Le Château Inc. (TSX-V: CTU), a leading Canadian specialty retailer
and manufacturer, today reported its financial results for the
second quarter ended July 25, 2020.
“Our results for the second quarter of 2020
reflect the unprecedented impacts of the pandemic on fashion
retailers across Canada. Given the historical importance of
occasion wear during this three-month period, we experienced a
meaningful decline in sales as communities across Canada were
forced to limit social interactions. We nonetheless saw an uptick
in casual wear and growing online sales. We would like to
acknowledge the continued support of our landlords during this time
and we were pleased to gradually re-open our stores across Canada
throughout the quarter, despite the continued impact of social
distancing and other COVID-19 measures in place on store
traffic.”
“Through our 60-year history, we have
experienced many shifts in the retail landscape and have proven
time and again our ability to adapt. Having taken decisive action
in the last several months to preserve our financial position, and
with our 5-year strategic plan aimed at right-sizing our footprint
and leveraging our e-commerce platform now behind us, Le Château is
on a clear path to providing customers with compelling fashion
apparel both online and in-store as economic activity resumes, and
to serve the modern millennial market in a post-COVID world.” - Le
Château Executive Team.
Financial and operating results – Second
quarter of 2020 Results for the second quarter ended July
25, 2020 were negatively impacted due to the government-mandated
shut down of all brick and mortar operations, since March 18, 2020.
All retail locations remained closed as of the beginning of the
second quarter and only gradually re-opened as of May 4, 2020 in
Manitoba and as late as June 26, 2020 in Toronto, Ontario. Once
re-opened, stores were negatively impacted by social distancing and
other measures in place, resulting in lower store traffic,
especially in malls. See “COVID-19 impact” and “Current
developments and subsequent events” sections below for more
information.
Sales for the second quarter ended July 25, 2020
amounted to $14.7 million as compared with $49.7 million for the
second quarter ended July 27, 2019, a decrease of 70.5%.
Gross profit for the second quarter of 2020
decreased to $9.0 million from $33.0 million for the same period
last year. The decrease of $24.0 million in gross profit was the
result of the 70.5% overall sales decline for the second quarter of
2020, combined with the decrease in gross profit as a percentage of
sales to 61.7% from 66.4% for the second quarter of 2019.
Adjusted EBITDA (see non-GAAP measures below)
for the second quarter of 2020 amounted to $2.7 million, compared
with $11.4 million the same period last year. The decrease of $8.7
million in Adjusted EBITDA for the second quarter of 2020 was
primarily attributable to the decrease of $24.0 million in gross
profit, partially offset by the reduction in selling, distribution
and administrative expenses of $15.3 million. The decrease in
selling, distribution and administrative expenses resulted
primarily from (a) the reduction in store operating expenses due to
stores remaining closed for a portion of the second quarter and (b)
$3.7 million related to the Canada Emergency Wage Subsidy
(“CEWS”).
Net earnings for the second quarter ended July
25, 2020 amounted to $337,000 or $0.02 per share compared to a net
loss of $305,000 or $(0.01) per share for the same period last
year.
In July and August 2020, the Company reached
agreement with the majority of its landlords concerning its rental
obligations, including the period impacted by COVID-19.
Accordingly, the impact of the agreements reached in July 2020 led
to lease modifications resulting in a $4.6 million benefit reported
in the consolidated statements of earnings (loss) for the second
quarter ended July 25, 2020, as a reduction in selling and
distribution expenses.
Financial and operating results – First
six months of 2020 Sales for the six months ended July 25,
2020 amounted to $32.3 million as compared with $85.7 million for
the six months ended July 27, 2019, a decrease of 62.3%. See
“COVID-19 impact” and “Current developments and subsequent events”
sections below for more information.
Gross profit for the first half of 2020
decreased to $19.5 million from $55.3 million for the same period
last year. The decrease of $35.8 million in gross profit was the
result of the 62.3% overall sales decline for the first half of
2020, combined with the decrease in gross profit as a percentage of
sales to 60.2% from 64.5% for the first half of 2019.
