KELOWNA, BC, May 8, 2024 /CNW/ - Decisive Dividend Corporation (TSXV:DE) (the "Company" or "Decisive") today reported its financial results for the three months ended March 31, 2024. Highlights of the Company's financial performance in Q1 2024 include the following: Quarterly consolidated sales in Q1 2024, decreased 5% to $29.4 million, compared to $30.9 million in Q1 2023. Generated $4.0 million, or $0.21 per share, in Adjusted EBITDA* in Q1 2024, a decrease of 19% relative to $4.9 million, or $0.33 per share, in Q1 2023. Consolidated net profit in the quarter was $0.2 million, or $0.01 per share, compared to $2.0 million, or $0.13 per share, in Q1 2023. Lower sales in the quarter, particularly with respect to hearth products where backlogs to start the year were significantly lower than the start of 2023, and the increase in the scale of the organization and the associated operating expenses relative to Q1 2023, were the main drivers of the decrease in Adjusted EBITDA* and net profit relative to Q1 2023. Balance sheet strength and flexibility. Conservative leverage ratio of 2.1 times debt to Adjusted EBITDA* as of the date of this press release, after debt funding two acquisitions in 2024. Ample liquidity as of the date of this press release with $4.1 million of cash, $43.2 million available on the committed portion of the Company's syndicated credit facility, plus $75.0 million of availability on the accordion facility. In March 2024, the Company increased its per share monthly dividend to $0.045 from $0.040 previously. Selected Financial Highlights: The following are selected financial highlights of Decisive for the three months ended March 31, 2024. All amounts are expressed in Canadian dollars. The Company's Unaudited - interim condensed consolidated financial statements as well as its management's discussion and analysis ("MD&A") are posted on SEDAR+ at www.sedarplus.ca and on Decisive's website (www.decisivedividend.com). (Stated in thousands of dollars, except per share amounts) For the three months ended March 31, 2024 2023 Change Sales $ 29,350 $ 30,854 -5 % Gross profit 11,235 11,122 1 % Gross profit % 38 % 36 % Adjusted EBITDA* 3,965 4,894 -19 % Per share basic 0.21 0.33 -36 % Profit before tax 346 2,684 -87 % Profit 187 1,966 -90 % Per share basic 0.01 0.13 -92 % Per share diluted 0.01 0.12 -92 % Free cash flow* 1,898 2,979 -36 % Per share basic 0.10 0.20 -50 % Free cash flow less maintenance capital* 1,565 2,490 -37 % Per share basic 0.08 0.17 -53 % Dividends declared 2,482 1,426 74 % Per share basic 0.13 0.10 30 % Dividend payout ratio* 66 % 58 % * Adjusted EBITDA, Free Cash Flow, Free Cash Flow Less Maintenance Capital, and Dividend Payout Ratio are not recognized financial measures under International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other issuers but are used by management to assess the performance of the Company and its segments. A reader should not place undue reliance on any Non-IFRS financial measures. See "Non-IFRS Financial Measures" later in this press release for detailed descriptions of these measures and reconciliations of applicable IFRS measures to non-IFRS measures. Q1 2024 Highlights: Consolidated sales decreased 5% to $29.4 million compared to $30.9 million in Q1 2023. The decrease was driven primarily by decreases in hearth product sales where backlogs to start the year were significantly lower than the start of 2023. Consolidated gross profit increased 1% to $11.2 million from $11.1 million in Q1 2023, despite the decrease in sales. Consolidated gross profit percentages increased to 38% from 36% in Q1 2023. Both segments contributed to the margin increase that were a result of product mix changes, pricing increases and other margin enhancing activities, as well as the contribution from the four high margin businesses acquired in 2023. Consolidated Adjusted EBITDA* decreased to $4.0 million, down 19% relative to Q1 2023.  Consolidated net profit in the quarter was $0.2 million, or $0.01 per share, compared to $2.0 million, or $0.13 per share, in Q1 2023. Consolidated free cash flow* decreased 36% to $1.9 million, or $0.10 per share, relative to ...