on Redishred Capital Corp. (isin : CA7574891098)
Redishred Capital Corp. Announces Q1 2024 Results
MISSISSAUGA, ON / ACCESSWIRE / May 28, 2024 / Redishred Capital Corp. reported its Q1 2024 results, showcasing sustained growth despite challenges in the paper recycling market. The company's EBITDA reached $4.0 million CAD, a 15% decline from the previous year due to lower recycling revenues.
CEO Jeffrey Hasham highlighted a 12% growth in shredding revenue and a 47% increase in revenue from Proscan, their digital imaging business. Consolidated EBITDA excluding net recycling revenue rose by 31% to $2.3 million CAD, demonstrating operational improvements.
The company generated $17.2 million CAD in revenue, with shredding revenue increasing by $1.5 million CAD. However, free cash flow decreased by 64% to $0.9 million CAD, largely due to lower paper prices and capital expenditures on shredding trucks.
Redishred’s acquisition of MDK Recycling LLC for $1 million CAD in January 2024 expanded its footprint in Michigan. The company ended Q1 2024 with $1.5 million CAD in cash and significant available credit facilities.
Community initiatives included numerous shredding events, supporting local causes, and the annual Shred Cancer event which raised funds for cancer research.
R. H.
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