 494,022 Film investments 37,714 55,312 Intangible assets 343,718 252,358 Total assets 1,699,187 1,486,908 LIABILITIES AND DEFICIT Current Accounts payable and accrued liabilities 471,417 488,098 Current portion of long-term debt — 9,903 Provisions 20,880 25,467 Income taxes payable 3,004 — Total current liabilities 495,301 523,468 Long-term debt 1,079,576 1,042,931 Other long-term liabilities 464,997 197,499 Provisions 8,922 10,697 Deferred income tax liabilities 51,059 54,041 Total liabilities 2,099,855 1,828,636 DEFICIT Share capital 281,052 281,052 Contributed surplus 2,102,619 2,013,797 Accumulated deficit (2,842,962) (2,784,729) Accumulated other comprehensive income 20,214 24,481 Total deficit attributable to shareholders (439,077) (465,399) Equity attributable to non-controlling interests 38,409 123,671 Total deficit (400,668) (341,728) Total liabilities and deficit 1,699,187 1,486,908 CORUS ENTERTAINMENT INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS Three months ended Nine months ended May 31, May 31, (unaudited - in thousands of Canadian dollars except per share amounts) 2025 2024 2025 2024 Revenues 297,806 331,804 895,330 1,001,245 Direct cost of sales, general and administrative expenses 236,199 264,269 731,997 760,116 Depreciation and amortization 22,602 27,397 67,747 87,565 Interest expense 36,762 26,004 92,880 83,165 Goodwill, broadcast licence and other asset impairment — 960,000 — 960,000 Debt refinancing 2,956 — 7,333 753 Restructuring and other costs 25,282 10,893 54,397 26,961 Other expense (income), net (28,029) 452 (24,319) 135 Income (loss) before income taxes 2,034 (957,211) (34,705) (917,450) Income tax expense (recovery) 7,881 (184,109) 11,084 (173,670) Net loss for the period (5,847) (773,102) (45,789) (743,780) Other comprehensive loss, net of income taxes Items that may be reclassified subsequently to loss: Unrealized change in fair value of cash flow hedges 3,750 65 1,588 (2,779) Unrealized foreign currency translation adjustment (1,221) 84 337 316 2,529 149 1,925 (2,463) Items that will not be reclassified to loss: Unrealized change in fair value of financial assets (1,856) 254 (6,192) (6,204) Actuarial loss on post-retirement benefit plans (5,497) (1,426) (6,925) (3,856) (7,353) (1,172) (13,117) (10,060) Other comprehensive loss, net of income taxes (4,824) (1,023) (11,192) (12,523) Comprehensive loss for the period (10,671) (774,125) (56,981) (756,303) Net loss attributable to: Shareholders (7,336) (769,897) (51,308) (746,966) Non-controlling interests 1,489 (3,205) 5,519 3,186 (5,847) (773,102) (45,789) (743,780) Comprehensive loss attributable to: Shareholders (12,160) (770,920) (62,500) (759,489) Non-controlling interests 1,489 (3,205) 5,519 3,186 (10,671) (774,125) (56,981) (756,303) Loss per share attributable to shareholders: ($0.04) ($3.86) ($0.26) ($3.74) Basic and diluted CORUS ENTERTAINMENT INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (unaudited - in thousands of Canadian dollars) Share capital Contributed surplus Accumulated deficit Accumulated other comprehensive income Total deficit attributable to shareholders Equity attributable to non- controlling interests Total deficit As at August 31, 2024 281,052 2,013,797 (2,784,729) 24,481 (465,399) 123,671 (341,728) Comprehensive income (loss) — — (51,308) (11,192) (62,500) 5,519 (56,981) Dividends declared — — — — — (2,050) (2,050) Purchase of minority interest — 88,731 — — 88,731 (88,731) — Actuarial loss on post-retirement benefit plans — — (6,925) 6,925 — — — Share-based compensation expense — 91 — — 91 — 91 As at May 31, 2025 281,052 2,102,619 (2,842,962) 20,214 (439,077) 38,409 (400,668) (unaudited - in thousands of Canadian dollars) Share capital Contributed surplus Accumulated deficit Accumulated other comprehensive income Total equity (deficit) attributable to shareholders Equity attributable to non- controlling interests Total equity (deficit) As at August 31, 2023 281,052 2,012,936 (2,014,077) 37,841 317,752 141,248 459,000 Comprehensive income (loss) — — (746,966) (12,523) (759,489) 3,186 (756,303) Dividends declared — — — — — (10,073) (10,073) Change in fair value of put option liability — — 854 — 854 (5,146) (4,292) Actuarial loss on post-retirement benefit plans — — (3,856) 3,856 — — — Share-based compensation expense — 573 — — 573 — 573 As at May 31, 2024 281,052 2,013,509 (2,764,045) 29,174 (440,310) 129,215 (311,095) CORUS ENTERTAINMENT INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended Nine months ended May 31, May 31, (unaudited - in thousands of Canadian dollars) 2025 2024 2025 2024 OPERATING ACTIVITIES Net loss for the period (5,847) (773,102) (45,789) (743,780) Adjustments to reconcile net loss to cash flow from operations: Amortization of program