VANCOUVER, British Columbia, May 09, 2024 (GLOBE NEWSWIRE) -- Rogers Sugar Inc. (the "Company", "Rogers", "RSI" or "our," "we", "us") (TSX:RSI) today reported results for the second quarter and first six months of fiscal 2024. Consolidated adjusted EBITDA for the quarter rose 52 per cent to a record $38.1 million, driven by strong performance in the Company's Maple and Sugar segments. Given supportive market conditions and the impact of management efforts to optimize the business and drive profitability, the Company is now expecting to deliver higher consolidated adjusted EBITDA for fiscal 2024 over fiscal 2023. "The profitable growth we are generating in both our business segments showcases the combined benefits of strong demand for our products and our focus on harnessing that demand by continuously improving our operations," said Mike Walton, President and Chief Executive Officer of Rogers and Lantic Inc. "We look forward to another year of strong financial results as we move ahead with our capacity expansion that will enable us to further grow the business by meeting the needs of our customers for years to come." Second Quarter 2024 Consolidated Highlights(unaudited) Q2 2024 Q2 2023 YTD 2024 YTD 2023 Financials ($000s)         Revenues 300,944 272,949 589,643 534,392 Gross margin 44,861 41,658 89,505 82,849 Adjusted gross margin(1) 51,292 38,233 93,611 80,226 Results from operating activities 24,704 21,856 50,814 48,140 EBITDA(1) 31,664 28,445 64,709 61,158 Adjusted EBITDA(1) 38,095 25,020 68,815 58,535 Net earnings 13,936 11,062 27,788 25,736 per share (basic) 0.13 0.11 0.26 0.25 per share (diluted) 0.11 0.10 0.22 0.23 Adjusted net earnings(1) 18,891 9,115 31,504 24,462 Adjusted net earnings per share (basic)(1) 0.17 0.09 0.29 0.23 Trailing twelve months free cash flow(1) 56,570 51,807 56,570 51,807 Dividends per share 0.09 0.09 0.18 0.18           Volumes         Sugar (metric tonnes) 180,618 195,547 362,994 388,396 Maple Syrup (thousand pounds) 11,777 12,059 23,629 23,878  (1) See "Cautionary statement on Non-IFRS Measures" section of this press release for definition and reconciliation to IFRS measures.   The Company delivered consolidated adjusted EBITDA(1) for the second quarter and the first six months of fiscal 2024 of $38.1 million and $68.8 million respectively, up by $13.1 million and $10.3 million from the same periods last year, driven by the strong performance of both of our business segments. On March 4, 2024, in connection with the financing plan of our announced expansion of production and logistic capacity of our Eastern operations in Montréal and Toronto (the "LEAP Project"), Rogers issued 22,769,232 new common shares at a price of $5.18 per share. The net proceeds after commissions and related fees associated with this transaction amounted to $112.5 million. On February 1, 2024, the unionized employees of the Vancouver sugar refinery, represented by the Public and Private Workers of Canada Local 8, ratified a new five-year collective agreement, concluding a strike that began on September 28, 2023. The unionized employees have returned to work and the Vancouver refinery is now operating at its normal capacity. Throughout the labour disruption, production from our Taber and Montréal facilities was used to support our customers in Western Canada. The overall unfavourable impact of the strike is a net reduction of approximately 23,500 metric tonnes in sales volume, of which 13,500 metric tonnes were related to the second quarter, and a reduction of adjusted EBITDA(1) of $5.4 million, of which $2.4 million was related to the second quarter. Adjusted EBITDA(1) in the Sugar segment was very strong in the second quarter of fiscal 2024 at $33.2 million, an increase of $10.6 million compared to the same period last year, even after considering the unfavourable impact of the strike at the Vancouver refinery.   Sales volumes in the Sugar segment decreased by approximately 15,000 metric tonnes to approximately 180,600 metric tonnes in the second quarter, largely driven by the reduction of activities at our Vancouver sugar refinery as a result of the labour disruption. Sugar segment adjusted gross margin(1) amounted to $249 per metric tonne in the second quarter of 2024 as compared to $175 per metric tonne for the same period last year, mainly due to a higher contribution from sugar refining activities. Adjusted EBITDA(1) in the Maple segment was $4.9 million in the second quarter, an increase of $2.5 million from the same quarter last year, largely driven by higher average selling prices and lower operating costs. Adjusted gross margin percentage(1) in the Maple segment amounted to 10.9%, as compared to an adjusted gross