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Highlights (1) Please refer to the section entitled "Non-IFRS Financial Measures" in this press release for a definition of these measures. MONTREAL, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Transcontinental Inc. (TSX: TCL.A TCL.B) announces its results for the fourth quarter and fiscal year 2024, which ended October 27, 2024. "Once again, we posted solid quarterly results and therefore ended the fiscal year on a strong note," said Thomas Morin, President and Chief Executive Officer of TC Transcontinental. "I am very pleased with the excellent results for fiscal 2024 and would like to thank our teams for their disciplined work in reducing costs and improving profitability. "In our Packaging Sector, despite the ongoing pressure on our medical market activities, we reported a 6.5% increase in adjusted operating earnings before depreciation and amortization for the quarter, mainly as a result of our cost reduction initiatives. For the fiscal year 2024, our adjusted operating earnings before depreciation and amortization amounted to $262.2 million, up 14.2% compared to the prior year. "In our Retail Services and Printing Sector, we recorded an increase in adjusted operating earnings before depreciation and amortization for a second consecutive quarter. The actions taken to improve our cost structure, a more favourable product mix, including the roll-out of raddar TM, as well as growth in our in-store marketing activities, continue to show results. For fiscal 2024, our adjusted operating earnings before depreciation and amortization stood at $201.0 million, an increase of 2.1% compared to the prior year. "Mainly as a result of the implementation of the program aimed at improving our profitability and our financial position, we posted a solid performance for fiscal 2024," added Donald LeCavalier, Executive Vice President and Chief Financial Officer of TC Transcontinental. "In addition, we generated significant cash flows in fiscal 2024 which, combined with the monetization of some real estate assets, enabled us to improve our balance sheet by reducing our net indebtedness ratio to 1.71 times the adjusted operating earnings before depreciation and amortization while allocating $32.3 million to our share repurchase program." Financial Highlights Results for the Fourth Quarter of Fiscal 2024 Revenues decreased by $30.4 million, or 3.9%, from $779.7 million in the fourth quarter of 2023 to $749.3 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector and the Packaging Sector, partially mitigated by the favourable effect of exchange rate fluctuations. Operating earnings before depreciation and amortization increased by $8.6 million, or 7.0%, from $123.2 million in the fourth quarter of 2023 to $131.8 million in the fourth quarter of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Despite an increase in adjusted operating earnings before depreciation and amortization in the two main operating sectors, consolidated adjusted operating earnings before depreciation and amortization decreased by $3.3 million, or 2.3%, from $145.5 million in the fourth quarter of 2023 to $142.2 million in the fourth quarter of 2024. This decrease is mainly due to the unfavourable effect of the change in the incentive compensation expense, including the stock-based compensation expense. Net earnings attributable to shareholders of the Corporation increased by $6.2 million, or 14.9%, from $41.7 million in the fourth quarter of 2023 to $47.9 million in the fourth quarter of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.48 to $0.57, respectively. Adjusted net earnings attributable to shareholders of the Corporation decreased by $4.5 million, or 6.3%, from $71.8 million in the fourth quarter of 2023 to $67.3 million in the fourth quarter of 2024. This decrease is mainly due to the previously explained decrease in adjusted operating earnings before depreciation and amortization and higher income taxes, partially mitigated by the decrease in depreciation and amortization, and lower financial expenses. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $0.83 to $0.79, respectively. Results for Fiscal Year 2024 Revenues decreased by $127.7 million, or 4.3%, from $2,940.6 million in fiscal year 2023 to $2,812.9 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector as well as in the Packaging Sector. Operating earnings before depreciation and amortization increased by $25.1 million, or 6.3%, from $399.6 million in fiscal year 2023 to $424.7 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Adjusted operating earnings before depreciation and amortization increased by $22.9 million, or 5.1%, from $446.5 million in fiscal year 2023 to $469.4 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives, partially offset by lower volume. Net earnings attributable to shareholders of the Corporation increased by $35.5 million, or 41.4%, from $85.8 million in fiscal year 2023 to $121.3 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.99 to $1.41, respectively. Adjusted net earnings attributable to shareholders of the Corporation increased by $25.4 million, or 14.4%, from $176.0 million in fiscal year 2023 to $201.4 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in adjusted operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $2.03 to $2.34, respectively. For more detailed financial information, please see the Management’s Discussion and Analysis for the year ended October 27, 2024, as well as the financial statements in the “Investors” section of our website at www.tc.tc . Outlook In the Packaging Sector, our investments, including those related to sustainable packaging solutions, position us well for the future and should be a key driver of our long-term growth. In terms of profitability, we expect to generate organic growth in adjusted operating earnings before depreciation and amortization for fiscal 2025 compared to fiscal 2024. In the Retail Services and Printing Sector, we are encouraged by the roll-out of raddar TM and growth opportunities in our in-store marketing activities. Despite a decrease in revenues resulting from lower volume in our traditional activities and the roll-out of raddar TM, we expect adjusted operating earnings before depreciation and amortization for fiscal 2025 to be stable compared to fiscal 2024, excluding the impact of the labour conflict at Canada Post. Lastly, in addition to the amount received for the sale of our industrial packaging operations, we expect to continue generating significant cash flows from operating activities, which will enable us to reduce our net indebtedness while continuing to make strategic investments and return capital to our shareholders. Labour Conflict at Canada Post On November 15, 2024, the Canadian Union of Postal Workers initiated a national strike. As of December 11, 2024, this labour conflict at Canada Post, which remain unresolved, is disrupting the distribution services of flyers, including the raddar TM leaflet. As a result, the Corporation is incurring revenue losses in regions where raddar TM is not distributed through alternative networks, as well as additional costs, including the printing costs of undistributed flyers and the establishment of alternative distribution networks in certain regions of Quebec. As of December 11, 2024, the revenue losses, and consequently the profit losses, along with the additional costs, are estimated at approximately $7.0 million. Non-IFRS Financial Measures In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Accounting Standards ("IFRS") and the term "dollar", as well as the symbol "$" designate Canadian dollars. In addition, in this press release, we also use certain non-IFRS financial measures for which a complete definition is presented below and for which a reconciliation to financial information in accordance with IFRS is presented in the section entitled "Reconciliation of Non-IFRS Financial Measures" and in Note 3, "Segmented Information", to the audited annual consolidated financial statements for the fiscal year ended October 27, 2024. Reconciliation of Non-IFRS Financial Measures The financial information has been prepared in accordance with IFRS. However, financial measures used, namely adjusted operating earnings before depreciation and amortization, adjusted operating earnings, adjusted income taxes, adjusted net earnings attributable to shareholders of the Corporation, adjusted net earnings attributable to shareholders of the Corporation per share, net indebtedness and net indebtedness ratio, for which a reconciliation is presented in the following table, do not have any standardized meaning under IFRS and could be calculated differently by other companies. We believe that many of our readers analyze the financial performance of the Corporation’s activities based on these non-IFRS financial measures as such measures may allow for easier comparisons between periods. These measures should be considered as a complement to financial performance measures in accordance with IFRS. They do not substitute and are not superior to them. The Corporation also believes that these measures are useful indicators of the performance of its operations and its ability to meet its financial obligations. Furthermore, management also uses some of these non-IFRS financial measures to assess the performance of its activities and managers. Dividend The Corporation's Board of Directors declared a quarterly dividend of $0.225 per share on Class A Subordinate Voting Shares and Class B Shares. This dividend is payable on January 20, 2025, to shareholders of record at the close of business on January 6, 2025. Normal Course Issuer Bid On June 12, 2024, the Corporation has been authorized to repurchase, for cancellation on the open market, or subject to the approval of any securities authority by