rights 131,072 135,027 390,361 374,395 Amortization (recovery) of film investments (2,184) 6,890 2,397 14,211 Depreciation and amortization 22,602 27,397 67,747 87,565 Deferred income tax recovery (1,005) (186,302) (2,600) (189,425) Goodwill, broadcast licence and other asset impairment — 960,000 — 960,000 Write-off of intangible assets — — 4,070 — Loss (gain) on sale of assets 2 15 (9,657) (987) Share-based compensation expense 17 162 91 573 Imputed interest 15,135 9,854 37,509 33,275 Debt refinancing 2,956 — 7,333 753 Payment of program rights (153,689) (149,981) (408,413) (416,163) Net spend on film investments (1,686) (11,484) (12,136) (21,627) Other (1) 238 705 458 Cash flow from operations 7,372 18,714 31,618 99,248 Net change in non-cash working capital balances related to operations (36,349) 4,217 (30,336) (14,432) Cash provided by (used in) operating activities (28,977) 22,931 1,282 84,816 INVESTING ACTIVITIES Additions to property, plant and equipment (2,872) (4,328) (6,884) (11,931) Proceeds from sale of property 3 37 10,098 2,261 Net cash flows for intangibles, investments and other assets (680) (200) (1,154) (482) Cash provided by (used in) investing activities (3,549) (4,491) 2,060 (10,152) FINANCING ACTIVITIES Increase (decrease) in credit facility borrowings 30,000 (4,583) 18,435 (36,069) Financing fees (94) — (1,344) (619) Payment of lease liabilities (4,773) (4,661) (14,017) (13,612) Dividends paid to non-controlling interests (1,050) (2,403) (2,050) (10,073) Other (1,382) (1,090) (4,926) (3,246) Cash provided by (used in) financing activities 22,701 (12,737) (3,902) (63,619) Net change in cash and cash equivalents during the period (9,825) 5,703 (560) 11,045 Cash and cash equivalents, beginning of the period 91,687 61,505 82,422 56,163 Cash and cash equivalents, end of the period 81,862 67,208 81,862 67,208 CORUS ENTERTAINMENT INC. BUSINESS SEGMENT INFORMATION (unaudited - in thousands of Canadian dollars) Three months ended May 31, 2025 Television Radio Corporate Consolidated Revenues 274,522 23,284 — 297,806 Direct cost of sales, general and administrative expenses 211,855 18,212 6,132 236,199 Segment profit (loss) (1) 62,667 5,072 (6,132) 61,607 Depreciation and amortization 22,602 Interest expense 36,762 Debt refinancing 2,956 Restructuring and other costs 25,282 Other income, net (28,029) Income before income taxes 2,034 Three months ended May 31, 2024 Television Radio Corporate Consolidated Revenues 308,198 23,606 — 331,804 Direct cost of sales, general and administrative expenses 239,786 20,973 3,510 264,269 Segment profit (loss) (1) 68,412 2,633 (3,510) 67,535 Depreciation and amortization 27,397 Interest expense 26,004 Goodwill, broadcast licence and other asset impairment 960,000 Restructuring and other costs 10,893 Other expense, net 452 Loss before income taxes (957,211) Nine months ended May 31, 2025 Television Radio Corporate Consolidated Revenues 829,959 65,371 — 895,330 Direct cost of sales, general and administrative expenses 658,716 54,993 18,288 731,997 Segment profit (loss) (1) 171,243 10,378 (18,288) 163,333 Depreciation and amortization 67,747 Interest expense 92,880 Debt refinancing 7,333 Restructuring and other costs 54,397 Other income, net (24,319) Loss before income taxes (34,705) Nine months ended May 31, 2024 Television Radio Corporate Consolidated Revenues 928,690 72,555 — 1,001,245 Direct cost of sales, general and administrative expenses 679,617 64,520 15,979 760,116 Segment profit (loss) (1) 249,073 8,035 (15,979) 241,129 Depreciation and amortization 87,565 Interest expense 83,165 Goodwill, broadcast licence and other asset impairment 960,000 Debt refinancing 753 Restructuring and other costs 26,961 Other expense, net 135 Loss before income taxes (917,450) (1) Segment profit (loss) does not have a standardized meaning prescribed by IFRS. For definitions and explanations, see discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the Third Quarter 2025 Report to Shareholders. REVENUE BY TYPE NON-GAAP FINANCIAL MEASURES Three months ended Nine months ended (unaudited - in thousands of Canadian dollars, except percentages) May 31, % May 31, % New platform revenue 2025 2024 Change 2025 2024 Change New platform revenue (numerator) 32,394 34,972 (7 %) 97,618 105,855 (8 %) Television advertising revenue 150,933 178,182 (15 %) 457,161 536,457 (15 %) Television subscriber revenue 111,092 116,914 (5 %) 338,670 352,449 (4 %) Total Television advertising and subscriber revenue (denominator) 262,025 295,096 (11 %) 795,831 888,906 (10 %) New platform revenue percentage 12 % 12 % 12 % 12 % Three months ended Nine months ended (unaudited - in thousands of Canadian dollars, except per share amounts) May 31, May 31, Adjusted Net Income Attributable to