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Hamilton Spectator
24-07-2025
- Business
- Hamilton Spectator
Colabor Group Reports Results for the Second Quarter 2025
SAINT-BRUNO-DE-MONTARVILLE, Quebec, July 24, 2025 (GLOBE NEWSWIRE) — Colabor Group Inc. (TSX: GCL) ('Colabor' or the 'Company') reports its results for the second quarter ended June 14, 2025. Second Quarter 2025 Financial Highlights: Recent Event: On July 21, 2025, the Company announced that it identified a cybersecurity incident on July 20, 2025 that has impacted its internal IT systems. Refer to section 2.1 in MD&A for more information. Table of Second Quarter 2025 Financial Highlights: (1) Non-IFRS measure. Refer to the table Reconciliation of Net (Loss) Earnings to adjusted EBITDA in MD&A section 6 'Non-IFRS Performance Measures'. Adjusted EBITDA corresponds to net operating (loss) earnings before costs not related to current operations, depreciation and amortization and expenses for stock-based compensation plan. (2) Non-IFRS measure. Refer to MD&A section 6 'Non-IFRS Performance Measures'. Net debt corresponds to bank indebtedness, current portion of long-term debt and long-term debt, net of cash. (3) Financial leverage ratio is an indicator of the Company's ability to service its long-term debt. It is defined as net debt / adjusted EBITDA and pro forma adjustments related to the recent Acquisition, less lease liability payments and interests on lease obligations for the last four quarters. Refer to MD&A section 6 'Non-IFRS Performance Measures'. 'The closing of the Acquisition of Alimplus' distribution activities was an important milestone during the second quarter. Once integrated, the Acquisition will allow us to significantly accelerate our growth plan and reinforces us as a Quebec leader in food distribution. This Acquisition includes the signing of a six-year distribution agreement to serve the four stores of Groupe Mayrand Alimentation inc. It is highly strategic and allows us to gain a customer base in coveted territories, create significant synergies and offer cross-selling opportunities, particularly with our private brand and Tout-Prêt, Lauzon and Norref's products,' said Mr. Frenette. 'Mainly due to the acquisition and the growth of major accounts in the second quarter, we were able to generate revenue growth and partially offset the impact of ongoing macroeconomic headwinds affecting the restaurant industry, as well as the renewal of a major contract in December 2024, at less favorable market conditions. The latter had a significant impact on our profitability during the period, and we aim to gradually improve our margins by focusing on a more favorable product and customer mix in the upcoming quarters,' added Mr. Frenette. Results for the Second Quarter of 2025 Consolidated sales for the second quarter were $169.5 million, an increase of 5.1% compared to $161.3 million during the corresponding quarter of 2024. Sales from the distribution activities increased by 7.5% as a result of the recent Acquisition which contributed $8.8 million, the organic sales volume growth with major account clients and the effect of inflation. This growth was mitigated by the renewal of a supply agreement with an institutional customer at economic conditions significantly lower to the margins in effect in 2024, as well as the current economic uncertainties affecting the restaurant industry. Sales from the wholesale activities have decreased by 1.8% mainly as a result of the restaurant industry slowdown during the second quarter of 2025. Adjusted EBITDA(1) from continuing operations was $5.4 million or 3.2% of sales from continuing operations compared to $9.7 million or 6.0% during 2024. These variations result from the decrease in gross margin related to the supply agreement renewed in December 2024, as previously explained. Net loss from continuing operations and net loss were $2.3 million, down from net earnings from continuing operations and net earnings of $1.7 million for the corresponding quarter of the previous year, resulting essentially from a decrease of the adjusted EBITDA(1) and an increase in depreciation and costs not related to current operations, mitigated by higher income taxes recovery. Results for 24-week period of 2025 Consolidated sales for the 24-week period were $301.2 million, compared to $292.5 million for the corresponding period of 2024. Sales from the distribution activities grew by 4.9% and the wholesale sales declined by 2.8%. Adjusted EBITDA(1) from continuing operations was $7.6 million or 2.5% of sales from continuing operations compared to $14.6 million or 5.0% in 2024. These variations result from a decrease in gross margin related to the supply agreement renewed in December 2024. Net loss from continuing operations and net loss were $6.3 million, down from $0.1 million in the previous fiscal year. This variation is explained by the elements previously mentioned. Cash Flow and Financial Position Cash flows from operating activities were $4.5 million and $10.7 million for the 12 and 24-week periods of 2025, respectively, compared to $5.0 million and $16.7 million for the corresponding period of 2024. This decrease is mainly due to the decrease in adjusted EBITDA(1) mitigated by a lower utilization of working capital(4). The lower utilization of working capital(4) is explained by the timing of supplier payments. As