margin percentage(1) of 7.2% for the same period last year, driven by higher average selling prices and lower operating costs following the implementation of automation and continuous improvement initiatives in the later part of fiscal 2023. Free cash flow(1) for the trailing 12 months ended March 30, 2024, was $56.6 million, an increase of $4.8 million from the same period last year, driven by higher consolidated adjusted EBITDA(1), partially offset by an increase in capital expenditures. In the second quarter of fiscal 2024, we distributed $0.09 per share to our shareholders for a total of $9.5 million. On May 9, 2024, the Board of Directors declared a quarterly dividend of $0.09 per share, payable on or before July 11, 2024.(1) See "Cautionary statement on Non-IFRS Measures" section of this press release for definition and reconciliation to IFRS measures. Sugar Second Quarter 2024 Sugar Highlights(unaudited) Q2 2024 Q2 2023 YTD 2024 YTD 2023 Financials ($000s)         Revenues 242,957 216,135 472,765 421,423 Gross margin 39,916 37,075 76,406 73,113 Adjusted gross margin(1) 44,947 34,145 81,179 71,806 Per metric tonne ($/ mt) (1) 248.85 174.62 223.64 184.88 Administration and selling expenses 10,815 11,101 20,194 17,737 Distribution costs 6,192 5,340 12,278 10,402 Results from operating activities 22,909 20,634 43,934 44,975 EBITDA(1) 28,194 25,512 54,494 54,566 Adjusted EBITDA(1) 33,225 22,582 59,267 53,259           Volumes (metric tonnes)         Total volume 180,618 195,547 362,994 388,396 (1) See "Cautionary statement on Non-IFRS Measures" section of this press release for definition and reconciliation to IFRS measures.           In the second quarter of fiscal 2024, revenues increased by $26.8 million compared to the same period last year. The positive variance was largely driven by higher average price for Raw #11, and higher contribution from sugar refining related activities, partially offset by lower sales volume as a result of the labour disruption at our Vancouver sugar refinery. In the second quarter of fiscal 2024, sugar volume totaled approximately 180,600 metric tonnes, a decrease of approximately 7.6% or 15,000 metric tonnes compared to the same period last year, driven mainly by the unfavorable net impact of the labour disruption at the Vancouver refinery, estimated at approximately 13,500 metric tonnes. Gross margin was $39.9 million for the current quarter and included a loss of $5.0 million for the mark-to-market of derivative financial instruments. For the same period last year, gross margin was $37.1 million with a mark-to-market gain of $2.9 million. Adjusted gross margin was $44.9 million for the second quarter of 2024 as compared to $34.1 million for the same period in 2023. Adjusted gross margin increased by $10.8 million in the second quarter compared to the same period last year mainly as a result of higher sugar sales margin from increased average pricing on sugar refining related activities and favorable mix of products sold. This positive variance was partially offset by higher production costs mainly driven by increased maintenance activities and market based inflationary pressure on costs, along with the unfavourable impact of lower sales volume, as describe above. On a per-unit basis, adjusted gross margin for the second quarter was $249 per metric tonne, higher than last year by $74 per metric tonne. The favourable variance was mainly due to the increase in overall margin from improved selling prices and favourable mix of products sold, partially offset by higher production costs and lower sales volume. Results from operating activities for the second quarter of fiscal 2024 were $22.9 million, an increase of $2.3 million from the same period last year. These results included gains and losses from the mark-to-market of derivative financial instruments. EBITDA for the second quarter of fiscal 2024 was $28.2 million compared to $25.5 million in the same period last year. These results include gains and losses from the mark-to-market of derivative financial instruments. Adjusted EBITDA for the second quarter increased by $10.6 million compared to the same period last year, largely as a result of higher adjusted gross margin, partially offset by higher distribution costs. Maple Second Quarter 2024 Maple Highlights(unaudited) Q2 2024 Q2 2023 YTD 2024 YTD 2023 Financials ($000s)         Revenues 57,987 56,814 116,878 112,969 Gross margin 4,945 4,583 13,099 9,736 Adjusted gross margin(1) 6,345 4,088 12,432 8,420 As a percentage of revenues (%) (1) 10.9% 7.2% 10.6% 7.5% Administration and selling expenses 2,916 2,865 5,677 5,527 Distribution costs 234 496 542 1,044 Results from operating activities 1,795 1,222