Shareholders 2025 2024 2025 2024 Net loss attributable to shareholders (7,336) (769,897) (51,308) (746,966) Adjustments, net of income tax: Goodwill, broadcast licence and other asset impairment — 742,016 — 742,016 Debt refinancing 2,177 — 5,400 555 Restructuring and other costs 17,805 8,008 41,208 19,825 Write-off of intangible assets — — 2,991 — Adjusted net income (loss) attributable to shareholders 12,646 (19,873) (1,709) 15,430 Basic loss per share ($0.04) ($3.86) ($0.26) ($3.74) Adjustments, net of income tax: Goodwill, broadcast licence and other asset impairment — $3.72 — $3.72 Debt refinancing $0.01 — $0.03 — Restructuring and other costs $0.09 $0.04 $0.20 $0.10 Write-off of intangible assets — — $0.02 — Adjusted basic earnings (loss) per share $0.06 ($0.10) ($0.01) $0.08 Three months ended Nine months ended (unaudited - in thousands of Canadian dollars) May 31, May 31, Free Cash Flow 2025 2024 2025 2024 Cash provided by (used in): Operating activities (28,977) 22,931 1,282 84,816 Investing activities (3,549) (4,491) 2,060 (10,152) Add: cash used in business acquisitions and strategic investments (1) (32,526) 18,440 3,342 74,664 — — — 346 Free cash flow (32,526) 18,440 3,342 75,010 (1) Strategic investments are comprised of investments in venture funds and associated companies. (unaudited - in thousands of Canadian dollars) As at May 31, As at August 31, Net Debt and Net Debt to Segment Profit 2025 2024 Total debt, net of unamortized financing fees and prepayment options 1,079,576 1,052,834 Lease liabilities 110,343 116,834 Cash and cash equivalents (81,862) (82,422) Net debt (numerator) 1,108,057 1,087,246 Segment profit (denominator) (1) 205,633 283,429 Net debt to segment profit 5.39 3.84 (1) Reflects aggregate amounts for the most recent four quarters, as detailed in the table in the Quarterly Consolidated Financial Information section of the Third Quarter 2025 Report to Shareholders. SOURCE Corus Entertainment Inc (IR Group)
Yahoo
20-06-2025
- Business
- Yahoo
LevelJump Announces 2024 Financial Results
Toronto, Ontario--(Newsfile Corp. - June 20, 2025) - LevelJump Healthcare Corp. (TSXV: JUMP) ("LevelJump" or the "Company"), is pleased to announce its financial results for the year ended December 31, 2024. Financial and Operational Highlights Revenues were $17.7 million in 2024 compared to $12.6 million in revenues for 2023, a year over year revenue increase of 41%. Canadian Teleradiology Services, Inc., the Company's 100% owned subsidiary had EBITDA for 2024 of $3.35 million. 2024 Financial Results for fourth quarter and year Revenues of $4.8 million in Q4 2024 and $17.7 million for the year 2024 with a net profit of $1.95 million for Q4 2024 and a net profit of $1.2 million for the year 2024. EBITDA of $395,936 for Q4 2024 and $1,545,298 for the year 2024. Subsequent Events Subsequent to the year end, the Company entered an agreement to acquire two additional diagnostic imaging outpatient clinic locations in Calgary, Alberta. The transaction is expected to close towards the end of July 2025. See the Company's news release dated June 13, 2025. Management Comments "2024 was a transformative year for our Company, marked by significant growth, particularly within our clinic operations," said Mitch Geisler, CEO. "Our year-over-year revenue increased by more than 40%, and we achieved strong EBITDA performance. We are now interpreting imaging scans for approximately 200,000 patients annually across all operations. Our focus remains on driving organic growth and advancing our long-term vision for continued expansion." Non-IFRS Financial Measures This news release contains financial terms (such as adjusted EBITDA) that are not considered in IFRS. Such financial measures, together with measures prepared in accordance with IFRS, provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. The Company's determination of these non-IFRS measures may differ from other reporting issuers and therefore are unlikely to be comparable to similar measures presented by other companies. Further, these non-IFRS measures should not be considered in isolation or as a substitute for measures of performance or cash flows prepared in accordance with IFRS. These financial measures are included because management uses this information to analyze operating performance and liquidity. For further details on the results, please refer to LevelJump's Management, Discussion and Analysis and Consolidated Financial Statements for the year ended December 31, 2024, which are available on the Company's website ( and under the Company's profile on SEDAR+ ( About LevelJump Healthcare LevelJump Healthcare Corp., (TSXV: JUMP) provides telehealth solutions to client hospitals and imaging centers through its Teleradiology division, as well as in person radiology services through its Diagnostic Centres. JUMP focuses primarily on critical care for urgent and emergency patients, establishing integral relationships in the communities we serve. ON BEHALF OF THE BOARD OF DIRECTORS OFLEVELJUMP HEALTHCARE CORP. Mitchell GeislerChief Executive Officerinfo@ CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, Canadian Teleradiology Services, Inc., their securities, or their respective financial or operating results (as applicable). Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hamilton Spectator
