Due to spending restraint Calgary and Edmonton spend significantly less per person than Alberta's highest-spending municipalities
"While there's always room for improvement, the municipal governments in Calgary and Edmonton have done a better job at restraining spending than many other municipalities in Alberta," said Austin Thompson, senior policy analyst at the Fraser Institute and author of Comparing Per-Person Expenditure and Revenue in Major Albertan Municipalities, 2009-2023.
According to the study, which compares the finances of 25 Alberta municipalities, in 2023 (the latest year of comparable data), Edmonton ($3,241) and Calgary ($3,144) spent close to the per-person spending average ($3,239) among the 25 municipalities, and significantly less than the highest spenders, which include Grande Prairie County ($5,413), Red Deer County ($4,619) and Lethbridge ($4,423).
Subsequently, in terms of per-person spending, Edmonton ranked 12 th highest and Calgary ranked 13 th highest.
Moreover, despite significant population growth, both cities restrained spending.
From 2009 to 2023, Edmonton's population grew by 38.2 per cent and Calgary's population grew by 33.7 per cent, yet per-person spending (after adjusting for inflation) grew by 4.8 per cent in Edmonton and 2.1 per cent in Calgary.
"It's ultimately up to Albertans to decide if they get good value for their municipal tax dollars, but it helps to compare spending levels among municipalities across the province," said Jake Fuss, director of fiscal policy at the Fraser Institute.
Municipal government spending per person in Alberta (2023)
Municipality
spending
per person
rank
of 25
Grande Prairie County
$5,413
1
Red Deer County
$4,619
2
Lethbridge
$4,423
3
Canmore
$4,154
4
Strathcona County
$4,106
5
Red Deer
$3,788
6
Cold Lake
$3,646
7
Leduc
$3,452
8
Rocky View County
$3,419
9
Grande Prairie
$3,342
10
Fort Saskatchewan
$3,259
11
Edmonton
$3,241
12
Calgary
$3,144
13
Parkland County
$3,141
14
St. Albert
$3,129
15
Sylvan Lake
$2,859
16
Spruce Grove
$2,760
17
Camrose
$2,744
18
Stony Plain
$2,695
19
Beaumont
$2,626
20
Foothills County
$2,570
21
Okotoks
$2,456
22
Airdrie
$2,187
23
Cochrane
$2,142
24
Chestermere
$1,652
25
Municipal government average
$3,239
Note: This ranking excludes Medicine Hat due to its unique status as the only Alberta municipality
operating both an electricity and natural gas utility. Further details are available in the study.
The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, Montreal, and Halifax and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org
SOURCE The Fraser Institute
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
24 minutes ago
- Cision Canada
McCOY GLOBAL ANNOUNCES SECOND QUARTER 2025 RESULTS AND DECLARATION OF QUARTERLY DIVIDEND
EDMONTON, AB, Aug. 8, 2025 /CNW/ - McCoy Global Inc. ("McCoy," "McCoy Global" or "the Corporation") (TSX: MCB) today announced its operational and financial results for the three months ended June 30, 2025. The Corporation also announced that its Board of Directors has declared a quarterly cash dividend of $0.025 per common share payable on October 15, 2025, to shareholders of record as of close of business on September 30, 2025. The dividend per common share is a regular dividend and is an "eligible" dividend for purposes of the Income Tax Act (Canada) and any similar provincial/territorial legislation. Second Quarter Highlights: Revenue increased 21% to $24.1 million, compared to $19.9 million in Q2 2024. smartProduct revenue 5 of $13.9 million accounted for 58% of total revenue (three months ended June 30, 2024 – 32%), an increase of 117% or $7.5 million from the comparative period; Net earnings decreased 56% to $1.4 million compared to the second quarter of 2024 of $3.1 millions a result of higher stock-based compensation expense ($1.4 million), reflecting the mark-to-market impact of the Corporation's share price appreciation on cash-settled awards, a significant portion of which relates to a previous non-recurring issuance of director performance share units vesting in December of 2025 (Q2 2024 - $0.1 million); Adjusted EBITDA 1 of $4.8 million, or 20% of revenue, compared with $4.7 million, or 24% of revenue, in 2024. The percentage of revenue decline from the comparative period was primarily attributable to provisions for bad debts of $0.5 million (Q2 2024 – recovery of $0.4 million); Since January 1, 2025, advanced its Digital Technology Roadmap: McCoy successfully concluded in-field trials for its innovative smarTR™ system for land and shelf applications. Confidence in the system from our US field-trial partners led to $11.0 million of contract awards for hardware. In addition to the equipment award, the contract includes utilization-based software-as-a-service (SaaS) revenue enabled by our integrated software platform for remote control, automation, and data-driven operational intelligence. The deployment of several systems into the North America land market by late June 2025 is accelerating product optimization and reinforcing the value of our offering through real-world performance and customer feedback. McCoy's smarTR™ system integrates McCoy's proprietary hydraulic smart casing running tool (smartCRT ™), McCoy's proprietary connected flush mount spider (smartFMS ™), and related tubular running