K-Bro Linen (KBL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of company’s Alberta roots and introduction of key executives presenting.

• The meeting was held virtually to reduce costs and increase shareholder convenience, with clear instructions for voting and Q&A procedures.

• Quorum was confirmed, and the meeting was declared properly constituted for business.

• Agenda included tabling of annual financial statements, election of directors, appointment of auditors, and a corporate presentation.

Board and executive committee updates

• Five directors were nominated and confirmed for election for the ensuing year.

• All nominees qualified under Alberta law and were elected individually by shareholders.

• PricewaterhouseCoopers LLP was reappointed as auditors, with board authorized to fix remuneration.

Financial performance review

• Fiscal 2023 revenue reached approximately CAD 320 million, a 16% increase from 2022.

• EBITDA for 2023 was about CAD 57 million, up 56% year-over-year, with margins restored to pre-pandemic levels.

• Q1 2024 revenue rose 13.3% to CAD 80.2 million, driven by hospitality segment growth and acquisitions.

• Leverage remained moderate, with a funded debt to EBITDA ratio of 1.4x at March 31, 2024, and pro forma 2.2x after the Shortridge acquisition.