Adjusted EBITDA (see non-GAAP measures below)
for the first half of 2020 amounted to $(2.5) million, compared
with $12.1 million the same period last year. The decrease of $14.6
million in Adjusted EBITDA for the first half of 2020 was primarily
attributable to the decrease of $35.8 million in gross profit,
partially offset by the reduction in selling, distribution and
administrative expenses of $21.2 million. The decrease in selling,
distribution and administrative expenses resulted primarily from
(a) the reduction in store operating expenses due to stores
remaining closed for a portion of the first half of 2020 and (b)
$4.5 million related to the CEWS.
Net loss for the six months ended July 25, 2020
amounted to $13.0 million or $(0.43) per share compared to a net
loss of $11.1 million or $(0.37) per share for the same period last
year.
COVID-19 impact The outbreak of
the coronavirus disease (COVID-19), which was declared a pandemic
on March 11, 2020 by the World Health Organization, is having
significant impacts on the Company. The measures adopted by the
Federal and provincial governments in order to mitigate the spread
of the pandemic required the Company to close all of its retail
locations across the country effective March 18, 2020. During the
period of closure, the Company’s only sales were derived from its
e-commerce channel. The Company has since re-opened substantially
all of its stores during the period May 4, 2020 to June 26, 2020 in
accordance with provincial and regional governmental guidelines.
The duration and impact of the pandemic are unknown and may
influence consumer shopping behavior and consumer demand including
both in-store and online.
In reaction to the COVID-19 pandemic, the
Company has taken the following measures to protect its financial
position:
- Furloughing the majority of store and head office employees
during the closure period, while maintaining essential services
such as e-commerce, warehousing and distribution;
- Initiating reduced work week schedules for all remaining staff
based on business requirements;
- Availing itself of the CEWS;
- Working with landlords to reach agreement on rental
obligations;
- Adjusting inventory levels by cancelling, delaying or reducing
orders;
- Extending payment terms with merchandise and non-merchandise
suppliers;
- Reducing discretionary expenditures;
- Cancelling or delaying all non-essential capital expenditures
for the balance of the year;
- Supporting the medical community through the manufacturing of
medical gowns.
Prior to the COVID-19 pandemic, and beginning in
2015, the Company began the execution of its strategic plan aimed
at optimizing its brick and mortar network across Canada in the
context of the growing importance of e-commerce and the increasing
challenges to brick and mortar retail. During this 5-year period,
the Company’s store network was optimized and reduced by almost
50%, from 243 stores to 123 well-located, top-performing stores.
Over the same period of time, the Company invested significantly in
upgrading and maintaining a compelling fashion e-commerce shopping
and delivery system supported by a leaner network of retail stores
across Canada.
Current developments and subsequent
events As disclosed in note 2 of the unaudited interim
condensed consolidated financial statements (‘interim financial
statements”) for the second quarter ended July 25, 2020, there are
material uncertainties that cast significant doubt upon the
Company’s ability to continue as a going concern and, therefore,
realize its assets and discharge its liabilities in the normal
course of business.
As described further in note 3 of the interim
financial statements, the Company has a $70.0 million asset-based
revolving credit facility as well as a $15.0 million subordinated
term loan from another lender, both of which were extended on April
1, 2020, from June 9, 2020 to December 31, 2020. As the revolving
credit facility and the subordinated term loan agreements have not
been renewed, the full amounts drawn under these facilities are
presented as current liabilities as at July 25, 2020. For the
six-month period ended July 25, 2020, the Company generated a loss
of $13.0 million and had a working capital deficiency of $45.7
million as at July 25, 2020 due mainly to the classification of the
above facilities as current liabilities.
The Company’s ability to continue as a going
concern for the next twelve months involves significant judgment
and is dependent on, among other things, its ability to obtain
necessary financing, either from its existing lenders or from other
financing sources; the availability of adequate credit under its
revolving credit facility and subordinated term loan; the impact of
the COVID-19 pandemic and related government restrictions on the
Company’s operations and liquidities (including the Company’s
ability to resume normal operations); if previously negotiated rent
concessions prove to be insufficient, the Company’s ability to
negotiate additional favorable amendments to lease rents and other
obligations with major landlords; the Company’s ability to improve
its sales and generate positive cash flow from operations; and the
continued support of its suppliers, landlords and other
creditors.
