PromoWire (5/2-5/6): News And Notes From Around The Industry
(Editor’s Note: PromoWire by PPAI Media is a running digest of updates from organizations around the promotional products industry. PPAI Media will consider newsworthy entries submitted by any member organization.)
May 6
SanMar Named A 2024 U.S. Best Managed Company
SanMar (PPAI 110788, Platinum) – the No. 1 supplier in the inaugural PPAI 100 – has been recognized as a 2024 U.S. Best Managed Company, an award sponsored by Deloitte Private and The Wall Street Journal.
- The award recognizes the achievements of U.S. private companies and the successes of their management teams. SanMar has been a family-owned business since its founding in 1971 and is currently managed by the third generation of the Lott family.
- The company’s longstanding investments in its employees, operations and sustainability efforts are key drivers for its selection this year.
- Honorees are selected by an external panel of judges who evaluate applicants based on strategy, ability to execute, culture, and governance and financial performance.
“We are humbled to receive this recognition,” says Jeremy Lott, CEO of SanMar. “I'm motivated by our team’s unwavering dedication to doing right by each other, our customers and our values.”
Cimpress Reports Growth In 2024 Third-Quarter
In its third-quarter summary report, Cimpress, parent company of National Pen Company (PPAI 107176, Platinum) – the No. 16 distributor in the inaugural PPAI 100 – and Vistaprint (PPAI 565755, Silver), says revenue grew 5% on a reported basis and 4% on an organic constant-currency basis compared to Q3 FY2023.
In other highlights:
- Consolidated operating income increased $51.4 million year over year to $39.2 million. $30.0 million of this year-over-year improvement is from lower restructuring charges, partially offset by an $11.2 million increase in share-based compensation expense.
- Adjusted EBITDA increased $25.0 million year over year to $94.2 million. This includes a negative year-over-year currency impact of approximately $4.2 million, in line with prior expectations.
- Trailing-12-month operating income increased $258.7 million to $234.9 million as of March 31, 2024 compared to the prior period. $52.4 million of this year-over-year improvement is from lower restructuring charges, partially offset by a $16.1 million increase in share-based compensation expense.
- Operating cash flow decreased $4.2 million year over year to $8.4 million.
- Adjusted free cash flow decreased $3.8 million year over year to an outflow of $16.6 million. This was driven by higher year-over-year working capital outflows this quarter that more than offset the higher year-over-year adjusted EBITDA.
- The company’s liquidity position remains strong with cash and marketable securities of $160.8 million as of March 31, 2024 and full access to $250.0 million revolving credit facility. In April, Cimpress received net proceeds of $16.8 million from the sale of its building in Jamaica that had previously been classified as held for sale.