Aankondiging • Feb 28
Imaflex Inc. Expects Its Shares to Be Delisted from the TSX Venture Exchange At the Close of Business on March 3, 2026 Imaflex Inc. announced the completion of the previously announced plan of arrangement under Section 192 of the Canada Business Corporations Act involving Soteria Flexibles AcquireCo Ltd. (the "Purchaser"), an affiliate of Soteria Flexibles Corp. ("Soteria"), pursuant to which the Purchaser has acquired all the issued and outstanding common shares (the "Shares") of Imaflex for CAD 2.35 in cash per Share (the "Consideration"), representing approximately CAD 123.0 million of equity value of the Corporation (the "Arrangement"). As a result of the completion of the Arrangement, it is expected that the Shares will be delisted from the TSX Venture Exchange at the close of business on March 3, 2026. The Corporation shall apply to cease to be a reporting issuer under Canadian securities laws in the provinces of Alberta, British Columbia and Québec. New Risk • Dec 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 39% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (39% average weekly change). Earnings have declined by 16% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (CA$56.8m market cap, or US$41.2m). Aankondiging • Dec 18
Soteria Flexibles Corp. entered into a definitive arrangement agreement to acquire Imaflex Inc. (TSXV:IFX) from Joe Abbandonato for approximately CAD 120 million. Soteria Flexibles Corp. entered into a definitive arrangement agreement to acquire Imaflex Inc. (TSXV:IFX) from Joe Abbandonato for approximately CAD 120 million on December 17, 2025. A cash consideration of CAD 123 million valued at CAD 2.35 per share will be paid by Soteria Flexibles Corp. As part of consideration, CAD 123 million is paid towards common equity of Imaflex Inc.Upon completion of the Transaction, Imaflex will become a privately held company.
The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders, subject to court approval and third party approval needed. The Board of Directors of Imaflex Inc. formed a special committee for the transaction. The deal has been unanimously approved by the board.
Stifel Financial Corp. acted as fairness opinion provider for Imaflex Inc. Lavery, De Billy acted as legal advisor for Imaflex Inc. Stikeman Elliott LLP acted as legal advisor for Soteria Flexibles Corp. Winston & Strawn LLP acted as legal advisor for Soteria Flexibles Corp. Stifel Financial Corp. acted as financial advisor for Imaflex Inc. Reported Earnings • Nov 28
Third quarter 2025 earnings released: EPS: CA$0.01 (vs CA$0.028 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.01 (down from CA$0.028 in 3Q 2024). Revenue: CA$27.5m (down 3.3% from 3Q 2024). Net income: CA$558.0k (down 62% from 3Q 2024). Profit margin: 2.0% (down from 5.2% in 3Q 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 28
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: CA$26.4m (down 8.4% from 2Q 2024). Net loss: CA$197.0k (down 106% from profit in 2Q 2024). Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Jun 28
Price target increased by 100% to CA$2.00 Up from CA$1.00, the current price target is provided by 1 analyst. New target price is 50% above last closing price of CA$1.33. Stock is up 23% over the past year. The company posted earnings per share of CA$0.14 last year. Aankondiging • Jun 12
Imaflex Inc. Elects Stephan Yazedjian as A New Director Imaflex Inc. at its Annual General Meeting, held on June 11, 2025, approved the election of Stephan Yazedjian as a new director. Aankondiging • Apr 14
Imaflex Inc., Annual General Meeting, Jun 11, 2025 Imaflex Inc., Annual General Meeting, Jun 11, 2025. Aankondiging • Mar 27
Imaflex Inc. Resumes Normal Operations Following Cybersecurity Incident Imaflex Inc. confirmed to its customers and stakeholders that following a recent cyber attack, the Corporation has restored its systems and resumed normal operations. On February 21, 2025, the Corporation announced that a cybersecurity incident had occurred, disrupting Imaflex's systems and operations. Imaflex immediately took steps to contain and mitigate any potential impact on its data and operations. The Corporation launched a comprehensive investigation to determine the source and extent of the incident, working closely with third-party cybersecurity experts in line with industry best practices. Although operations were impacted, Imaflex continued to manufacture, ship and perform back-office functions as required, albeit with some temporary workarounds. Imaflex is pleased to confirm that all systems and data have been fully restored, and operations have returned to normal. The Corporation remains committed to maintaining and implementing robust cybersecurity measures to protect its systems, data, and stakeholders. Aankondiging • Feb 08