at June 14, 2025, the Company's working capital(4) was $48.3 million, down from $50.3 million at the end of the fiscal year 2024. This decrease reflects improved management of accounts payable, mitigated by the recent Acquisition. As at June 14, 2025, the Company's net debt(2) was increased to $97.3 million, compared to $47.8 million at the end of the fiscal year 2024, resulting from an increase in the amended and restated credit facility of $34.3 million and a new highly subordinated debt of $15.0 million to finance the Acquisition. (4) Working capital is a non-IFRS performance measure. Working capital is an indicator of the Company's ability to hedge its current liabilities with its current assets. Refer to MD&A section 3.2 'Financial Position' for detailed calculation. Outlook 'The recent Acquisition positions us well to differentiate ourselves in a competitive market. In the second half of the year, we plan to focus on optimizing our activities in order to generate further efficiencies through an expanded customer base, allowing us to continue our momentum in targeted territories and industries. Improving our profitability and prioritizing debt reduction will remain key areas of focus, as they have been in recent years,' concluded Mr. Frenette. Non-IFRS Performance Measures The information provided in this release includes non-IFRS performance measures, notably adjusted earnings before financial expenses, depreciation and amortization and income taxes ('Adjusted EBITDA')(1). As these concepts are not defined by IFRS, they may not be comparable to those of other companies. Refer to Section 6 'Non-IFRS Performance Measures' in the Management's Discussion and Analysis. Additional Information The Management's Discussion and Analysis and the consolidated financial statements of the Company are available on SEDAR+ ( ). Additional information, including the annual information form, about Colabor Group Inc. can also be found on SEDAR+ and on the Company's website at . Forward-Looking Statements This press release contains certain forward-looking statements as defined under applicable securities law. Forward-looking information may relate to Colabor's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as 'may'; 'will'; 'should'; 'expect'; 'plan'; 'anticipate'; 'believe'; 'intend'; 'estimate'; 'predict'; 'potential'; 'continue'; 'foresee'; 'ensure' or other similar expressions concerning matters that are not historical facts. Particularly, statements regarding the Company's financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which Colabor believes are reasonable as of the current date. Assumptions such as synergies objective are based on a preliminary analysis of the organizational structure and the current level of spending across the Company. Our synergies objective assumes that we will be able to establish and maintain an effective process for sharing best practices, and is also based on our ability to integrate the acquired business. An important change in these facts and assumptions could significantly impact our synergies estimate as well as the timing of the implementation of our various initiatives. Refer in particular to section 2.2 'Development Strategies and Outlook' of the Company's MD&A. While Management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Colabor currently expects. For more exhaustive information on these risks and uncertainties, the reader should refer to section 7 'Risks and Uncertainties' of the Company's MD&A. These factors, which include risks related to the repercussions of any cyber security incident and any negotiations for financial relief, are not intended to represent a complete list of the factors that could affect Colabor and future events and results may vary significantly from what Management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release, information representing Colabor's expectations as of the date of this press release (or as of the date they are otherwise stated to be made), which are subject to change after such date. While Management may elect to do so, the Company is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law. Conference Call Colabor will hold a conference call to discuss these results on Friday, July 25, 2025, beginning at 9:30 a.m. Eastern time. Interested parties can join the call by dialing 1-800-990-4777 (from anywhere in North America) or 1-289-819-1299 (Toronto) or 1-514-400-3794 (Montreal). If you are unable to participate, you can listen to a recording by dialing 1-888-660-6345 or 1-289-819-1450 and entering the code 34320# on your telephone keypad. The recording will be available from 1:30 p.m. on Friday, July 25, 2025, until 11:59 p.m. on August 1, 2025. Note that the recording will be available offline on our website at the following address: You can also use the QuickConnect link: . This new link allows any participant to access the conference call by clicking on the URL link and enter their name and phone number. About Colabor Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets or 'HRI' in Quebec and in the Atlantic provinces, as well as the retail market. Within its two operating activities, Colabor offers specialty food products such as meat, fish and seafood, as well as food and related products through its Broadline activities. Further information:
Edmonton Journal
26-06-2025
- Entertainment
- Edmonton Journal