The going concern uncertainty note in the
Company’s annual consolidated financial statements for the fiscal
year ended January 25, 2020, filed on July 6, 2020, caused the
Company to be in default under a covenant contained in its
revolving credit facility agreement and subordinated term loan
agreement. The above-mentioned default caused a default under the
Company’s third-ranking secured loans. As a result, the secured
loans are presented as current liabilities. On August 7, 2020, the
Company entered into amending agreements with its existing lenders
with respect to its revolving credit facility agreement and
subordinated term loan agreement to provide for further
availability under such agreements. Pursuant to the amending
agreements, the Company obtained a waiver from its existing lenders
of the above noted default. In accordance with the amending
agreements, the Company is subject to certain conditions and
undertakings, including the requirement to refinance its revolving
credit facility and subordinated term loan by October 31, 2020,
failing which a contingency plan will need to be implemented. There
is no assurance that the Company will be successful in completing a
refinancing on acceptable terms, or at all. There can be no
assurance that availability under the existing credit facilities,
as amended, or that any alternative source of financing will be
sufficient to finance the Company’s operations to the maturity date
of the credit facilities, that borrowings or alternative sources of
financing will be available to the Company, or available on
acceptable terms, in an amount sufficient to fund the Company’s
needs or that the Company’s suppliers, landlords and other
creditors will continue their support of the Company. Consequently,
the Company’s management is evaluating its alternatives should
these contingencies materialize. The COVID-19 pandemic has further
strained the Company’s ability to return to profitability, and
therefore there is no assurance that it will be able to generate
positive cash flow from operations.
The interim financial statements for the second
quarter ended July 25, 2020 have been prepared on a going concern
basis, which assumes the Company will continue its operations for
the foreseeable future and will be able to realize its assets and
discharge its liabilities and commitments in the normal course of
business. These interim financial statements as at and for the
second quarter ended July 25, 2020 do not include any adjustments
to the carrying amounts and classification of assets, liabilities
and reported expenses that may otherwise be required if the going
concern basis was not appropriate. Such adjustments could be
material.
Profile Le Château is a leading
Canadian specialty retailer and manufacturer of exclusively
designed apparel, footwear and accessories for contemporary and
style-conscious women and men, with an extensive network of 123
prime locations across Canada and an e-com platform servicing
Canada and the U.S. Le Château, committed to research, design and
product development, manufactures approximately 30% of the
Company’s apparel in its own Canadian production facilities.
Non-GAAP Measures In addition
to discussing earnings measures in accordance with IFRS, this press
release provides Adjusted EBITDA as a supplementary earnings
measure, which is defined as earnings (loss) before interest,
income taxes, depreciation, amortization, lease modifications, and
write-off and impairment of long-term assets (“Adjusted EBITDA”).
Adjusted EBITDA is provided to assist readers in determining the
ability of the Company to generate cash from operations and to
cover financial charges. It is also widely used for valuation
purposes for public companies in our industry.
The following table reconciles Adjusted EBITDA
to earnings (loss) before income taxes in the interim statements of
earnings (loss) for the three and six-month periods ended July 25,
2020 and July 27, 2019:
|
(Unaudited) |
For the
three months ended |
For the six
months ended |
|
(In thousands of Canadian dollars) |
July 25, 2020 |
|
|
July 27, 2019 |
|
July 25, 2020 |
|
July 27, 2019 |
|
|
Earnings (loss) before income taxes |
$ |
337 |
|
|
$ |
(305 |
) |
|
$ |
(13,021 |
) |
|
$ |
(11,142 |
) |
|
Depreciation and amortization |
|
4,117 |
|
|
|
8,020 |
|
|
|
8,516 |
|
|
|
16,097 |
|
| Write-off of
long-term assets |
|
14 |
|
|
|
- |
|
|
|
781 |
|
|
|
41 |
|
| Lease
modifications |
|
(4,568 |
) |
|
|
- |
|
|
|
(4,705 |
) |
|
|
- |
|
| Finance
costs |
|
2,838 |
|
|
|
3,662 |
|
|
|
5,950 |
|
|
|
7,129 |
|
|
Adjusted EBITDA |
$ |
2,738 |
|
|
$ |
11,377 |
|
|
$ |
(2,479 |
) |
|
$ |
12,125 |
|
The Company typically discloses comparable store
sales which are defined as sales generated by stores that have been
open for at least one year on a comparable week basis. As indicated
above, the Company temporarily closed all of its retail stores on
March 18, 2020, while continuing to service its customers online.
Due to the significant impacts caused by COVID-19, comparable
stores sales have not been disclosed for the second quarter of 2020
as the Company believes they are not currently representative of
its business trends and would not provide any meaningful
information.