accessories, into a first-to-market technology that significantly enhances both safety and efficiency and currently targets up to a 67% reduction in labor costs associated with TRS. McCoy delivered multiple hydraulic smartCRT ™ s destined for the Middle East market and secured additional orders for the US land market. The McCoy hydraulic smartCRT ™ was first commercialized in Q4, 2024, and the tool has successfully executed multiple operations with remarkable efficiency, demonstrating exceptional performance and proven reliability in demanding field conditions. Our unique, patented solution is a hydraulic option to our smartCRT ™ and is designed to integrate into our smarTR ™ system. This technology mitigates risks inherent in conventional, mechanical CRT technology, while providing actionable insights that optimize future performance. McCoy delivered a deep-water offshore integrated casing running system destined for Latin America. Delivering this technology completes the first step on a roadmap to a comprehensive smarTR™ system tailored for offshore and deep-water markets. This integrated deep-water system differs from our smarTR ™ solution designed for land and shelf that is centered around CRT technology, as deep-water casing installation requires hydraulic power tongs to meet technical specifications for the well profile. The Latin America contract award also marked the first offshore commercial SaaS purchase commitment for its Virtual Thread-Rep ™ technology. McCoy's Virtual Thread-Rep ™ technology enables customers to remotely monitor and control premium connection make-up. It also facilitates the autonomous evaluation and confirmation of premium connection make-up on location. Declared a quarterly cash dividend of $0.025 per common share payable on October 15, 2025, to shareholders of record as of close of business on September 30, 2025. "Our second quarter performance highlights the growing momentum behind McCoy's smartProduct portfolio and the advancements of our Technology Roadmap. With smartProduct revenue now representing 58% of total revenue, it is clear our customers are increasingly prioritizing automation, safety, and efficiency, in spite of challenging market conditions. The commercialization of our smarTR™ system, and its deployment into the North America land market by late June 2025 has allowed us to validate its performance in real-world environments, optimize the offering, and gather valuable customer feedback," said Jim Rakievich, President & CEO. "While our results for the quarter were impacted by certain non-recurring compensation expenses and working capital investments to support future demand, we remain confident in our long-term trajectory. As we continue to scale our smartProduct portfolio, we are positioning McCoy to generate stable, technology-driven revenue streams that are less reflective of the cyclicality often associated with the oil & gas industry. Our focus remains on delivering differentiated value to our customers, driving operational excellence, and executing with discipline to create sustainable growth and returns for our shareholders." "While Q3 may reflect tempered sequential revenue and earnings growth due to timing of NOC contract announcements and continued weakness in the North American land market, our $24.6 million backlog and growing smartProduct adoption provide a solid foundation for the remainder of 2025," said Lindsay McGill, Vice President & CFO. "We continue to invest in strategic initiatives that support long-term value creation. Our disciplined approach to capital allocation and operational efficiency ensures we remain well-positioned to deliver on our long-term financial objectives, even amid ongoing market uncertainty." Second Quarter Financial Highlights: Total revenue of $24.1 million, compared with $19.9 million in Q2 2024; Net earnings of $1.4 million, compared to $3.1 million in Q2 2024; Adjusted EBITDA 1 of $4.8 million, or 20% of revenue, compared with $4.7 million, or 24% of revenue, in 2024; Booked backlog 2 of $24.6 million at June 30, 2025, compared to $22.3 million in the second quarter of 2024; Book-to-bill ratio 3 was 0.93 for the three months ended June 30, 2025, compared with 0.83 in the second quarter of 2024. Financial Summary Revenue of $24.1 million for the three months ended June 30, 2025, increased 21% from the comparative period. For the six months ended June 30, 2025, revenue increased by 19% to $43.4 million. Second quarter revenue benefited from the successful commercialization of McCoy's smarTR™ technology platform, and the delivery of multiple systems to a leading US TRS provider. For the three months ended June 30, 2025, smartProduct revenue of $13.9 million accounted for 58% of total revenue (three months ended June 30, 2024 – 32%), an increase of $7.5 million or 119% from the comparative period. Gross profit, as a percentage of revenue, for the three and six months June 30, 2025, was 36% and 35% respectively, an increase of 2 percentage points from comparative periods in 2024. This improvement was the result of stronger operating leverage from higher production throughput, as well as a favourable shift in product mix toward McCoy's smartProduct offerings, including the smarTR ™ system. This was partially offset by investments in production and technical service