17-06-2025
- Business
- Hamilton Spectator
Diversified Royalty Corp. Announces Acquisition of US-Based Cheba Hut Franchising, Inc.'s Trademarks, a 10% Dividend Increase, and an Increase in Size of its Acquisition Facility
VANCOUVER, British Columbia, June 17, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and (the 'Corporation' or 'DIV') is pleased to announce that it has acquired the trademarks and certain other intellectual property used by Cheba Hut Franchising, Inc. ('Cheba Hut') of Fort Collins, Colorado, adding a ninth royalty stream (and the second based in the United States) to DIV's portfolio. All dollar amounts in this news release, unless specifically denominated in U.S. dollars, are represented in Canadian dollars. Highlights 1. Pro-forma adjusted revenue is a non-IFRS financial measure and as such, does not have a standardized meaning under IFRS. For additional information, refer to 'Non-IFRS Measures' in this news release. Acquisition Overview DIV and its wholly-owned subsidiary Cheeb Royalties Limited Partnership ('Cheeb LP') entered into an acquisition agreement dated June 17, 2025 (the 'Acquisition Agreement') with Cheba Hut and an affiliate of Cheba Hut pursuant to which Cheeb LP acquired (the 'Acquisition') Cheba Hut's worldwide trademarks portfolio and certain other intellectual property rights utilized by Cheba Hut in its fast casual, toasted sub sandwich restaurants (the 'Cheba Rights') for a purchase price (the 'Purchase Price'), of US$36 million cash. The Purchase Price was funded with (i) approximately US$18 million drawn from DIV's amended acquisition facility (further details below) (the 'Acquisition Facility'), (ii) approximately US$8 million from DIV's cash on hand, (iii) US$5 million drawn from a new senior credit facility issued to Cheeb LP (the 'Cheeb Credit Facility'), and (iv) US$5 million drawn from a new senior term credit facility issued to DIV (the 'Additional Term Facility'). Immediately following the closing of the Acquisition, DIV licensed the Cheba Rights in the United States back to Cheba Hut for 50 years, in exchange for an initial royalty payment of US$4 million per annum (the 'Royalty' and together with the Acquisition, the 'Transaction'). The Royalty will be automatically increased at a rate equal to the greater of 3.5% and the U.S. CPI + 1.5% per year without any further consideration payable by DIV or Cheeb LP. Cheba Hut may also increase the annual royalty payable on April 1st of each year following the closing (each an 'Adjustment Date') subject to Cheba Hut satisfying certain royalty coverage tests. The amount of each royalty increase cannot be less than US$500,000 per annum and must, in respect of amounts over that threshold, be in increments of US$100,000 per annum. In consideration for a royalty increase on an Adjustment Date, Cheeb LP will pay an amount to Cheba Hut in cash, based on a multiple between 7 and 8 times (depending on certain conditions being met) the incremental annual royalty purchased, as additional consideration for the Cheba Rights. Payment of the Royalty will be secured by a general security agreement granted by Cheba Hut to Cheeb LP, and by secured corporate guarantees to be granted to Cheeb LP by several affiliates of Cheba Hut. The Acquisition is expected to increase DIV's tax pools by approximately $51 million to a total of approximately $424 million, which can be depreciated over time to reduce DIV's cash taxes. Amounts paid for incremental annual royalties will also increase DIV's tax pools. Founded in 1998, Cheba Hut has 77 fast casual, toasted sub sandwich restaurants in the US. All of Cheba Hut's locations are franchised, except for two corporate stores and substantially all future growth is currently expected to result from opening additional franchised locations. Cheba Hut had US$149 million of system sales2 and SSSG2 of 5% in 2024. Cheba Hut is forecasting over US$187 million in system sales2 in the fiscal year ended December 31, 2025. 