Forward-Looking Statements This
news release may contain forward-looking statements relating
to the Company and/or the environment in which it operates that are
based on the Company’s expectations, estimates and forecasts. These
statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and/or are
beyond the Company’s control. A number of factors may cause actual
outcomes and results to differ materially from those expressed.
These factors also include those set forth in other public filings
of the Company. Therefore, readers should not place undue reliance
on these forward-looking statements. In addition, these
forward-looking statements speak only as of the date made and the
Company disavows any intention or obligation to update or revise
any such statements as a result of any event, circumstance or
otherwise except to the extent required under applicable securities
law.
The Company’s ability to continue as a going
concern for the next twelve months involves significant judgment
and is dependent on, among other things, its ability to obtain
necessary financing, either from its existing lenders or from other
financing sources; the availability of adequate credit under its
revolving credit facility and subordinated term loan; the impact of
the COVID-19 pandemic and related government restrictions on the
Company’s operations and liquidities (including the Company’s
ability to resume normal operations); if previously negotiated rent
concessions prove to be insufficient, the Company’s ability to
negotiate additional favorable amendments to lease rents and other
obligations with major landlords; the Company’s ability to improve
its sales and generate positive cash flow from operations; and the
continued support of its suppliers, landlords and other creditors.
There can be no assurance that availability under the existing
credit facilities, as amended, or that any alternative source of
financing will be sufficient to finance the Company’s operations to
the maturity date of the credit facilities, that borrowings or
alternative sources of financing will be available to the Company
or available on acceptable terms, in an amount sufficient to fund
the Company’s needs or that the Company’s suppliers, landlords and
other creditors will continue their support of the Company.
Consequently, the Company’s management is evaluating its
alternatives should these contingencies materialize (see note 2 of
the Company’s interim financial statements).
Factors which could cause actual results or
events to differ materially from current expectations include,
among other things: the ability of the Company to continue as a
going concern; public health crises & economic downturn;
liquidity risks; general economic conditions and normal business
uncertainty; the ability of the Company to successfully implement
its business initiatives and whether such business initiatives will
yield the expected benefits; the ability of the Company to complete
the refinancing on acceptable terms and, to the extent applicable,
to implement the contingency plan; competitive conditions in the
businesses in which the Company participates; changes in consumer
spending; seasonality; changes in the Company’s relationship with
its suppliers; inventory management; extreme changes in weather;
lease renewals and obligations; information technology security and
loss of customer data; fluctuations in foreign currency exchange
rates; interest rate fluctuations and changes in laws, rules and
regulations applicable to the Company. The foregoing list of risk
factors is not exhaustive and other factors could also adversely
affect our results. The risks and uncertainties faced by the
Company are substantially the same as those outlined in the annual
MD&A for the year ended January 25, 2020, other than as
described in note 2 of the interim financial statements.
The Company’s interim financial statements and
Management’s Discussion and Analysis for the second quarter ended
July 25, 2020 are available online at www.sedar.com under the
Company’s profile.
For further information Emilia
Di Raddo, CPA, CA, President (514) 738-7000 Johnny Del Ciancio,
CPA, CA, Vice-President, Finance, (514) 738-7000 MaisonBrison:
Pierre Boucher, (514) 731-0000 Source: Le Château Inc.