Imaflex Inc. Announces Board Changes Imaflex Inc. announced that Mr. Roberto Longo has resigned from its Board of Directors for personal reasons, effective immediately. Concurrently, the Corporation has appointed Mr. Mario Settino to the Board of Directors, where he will also serve as Chair of the Audit Committee. Mr. Settino previously served on Imaflex's Board from 2017 until 2022, including as Chair of the Audit Committee. A seasoned professional with over 30 years of experience across diverse industries, he has held leadership roles at companies such as Balcan Innovations, BioAmber, Peds Legwear, Miranda Technologies, Loblaws, and Bombardier Aerospace. Mr. Settino is a chartered professional accountant who began his career at Deloitte. He holds a Bachelor of Commerce from Concordia University and a Graduate Diploma in Accountancy from McGill University. Recent Insider Transactions • Dec 04
Insider recently sold CA$93k worth of stock On the 29th of November, Ralf Dujardin sold around 66k shares on-market at roughly CA$1.41 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$307k more than they bought in the last 12 months. Reported Earnings • Nov 28
Third quarter 2024 earnings released: EPS: CA$0.03 (vs CA$0.003 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.03 (up from CA$0.003 in 3Q 2023). Revenue: CA$28.4m (up 24% from 3Q 2023). Net income: CA$1.47m (up CA$1.31m from 3Q 2023). Profit margin: 5.2% (up from 0.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Recent Insider Transactions • Oct 02
Insider recently sold CA$59k worth of stock On the 30th of September, Ralf Dujardin sold around 41k shares on-market at roughly CA$1.42 per share. This transaction amounted to 8.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$153k more than they bought in the last 12 months. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: CA$0.07 (vs CA$0.008 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.07 (up from CA$0.008 in 2Q 2023). Revenue: CA$28.8m (up 18% from 2Q 2023). Net income: CA$3.43m (up CA$3.00m from 2Q 2023). Profit margin: 12% (up from 1.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to CA$1.40, the stock trades at a trailing P/E ratio of 50.9x. Average forward P/E is 13x in the Packaging industry in Canada. Total loss to shareholders of 4.8% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CA$1.11, the stock trades at a trailing P/E ratio of 40.4x. Average forward P/E is 14x in the Packaging industry in Canada. Total loss to shareholders of 18% over the past three years. Reported Earnings • May 30
First quarter 2024 earnings released: EPS: CA$0.04 (vs CA$0.018 in 1Q 2023) First quarter 2024 results: EPS: CA$0.04 (up from CA$0.018 in 1Q 2023). Revenue: CA$27.4m (up 18% from 1Q 2023). Net income: CA$1.85m (up 100% from 1Q 2023). Profit margin: 6.7% (up from 4.0% in 1Q 2023). Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Roberto Longo was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CA$0.01 (vs CA$0.18 in FY 2022) Full year 2023 results: EPS: CA$0.01 (down from CA$0.18 in FY 2022). Revenue: CA$93.6m (down 16% from FY 2022). Net income: CA$508.8k (down 94% from FY 2022). Profit margin: 0.5% (down from 8.2% in FY 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 15% per year. Aankondiging • Apr 09
Imaflex Inc., Annual General Meeting, Jun 13, 2024 Imaflex Inc., Annual General Meeting, Jun 13, 2024. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: CA$0.003 (vs CA$0.06 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.003 (down from CA$0.06 in 3Q 2022). Revenue: CA$22.9m (down 14% from 3Q 2022). Net income: CA$155.0k (down 95% from 3Q 2022). Profit margin: 0.7% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CA$0.01 (vs CA$0.066 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.01 (down from CA$0.066 in 2Q 2022). Revenue: CA$24.5m (down 24% from 2Q 2022). Net income: CA$438.0k (down 87% from 2Q 2022). Profit margin: 1.8% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CA$1.14, the stock trades at a trailing P/E ratio of 7.4x. Average forward P/E is 13x in the Packaging industry in Canada. Total returns to shareholders of 70% over the past three years. Recent Insider Transactions • Jun 11
Insider recently sold CA$67k worth of stock On the 7th of June, Gerald Phelps sold around 50k shares on-market at roughly CA$1.34 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 26
First quarter 2023 earnings released: EPS: CA$0.02 (vs CA$0.04 in 1Q 2022) First quarter 2023 results: EPS: CA$0.02 (down from CA$0.04 in 1Q 2022). Revenue: CA$23.2m (down 25% from 1Q 2022). Net income: CA$923.0k (down 56% from 1Q 2022). Profit margin: 4.0% (down from 6.7% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Aankondiging • May 25
