Monday, February 13, 2023
. reported their financial and operating results for the three months and full year ended December 31, 2022. “While 2022 presented a challenging operating year for Acadian due to limited contractor availability, demand for our products remained strong and pricing continued to increase throughout the year. Costs were elevated across the business, however, we are proud of the continued efforts and success of our management team in controlling or recovering these costs from our customers,” commented Adam Sheparski, President and Chief Executive Officer. “As we enter our busiest season, we have already begun to increase contractor capacity with expectations of improvement in 2023, which we believe will make us wellpositioned to take advantage of the opportunities presented by current regional market conditions.”
Adjusted EBITDA for the year was $18.2 million, compared to $22.5 million in 2021. Acadian generated $12.2 million of Free Cash Flow during the year, compared to $16.9 million in 2021, and declared dividends of $19.5 million or $1.16 per share to our shareholders. Acadian’s balance sheet remains solid with $19.5 million of net liquidity as at December 31, 2022, which includes funds available under our credit facilities.
On February 8, 2023, the Company renewed its Normal Course Issuer Bid by filing a notice of intention with the Toronto Stock Exchange (“TSX”) to purchase for cancellation up to 847,944 common shares representing 5% of the 16,958,881 common shares outstanding as of January 31, 2023, subject to regulatory approval. The purchases will be made through the facilities of the TSX and/or any alternative Canadian trading systems to the extent they are eligible. The price that the Company will pay for any such shares will be the market price at the time of acquisition. The Company believes that repurchasing shares at the prevailing market prices from time to time is a worthwhile use of funds and in the best interests of the Company and its shareholders. Purchases may commence on February 14, 2023 and shall terminate not later than February 13, 2024. Based on average daily trading volume (“ADTV”) of 7,860 over the last six months, daily purchases will be limited to 1,965 common shares (25% of the ADTV of the common shares), other than block purchase exemptions.
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