Just for Laughs founder's sex-assault civil trial disrupted as accuser lashes out during break
Article content MONTREAL — The civil trial of Gilbert Rozon was disrupted by a rare outburst on Thursday when one of the women accusing the Just for Laughs founder of sexual assault lashed out at him during a break. The plaintiff's husband also allegedly grabbed Rozon and threatened to strangle him outside the courtroom after the disgraced former comedy mogul denied the woman's allegations during his testimony. Article content The altercation led the judge to postpone the proceedings until Friday morning. Rozon is being sued for nearly $14 million by nine women who accuse him of sexual assault and misconduct, including actress Danie Frenette, who alleges he raped her twice in 1988, when she was working for the Just for Laughs comedy festival. Frenette's stepdaughter, actress Salome Corbo, also alleges Rozon sexually assaulted her when she was 13 years old and working at the festival. Corbo is not a plaintiff in the case, but she has testified against him. On Thursday, Rozon flatly denied the allegations of both women. He said Frenette's account of the first alleged rape, which she says occurred in a wooded area on his property during a party at the end of the 1988 festival, is 'completely implausible.' He also suggested Corbo only testified 'because she's Danie Frenette's stepdaughter.' Article content 'What kind of person lies like that?' Frenette shouted in an expletive-laden tirade during a break in proceedings. 'No class,' Rozon said quietly as he left the room. After Rozon left the courtroom, Stefano Corbo, Frenette's husband and Salome Corbo's father, allegedly pulled him by the ear and then grabbed him by the throat and threatened him. When he returned before Judge Chantal Tremblay, Rozon claimed Corbo had told him he wanted to strangle and suffocate him. His lawyer told the judge she had to intervene between the two men, and said neither she nor her client had the 'peace of mind' to continue the proceedings. The hearing was postponed until Friday morning. Tremblay also excluded Corbo from the courtroom and asked him to follow the trial remotely for the remainder of the proceedings. Rozon also described the alleged attack to journalists at the Montreal courthouse, saying he was shocked by the incident. 'If he had done the same thing to a woman, physically assaulting her, where would he be today, honestly?' he said. 'I thought this was a sacred place.' Article content Latest National Stories
Montreal Gazette
26-06-2025
- Entertainment
- Montreal Gazette
Insults and threats disrupt Gilbert Rozon trial
By La Presse Canadienne This story includes details that some readers might find disturbing. Gilbert Rozon's civil trial for sexual assault was disrupted Thursday by a rare display that saw one of his nine accusers take him on during a recess. 'But what is he made of to lie like that?' Danie Frenette asked, calling him an 'a--hole,' in the middle of the court, after Rozon had denied the allegations from both Frenette and her daughter-in-law, comedian Salomé Corbo. 'No class,' Rozon mumbled as he left the room. Having left the room, Frenette's husband and Salomé Corbo's father, Stefano Corbo, allegedly pulled on Rozon's ear before grabbing his throat to threaten him. Passing by reporters, Rozon said he had been 'insulted in plain court. I made my testimony. I took the oath. I said the truth. The allegations are implausible.' Back in front of Judge Chantal Tremblau, Rozon said Corbo had held his throat and sworn at him, threatening to strangle and suffocate him. His lawyer, Mélanie Morin, said she witnessed the incident, which she told the judge concerned her. Tremblay then called Stefano Corbo to the witness box to bar him from the chamber, telling him he could follow the rest of the procedures virtually. She then suspended the hearing early for lunch. Rozon had previously denied Frenette's allegations that he had raped her twice and groped her, first in his home during a party marking the end of the 1988 edition of the Just For Laughs festival. Frenette had been hired to manage the street arts component of the event. According to Frenette's testimony, Rozon took her to a wooded area of his property before removing her windbreaker, lying her on the ground and raping her. Rozon called it 'completely unrealistic,' that he would have commited the act in front of guests, adding that 'there were never woods on my property,' and that he didn't even remember having seen her that evening. He also denied having groped her on a park bench on Île-Ste-Hélène, testifying he had never been there with her. He also denied the second alleged rape, in which Frenette said he'd arrived at her door in the night, telling her to open it. 'I never went to her home,' Rozon said. 'I never had sexual relations with her,' he said, responding to a recording in which she said she'd had consensual relations with Rozon in later years. Salomé Corbo, who isn't a plantiff in the case, but testified, told the court that she had been only 13 when Rozon trapped her in a staircase, also during an end-of-festival party, and inserted his finger in her vagina. As a teenager, she'd obtained her first job in 1989 as a host of one of the festival's kiosks. 