Imaflex Inc. Announces Chief Financial Officer Changes Imaflex Inc. announced that Mr. Giancarlo Santella, Chief Financial Officer (CFO), is leaving the Corporation to pursue other career opportunities in a new industry. Mr. Santella will continue to serve as CFO until his departure, which is planned for June 9, 2023. In the interim, the Corporation announced that John Ripplinger, Vice President Corporate Affairs, will also assume the responsibilities of the CFO role. Mr. Ripplinger has over 25 years of experience working in such areas as Strategic Planning, Financial Planning & Analysis, Budgeting & Reporting and Corporate Affairs, working predominantly for blue-chip companies. He holds an MBA from McGill University. Reported Earnings • Apr 20
Full year 2022 earnings released: EPS: CA$0.18 (vs CA$0.17 in FY 2021) Full year 2022 results: EPS: CA$0.18 (up from CA$0.17 in FY 2021). Revenue: CA$111.5m (up 3.8% from FY 2021). Net income: CA$9.13m (up 9.1% from FY 2021). Profit margin: 8.2% (up from 7.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 36% per year. Reported Earnings • Nov 25
Third quarter 2022 earnings released: EPS: CA$0.06 (vs CA$0.055 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.06 (up from CA$0.055 in 3Q 2021). Revenue: CA$26.6m (down 9.8% from 3Q 2021). Net income: CA$3.12m (up 13% from 3Q 2021). Profit margin: 12% (up from 9.4% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Aankondiging • Nov 25
Imaflex Inc. Provides Earnings Guidance for the Full Year 2022 Imaflex Inc. provided earnings guidance for the full year 2022 . For the period, the company expects net income to surpass the record level achieved in calendar 2021. Price Target Changed • Nov 16
Price target increased to CA$1.95 Up from CA$1.75, the current price target is provided by 1 analyst. New target price is 34% above last closing price of CA$1.45. Stock is up 12% over the past year. The company posted earnings per share of CA$0.17 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Roberto Longo was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Nov 08
Imaflex Inc. Submits Advaseal® Registration Package to the EPA Imaflex Inc. announced that it has submitted the ADVASEAL HG® (ADVASEAL®) registration package to the U.S. Environmental Protection Agency (EPA) for approval as a new physical pesticide formulation. In conjunction with this, the Corporation submitted the required active ingredient (TGAI1) registrations for approval as generic pesticides for use in the manufacturing of ADVASEAL®. News follows the successful completion of two previously announced independent field trials – the Efficacy Trial and the Release Study – which respectively demonstrated the efficacy and safety of ADVASEAL® as a pre-plant soil fumigant replacement. The required active ingredient rates using ADVASEAL® are more than 95% lower than the current labeled fumigant rates per acre and the exposure to emissions and pesticide drift is almost eliminated for applicators and bystanders. Management believes the EPA registration process will be positive as the generic pesticides to be used in ADVASEAL® are effectively used by growers. As well, the Corporation previously received EPA approval of an herbicidal active ingredient release film, ADVASEAL® HSM. Reported Earnings • Aug 23
Second quarter 2022 earnings released: EPS: CA$0.07 (vs CA$0.04 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.07 (up from CA$0.04 in 2Q 2021). Revenue: CA$32.1m (up 17% from 2Q 2021). Net income: CA$3.42m (up 71% from 2Q 2021). Profit margin: 11% (up from 7.3% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.8%, compared to a 6.3% growth forecast for the Packaging industry in Canada. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 04
VP of Manufacturing recently sold CA$56k worth of stock On the 31st of May, Tony Abbandonato sold around 50k shares on-market at roughly CA$1.12 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$845k more than they bought in the last 12 months. Reported Earnings • May 26
First quarter 2022 earnings released: EPS: CA$0.04 (vs CA$0.039 in 1Q 2021) First quarter 2022 results: EPS: CA$0.04 (up from CA$0.039 in 1Q 2021). Revenue: CA$31.1m (up 25% from 1Q 2021). Net income: CA$2.08m (up 6.7% from 1Q 2021). Profit margin: 6.7% (down from 7.8% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.3%, compared to a 6.9% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to CA$1.95 Up from CA$1.75, the current price target is provided by 1 analyst. New target price is 56% above last closing price of CA$1.25. Stock is down 1.6% over the past year. The company posted earnings per share of CA$0.17 last year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Roberto Longo was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 16