capacity, including expanded staffing and facility-related costs, as well as support for new product deployment, customer training, and product commissioning activities. For the three and six months ended June 30, 2025, general and administrative expenses (G&A) totaled $4.3 million and $7.6 million, respectively, an increase from the comparative periods primarily driven by higher stock-based compensation expense, reflecting the mark-to-market impact of the Corporation's share price appreciation on cash-settled awards, a significant portion of which relates to a previous non-recurring issuance of director performance share units vesting in December of 2025. This resulted in an expense of $1.4 million for the three months ended June 30, 2025 (2024 – $0.1 million), and $2.2 million for the six months ended June 30, 2025 (2024 – $0.1 million). G&A also included $0.5 million of bad debts provision in the quarter (2024 – recovery of $0.4 million), and $0.8 million year-to-date (2024 – recovery of $0.1 million). To a lesser extent, G&A was also impacted by increased investment in corporate support including information technology, human resources and administrative support – aligned with the Corporation's continued revenue growth. As a percentage of revenue, G&A increased by 10 and 7 percentage points, respectively, in comparison to 2024. For the three and six months ended June 30, 2025, sales and marketing expenses were $0.9 million and $1.6 million, respectively. The increase was primarily attributable to expansion of the Corporation's technical salesforce and enhanced marketing efforts to support the accelerated adoption of the Corporation's smartProducts portfolio. As a percentage of revenue, Sales & Marketing increased 1% from the comparative periods. With total product development and support expenditures of $1.8 million and $3.4 million during the three and six months ended June 30, 2025, respectively, the Corporation further advanced its 'Technology Roadmap' through the design and development of additional smart product enhancements and complementary product accessories for McCoy's smartProduct portfolio. For the remainder of 2025, the Corporation has committed US$1.5 million of capital toward the development of these enhancements and additional product offerings. Product development and support expenses increased over the comparative periods, primarily due to investment in engineering and technical personnel, as well as increased travel related to new product deployment and customer support activities. Higher intellectual property expenditures also contributed to the increase. For the three and six months ended June 30, 2025, as well as the comparative period, other losses (gains), net is comprised mainly of foreign exchange losses or gains. Net earnings for the three months ended June 30, 2025, was $1.4 million or $0.05 per basic share, compared with net earnings of $3.1 million or $0.12 per basic share in the second quarter of 2024. Adjusted EBITDA 1 for the three months ended June 30, 2025, was $4.8 million compared with $4.7 million for the second quarter of 2024. As at June 30, 2025, the Corporation had $6.6 million in net cash 4, along with an additional $12.1 million available under undrawn credit facilities. Selected Quarterly Information Summary of Quarterly Results ($000 except per share amounts) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Revenue 24,051 19,346 25,222 15,842 19,910 16,542 19,699 16,878 Net earnings 1,367 946 4,255 516 3,125 975 2,674 1,900 as a % of revenue 6 % 5 % 17 % 3 % 16 % 6 % 14 % 11 % per share – basic 0.05 0.03 0.16 0.02 0.12 0.04 0.10 0.07 per share – diluted 0.05 0.03 0.15 0.02 0.11 0.04 0.10 0.07 EBITDA 1 2,978 2,296 5,598 1,826 4,638 2,191 3,001 3,641 as a % of revenue 12 % 12 % 22 % 12 % 23 % 13 % 15 % 22 % Adjusted EBITDA 1 4,817 3,479 6,534 2,668 4,728 2,273 3,987 3,856 as a % of revenue 20 % 18 % 26 % 17 % 24 % 14 % 20 % 23 % Outlook and Forward-Looking Information As 2025 has progressed, there has been a notable decline in market conditions across several global regions, driven by persistent macroeconomic uncertainty, a sharp increase in oil supply following the lifting of OPEC+ production quotas, global trade disruptions, and geopolitical tensions. These factors have contributed to increased customer prudence, particularly in capital equipment procurement, resulting in deferred investment decisions, subdued activity levels across key regions, and a shift in focus toward cash flow preservation and operational efficiency. Despite near-term stagnation in drilling activity and the deferral of certain National Oil Company (NOC) contract tender announcements, medium-term fundamentals for oil & gas markets are expected to remain stable, particularly in the Middle East and North Africa (MENA). Recent TRS contract tenders awarded in one of our largest markets have been favourable for McCoy; however, customer capital constraints have introduced challenges and have led to increased demand for rental tools or alternative financing arrangements. Over the next twelve months, several additional TRS contract award announcements are anticipated across key Eastern Hemisphere markets, representing a cumulative total of upwards of 100rigs - all requiring the use of casing running tools. Though the timing