2. System sales and same store sales growth (SSSG) are supplementary financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to 'Non-IFRS Measures' in this news release. Sean Morrison, Chief Executive Officer of DIV, stated, 'The Cheba Hut trademark acquisition and royalty agreement adds a ninth royalty stream to DIV's portfolio, representing approximately 7% of DIV's pro-forma adjusted revenue3 and is another step in our strategy of purchasing royalties from a diverse group of proven multi-location businesses and franchisors. We believe Cheba Hut's impressive track record of growth is a result of its strong store-level economics, quality of its franchisees and experience of its management team. Scott Jennings, the founder of Cheba Hut, and his management team represent a great partner for DIV, as they strongly believe in the continued success of Cheba Hut over the long term and therefore partnering with DIV was far superior to selling equity ownership. We look forward to working with Scott and Cheba Hut's management team to continue expanding the business across the U.S. DIV has worked to promote its royalty model in the U.S. market and now, with its second US-based royalty transaction, is building significant momentum in that market. Such continued momentum in the U.S. franchisor market will become significant to DIV as it scales its business going forward. Further, DIV's strong balance sheet (cash on hand, under-levered existing royalty LP's, an unused acquisition facility) enabled it to fund the Transaction without the need to raise equity. DIV's less than 100% payout ratio4, automated DRIP program and ability to refinance existing LP's will enable it to substantially pay down the acquisition facility within 12 months. This is a game-changer for DIV as all prior trademarks acquisitions have been funded concurrently, or shortly thereafter, with a sizeable equity raise.' Scott Jennings, stated, 'DIV understands and believes that leaving us in control of our company keeps us in the best position to sustain our controlled growth. In addition, we can continue to take care of our product, partners, crew, and most importantly our CUSTOMERS the way we have for the last 27 years. We thank DIV for believing in Cheba Hut and helping us stay in excellent position to keep our soul intact for the next 50 years and beyond!!!' 3. Pro-forma adjusted revenue is a non-IFRS financial measure, and as such, does not have a standardized meaning under IFRS. For additional information, refer to 'Non-IFRS Measures' in this news release. Amendment to Acquisition Facility DIV amended its Acquisition Facility to increase the size from $50 million to $70 million and extend the maturity date to May 30, 2027, and thereafter to June 17, 2028 (if certain conditions are met). DIV and Cheeb LP Credit Facilities Cheeb LP financed US$5 million of the Purchase Price with new bank debt having a term of three years from closing. The Cheeb Credit Facility is non-amortizing and has a floating interest rate equal to SOFR + 2.5% per annum; however, DIV will have 90 days following closing to effectively fix the interest rate on 75% of the amount borrowed under this facility through an interest rate swap. The Cheeb Credit Facility is secured by the Cheba Rights and the Royalty payable by Cheba Hut, and has covenants customary for this type of a credit facility. DIV financed approximately US$18 million of the Purchase Price from the Acquisition Facility as amended and described above. The approximately US$18 million drawn on the Acquisition Facility is interest-only for twelve months and thereafter amortizes over a 60-month period. In connection with the Transaction, DIV financed US$5 million of the Purchase Price from an Additional Term Facility of US$5 million with a term of approximately 18 months. The Additional Term Facility is non-amortizing and has a floating interest rate based on SOFR plus a spread based on prevailing market rates. The Additional Term Facility is secured by a general security interest over the assets of the Corporation and, if requested by the lender, may be secured by specific assignments of certain material agreements entered into by the Corporation from time to time, and has covenants customary for this type of credit facility. DIV intends to pay down the Acquisition Facility through a combination of cash flows, debt refinancings and/or capital markets transactions. Dividend Policy Increase DIV's board of directors has approved an increase in DIV's dividend policy to increase its annualized dividend from 25.0 cents per share to 27.5 cents per share effective July 1, 2025, an increase of 10%. DIV estimates its pro-forma payout ratio4 will be approximately 94.9% (pro-forma payout ratio, net of DRIP is approximately 83.0%)4. 