Imaflex Inc. Provides Earnings Guidance for the First Quarter 2022 Imaflex Inc. provided earnings guidance for the first quarter 2022. For the period, the company expects sales volumes to surpass levels reached in the fourth quarter of 2021. Reported Earnings • Apr 15
Full year 2021 earnings released: EPS: CA$0.17 (vs CA$0.13 in FY 2020) Full year 2021 results: EPS: CA$0.17 (up from CA$0.13 in FY 2020). Revenue: CA$107.5m (up 24% from FY 2020). Net income: CA$8.37m (up 32% from FY 2020). Profit margin: 7.8% (up from 7.3% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.7%, compared to a 4.7% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 15
Imaflex Inc., Annual General Meeting, Jun 16, 2022 Imaflex Inc., Annual General Meeting, Jun 16, 2022. Aankondiging • Apr 13
Imaflex Inc. Appoints Roberto Longo as Director, Chair the Audit Committee Imaflex Inc. announced the appointment of Roberto Longo to the company's Board of Directors (the "Board"), where he will also Chair the Audit Committee. The appointment of Mr. Longo, which is effective immediately, increases the size of the Board from six to seven directors, five of which are considered independent. Mr. Longo succeeds Mario Settino, who resigned from the Corporation and Chair of the Audit Committee earlier in the year 2022 following his employment by another company operating in the flexible packaging space. Mr. Longo is an experienced executive with over 25 years of financial and management experience in manufacturing, retail and distribution. He is currently Chief Financial Officer of Maroline and previously Vice President of Finance of Tribal Sportswear General Partnership and Imaflex Inc. Aankondiging • Feb 16
Imaflex Inc. Announces Resignation of Mario Settino as Director Imaflex Inc. announced that Mr. Mario Settino resigned from its Board of Directors with immediate effect. Mr. Settino tendered his resignation subsequent to his appointment to the executive team of another company operating in the flexible packaging space. The Board has six members following Mr. Settino's departure, including four who are deemed independent directors. Imaflex Management intends to nominate a replacement director for election at the Corporation's next annual meeting of shareholders. Recent Insider Transactions • Dec 18
Vice-President of Corporate Affairs recently sold CA$56k worth of stock On the 14th of December, John Ripplinger sold around 43k shares on-market at roughly CA$1.31 per share. In the last 3 months, there was an even bigger sale from another insider worth CA$520k. Insiders have been net sellers, collectively disposing of CA$786k more than they bought in the last 12 months. Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: CA$0.05 (up from CA$0.025 in 3Q 2020). Revenue: CA$29.5m (up 29% from 3Q 2020). Net income: CA$2.77m (up 124% from 3Q 2020). Profit margin: 9.4% (up from 5.4% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Over the next year, revenue is forecast to stay flat compared to a 3.3% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 26
Insider recently sold CA$520k worth of stock On the 24th of September, Ralf Dujardin sold around 400k shares on-market at roughly CA$1.30 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$870k more than they bought in the last 12 months. Recent Insider Transactions • Sep 23
VP of Manufacturing recently sold CA$98k worth of stock On the 15th of September, Tony Abbandonato sold around 75k shares on-market at roughly CA$1.30 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$347k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Sep 05
Insider exercised options to buy CA$540k worth of stock. On the 2nd of September, Ralf Dujardin exercised options to buy 400k shares at a strike price of around CA$0.40, costing a total of CA$160k. As of today, Ralf currently holds no shares directly. Company insiders have collectively bought CA$174k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Sep 01
Vice-President of Corporate Affairs exercised options to buy CA$735k worth of stock. On the 25th of August, John Ripplinger exercised options to buy 500k shares at a strike price of around CA$0.42, costing a total of CA$210k. This transaction amounted to 667% of their direct individual holding at the time of the trade. As of today, John currently holds no shares directly. Company insiders have collectively bought CA$36k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CA$0.04 (vs CA$0.007 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$27.4m (up 32% from 2Q 2020). Net income: CA$2.00m (up 485% from 2Q 2020). Profit margin: 7.3% (up from 1.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 29