private agreements, between June 17, 2024 and June 16, 2025, or at an earlier date if the Corporation concludes or cancels the offer, up to 3,662,967 of its Class A Subordinate Voting Shares and up to 668,241 of its Class B Shares. The repurchases are made in the normal course of business at market prices through the Toronto Stock Exchange. During the fourth quarter of 2024, the Corporation repurchased and cancelled 900,459 Class A Subordinate Voting Shares at a weighted average price of $16.20 and 2,000 Class B Shares at a weighted average price of $16.39, for a total cash consideration of $14.6 million. During fiscal 2024, the Corporation repurchased and cancelled 2,060,217 Class A Subordinate Voting Shares at a weighted average price of $15.65 and 7,000 Class B Shares at a weighted average price of $15.66, for a total cash consideration of $32.3 million. On October 16, 2024, the Corporation authorized its broker to repurchase shares between October 28, 2024, and December 13, 2024, inclusively, in accordance with parameters set by the Corporation. Subsequent to the year ended October 27, 2024, the Corporation repurchased 413,278 Class A Subordinated Voting Shares and 2,400 Class B Shares for a total cash consideration of $7.0 million. Additional information Conference Call Upon releasing its results for the fourth quarter and fiscal 2024, the Corporation will hold a conference call for the financial community on December 12, 2024, at 8:00 a.m. The dial-in numbers are 1-289-514-5100 or 1-800-717-1738. Media may hear the call in listen-only mode or tune in to the simultaneous audio broadcast on TC Transcontinental’s website, which will then be archived for 30 days. For media requests or interviews, please contact Nathalie St-Jean, Senior Advisor, Corporate Communications of TC Transcontinental, at 514-954-3581. Profile TC Transcontinental is a leader in flexible packaging in North America and in retail services in Canada, and is Canada’s largest printer. The Corporation is also the leading Canadian French-language educational publishing group. Since 1976, TC Transcontinental's mission has been to create quality products and services that allow businesses to attract, reach and retain their target customers. Respect, teamwork, performance and innovation are the strong values held by the Corporation and its employees. TC Transcontinental's commitment to its stakeholders is to pursue its business activities in a responsible manner. Transcontinental Inc. (TSX: TCL.A TCL.B), known as TC Transcontinental, has approximately 7,500 employees, the majority of which are based in Canada, the United States and Latin America. TC Transcontinental generated revenues of $2.8 billion during the fiscal year ended October 27, 2024. For more information, visit TC Transcontinental's website at www.tc.tc . Forward-looking Statements Our public communications often contain oral or written forward-looking statements which are based on the expectations of management and inherently subject to a certain number of risks and uncertainties, known and unknown. By their very nature, forward-looking statements are derived from both general and specific assumptions. The Corporation cautions against undue reliance on such statements since actual results or events may differ materially from the expectations expressed or implied in them. Forward-looking statements may include observations concerning the Corporation's objectives, strategy, anticipated financial results and business outlook. The Corporation's future performance may also be affected by a number of factors, many of which are beyond the Corporation's will or control. These factors include, but are not limited to the impact of digital product development and adoption, the impact of changes in the participants in the distribution of newspapers and printed advertising materials and the disruption in their activities resulting mainly from labour disputes, including at Canada Post, the impact of regulations or legislation regarding door-to-door distribution on the printing of paper flyers or printed advertising materials, inflation and recession risks, economic conditions and geopolitical uncertainty, environmental risks as well as adoption of new regulations or amendments and changes to consumption habits, risk of an operational disruption that could be harmful to its ability to meet deadlines, the worldwide outbreak of a disease, a virus or any other contagious disease could have an adverse impact on the Corporation’s operations, the ability to generate organic long-term growth and face competition, a significant increase in the cost of raw materials, the availability of those materials and energy consumption could have an adverse impact on the Corporation’s activities, the ability to complete acquisitions and properly integrate them, cybersecurity, data protection, warehousing and usage, the impact of digital product development and adoption on the