4. Pro-forma payout ratio and pro-forma payout ratio, net of DRIP are non-IFRS ratios, and as such, do not have standardized meanings under IFRS. For additional information, refer to 'Non-IFRS Measures' in this news release. Investor Conference Call Management of DIV will host a conference call on Wednesday, June 18, 2025, at 7:00 am Pacific Time (10:00 am Eastern Time). To participate by telephone across Canada, call toll free at 1 (800) 717-1738 or 1 (289) 514-5100 (conference ID 02753). The presentation will be followed by a question-and-answer session. An archived telephone recording of the call will be available until Wednesday, September 17, 2025, by calling 1 (888) 660-6264 or 1 (289) 819-1325 (playback passcode: 02753 #). The management presentation for the conference call will be available on DIV's website prior to the call. Alternatively, the link to the webcast of the conference can be found below: About Diversified Royalty Corp. DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV's objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors. DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, BarBurrito and Cheba Hut trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada's largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada's leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations across 19 U.S. states. DIV's objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows. Forward Looking Statements Certain statements contained in this news release may constitute 'forward-looking information' or 'financial outlook' within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. The use of any of the words 'anticipate', 'continue', 'estimate', 'expect', 'intend', 'may', 'will', 'project', 'should', 'believe', 'confident', 'plan' and 'intends' and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information or financial outlook in this news release includes, but are not limited to, statements made in relation to: the increase in DIV's annual dividend; statements related to the expected tax implications of the Acquisition on DIV; substantially all future growth for Cheba Hut is currently expected to result from opening additional franchised locations; Cheba Hut's forecasted system sales in the fiscal year ended December 31, 2025; the expected financial impact of the Transaction on DIV, including on its pro-forma payout ratio, pro-forma payout ratio, net of DRIP and pro-forma adjusted revenue; DIV intends to pay down the Acquisition Facility through a combination of cash flows, debt refinancings and/or capital markets transactions; the continued expansion in the U.S. franchisor market and the expected effect on DIV and its business; DIV's intention to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time; and DIV's corporate objectives. The forward-looking information and financial outlook contained herein involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied therein. DIV believes that the expectations reflected in the forward-looking information and financial-outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will realize the expected benefits of the Transaction, or that it will be accretive; the actual tax implications of the Acquisition and the Transaction on DIV will be consistent with the tax implications expected by DIV; Cheba Hut will pay the Royalty and otherwise comply with its obligations under the agreements governing the Transaction; Cheba Hut will not be adversely affected by the other risks facing its business; DIV may not complete any further royalty acquisitions; DIV may not increase its dividend in accordance with the currently expected timing or amounts; DIV will be able to make monthly dividend payments to the holders of the DIV common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV's business and the businesses of its royalty partners can be found in the 'Risk Factors' section of its Annual Information Form dated March 24, 2025 and the 'Risk Factors' section of its management's discussion and analysis for the three months ended March 31, 2025 that are available under DIV's profile on SEDAR+ at . In formulating the forward-looking statements contained herein, management has assumed that, among other things, Cheba Hut will be successful in meeting its stated corporate objectives, including its growth targets; DIV will realize the expected benefits of the Transaction; the Cheba Hut business will not suffer any material adverse effect; the actual tax implications of the Acquisition, the Transaction and the payment of the Royalty will be consistent with the tax implications expected by DIV; and the business and economic conditions affecting DIV and Cheba Hut will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect. To the extent any forward-looking information in this news release constitute a 'financial outlook' within the meaning of applicable securities laws, such information is