First quarter 2021 earnings released: EPS CA$0.039 (vs CA$0.062 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: CA$24.9m (up 19% from 1Q 2020). Net income: CA$1.95m (down 37% from 1Q 2020). Profit margin: 7.8% (down from 15% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Apr 19
Full year 2020 earnings released: EPS CA$0.13 (vs CA$0.031 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$86.7m (up 6.9% from FY 2019). Net income: CA$6.35m (up 314% from FY 2019). Profit margin: 7.3% (up from 1.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 16% share price gain to CA$1.30, the stock trades at a trailing P/E ratio of 13.1x. Average forward P/E is 19x in the Packaging industry in Canada. Total returns to shareholders of 44% over the past three years. Aankondiging • Jan 26
Imaflex Announces Positive Independent Results for the ADVASEAL Release Study Imaflex Inc. announced positive independent results for the ADVASEAL Release Study. The release times of all five crop protection products coated on ADVASEAL® are in compliance with the pre-harvest intervals established by the U.S. Environmental Protection Agency (EPA). The Study included two soil bed moisture levels at time of ADVASEAL's application and two independent drip irrigation frequencies. More specifically, initial soil bed moisture levels at application were set at either 75% or 100% soil capacity, while irrigation intervals after applying the film were either once (day eight) or twice (day eight and fifteen). Regardless of treatment used, the release times of all active ingredients were found to be in compliance with permitted pre-harvest intervals. The original EPA approved ADVASEAL (ADVASEAL® HSM), contained only a herbicide for weed control. The new enhanced ADVASEAL under development also includes fungicides and a nematicide to control soil borne pathogens, thus becoming a complete non-fumigant alternative for soil disinfestation. With ADVASEAL, modern non-volatile crop protection products can be applied more effectively and safely than with fumigants. The crop protection products are incorporated into a coating, which is then applied to a mulch film. Once the coated film is applied to the ground, the active ingredients are released into the soil under controlled conditions, preventing the over/under-dosing found with current soil disinfestation practices. This new technology dramatically reduces the amount of crop protection products required. The catalyst to trigger the release of the active ingredients is soil moisture. When the film is applied to the soil, they are efficiently and safely discharged into the ground, resulting in heightened productivity, lower costs and notable environmental benefits. Is New 90 Day High Low • Jan 26
New 90-day high: CA$1.22 The company is up 85% from its price of CA$0.66 on 27 October 2020. The Canadian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 12% over the same period. Recent Insider Transactions • Nov 30
Insider recently sold CA$108k worth of stock On the 27th of November, Gerald Phelps sold around 100k shares on-market at roughly CA$1.08 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Analyst Estimate Surprise Post Earnings • Nov 27
Revenue beats expectations Revenue exceeded analyst estimates by 15%. Over the next year, revenue is forecast to grow 1.8%, compared to a 3.8% growth forecast for the Packaging industry in Canada. Aankondiging • Nov 26
Imaflex Inc. Updates on Its ADVASEAL Study Imaflex Inc. is conducting a Release Study, which is the last and most comprehensive trial required prior to submitting the U.S. Environmental Protection Agency (EPA) registration package. The study determines the exact timing for release of each active ingredient (herbicide, nematicide and fungicides) coated on the new ADVASEAL®. This is required to show compliance with the pre-harvest interval legally established by the EPA, which is essentially the wait time required between the application of crop protection products onto the soil and when a crop can be harvested for safe human consumption. Imaflex will announce the independent trial results once available. The Corporation remains focused on submitting the registration package with the EPA around year-end 2020. Once submitted, the EPA review process can take up to a year to complete. Is New 90 Day High Low • Nov 13
New 90-day high: CA$0.78 The company is up 15% from its price of CA$0.68 on 14 August 2020. The Canadian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 9.0% over the same period. Is New 90 Day High Low • Oct 10
New 90-day high: CA$0.77 The company is up 38% from its price of CA$0.56 on 09 July 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 18% over the same period.