Imaflex Inc. announces results for the quarter ended March 31, 2009


    MONTREAL, May 21 /CNW Telbec/ - Imaflex Inc. (the "Company") (TSX Venture
Exchange - IFX.A) announces results for the quarter ended March 31, 2009.


    (CDN $ thousands, except per share amounts)          Q1 2009     Q1 2008
                                                         -------     -------
    Sales                                                 13,811      12,114
    Cost of sales                                         11,071      10,238
    Gross profit ($) (before amortization)                 2,740       1,876
    Gross profit (%)(before amortization)                   19.8%       15.5%
    Amortization of production equipment                     735         757
    Gross Profit                                           2,005       1,119
    Gross profit (%)                                        14.5%        9.2%
    Expenses                                               1,130       1,307
    FX loss (gain)                                           (12)        100
    Income (loss) before income taxes                        887        (288)
    Provision for income taxes                               243         188
    Net income (loss)                                        644        (476)
    Basic and diluted earnings per share                   0.016      (0.013)
    EBITDA                                                 1,831         822

    The results include those of Imaflex Inc. ("Imaflex") located in Montréal
(Québec) and its division Canguard Packaging ("Canguard") located in
Victoriaville (Québec), and its wholly owned subsidiaries, Imaflex USA, Inc.
("Imaflex USA") located in Thomasville (North Carolina) and Canslit Inc.
("Canslit") located in Victoriaville (Québec).

    Summary - Results of Operations

    For the three months ended March 31, 2009, Imaflex's net income improved
by $1,120,000 to a net income of $644,000, compared with a net loss of
$476,000 for the same period in 2008. The improvement is primarily due to the
increase in sales volume in the Imaflex USA location.


    For the three month period ending March 31, 2009 the increase in sales of
$1,697,000 or 14% was primarily due to an increase in the sales volume for
Imaflex USA, as compared to the same period in 2008.

    Gross profit margin

    The gross profit before and after amortization of production equipment
for the three month period ended March 31, 2009 improved by $900,000 due
primarily to an increase in the sales volume for Imaflex USA as compared to
the same period in 2008.

    Income taxes

    The income tax provision reflects the taxes on the income generated by
the Company's Canadian operations. No income tax expense has been recorded on
Imaflex USA's operating income due to the loss carry forward.


    Many quarters of frustrations and poor results have finally given way to
what management had originally envisioned for our U.S. facilities. As reported
in earlier outlooks our key machinery problems were resolved too late to
permit management to dramatically decrease losses at our U.S. operations
during the past year. This quarter's results confirm management's model of
product mix was, and is, the correct model for this facility.
    With respect to overall operational results, management in its year end
review expressed a cautious optimism for 2009 in spite of all the economic
pressures facing manufacturers in this sluggish economy. We see no reason to
alter our thinking. Our focus in 2009 is, and will be, to increase revenues,
decrease costs, and replenish the working capital that has been depleted by
the sustained losses in our U.S. operations.

    Safe Harbor Statement

    Certain statements and information included in this release constitute
"forward-looking statements". Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied in
such forward-looking statements. Additional discussion of factors that could
cause actual results to differ materially from management's projections,
estimates and expectations is contained in the Company's other public filings.
Unless otherwise required by the securities authorities, we do not undertake
to update any forward-looking statements that may be made from time to time by
us or on our behalf.

    Non-GAAP Measure

    The Company's management uses a non-GAAP measure in this press release,
namely EBITDA. Management wishes to specify that in the performance of the
Company's financial results, EBITDA is shown as "Earnings before interest,
taxes, non-controlling interest, depreciation and amortization". While EBITDA
is not a standard GAAP measure, management, analysts, investors and others use
it as an indicator of the Company's financial and operating management and
performance. EBITDA should not be construed as an alternative to net income
determined in accordance with GAAP as an indicator of the Company's
performance. The Company's method of calculating EBITDA may be different from
those used by other companies.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Imaflex Inc.: Joseph Abbandonato, President and
C.E.O; Robert Nagy, CMA, CIA- Corporate Controller, (514) 935-5710, Fax: (514)

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