being provided to assist investors in understanding the potential financial impact of the Transaction, the Cheeb Credit Facility, the Additional Term Facility and the dividend increase and may not appropriate for other purposes. All of the forward-looking information and financial outlook disclosed in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments contemplated thereby will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV contemplated by such forward-looking information and financial outlook contained herein. The forward-looking information and financial outlook included in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Non-IFRS Measures Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation's financial performance and its ability to pay dividends, the performance of its royalty partners and the financial impacts to DIV of the Transaction. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation, its royalty partners and the Transaction than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures used in this news release do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS. The non-IFRS financial measure used in this news release is pro-forma adjusted revenue, which includes as components the following non-IFRS financial measures: DIV royalty entitlement, adjusted revenue and run-rate adjusted revenue. Run-rate adjusted revenue is calculated as the sum of DIV's adjusted revenue for each of the three months ended December 31, 2024 and March 31, 2025, multiplied by two for purposes of annualizing such amount, plus the amount of Mr. Lube's roll-in of royalties from 5 net new store locations on May 1, 2025. Pro-forma adjusted revenue is calculated as the run-rate adjusted revenue plus the amount of the initial adjusted revenue contribution payable by Cheba Hut. DIV management believes run-rate adjusted revenue provides useful information as it provides supplemental information regarding DIV's consolidated revenues, and pro-forma adjusted revenue provides useful information as it provides supplemental information regarding DIV's consolidated revenues after giving effect to the Transaction. For an explanation of the composition of DIV royalty entitlement and adjusted revenue, including a reconciliation to the most directly comparable IFRS measure, see the disclosure under the heading 'Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures' in DIV's management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025, copies of which are available under DIV's profile on SEDAR+ at , which is incorporated by reference herein. The following table reconciles revenue for the three months ended December 31, 2024 and March 31, 2025 to pro-forma adjusted revenue and run-rate adjusted revenue: 1) Adjustment for Mr. Lube's roll-in of royalties from 5 net new store locations on May 1, 2025, assuming incremental annual net system sales (system sales is a non-IFRS supplementary measure and as such, does not have a standardized meaning under IFRS - see the disclosure under the heading 'Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures' in DIV's management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025) of $8.4 million, multiplied by 7.95% royalty rate 2) Cheba Hut contribution is calculated as the initial adjusted revenue contribution of USD$4,000,000 payable by Cheba Hut, multiplied by a USD to CAD exchange rate of $1.4:1 The non-IFRS ratios used in this news release are pro-forma payout ratio and pro-forma payout ratio, net of DRIP, which include as components the following non-IFRS financial measures: EBITDA, normalized EBITDA, distributable cash, run-rate distributable cash, pro-forma distributable cash, pro-forma dividends declared and DIV royalty entitlement net of NND Royalties LP expenses. Run-rate distributable cash is calculated as the sum of DIV's distributable cash for each of the three months ended December 31, 2024 and March 31, 2025, multiplied by two for purposes of annualizing such amount, plus the after-tax amount of Mr. Lube's roll-in of royalties from 5 net new store locations on May 1, 2025, less adjustments for interest income and current tax. Pro-forma distributable cash is calculated as run-rate distributable cash plus the amount of the initial adjusted revenue contribution payable by Cheba Hut, less incremental operating expenses, interest expenses and taxes. DIV management believes run-rate distributable cash provides useful information as it provides supplemental information regarding DIV's ability to generate cash available for payment of dividends after adjusting for non-recurring expenses and pro-forma distributable cash provides useful information as it provides supplemental information regarding DIV's ability to generate cash available