'Put my finger in her vagina? That's unbelievably vulgar,' Rozon said, denying the accusation. He accused her of making up the testimony 'because she's Danie Frenette's daughter-in-law.' Corbo had also affirmed before the court that around 11 years later, in 2001, he'd called her an 'ostie d'agace' (colloquially, a f--king tease) during a meeting in a bar after a strap had slipped off her shoulder. 'I don't talk like that,' Rozon said. The trial was set to resume in the afternoon. A long legal process The nine women are suing Rozon for around $14 million for alleged sexual assaults. The lawsuit brought by Patricia Tulasne, Lyne Charlebois, Anne-Marie Charrette, Annick Charrette, Sophie Moreau, Frenette, Guylaine Courcelles, Mary Sicari and Martine Roy follows a 2017 class-action suit from a group of women calling themselves Les Courageuses ('the Courageous'). First allowed in 2018, Rozon succeeded in asking the Court of Appeal to reject the authorization in 2020. At the same time, 14 women had complained to police, but the Director of Criminal and Penal Prosecutions only retained Annick Charette's complaint. Rozon was aquitted in 2020 on the basis of reasonable doubt. Tulasne, who had been the spokesperson for Les Courageuses, was the first to launch a civil suit against Rozon in April 2021. The eight other women followed and the lawsuits were grouped together into a trial that began in December and has been interrupted many times as a result of legal debates. So far, 42 witnesses have testified, including nine plantiffs and seven other women who include Julie Snyder, Salomé Corbo, Pénélope McQuade and Gilbert Rozon's ex-wife, Véronique Moreau, who all say Rozon sexually abused them.
Montreal Gazette
13-06-2025
- Business
- Montreal Gazette
Gallant commission into SAAQclic scandal extended to Dec. 15
Quebec Politics QUEBEC — The Legault government announced Thursday that it has agreed to extend the Gallant Commission's investigation into the SAAQclic fiasco until Dec. 15, 2025. Commissioner Denis Gallant was initially scheduled to submit his final report by Sept. 30. He clearly needs more time to fulfill his mandate; testimony has been pouring in for six weeks, but it is far from over. The commission heard from several former members of the Société de l'assurance automobile du Québec (SAAQ) board of directors, former internal auditors, and a former vice-president of finance. It has not yet met with the presidents and CEOs, the project manager who was central to the digital shift, Karl Malenfant, or Legault government ministers. The SAAQ's failed digital transformation is expected to cost taxpayers at least $1.1 billion by 2027, or $500 million more than expected, according to calculations by the auditor general. The hearings, which were scheduled to end on June 20, will now resume in Montreal at the end of August. SAAQ hid costs On Thursday, former SAAQ Vice-President of Finance Yves Frenette — testifying for the third consecutive day — grudgingly acknowledged that the government corporation had hidden costs in 2022. In June 2022, Frenette was invited to review a 'placemat' intended for Ministers Éric Caire and François Bonnardel, which indicated that the cost of the digital project was $682 million. But it was actually $945 million, Frenette acknowledged Thursday, saying he wasn't surprised to see this figure in the auditor's report that sparked controversy last February. The figure presented to politicians includes the 'implementation' cost, but not the 'recurring' cost, which had been part of the original calculation. The commission's lawyer, Marie-Claude Sarrazin, then suggested to Frenette that they had stopped comparing 'apples to apples' and were instead comparing 'an apple to half an apple.' Frenette could only agree. No further details on the discussions with the ministers have been released so far. Timing 'suits the CAQ', Liberals say The official opposition in the National Assembly says it understands the need to extend the commission's work. 'Given the scope of the scandal, the mass of information, and the number of testimonies, I understand,' Quebec Liberal Party House Leader Monsef Derraji said. However, he deplored the fact that the report will not be submitted until after the end of the fall parliamentary session, when MNAs return to their ridings for the Christmas holidays. 'No debate in the Assembly or accountability before elected officials: let's be frank, that suits the CAQ government perfectly,' Derraji said. The Parti Québécois agreed. 'Premier François Legault, who wanted to move quickly, now seems much less eager to obtain the conclusions of the investigation,' MNA Joël Arseneau said. He emphasized that the testimonies have been, so far, 'damning,' the revelations 'troubling' and marked by 'suspicions of corruption.' 'We have the impression that the government took the opportunity to postpone the submission of the report until after the end of the session to avoid being held accountable before the end of 2025,' he added. Québec solidaire said Thursday that it would reserve its comments. 'Extremely dense' evidence On Thursday, commission spokesperson Joanne Marceau said it was indeed the commission that requested a two-and-a-half-month extension. In a telephone interview, she stated that investigators had received 100,000 documents and then met with 160 witnesses, 42 of whom were questioned before the commissioner. 'Our evidence is extremely dense. ... No witness is useless,' she said.
