Q4, 2021 results: Pollard Banknote sees $499m in revenue
Despite good performance, growth was not across the board.
Pollard Banknote Limited – a printer of lottery tickets in Canada and the United States – has released its financial statement for the quarter ending December 31, 2021 as well as the entire fiscal year.
The company, which is located in Winnipeg, Manitoba, saw a mixed performance during this time: while in some areas its performance was strong, in other areas this was not the case.
Revenue exceeded the previous fourth quarter record by 12.3%, reaching $116.5m. As well, combined sales in that quarter were $127m, an improvement of 15.7% from what had been seen in December.
But not everything was up.
Income from operations reached $4.7m, a considerable decline from the $41.1m seen in the fourth quarter of 2020. As well, adjusted EBITDA was down to $18.7m from the $20.3m seen in the same period two years before.
Annual results from 2021 show a similarly mixed story.
The company saw record revenue of $459m, a 10.8% improvement over the year before; combined sales from the year were up 17% to $499.2m; and adjusted EBITDA reached a record of $84m, up 4.2% over the prior year.
But this too was tempered by less-than-stellar results: net income, for instance, decreased by 59% when compared to 2020, from $33.3m to $13.6m.
Mostly, these problems were attributable to Covid-19 issues, and, for the most part, the good outweighed the ill.
Co-CEO John Pollard had the following comments: “2021 was a very successful year for Pollard Banknote on a number of critical fronts, and in light of the extreme challenges over the last two years with Covid-19, we could not be prouder of our employees.”
The strong financial results allowed the company to grow: “Pollard generated very strong cash flow again this year, a hallmark of the strength of our business model. Pollard generated over $110m from operating activities over the past two years, allowing us to complete a number of acquisitions and investments while maintaining a very low debt leverage capital structure, providing us with significant available resources going forward.”
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