SAINT-BRUNO-DE-MONTARVILLE, Quebec, May 02, 2024 (GLOBE NEWSWIRE) -- Colabor Group Inc. (TSX:GCL) ("Colabor" or the "Company") reports its results for the first quarter ended March 23, 2024. First Quarter 2024 Financial Highlights: Sales decreased by 2.0% to $131.2 million, compared to $133.9 million for the corresponding period of 2023; Net loss from continuing operations was $1.8 million compared to $0.2 million for the corresponding period of 2023; Adjusted EBITDA(1) decreased by 12.4% to $4.9 million from $5.6 million for the corresponding period of 2023 with an adjusted EBITDA(1) margin to 3.7% of sales compared to 4.2% of sales during the corresponding period of 2023; Cash flow from operating activities increased to $11.7 million compared to $0.8 million for the first quarter of 2023; Net debt(2) decreased to $56.8 million, compared to $61.5 million as at December 30, 2023. The leverage ratio(3) is 2.3x as at March 23, 2024, compared to 2.4x as at December 30, 2023; On March 15, 2024, the Company acquired certain assets related to foodservice activities from Beaudry & Cadrin Inc.; and On March 18, 2024, the Company entered into an amended and restated secured credit facility. Table of first quarter 2024 Financial Highlights: Financial highlights 12 weeks (in thousands of dollars, except percentages, per share data and financial leverage ratio) 2024   2023   $   $   Sales from continuing operations 131,200   133,923   Adjusted EBITDA(1) 4,882   5,574   Adjusted EBITDA(1) margin (%) 3.7   4.2   Net loss from continuing operations (1,776 ) (160 ) Net loss (1,776 ) (160 ) Per share - basic and diluted ($) (0.02 ) —   Cash flow from operating activities 11,745   807   Financial position As at   As at     March 23,   December 30,     2024   2023   Net debt(2)