of these announcements is uncertain, we expect these awards will positively impact the conversion of many of our smartProduct technology quotes into confirmed orders. McCoy is well positioned to capitalize on these trends with market leading technologies and product enhancements that provide superior safety, efficiency, and simplified operating procedures, as well as expert technical support with local presence and the broadest portfolio of TRS equipment on the market. In the North American land market, recent market volatility and broader recessionary pressures have contributed to a continued decline in rig count and drilling with some regions reaching levels not seen since 2021. Despite these headwinds, industry confidence in McCoy's smartProduct technologies, particularly our smarTR ™ system, remains positive. However, we anticipate the current market environment may temper the rate of technology adoption and near-term revenue growth. As we advance through the commercialization and adoption phases of our Technology Roadmap initiative, we anticipate future revenue streams will become progressively less tied to the cyclicality of drilling activity and increasingly driven by technology adoption. McCoy's smartProduct portfolio offers meaningful improvements in safety, operational efficiency, and, often, cost reduction, positioning the Corporation to deliver enhanced value to customers even in challenged market conditions. As customers look to differentiate in a competitive market and drive greater efficiency at lower cost, McCoy's smart solutions are increasingly aligned with their priorities. With a reported backlog of $24.6 million as at June 30, 2025, and continued momentum in the adoption of our smartProduct technologies, we are well positioned to pursue our strategic and financial objectives in 2025 with discipline and flexibility. While the pace of market penetration may be moderated by current macroeconomic conditions, we continue to observe encouraging trends that are expected to facilitate adoption across key markets over the long-term. Q3 2025 may reflect tempered revenue and earnings growth amid ongoing market dynamics, largely influenced by the timing of National Oil Company (NOC) contract announcements and North America land market conditions. Looking ahead, uncertainty may persist into the latter half of 2025 and early 2026, as customers align capital commitments with TRS award announcements timelines. While quarterly performance may exhibit variability, this is largely reflective of the inherent lumpiness in capital equipment markets, where customer purchase decisions and shipment schedules can shift between periods. To navigate this environment, we are proactively implementing cost control measures and deferring select capital expenditures, while continuing to invest in strategic initiatives. These include continued product development, deployment and support activities, scaling our global technical support capabilities to enhance customer experience with particular focus on McCoy's smartProduct lines, and expanding our rental fleet in regions where customer capital constraints are creating opportunities for high-return rental solutions. Supported by a proven track record of operational efficiency and cash flow generation, McCoy is well positioned to navigate current market dynamics and capitalize on emerging opportunities. For 2025 and beyond, we continue to focus on our key strategic initiatives to deliver value to all our stakeholders: Accelerating market adoption of new and recently developed 'smart' portfolio products; and Focusing on capital allocation priorities. We believe this strategy, together with our committed and agile team, McCoy's global brand recognition, application expertise, strong balance sheet, and global footprint will further advance McCoy's competitive position and generate strong returns on invested capital. About McCoy Global Inc. McCoy Global is transforming well construction using automation and machine learning to maximize wellbore integrity and collect precise connection data critical to the global energy industry. The Corporation has offices in Canada, the United States of America, and the United Arab Emirates and operates internationally in more than 50 countries through a combination of direct sales and key distributors. Throughout McCoy's 100-year history, it has proudly called Edmonton, Alberta, Canada its corporate headquarters. The Corporation's shares are listed on the Toronto Stock Exchange and trade under the symbol "MCB". 