CBC
30-05-2025
- General
- CBC
Moncton manslaughter trial full of 'what ifs,' defence tells jury in closing statements
Michael Glaspy's defence lawyer told a jury there were many "holes" in the Crown's case, questioning why the victim's medical records were withheld and claiming security guards made "bad choices" during an altercation at the casino in Moncton two years ago. Gilles Lemieux delivered his closing arguments in the Moncton manslaughter trial on Friday morning. Glaspy is charged with manslaughter in the death of Frenette, who was the food and beverage manager at Casino New Brunswick. "Here you have what I've come to believe is a constellation of what ifs … of things that were either not investigated or just left hanging," Lemieux said, standing at a podium before the 12-member jury in Moncton's Court of King's Bench. Video surveillance played for the jury showed the two men getting into a struggle in the early morning hours of March 4, 2023, and Frenette hitting his head on the floor of the pub inside the casino. A pathologist previously testified Frenette died of a traumatic brain injury and a stroke 24 days later. Both the defence and the Crown reminded the jury of the evidence they've heard over the past three weeks ahead of deliberations which are set to begin Tuesday. In his roughly 45-minute statement, Lemieux began by asking the jury to imagine how the events that set off this case — the altercation between Glaspy and Frenette — could have gone differently at the Hub City Pub inside the casino. "What if Mr. Glaspy and Miss MacDonald hadn't decided to go out on that Friday night?" he pondered. Felicia MacDonald, Glaspy's fiance who was with him at the casino that night, also sat in court. "What if he wasn't quite so large? What if he just kept on walking with a coat in his hand? What if he hadn't drank so much and he had not become unstable on his feet?" Lemieux went on to question why Frenette's roughly 400-page medical records were not disclosed in court, even though Frenette signed a waiver, giving police access to them before he died. Lemieux previously used them to disclose that Frenette had fallen in the hospital on March 16. The pathologist who performed Frenette's autopsy later testified he wasn't aware of that incident. Security made 'bad choices,' defence said Lemieux said security officers working at the casino that night made "bad choices regarding the handling of somebody that should have been handled differently." "He was just drunk," he said, referring to Glaspy, who admitted during his own testimony earlier in the trial that he had too much to drink. Lemieux also pointed to surveillance footage shown to the jury that showed several casino staff members intervening in the altercation. "Where was security? They had been called three times." Lemieux ended by reminding the jury to consider any reasonable doubt in the case. "In the end, I feel certain that you'll come to the conclusion that Mr. Michael Glaspy is not guilty of manslaughter." Crown blames Glaspy for poor decisions The Crown's closing statement, which lasted about 15 minutes, focused on both Glaspy and Frenette's behaviour on March 4. "Mr. Glaspy made a deliberate decision not to leave," Crown prosecutor Marc-André Desjardins said. "Mr. Glaspy was annoyed at being told he had to leave the pub. Mr. Glaspy made the conscious decision to confront Rodney Frenette." It was an altercation that "lasted 30 seconds but forever changed multiple lives," Desjardins said to the jury, as Frenette's wife and daughter looked on from the gallery. Desjardins suggested that while Frenette can be seen shoving Glaspy first on the surveillance video, he was merely putting space between the two of them because Glaspy was "too close for comfort." "Ask yourself: does that seem like the actions of someone who wanted to fight or argue with the accused?" He finished by telling the jury they'll be responsible for determining whether Glaspy's intentions were to cause harm to Frenette. He told the 12-member jury they should consider whether Glaspy is guilty of manslaughter "or, alternatively, of aggravated assault." Justice Christa Bourque told the jury they will be brought back Tuesday, when she intends to deliver instructions on what constitutes manslaughter and how to apply the law to the evidence they've heard. Bourque said when deliberations begin, the jury will be sequestered and will stay in a hotel without their phones until deliberations are complete.
