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  • Imaflex (IFX) is releasing its latest financial results along with an update on its business operations
  • Revenues were $26.6 million for the third quarter of 2022, down 9.8 percent from $29.5 million last year
  • The Montreal-based agricultural company saw net income rise, despite a temporary slowdown at one of its manufacturing facilities
  • Imaflex saw net income rise to $3.1 million in the third quarter, a 12.6 percent year-over-year increase
  • Imaflex is down 2 percent, trading at $1.47 at 9:37 am ET

Imaflex (IFX) is releasing its latest financial results, along with an update on its business operations.

The Montreal-based agricultural company saw net income rise, despite a temporary slowdown at one of its manufacturing facilities.

Imaflex saw net income rise to $3.1 million in the third quarter, a 12.6 percent increase year-over-year. Net income for the quarter in 2021 was $2.8 million.

Gross profits hit $4.3 million in the quarter, down slightly from the $4.4 million in the same quarter last year.

“Imaflex delivered another good quarter, despite a challenging inflationary environment, the temporary delay of sales to a large customer and a slowdown at our Montréal plant due to the annual vacation shutdown, along with a COVID outbreak at quarter end,” said Mr. Joe Abbandonato, President and Chief Executive Officer of Imaflex.

“Although this resulted in lower sales volumes, profitability remained respectable, and we should surpass the record net income achieved in calendar 2021. Looking ahead, the delivery of the first of three multi-layer extruders remains on track to arrive around year-end. Furthermore, the move towards the commercialization of our next-generation agricultural film has progressed, with the Corporation recently submitting the ADVASEAL registration package to the U.S. Environmental Protection Agency.”

The company’s submission to the EPA aims to register ADVASEAL as a new physical pesticide formulation.

Imaflex is down 2 percent, trading at $1.47 at 9:37 am ET.


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