demand for printed products other than flyers, the failure of patents, trademarks and confidentiality agreements to protect intellectual property, a difficulty to attract and retain employees in the main operating sectors, the safety and quality of packaging products used in the food industry, bad debts from certain customers, import and export controls, duties, tariffs or taxes, exchange rate fluctuations, increase in market interest rates with respect to our financial instruments as well as availability of capital at a reasonable cost, the legal risks related to its activities and the compliance of its activities with applicable regulations, the impact of major market fluctuations on the solvency of defined benefit pension plans, changes in tax legislation and disputes with tax authorities or amendments to statutory tax rates in force, the impact of impairment tests on the value of assets and a conflict of interest between the controlling shareholder and other shareholders. The main risks, uncertainties and factors that could influence actual results are described in the Management's Discussion and Analysis for the fiscal year ended October 27, 2024 and in the latest Annual Information Form . Unless otherwise indicated by the Corporation, forward-looking statements do not take into account the potential impact of non-recurring or other unusual items, nor of disposals, business combinations, mergers or acquisitions which may be announced or entered into after the date of December 11, 2024. The forward-looking statements in this press release are made pursuant to the “safe harbour” provisions of applicable Canadian securities legislation. The forward-looking statements in this release are based on current expectations and information available as at December 11, 2024. Such forward-looking information may also be found in other documents filed with Canadian securities regulators or in other communications. The Corporation's management disclaims any intention or obligation to update or revise these statements unless otherwise required by the securities authorities. For information:Scientists Built Tiny VR Goggles for MiceFuller 9-15 6-9 27, Lasu 2-3 1-2 5, M.Davis 4-19 3-4 12, Lander 0-5 0-0 0, Strickland 7-11 2-4 17, Sheppard 1-3 2-4 4, Lee 2-3 0-0 5, Steele 0-3 0-0 0, Li 0-0 0-0 0. Totals 25-62 14-23 70. Benson 7-9 14-17 28, Walsh 3-7 1-4 7, Chenery 7-12 1-2 18, Lemond 0-0 0-0 0, Walker 2-6 3-5 8, Peterson 3-4 4-6 10, Ashe 0-5 2-4 2, Callahan-Gold 1-3 0-0 2. Totals 23-46 25-38 75. Halftime_LIU 32-24. 3-Point Goals_LIU 6-27 (Fuller 3-6, Lee 1-2, Strickland 1-4, M.Davis 1-10, Sheppard 0-1, Steele 0-1, Lander 0-3), Binghamton 4-16 (Chenery 3-5, Walker 1-4, Ashe 0-1, Benson 0-1, Peterson 0-1, Callahan-Gold 0-2, Walsh 0-2). Fouled Out_Lasu, Strickland. Rebounds_LIU 35 (Fuller 10), Binghamton 28 (Walsh 11). Assists_LIU 13 (Strickland 8), Binghamton 13 (Ashe 4). Total Fouls_LIU 28, Binghamton 21. A_237 (3,500).The champions crashed to a fifth straight defeat in all competitions – something not experienced by the club in more than 18 years – as they were thrashed 4-0 by Tottenham at the Etihad Stadium on Saturday. The loss, which was also a third in succession in the Premier League and shattered a 52-game unbeaten home run, damaged the club’s hopes of winning an unprecedented fifth title in a row. It is the worst run of Guardiola’s glittering managerial career and the City boss, who extended his contract until 2027 last week, is determined to turn the situation around. The Catalan said: “When we start to lose I say to the people I have to find a way, I have to. It’s my duty, my responsibility, to find a way to be more consistent, that our game will be better and win games. “This is what we have to do.” City have been hampered by injuries to key players in recent weeks, particularly by the absence of Ballon d’Or-winning midfielder Rodri, who has been sidelined for the remainder of the season. Problems have emerged at both ends of the field with a lack of clean sheets – just five in 19 outings this term – and a shortage of goals being scored on occasions, like Saturday, when the prolific Erling Haaland has an off-day. Guardiola said: “We don’t expect to lose important players but it’s happened and you have to find a way. We have to find other abilities. “I don’t think we didn’t create enough chances. We created a lot of chances, clear ones at 0-0, 0-1, 0-2. “Of course we want a lot of players to score but it’s happened now. “I know at the Etihad when we are there and we score goals our momentum is there, but now we are not solid enough. That is the truth. “In both sides normally we are solid but we concede the goals. Now in both sides we are not good enough. “In these situations, what do you have do to? Keep going my friends, keep going. “We have done it in the past – not in terms of results being as bad as now – but we have done it and we face the situation and move forward.”