| |
|
CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) (In thousands of Canadian dollars) |
As at July 25,
2020(1) |
|
As at July 27, 2019 |
|
As at January 25, 2020 |
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
$ |
1,108 |
|
$ |
- |
|
$ |
- |
|
| Accounts
receivable |
|
3,244 |
|
|
2,326 |
|
|
870 |
|
| Income
taxes refundable |
|
294 |
|
|
318 |
|
|
426 |
|
|
Inventories |
|
81,981 |
|
|
85,024 |
|
|
76,093 |
|
|
Prepaid expenses |
|
2,099 |
|
|
2,325 |
|
|
1,678 |
|
|
Total current assets |
|
88,726 |
|
|
89,993 |
|
|
79,067 |
|
|
Deposits |
|
485 |
|
|
485 |
|
|
485 |
|
| Property
and equipment |
|
5,726 |
|
|
18,220 |
|
|
7,883 |
|
|
Intangible assets |
|
487 |
|
|
1,434 |
|
|
621 |
|
|
Right-of-use assets |
|
23,404 |
|
|
74,683 |
|
|
45,810 |
|
|
|
$ |
118,828 |
|
$ |
184,815 |
|
$ |
133,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' DEFICIENCY |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
| Bank
indebtedness |
$ |
- |
|
$ |
41 |
|
$ |
1,064 |
|
| Current
portion of credit facility |
|
50,860 |
|
|
46,024 |
|
|
43,525 |
|
| Trade and
other payables |
|
41,391 |
|
|
20,355 |
|
|
27,200 |
|
| Deferred
revenue |
|
1,238 |
|
|
1,750 |
|
|
1,646 |
|
| Current
portion of lease liabilities |
|
10,097 |
|
|
32,507 |
|
|
19,609 |
|
|
Current portion of long-term debt |
|
30,876 |
|
|
15,000 |
|
|
30,369 |
|
|
Total current liabilities |
|
134,462 |
|
|
115,677 |
|
|
123,413 |
|
| Long-term
debt |
|
- |
|
|
16,058 |
|
|
- |
|
|
Lease liabilities |
|
66,641 |
|
|
65,422 |
|
|
79,707 |
|
|
Total liabilities |
|
201,103 |
|
|
197,157 |
|
|
203,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' deficiency |
|
|
|
|
|
|
|
|
|
| Share
capital |
|
73,573 |
|
|
73,573 |
|
|
73,573 |
|
|
Contributed surplus |
|
15,354 |
|
|
14,193 |
|
|
15,354 |
|
|
Deficit |
|
(171,202 |
) |
|
(100,108 |
) |
|
(158,181 |
) |
|
Total shareholders' deficiency |
|
(82,275 |
) |
|
(12,342 |
) |
|
(69,254 |
) |
|
|
$ |
118,828 |
|
$ |
184,815 |
|
$ |
133,866 |
|
(1) See note 2, Going concern uncertainty, in
the interim financial statements for the second quarter ended July
25, 2020.
NOTICE The Company’s
independent auditors have not performed a review of the interim
financial statements.
|
|
|
|
|
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) AND
COMPREHENSIVE INCOME (LOSS) |
|
|
|
(Unaudited) |
For the
three months ended |
|
For the six
months ended |
|
|
(In thousands of Canadian dollars, except per share
information) |
July 25, 2020 |
July 27, 2019 |
|
July 25, 2020 |
|
July 27, 2019 |
|
|
Sales |
$ |
14,652 |
$ |
49,661 |
|
$ |
32,311 |
|
$ |
85,731 |
|
|
Cost of sales and expenses |
|
|
|
|
|
|
|
| Cost of
sales |
5,610 |
16,689 |
|
12,852 |
|
30,433 |
|
| Selling
and distribution |
5,124 |
25,391 |
|
23,184 |
|
50,299 |
|
|
Administrative |
743 |
4,224 |
|
3,346 |
|
9,012 |
|
|
|
11,477 |
46,304 |
|
39,382 |
|
89,744 |
|
|
Results from operating activities |
3,175 |
3,357 |
|
(7,071 |
) |
(4,013 |
) |
|
Finance costs |
2,838 |
3,662 |
|
5,950 |
|
7,129 |
|
|
Earnings (loss) before income taxes |
337 |
(305 |
) |
(13,021 |
) |
(11,142 |
) |
|
Income tax recovery |
- |
- |
|
- |
|
- |
|
|
Net earnings (loss) and comprehensive income
(loss) |
$ |
337 |
$ |
(305 |
) |
$ |
(13,021 |
) |
$ |
(11,142 |
) |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share |
|
|
|
|
|
|
|
|
Basic |
$ |
0.02 |
$ |
(0.01 |
) |
$ |
(0.43 |
) |
$ |
(0.37 |
) |
|
Diluted |
0.02 |
(0.01 |
) |
(0.43 |
) |
(0.37 |
) |
|
Weighted average number of shares outstanding
('000) |
29,964 |
29,964 |
