MATTR CORP - MTTRF STOCK NEWS

Mattr Corp. (TSX: MATR) reported its Q1 2024 results, highlighting consolidated revenue of $224 million, operating income of $8 million, and Adjusted EBITDA of $30 million. The Composite Technologies segment saw a 10% revenue decrease to $119 million, while the Connection Technologies segment experienced a 4% drop to $91 million. Mattr posted a net loss of $0.2 million and Adjusted EPS of $0.16. Following the quarter, Mattr issued $175 million in senior unsecured notes at 7.25% to redeem outstanding 9.0% notes and extend its $300 million credit facility to 2028. CEO Mike Reeves noted expected revenue and Adjusted EBITDA improvements in Q2 and Q3 2024, despite ongoing one-time MEO costs. The company remains focused on high-value solutions and infrastructure expansion, with anticipated growth in revenue and profitability for the year.

Mattr Corp. has successfully closed on its credit facility, extending a US$300 million senior secured revolving facility through April 2028. The Company secured the Credit Facility with leading financial institutions, providing financial flexibility for growth opportunities.

Mattr Corp. announced its Annual Meeting on May 15, 2024, held virtually. Shareholders can attend, ask questions, and vote in real-time through a live webcast. Non-registered holders can attend as guests but cannot vote unless appointed as a proxy. The Company is using 'notice-and-access' provisions to reduce physical mailing of Meeting materials.

Mattr Corp. (TSX: MATR) will release its financial results for the period ended March 31, 2024, on May 14, 2024, followed by a conference call/webcast on May 15, 2024, at 9:00am ET. The presentation will be available on the company's website.

Mattr Corp. successfully closed a C$175 million private offering of 7.25% senior unsecured notes due 2031 to fund the redemption of 9.00% senior unsecured notes due 2026, pay related fees, and for general corporate purposes.

Mattr Corp. announced a private placement offering of C$175 million senior unsecured notes due 2031, upsized from C$150 million, to strengthen its balance sheet. The CEO highlighted successful business transformation and growth, aiming to lower the cost of capital and enhance long-term value creation. Proceeds will redeem 2026 notes and cover expenses, ensuring capital structure stability.

Mattr Corp. reported its operational and financial results for Q4 2023, showcasing a strategic shift towards harsh-environment infrastructure products. Despite challenges, Continuing Operations saw a 16% YoY increase in Adjusted EBITDA, with revenue hitting $925.3 million. The sale of the Pipeline Performance Group to Tenaris for $225 million concluded the strategic review. The Company anticipates net cash proceeds of $278.5 million post-working capital adjustments. With total net cash of $334.1 million, Mattr's financials remain robust.

Mattr Corp. (TSX: MATR) will release its financial results for the period ended December 31st, 2023 on March 13th, 2024. A conference call/webcast to discuss the results will be held on March 14th, 2024. The presentation will be available on the Company's website.

Mattr Corp. (TSX: MATR) has changed its US OTC ticker symbol to 'MTTRF' from 'SAWLF' to align with its legal name change from Shawcor Ltd. to Mattr Corp. No action is required by shareholders, and the change does not affect share capital or shareholder rights.