CALGARY, Alberta, Aug. 01, 2024 (GLOBE NEWSWIRE) -- FLINT Corp. ("FLINT" or the "Company") (TSX:FLNT) today announced its results for the three and six months ended June 30, 2024. All amounts are in Canadian dollars and expressed in thousands of dollars unless otherwise noted. "EBITDAS" and "Adjusted EBITDAS" are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use. "Activity levels continued to pick up in the second quarter with revenue 12.8% higher than the first quarter. Adjusted EBITDAS in the second quarter increased by 5.2% from the same period last year. We anticipate continued growth in the second half of the year as we prepare for an active fall turnaround season. Our ongoing safety performance, combined with the delivery of contracts on time and budget will continue to contribute to our ongoing growth," said Barry Card, Chief Executive Officer. "We continue to execute our organic growth strategy that targets both industrial end market and geographic diversification. During the second quarter, we fully mobilized to all of our new worksites across Canada with key customers. We continue to realize the benefits from additional investments that we made in our business development team earlier in the year with the booking of new contract awards and renewals during the first half of the year that are estimated to generate approximately $267 million in backlog," added Mr. Card. SECOND QUARTER HIGHLIGHTS Revenue for the three months ended June 30, 2024 was $164.9 million, representing a decrease of $3.6 million or 2.2% from the same period in 2023 and an increase of $18.7 million or 12.8% from the first quarter of 2024. Gross profit for the three months ended June 30, 2024 was $18.0 million, representing an increase of $0.7 million or 4.2% from the same period in 2023 and an increase of $5.0 million or 38.2% from the first quarter of 2024. Gross profit margin for the three months ended June 30, 2024 was 10.9%, as compared to 10.2% in the same period in 2023 and 8.9% in the first quarter of 2024. Adjusted EBITDAS for the three months ended June 30, 2024 was $8.3 million, representing an increase of $0.4 million or 5.2% from the same period in 2023 and an increase of $5.1 million or 160.5% from the first quarter of 2024. Adjusted EBITDAS margin was 5.0% for the three months ended June 30, 2024 representing an increase of 0.3% from the same period in 2023 and an increase of 2.9% from the first quarter of 2024. Selling, general and administrative ("SG&A") expenses for the three months ended June 30, 2024 were $10.2 million, representing an increase of $0.6 million or 6.4% from the same period in 2023 and an increase of $0.1 million or 1.2% from the first quarter of 2024. As a percentage of revenue, SG&A expenses for the three months ended June 30, 2024 was 6.2%, as compared to 5.7% in the same period in 2023 and 6.9% in the first quarter of 2024. Liquidity, including cash and available credit facilities, was $41.7 million at June 30, 2024, as compared to $41.1 million at June 30, 2023. New contract awards and renewals totaled approximately $65.5 million for the three months ended June 30, 2024 and $6.3 million for the first three weeks of July. Approximately 95% of the work is expected to be completed in 2024. SECOND QUARTER FINANCIAL RESULTS ($ thousands, except per share amounts) Three months ended June 30, Six months ended June 30, 2024   2023   % Change 2024   2023   % Change               Revenue ($) 164,922   168,567   (2.2)   311,185   319,046   (2.5)                 Gross Profit ($) 17,978   17,260   4.2   30,988   30,628   1.2   Gross Profit Margin (%) 10.9   10.2   0.7   10.0   9.6   0.4                 Adjusted EBITDAS (1) 8,305   7,894   5.2   11,493   13,338   (13.8)   Adjusted EBITDAS Margin (%) 5.0   4.7   0.3   3.7   4.2   (0.5)                 SG&A ($) 10,181   9,572   6.4   20,237   17,740   14.1   SG&A Margin (%) 6.2   5.7   0.5   6.5   5.6   0.9                 Net loss from continuing operations ($) (588)   (12,103)   (95.1)