2nd. In the release the comany announced "the Corporation intends to enter into private agreements, within 30 days of June 12, 2024, with Jean, Pierre and Marise Paschini, members of the Board of Directors and the Corporation's management team". How should I as an investor view this announcement?
Thanks John
Revenue was $107.4M, well ahead of estimates of $91M. EPS was 47c vs 16c last year (34c estimate). Revenue rose 34%. Gross margin went to 29.2% from 16.8% in the prior period. Backlog was $427.5M not including $90M announced after the quarter. EBITDA was $23.1M, up 130% ahead of estimates of $17.2M. DRX announced intention to double the dividend. The company is buying back 3M shares. Results are very strong and commentary wqas quite positive. The buyback is essentially insiders selling to the company, with shares to be cancelled. Insiders have indicated they do not intend to sell more, and considering the 404% gain over the past year of course the insiders have much more dollar exposure to the company than they did a year ago and we are entirely comfortable with this plan.