Brittany Cartwright is bra-free as she almost spills out of low-cut dress at Kathy Hilton's Christmas party

The Minister of State for Defence, Dr. Bello Mohammed Matawalle, has been a diehard politician and reputed for keeping in constant contact with his people, especially when he served as the governor of Zamfara state between 2019 and 2023. He was, however, allegedly rigged out of office by the then cabals in Aso Rock just because he fought the attempted unlawful naira swap policy which he jointly challenged along with two of his colleagues (former Kaduna governor, Nasiru El-Rufa’i and former Kogi state governor, Yahaya Bello) and defeated the federal government in court where the Supreme Court ruled by halting the swap policy. Matawalle’s position as the North-west Presidential Campaign Council Coordinator ensured that the APC won a landslide in the 2023 presidential election in the Northwestern zone of the country where he served with dedication, transversing wider campaigns in the zone for Tinubu/Shettima ticket. This earned him respect and more recognition from President Bola Ahmed Tinubu who later appointed him as the Minister of State for Defence as the administration kick started the business of governance. He officially moved to the federal capital, Abuja to serve as a National Executive Council member representing Zamfara state despite the desperate opposition staged against him in his home state of Zamfara by his successor and other callous elements within and outside the state. As a former governor, the minister stayed away from the state in order to maintain political peace but at the same time, he kept in touch with and saw his people either by proxy or they would go to Abuja to meet him while he also assisted many people cutting across party divide especially those affected by human and natural disasters, with his support sometimes coming even before the arrival of state government intervention. The situation remained so until after many pleas by the people of the state particularly APC members that he should come to the state, that Matawalle finally yielded last Friday, December 21, 2024, for a six-day official/private visit by visiting banditry and other disaster victims, inspecting some military formations and meeting party members and relatives. Driving by road from Abuja to Gusau through Kaduna, the minister stopped over at all the military check points along the road where he encouraged personnel to be more committed to their assigned responsibilities assuring them that the federal government has made adequate arrangements to provide more sophisticated weapons and other benefits to ensure the complete elimination of the criminals by the incoming year 2025 with the military on their part hailing the federal government over the information. On arrival in Gusau, the Zamfara state capital, the minister was received by an overwhelming crowd of party supporters, party faithful, well-wishers, party leaders and other stakeholders who made a beehive of activities around the former governor’s GRA residence with traders of various wares making brisk business while entertainers and praise singers chose their acquaintances to raise money. Following his declaration that his six days stay will positively impact the people, the minister made sure that anyone who came smiled back home. Addressing the crowd of supporters, Matawalle implored them to continue to be law abiding, peaceful, and prayerful so that APC’s leadership with him as governor will return to the state. He explained that he would be coming to the state very often, hence so that they would be strategizing for a greater Zamfara. The minister also continued to meet and interact with APC leadership ranging from SWC, state exco, local government party chairmen, elders, youths, women, and other critical stakeholders where he explained more about the reforms of the Tinubu administration which are not anti-North but aimed at improving the standard of Nigerian citizens economically, socially and politically without denying any region. He explained the security measures being put in place to restore peace in the North-west and the country as well as in providing all the needed support to security agencies especially the military to fight banditry that is bedevilling the North-west and assured that the government will ensure that in the coming year 2025, all forms of banditry and other criminalities are eliminated. He said the current military operations in the zone is yielding positive results because of the deployment of committed and patriotic military personnel in most of the flash points as large number of bandits were being neutralised and some are on the run, he appealed to the citizens to support government and security agencies with genuine intelligence that will lead to success. Matawalle also said that security is everybody’s concern and the need to take every person and property’s security serious and urged citizens to support the troops with prayers for success rather than condemnation. The minister’s home visit has created more awareness about President Tinubu’s renewed hope agenda and a lot of people have changed their perception. APC is honoured by the minister’s visit because he exhibited a high sense of belonging to all party members and supporters at all levels.

Elon Musk calls Trudeau ‘insufferable’ after remark on Kamala Harris defeat

Meta said it is “99% of the way there” in solving an ongoing social media blackout with its apps. On Wednesday at around 6pm, thousands of social media users in parts of the UK reported an outage with Facebook, Instagram and WhatsApp. The social media giant reported that a “technical issue” had left users unable to access its services. DownDetector, a website that monitors social media outages, says the three cities hit worst by the outage were London, Manchester and Glasgow. Other major cities hit hard by the blackout were Cardiff, Nottingham and Birmingham. Thanks for bearing with us! We’re 99% of the way there – just doing some last checks. We apologize to those who’ve been affected by the outage. — Meta (@Meta) By around 10pm on Wednesday, DownDetector UK said there had been 23,445 reports of Facebook outages, 11,466 Instagram outages and 18,646 on WhatsApp across Britain. In an update issued at 10.26pm on X, Meta said the problem was now nearly resolved. A spokesperson said: “Thanks for bearing with us! We’re 99% of the way there – just doing some last checks. “We apologise to those who’ve been affected by the outage.” Other parts of the world affected include Europe, Asia, South America and Australia, according to DownTracker. To find out if your area is affected, visit: .

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2027 and the Need for a National Political Renewal