1 EBITDA is calculated under IFRS and is reported as an additional subtotal in the Corporation's consolidated statements of cash flows. EBITDA is defined as net earnings (loss), before depreciation of property, plant and equipment; amortization of intangible assets; income tax expense (recovery); and finance charges, net. Adjusted EBITDA is a non-GAAP measure defined as net earnings (loss), before: depreciation of property, plant and equipment; amortization of intangible assets; income tax expense (recovery); finance charges, net; provisions for excess and obsolete inventory; other (gains) losses, net; restructuring charges; share-based compensation; and impairment losses. The Corporation reports on EBITDA and adjusted EBITDA because they are key measures used by management to evaluate performance. The Corporation believes adjusted EBITDA assists investors in assessing McCoy Global's current operating performance on a consistent basis without regard to non-cash, unusual (i.e. infrequent and not considered part of ongoing operations), or non-recurring items that can vary significantly depending on accounting methods or non-operating factors. Adjusted EBITDA is not considered an alternative to net earnings (loss) in measuring McCoy Global's performance. Adjusted EBITDA does not have a standardized meaning and is therefore not likely to be comparable to similar measures used by other issuers. For comparative purposes, in previous financial disclosures 'adjusted EBITDA' was defined as "net earnings (loss) before finance charges, net, income tax expense (recovery), depreciation, amortization, impairment losses, restructuring charges, non-cash changes in fair value related to derivative financial instruments and share-based compensation. 2 McCoy Global defines backlog as orders that have a high certainty of being delivered and is measured on the basis of a firm customer commitment, such as the receipt of a purchase order. Customers may default on or cancel such commitments but may be secured by a deposit and/or require reimbursement by the customer upon default or cancellation. Backlog reflects likely future revenues; however, cancellations or reductions may occur and there can be no assurance that backlog amounts will ultimately be realized as revenue, or that the Corporation will earn a profit on backlog once fulfilled. Expected delivery dates for orders recorded in backlog historically spanned from one to six months. 3 The book-to-bill ratio is a measure of the amount of net sales orders received to revenues recognized and billed in a set period of time. The ratio is an indicator of customer demand and sales order processing times. The book-to-bill ratio is not a GAAP measure and therefore the definition and calculation of the ratio will vary among other issuers reporting the book-to-bill ratio. McCoy Global calculates the book-to-bill ratio as net sales orders taken in the reporting period divided by the revenues reported for the same reporting period. 4 Net cash is a non-GAAP measure defined as cash and cash equivalents, plus: restricted cash, less: borrowings. 5 smartProduct revenue is a non-GAAP measure and includes sales, rental and services revenues from those products and technologies developed under the Corporation's technology roadmap initiative. The metric includes revenues from flush mount spiders (FMS), casing running tools (CRTs), smartTONGs and related software and accessories. The Corporation believes smartProduct revenue is a key metric that can assist investors in assessing how McCoy Global has executed on its technology roadmap strategy. Forward-Looking Information This News Release contains forward looking statements and forward-looking information (collectively referred to herein as "forward looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward looking information is often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "expect", "objective", "ongoing", "believe", "will", "may", "projected", "plan", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well positioned" or similar words suggesting future outcomes. This New Release contains forward looking statements respecting the business opportunities for the Corporation that are based on the views of management of the Corporation and current and anticipated market conditions; and the perceived benefits of the growth strategy and operating strategy of the Corporation are based upon the financial and operating attributes of the Corporation as at the date hereof, as well as the anticipated operating and financial results. Forward-looking statements regarding the Corporation are based on certain key expectations and assumptions of the Corporation concerning anticipated financial performance, business prospects, strategies, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of labour and services and the ability to obtain financing on acceptable terms, which are subject to change based on market conditions and potential timing delays. Although management of the Corporation consider these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not be achieved. Undue reliance should not be placed on forward looking statements, as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in the forward looking statements, including inability to meet current and future obligations; inability to complete or effectively integrate strategic acquisitions; inability to implement the Corporation's business strategy effectively; access to capital markets; fluctuations in oil and gas prices; fluctuations in capital expenditures of the Corporation's target market; competition for, among other things, labour, capital, materials and customers; interest and currency exchange rates; technological developments; global political and economic conditions; global natural disasters or disease; and inability to attract and retain key personnel. Readers are cautioned that the foregoing list is not exhaustive. The reader is further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. These judgments and estimates may change, having either a negative or positive effect on net earnings as further information becomes available, and as the economic environment changes. The information contained in this News Release identifies additional factors that could affect the operating results and performance of the Corporation. We urge you to carefully consider those factors. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this New Release and the Corporation does not undertake and is not obligated to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
