• Tenth Month of Steady Oil Production: Trans Canada Gold Corp. has completed its tenth consecutive month of robust oil production for July 2024, with oil sales to Altex and Cenovus Energy Ltd.
• Successful Multilateral Well Production: Since its inception in October 2023, the Croverro 7HZ Well, featuring seven multilateral legs, has produced over 60,000 barrels of oil.
• Upcoming Drilling of Second Multilateral Well: Trans Canada is preparing to drill its second multilateral horizontal well targeting the General Petroleum (GP) Zone
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Second Quarter Highlights
Per Class B share(3): $1.13 adjusted basic earnings up 25.6%; $1.56 basic earnings up 77.3%; $0.44 revaluation gain included in basic earnings
Sales increased 12.2% on 8.5% organic growth, 3.0% acquisition growth and 0.7% positive currency translation
CCL, Avery, Checkpoint and Innovia posted organic sales growth of 9.0%, 1.1%, 17.5% and 6.2%, respectively
Operating income(1) improved 25.4%, with a 16.4% operating margin(1) up 170 bps
Six-Month Highlights
Per Class B share(3): $2.21 adjusted basic earnings up 20.1%; $2.64 basic earnings up 45.1%; $0.44 revaluation gain included in basic earnings
Sales increased 8.7% on 5.3% organic growth, 3.0% acquisition growth and 0.4% positive currency translation
Operating income(1) improved 17.2%, with a 16.3% operating margin(1) up 110 bps
Sales transformation completed in April, accelerating sales pipeline growth
Cost initiatives identified through Project Elevate progressing well
Appointment of first Chief Customer and Data Officer ushers in new era of customer leadership
Successfully completed termination of Pension Plan I, leaving cash balance of $11 million and no debt
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Application was Submitted on July 19, 2024, Passed the FDA Administrative Review, and is Now Under Substantive Review
FDA Decision is Expected Within 90 Days of Initial Submission; However, the Process May be Paused if Additional Information is Requested
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