|
29,964 |
|
29,964 |
|
|
|
|
|
|
|
|
|
|
| |
| CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIENCY |
|
(Unaudited) |
For the
three months ended |
For the six
months ended |
|
(In thousands of Canadian dollars) |
July 25, 2020 |
|
July 27, 2019 |
|
July 25, 2020 |
|
July 27, 2019 |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
$ |
73,573 |
|
$ |
73,573 |
|
$ |
73,573 |
|
$ |
73,573 |
|
|
CONTRIBUTED SURPLUS |
|
|
|
|
| Balance,
beginning of period |
$ |
15,354 |
|
$ |
14,193 |
|
$ |
15,354 |
|
$ |
14,132 |
|
|
Fair value adjustment of long-term debt |
|
- |
|
|
- |
|
|
- |
|
|
61 |
|
|
Balance, end of period |
$ |
15,354 |
|
$ |
14,193 |
|
$ |
15,354 |
|
$ |
14,193 |
|
|
DEFICIT |
|
|
|
|
| Balance,
beginning of period |
$ |
(171,539 |
) |
$ |
(99,803 |
) |
$ |
(158,181 |
) |
$ |
(82,543 |
) |
|
Transitional adjustments on adoption of new accounting
standards |
|
- |
|
|
- |
|
|
- |
|
|
(6,423 |
) |
|
Adjusted balance, beginning of period |
|
(171,539 |
) |
|
(99,803 |
) |
|
(158,181 |
) |
|
(88,966 |
) |
|
Net earnings (loss) |
|
337 |
|
|
(305 |
) |
|
(13,021 |
) |
|
(11,142 |
) |
|
Balance, end of period |
$ |
(171,202 |
) |
$ |
(100,108 |
) |
$ |
(171,202 |
) |
$ |
(100,108 |
) |
|
Total shareholders’ deficiency |
$ |
(82,275 |
) |
$ |
(12,342 |
) |
$ |
(82,275 |
) |
$ |
(12,342 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
(Unaudited) |
For the
three months ended |
|
For the six
months ended |
|
|
(In thousands of Canadian dollars) |
July 25, 2020 |
|
July 27, 2019 |
|
July 25, 2020 |
|
July 27, 2019 |
|
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
337 |
|
$ |
(305 |
) |
$ |
(13,021 |
) |
$ |
(11,142 |
) |
|
Adjustments to determine net cash from operating activities |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
4,117 |
|
8,020 |
|
8,516 |
|
16,097 |
|
|
Write-off of long-term assets |
14 |
|
- |
|
781 |
|
41 |
|
|
Lease modifications |
(4,568 |
) |
- |
|
(4,705 |
) |
- |
|
|
Finance costs |
2,838 |
|
3,662 |
|
5,950 |
|
7,129 |
|
|
Interest paid |
(904 |
) |
(1,052 |
) |
(1,945 |
) |
(2,207 |
) |
|
|
1,834 |
|
10,325 |
|
(4,424 |
) |
9,918 |
|
| Net
change in non-cash working capital items related to operations |
3,755 |
|
3,845 |
|
3,872 |
|
(1,780 |
) |
|
Income taxes refunded |
- |
|
- |
|
219 |
|
230 |
|
|
Cash flows related to operating activities |
5,589 |
|
14,170 |
|
(333 |
) |
8,368 |
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
| Increase
(decrease) in credit facility |
(2,935 |
) |
(12,727 |
) |
7,221 |
|
(3,156 |
) |
| Payment
of lease liabilities |
(971 |
) |
(2,172 |
) |
(3,900 |
) |
(4,905 |
) |
| Other
finance costs |
(238 |
) |
(535 |
) |
(616 |
) |
(809 |
) |
|
Proceeds from long-term debt |
- |
|
- |
|
- |
|
1,000 |
|
|
Cash flows related to financing activities |
(4,144 |
) |
(15,434 |
) |
2,705 |
|
(7,870 |
) |
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
| Additions
to property and equipment and intangible assets |
(40 |
) |
(18 |
) |
(200 |
) |
(50 |
) |
|
Cash flows related to investing activities |
(40 |
) |
(18 |
) |
(200 |
) |
(50 |
) |
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash (bank
indebtedness) |
1,405 |
|
(1,282 |
) |
2,172 |
|
448 |
|
|
Cash (bank indebtedness), beginning of period |
(297 |
) |
1,241 |
|
(1,064 |
) |
(489 |
) |
|
Cash (bank indebtedness), end of period |
$ |
1,108 |
|
$ |
(41 |
) |
$ |
1,108 |
|
$ |
(41 |
) |
Le Chateau (TSXV:CTU)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Le Chateau (TSXV:CTU)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024