Cision Canada
24 minutes ago
- Cision Canada
BIG ROCK BREWERY INC. ANNOUNCES SECOND QUARTER 2025 RESULTS AND A 45% INCREASE IN SECOND QUARTER SALES VOLUMES
Trailing twelve month sales volume growth of 39% CALGARY, AB, Aug. 8, 2025 /CNW/ - Big Rock Brewery Inc. (TSX: BR) (" Big Rock" or the " Corporation") today announces its financial results for the three and six months ended June 30, 2025. Financial Summary For the three months ended June 30, 2025, compared to the three months ended June 30, 2024, the Corporation reported: total sales volumes up 45.3% to 84,116 hl compared to 57,908 hl, driven by contract sales volumes that more than doubled and an increase of 20.2% in wholesale volumes; net revenue increased by 34.2% to $16.6 million from $12.3 million on increased sales volumes; gross margin increased to $5.2 million compared to $4.1 million; operating income increased to $0.4 million, compared to an operating loss of $(0.7) million; net income increased by $0.1 million to $0.3 million; and Adjusted EBITDA increased by $0.8 million to $1.0 million. Adjusted EBITDA is a non-GAAP financial measure, see " Non-GAAP Measures". For the six months ended June 30, 2025, compared to the six months ended June 30, 2024, the Corporation reported: total sales volumes up 47.9% to 152,460 hl compared to 103,112 hl, driven by contract sales volumes that more than doubled and an increase of 10.6% in wholesale volumes; net revenue increased by 32.7% to $27.8 million from $20.9 million because of increased co-packing sales volumes; gross margin increased to $8.9 million compared to $5.9 million, an increase of 51%; operating income increased to $0.5 million, compared to an operating loss of $(3.0) million; net income increased to $0.2 million from a loss of $(2.9) million, an increase of $3.1 million; and Adjusted EBITDA increased by $3.0 million to $1.7 million. Adjusted EBITDA is a non-GAAP financial measure, see " Non-GAAP Measures". Summary of Results $000, except hl and per share amounts Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 Sales volumes - wholesale (hl) 48,698 40,519 80,590 72,871 Sales volumes – contract (hl) 35,418 17,389 71,870 30,241 Total sales volumes (hl) 84,116 57,908 152,460 103,112 Gross product revenue $ 20,470 $ 15,792 $ 34,673 $ 27,080 Net revenue 16,567 12,344 27,767 20,926 Cost of sales 11,402 8,218 18,893 15,063 Adjusted EBITDA (1) 967 165 1,655 (1,308) Operating income (loss) 395 (667) 495 (2,966) Net income (loss) 281 220 232 (2,853) Net income (loss) per share (basic and diluted) $ 0.01 $ 0.03 $ 0.01 $ (0.41) (1) Non-GAAP financial measure. See " Non-GAAP Measures". Sales volumes increased by 45.3% compared the second quarter of 2024 and a 23.1% increase compared to the first quarter of 2025. More importantly, Adjusted EBITDA was a positive $1.0 million, which represents a $0.8 million improvement from the second quarter of 2024. David Kinder, Big Rock's President and Chief Executive Officer noted, "In an economically challenging and uncertain time, I am delighted to release our second quarter 2025 results. Directionally, we are building on 4 consecutive quarters of year-over-year quarterly sales volume growth. This momentum contributed to a significant improvement in Adjusted EBITDA of $0.8 million for the quarter and $3.0 million on a year-to-date basis. Key metrics are directionally positive, and more importantly we are fundamentally profitable from an earnings and cash flow perspective. The management team continues to focus on mitigating the negative effects of tariffs, the Alberta Markup increases and a general increase in costs. In 2025 we are incredibly proud to be celebrating our 40-year anniversary and to have successfully launched our new branding and updated product portfolio, which no doubt have contributed to our success so far this year". Additional Information The unaudited condensed interim consolidated financial statements of the Corporation and the Corporation's Management Discussion and Analysis for the three and six months ended June 30, 2025 dated August 7, 2025, can be viewed on Big Rock's website at and on SEDAR+ at under Big Rock Brewery Inc. NON-GAAP MEASURES The Corporation uses certain financial measures referred to in this press release to quantify its results that are not prescribed by Generally Accepted Accounting Principles (" GAAP"). Such financial measures do not have a standardized meaning under GAAP and therefore may not be comparable to similar measures presented by other issuers. The non-GAAP financial measures should not be considered in isolation, as an alternative to or more meaningful than the most directly comparable GAAP measures which are prepared in accordance with IFRS Accounting Standards. " Adjusted EBITDA" is a non-GAAP financial measure that the Corporation uses to measure operating