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Rogers Sugar Inc.: 4th Quarter 2020 Results

ADJUSTED EBITA OF $92.3 MILLION FOR FISCAL 2020 a?? 5% INCREASE OVER PRIOR YEAR




SUGAR REVENUES HIGHER DUE TO RECORD BREAKING SALES VOLUMES IN THE FOURTH QUARTER ACROSS ALL MARKET SEGMENTS




STRONG SALES VOLUME IN MAPLE DRIVING HIGHER REVENUE FOR THE QUARTER AND THE YEAR

MONTREAL, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Rogers Sugar Inc.a??s (the a??Companya?? or a??Rogersa??) (TSX: RSI) today reported fourth quarter and year-to-date fiscal 2020 results. The Company recorded adjusted EBITDA (1) of $31.2 million and $92.3 million for fourth quarter and fiscal 2020, respectively, versus $22.2 million and $87.8 million for the comparable periods last year."Our strong fiscal 2020 performance is a direct result of the efforts of our agile committed team and our long-term strategic vision to continue to build a resilient, successful company,a?? said John Holliday, President and Chief Executive Officer of Rogers and Lantic Inc. "During the year, we generated higher revenue, improved margins, and increased free cash flow, all while dealing with the impacts of a global pandemic, a severely curtailed beet harvest and rail blockades. During this time, the safety of our people has remained our top priority and by implementing thorough safety practices and protocols, our operations have continued to perform at full capacity. In addition, we successfully restructured our supply chain to ensure our customersa?? needs were met while also completing our capital improvement projects that will drive long-term efficiency and cost improvements. Looking forward to fiscal 2021, we expect that our strong performance will continue due to the continued firm demand from our customers and to a reduction in operational and distribution costs mostly related to the return of a normal harvest and beet sugar production in Taber."Update on COVID-19In December 2019, a novel strain of coronavirus, known as COVID-19 was identified. As of March 20, 2020, COVID-19 had spread to over 100 countries and been declared a pandemic by the World Health Organization. COVID-19 has negatively impacted the global economy, disrupted financial markets and supply chain, significantly restricted business travel and interrupted business activity.A Our business is considered essential services by the government and as such, the Companya??s plants have continued to operate at usual capacity. The Company has established extensive protection measures and protocols to ensure the health and safety of its employees. COVID-19 could have a material effect on our business as it relates to customer demand, supply and delivery chain, operations, financial market volatility, pension and benefits liabilities and other economic fundamentals.
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