Navigating Headwinds, Imaflex Well Positioned to Emerge Stronger Highlights FY 2023 revenues of $93.6 million, down from $111.5 million in 2022; Q4 2023 up 5.6% to $23.0 million FY 2023 net income of $0.5 million (EPS1: $0.01), versus $9.1 million (EPS: $0.18) in 2022 Q4 net loss of $1.0 million (includes $1.0 million non-cash write-off of obsolete production equipment), down from net income of $0.5 million in prior year Strong balance sheet with cash available for operating activities totalling $9.9 million at year end, including a cash balance of $0.8 million and another $9.1 million under Imaflex's $12.0 million revolving line of credit During 2023, Imaflex made $13.0 million in equipment investments to secure future growth and profitability MONTRÉAL, April 26, 2024 /CNW/ - Imaflex Inc. ("Imaflex" or the "Corporation") (TSXV:IFX) reports consolidated financial results for the fourth quarter (Q4) and fiscal year (FY) ended December 31, 2023 and provides a business update.  All amounts are in Canadian dollars. "As we reflect on 2023, I want to acknowledge the year's complexities," commented Mr. Joe Abbandonato, President and Chief Executive Officer of Imaflex.  "Resin price fluctuations, lagging demand growth and intense price competition impacted sales and profits across the flexible packaging industry.  Imaflex was not immune, experiencing a 16.1% decline in revenue and a 94.4% decrease in net income compared to fiscal 2022.  Adding to this, mounting concerns about the health and environmental impact of PFAS, a long-used additive to enhance film properties, pressured the industry to adopt alternatives, although it came with reformulation and extrusion production challenges." "While our short-term performance was impacted by these headwinds, I am proud of the resilience and commitment our team demonstrated throughout the year as we continued to lay the groundwork for sustainable growth." _______________________ 1 Basic and diluted earnings per share Consolidated Financial Highlights (unaudited)  Three months ended December 31, Years ended December 31, CDN $ thousands, except per share amounts (or otherwise indicated) 2023 2022 % Change 2023 2022 % Change Revenues 23,006 21,778 5.6 % 93,593 111,534 (16.1) % Gross Profit 2,159 3,330 (35.2) % 11,005 18,047 (39.0) % Selling & admin. expenses 1,461 2,040 (28.4) % 8,039 8,089 (0.6) % Write-off of obsolete production equipment 962 - n/a 962 - n/a Other (gains)/losses 532 189 181.5 % 597 (1,531) 139.0 % Net income/(loss) (1,007) 500 (301.4) % 509 9,125 (94.4) % Basic EPS (0.02) 0.01 (300) % 0.01 0.18