performance and borrowing capacity. The most directly comparable GAAP measure to adjusted EBITDA is net income, or net loss, as applicable. The following table details the composition of adjusted EBITDA and its reconciliation to net income, or net loss: ($000, except where indicated) Three months ended June 30 Six months ended June 30 2025 2024 Change 2025 2024 Change Net income (loss) $ 281 $ 220 $ 61 $ 232 $ (2,853) $ 3,085 Addback: Interest 213 587 (374) 377 1,361 (984) Depreciation and amortization 529 827 (298) 1,069 1,654 (585) Share based payments (56) 5 (61) (23) 4 (27) Gain on dispositions – net — (1,474) 1,474 — (1,474) 1,474 Adjusted EBITDA $ 967 $ 165 $ 802 $ 1,655 $ (1,308) $ 2,963 Forward-Looking Information Certain statements contained in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. These statements relate to expectations regarding future events or Big Rock's future performance based on certain assumptions made by Big Rock. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are not facts, but only predictions based on information presently available and generally can be identified by the use of statements that include words or phrases such as, "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "likely", "may", "project", "predict", "propose", "potential", "might", "plan", "seek", "should", "targeting", "will", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Big Rock believes that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon by readers, as actual results may vary materially from such forward-looking statements. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement. This press release contains forward-looking statements pertaining to: Big Rock's continued focus on mitigating the negative effects of tariffs, changes to, and the subsequent revision of the Alberta Markup Share and general cost increases; and other similar statements. With respect to the forward-looking statements listed above and contained in this press release, management has made assumptions regarding, among other things: the duration and impact of tariffs currently in effect and that such tariffs will remain in effect unchanged; markup rates applied by the Alberta Gaming, Liquor and Cannabis Commission ("AGLC"); anticipated cost increases in Big Rock's production and supply chain; volumes in the current fiscal year will remain constant or continue to increase; there will be no material change to the regulatory environment in which Big Rock operates; there will be no material supply issues with Big Rock's vendors; seasonal fluctuations in demand; and Big Rock can and will execute it business plans and strategies. Some of the risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include the risk factors set out in the Corporation's annual information form for the year ended December 30, 2024 which is available on SEDAR+ at and also include, but are not limited to: risks related to Big Rock's credit facility with ATB; the inability to grow demand for Big Rock's products; the inability to execute its product innovation strategy and to introduce such products in the volumes necessary to fulfil its expectations; changes to the duration and/or impact of tariffs currently in place, including any impacts on general market demand; risks related to unanticipated changes to AGLC's mark-up rates; the risk that Big Rock may not have an increase in market demand or market share; the risk that Big Rock may lose co-packing contract volumes or the anticipated benefits of co-packing production; the risk that continued attention to streamlining production and maximizing return on sales and marketing initiatives for Big Rock's branded, white-label and co-packing businesses, won't help the Corporation continue to improve its financial results and strengthen its balance sheet; the risk that Big Rock may not realize operational efficiencies or margin growth; the risk that Big Rock may not have sufficient cash flows to cover forecasted expenses or return to profitability; and the risk that Big Rock may not be in compliance with its financial covenants for the next 12 months. Readers are cautioned that the foregoing list of assumptions and risk factors is not exhaustive. The forward-looking statements contained herein speak only as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date hereof and Big Rock does not undertake any obligation to publicly update such forward-looking information and statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws. About Big Rock Brewery Inc. In 1985, Ed McNally founded Big Rock to contest the time's beer trends. Three bold, European-inspired offerings – Bitter, Porter and Traditional Ale – forged an industry at a time heavy on easy drinking lagers and light on flavour. Today, our extensive portfolio of signature beers, ongoing seasonal offerings, six ciders (Rock Creek Cider ® series), custom-crafted private label products and other notable, licensed alcoholic beverages keeps us at the forefront of the craft beer revolution and still proudly contesting the beer and alcoholic beverage trends of today. Big Rock has brewing operations in Calgary, Alberta, Vancouver, British Columbia, and Toronto, Ontario. Big Rock trades on the TSX under the symbol "BR". For more information on Big Rock visit SOURCE Big Rock Brewery Inc.