for payment of dividends after giving effect to the Transaction. Pro-forma dividends declared is calculated as DIV's new annualized dividend of $0.275 per share multiplied by the number of DIV common shares issued and outstanding as of March 31, 2025. Pro-forma dividends declared is used to calculate the pro-forma payout ratio, and thus management believes that it provides useful information as to DIV's expected future aggregate annualized dividend payments. Pro-forma payout ratio is calculated as pro-forma dividends declared divided by pro-forma distributable cash. Pro-forma payout ratio, net of DRIP is calculated as the difference of (X) pro-forma dividends declared less (Y) dividends paid by DIV in the form of DIV common shares issued under DIV's dividend reinvestment plan (' DRIP ') at an estimated participation rate of 12.5%, divided by pro-forma distributable cash. For an explanation of the composition of EBITDA, normalized EBITDA, distributable cash and DIV royalty entitlement net of NND Royalties LP expenses, including a reconciliation to the most directly comparable IFRS measure, see the disclosure under the heading 'Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures' in DIV's management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025, copies of which are available under DIV's profile on SEDAR+ at , which is incorporated by reference herein. DIV management believes that (i) pro-forma payout ratio provides useful information as it provides supplemental information regarding DIV's ability to generate cash to pay dividends following the completion of the Transaction and the increase to the dividend, and (ii) pro-forma payout ratio, net of DRIP provides useful information as it provides supplemental information regarding DIV's ability to generate cash to pay dividends following the completion of the Transaction and the increase to the dividend after adjusting for dividends paid by DIV in the form of DIV common shares issued under the DRIP. The following table reconciles net income for the three months ended December 31, 2024 and March 31, 2025, to run-rate distributable cash and pro-forma distributable cash and illustrates the calculation of pro-forma payout ratio and pro-forma payout ratio, net of DRIP: 1) Adjustment for Mr. Lube's roll-in of royalties from 5 net new store locations on May 1, 2025, assuming incremental annual net system sales (system sales is a non-IFRS supplementary measure and as such, does not have a standardized meaning under IFRS - see the disclosure under the heading 'Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures' in DIV's management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025) of $8.4 million, multiplied by 7.95% royalty rate, less marginal income taxes assumed at 27% 2) Cheba Hut contribution is calculated as the initial adjusted revenue contribution of USD$4,000,000, multiplied by a USD to CAD exchange rate of $1.4:1, less incremental operating expenses of $50,000, interest expense of $1,890,000 and taxes of $586,000 3) Calculated as the number of DIV common shares issued and outstanding as of March 31, 2025 (167,567,468) multiplied by the new annualized dividend of $0.275 per share 4) Calculated as pro-forma dividends declared, multiplied by 1 minus the effective DRIP rate of 12.5% System Sales is a supplementary financial measure and is a reference to the top-line sales revenue reported to Cheba Hut by all Cheba Hut franchisees. System sales is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. The Corporation believes system sales is a useful measure as it provides investors with an indication of performance of the franchisees underlying Cheba Hut's business. Same store sales growth or SSSG is a supplementary financial measure and is a reference to the percentage increase in system sales over the prior comparable period for Cheba Hut locations that were in operation in both the current and prior periods, excluding stores that were permanently closed. The Corporation believes that SSSG is a useful measure as it provides investors with an indication of the change in year-over-year sales of Cheba Hut locations. Third Party Information This news release includes information obtained from third party reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners and Cheba Hut. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources. THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE. Additional Information Additional information relating to the Corporation and other public filings, is available on SEDAR+ at . Contact: Sean Morrison, President and Chief Executive Officer Diversified Royalty Corp. (236) 521-8470 Greg Gutmanis, Chief Financial Officer and VP Acquisitions Diversified Royalty Corp. (236) 521-8471
