Record First Quarter EBITDA
EBITDA grew by $6 million or about 17% to $40.6 million, setting a record for the first quarter.
Strong Revenue Growth in North America
Revenue growth of 11.8% in North America Accessibility, driven by organic growth and favorable FX rates.
Improved Gross and EBITDA Margins
Gross margin increased by 180 basis points to 37.8% and EBITDA margins increased 190 basis points to 18.5%.
Positive Cash Flow and Debt Management
Operating cash flows up 18% versus last year, with a leverage ratio reduced to 1.49 from 1.63.
Expansion and New Product Launches
Launched new products like the Luma home elevator and expanded production facilities, including a CAD 30 million investment in Greenville.
Successful Acquisition
Acquired Western Elevator, a long-term dealer in BC, Canada, with annual sales of approximately CAD 7.5 million.