Vancouver Sun
24 minutes ago
- Vancouver Sun
Canadians still supportive of letting in Ukrainian migrants fleeing war with Russia: poll
Almost three-and-a-half years after Russia invaded Ukraine, Canadians remain broadly supportive of taking in Ukrainian migrants fleeing their war-torn country, although there has been a drop in support. A new poll conducted by Leger for the Association for Canadian Studies and the Metropolis Institute finds that 23 per cent of Canadians believe more Ukrainians should be brought to safety, while 40 per cent believe right number are coming. A further 23 per cent of poll respondents say that fewer Ukrainians should be brought to Canada. In February 2023, polling found that 43 per cent of Canadians said the country should keep doing what it's doing when it comes to welcoming Ukrainians, and 29 per cent said Canada should do more to resettle Ukrainian refugees. Just 16 per cent said Canada should do less. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'What you're seeing now is that some of the pushback on immigration that we've seen … is also impacting support for Ukrainian migration to Canada,' said Jack Jedwab, president of the Association for Canadian Studies. The war between Ukraine and Russia is well into its third year, despite pressure from U.S. President Donald Trump for Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy to hammer out a ceasefire agreement. Trump has set a deadline of Friday for Russia to agree to peace, or else face a round of American sanctions. While ceasefire talks grind on, fighting continues across Ukraine. Russian missile strikes on Kyiv last month killed and injured dozens of Ukrainians. Reuters reported on Tuesday that Putin intends to capture the Ukrainian regions of Donetsk, Luhansk, Zaporizhzhia and Kherson before seriously engaging in any peace talks. The number of Ukrainians seeking shelter in Canada has declined considerably, according to data compiled by the Association for Canadian Studies. In the years leading up to Putin's February 2022 invasion of his neighbour, there were around 2,000 Ukrainians emigrating to Canada each year. That increased considerably after the invasion. In 2022, 78,360 came to Canada. In 2023, it was 103,350 and in 2024, 111,960 moved to Canada under the International Mobility Program. In the first quarter of 2024, 66,720 Ukrainians came to Canada. But in the first quarter of 2025, only 21,110 Ukrainians arrived — a nearly 69-per-cent drop compared to the first quarter of 2024. Those aged between 18 and 24, at 13 per cent, are the least likely to believe that Canada should decrease the number of Ukrainians coming to the country, while 30 per cent of those between the ages of 35 and 64 believe there should be fewer Ukrainians coming to Canada. Thirty-three per cent of those in Manitoba and Saskatchewan believe fewer Ukrainians should be given temporary visas — the highest proportion in the country. In neighbouring Alberta, only 22 per cent hold that view, as do 25 per cent of British Columbians, 23 per cent of Ontarians, 21 per cent of Quebecers and 18 per cent of Atlantic Canadians. Those in Saskatchewan and Manitoba, at 17 per cent, are least likely to say Canada should accept more Ukrainians, while 32 per cent of Atlantic Canadians believe we should. Canadians are somewhat more skeptical of temporary workers; only 12 per cent say Canada should allow more temporary workers into the country, while 41 per cent say the numbers should stay the same and 34 per cent said fewer should be allowed into the country. Temporary foreign workers, according to Statistics Canada, may hold permits for work, study or other purposes; as of 2021, there were roughly 845,000 temporary foreign workers in Canada. Those who favour increases in temporary foreign workers are more likely to support more Ukrainians coming to Canada, the polling found. Forty-nine per cent of those who support more TFWs also support more Ukrainians, while 48 per cent who say they want fewer TFWs also want fewer Ukrainians. '(The) net meaning of this is or net implication is some of the pushback we're seeing in immigration, both permanent and temporary, is spilling over,' said Jedwab. 'Before the pushback on immigration, there was really, really large scale support across the country for admitting those Ukrainians. Now, you're seeing some slippage, because it's sort of aligning a bit with the overall pushback on immigration.' Support for accepting Ukrainians into the country is higher among those who say they have a good understanding of the conflict. Forty-one per cent of those who say they have a 'very good' understanding of Putin's invasion of Ukraine say Canada should increase its intake of Ukrainians, while 36 per cent of them say the number should remain the same. Just 18 per cent of those who say they have a very good understanding believe that fewer Ukrainians should come to Canada. In contrast, those who say they have 'barely any' understanding are far more likely to support reductions in the numbers of Ukrainians coming to Canada: 34 per cent say there should be fewer, compared to just 10 per cent who said Canada's intake should be increased. 'There's an important relationship between people being sensitized to what actually is going on right now and their openness to Ukrainian migration,' said Jedwab. Those who believe that Canada is not doing enough are also more likely to say Canada should take more Ukrainian migrants. Fifty-one per cent who say Canada's support should be increased also say Canada should take in more Ukrainians, and 38 per cent say the intake should remain the same. Just seven per cent say there should be fewer Ukrainians coming to Canada. When it comes to those who think Canada is striking the right balance on Ukraine, 52 per cent say the number of temporary permits issued should remain the same, while 26 per cent say more should be brought in and 15 per cent say there should be fewer. More than half of those who believe Canada is doing too much to support Ukraine — 55 per cent — say that fewer Ukrainians should be allowed into Canada, while just 11 per cent say more should be brought to Canada and 27 per cent say the numbers should remain the same. The online poll was conducted by Leger Marketing among 1,511 respondents in Canada between June 6 and June 8, 2025. A margin of error cannot be associated with a non-probability sample in a panel survey for comparison purposes. A probability sample of 1,511 respondents in Canada would have a margin of error of ±2.5 per cent, 19 times out of 20. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
