Category: news

• Consolidated Sales of $121.4 million
• EBITDA of $19.3 million compared to $15.4 million prior year
• EBITDA margin of 15.9% compared to 12.8% prior year
• EPS of $0.28 compared to $0.20 prior year
• Quarterly dividend raised 5% to $0.10 per common share
• Financial position and liquidity remain strong with $26.5 million net cash

TORONTO, Feb. 02, 2021 (GLOBE NEWSWIRE) — Exco Technologies Limited (TSX-XTC) today announced results for its first quarter of fiscal 2021 ended December 31, 2020. In addition, Exco announced a 5% increase in its quarterly dividend to $0.10 per common share which will be paid on March 31, 2021 to shareholders of record on March 17, 2021. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

“Exco achieved very strong results in our first quarter of fiscal 2021”, said Darren Kirk. “We are optimistic this performance will continue, supporting our Board’s decision to increase our dividend for the 12th consecutive year”, added Kirk.

Consolidated sales for the first quarter ended December 31, 2020 were $121.4 million compared to $120.4 million in the same quarter last year – an increase of $1.0 million or less than 1%. The impact of a strengthening Canadian dollar compared to the USD and Euro was essentially flat.

The Automotive Solutions segment reported sales of $76.1 million in the first quarter – an increase of $7.8 million, or 11% from the same quarter last year. Foreign exchange rate movements increased sales in this segment by $0.6 million. The segment’s sales increase compares favorably to overall industry vehicle production volumes in North America and Europe which were relatively flat in the quarter. Segment sales were supported by a number of program launches for both new and existing products, higher order volumes as OEMs continue to fill the pipeline and adjust safety stock levels due to the impact of COVID -19, favourable product mix and higher tooling sales. The segment has received multiple contract wins during the quarter and management continues to see strong quoting activities for new potential programs across the segment’s various business
supporting future growth.

The Casting and Extrusion segment reported sales of $45.3 million in the quarter – a decrease of $6.8 million, or 13%, from the same period last year. Excluding modest foreign exchange rate movements, segment sales were lower due to the deterioration of economic conditions due to COVID-19 compared to the first quarter 2020, changes in product mix and delivery timing as well as lower steel costs. Sales at Extrusion and Castool were marginally lower than the prior year quarter and the Large Mould group continues to build new tools and win contracts, however, shipments were lower compared to the prior year quarter. First quarter 2021 sales were down compared to the first quarter 2020, however, sequentially sales are up $5.8 million or 15% compared to the fourth quarter 2020. This 15% quarter over quarter increase reflects increased demand across the Large Mould, Extrusion and the Castool groups. This segment continued to receive considerable quotation requests and order input remains strong particularly within the die-cast end markets where the Large Mould and Castool groups are winning new orders from existing and new customers.

Consolidated net income for the first quarter was $10.9 million or basic and diluted earnings of $0.28 per share compared to $8.1 million or $0.20 per share in the same quarter last year – an increase in net income of 35%. The consolidated effective income tax rate for the current quarter was 22% compared to 18% the prior year period. The income tax rate in the prior year quarter was favorably impacted by the recognition of deferred tax assets and an increase in earnings in jurisdictions with lower tax rates. Excluding the recognition of the deferred tax assets, the effective income tax rate for the prior year quarter was 20%.

The Automotive Solutions segment reported pre-tax profit of $11.6 million in the quarter – an increase of $3.6 million or 45% over the same quarter last year. The key factors in this segment’s improved margins include improved cost absorption with higher sales, lower costs due to management’s actions associated with the pandemic which improved operational efficiencies, and favourable product mix. In addition, the prior year quarter segment pre-tax profits were negatively impacted by adverse foreign exchange rate movements, the impact of the strike at General Motors and certain program launch costs inefficiencies.

Management remains focused on improving the efficiency of its operations and reducing its overall cost structure. Pricing discipline also remains a focus and new program awards embed management’s expectations for higher future costs.

The Casting and Extrusion segment reported $4.6 million of pretax profit in the quarter – an increase of $0.3 million or 7% from the same quarter last year. The Extrusion group’s profits benefited from a balanced sales performance across all locations and lower steel costs. The Castool group benefited from lower selling costs and a shift to higher margin products. Although quoting activity and new business awards were strong in the quarter in the Large Mould Group, actual shipments of tools were dampened due to the impact of COVID-19 in the prior quarters.

Additionally, Large Mould costs were impacted by new work on several new programs. Margins tend to be lower at the front end and improve as incremental moulds are completed. As the backlog continues to increase, these timing issues are expected to reverse in the following quarters. The Corporate segment expenses were $2.2 million in the quarter compared to $2.4 million in the prior year quarter.

Consolidated EBITDA for the first quarter totaled $19.3 million compared to $15.4 million in the same quarter last year – an increase of 25%. EBITDA as a percentage of sales increased to 15.9% in the current quarter compared to 12.8% the prior year. The EBITDA margin in the Casting and Extrusion segment increased to 18.0% from 14.8% last year while the EBITDA margin in the Automotive Solutions segment increased to 17.5% compared to 14.5% last year.

Operating cash flow before net change in non-cash working capital totaled $16.4 million in the first quarter. After changes in working capital requirements, net cash provided by operating activities amounted to $9.6 million. This cash flow, together with cash on hand was used to fund $0.1 million of interest expense, $5.1 million of capital expenditures and $3.7 million of common dividend payments. As at December 31, 2020, Exco’s consolidated balance sheet was in a $26.5 million net cash position.

For further information and prior year comparison please refer to the Company’s First Quarter Financial Statements in the Investor Relations section posted at www.excocorp.com. Alternatively, please refer to www.sedar.com.

1 Non-IFRS Measures: In this News Release, reference may be made to EBITDA, EBITDA Margin, Pretax Profit and Free Cash Flow which are not measures of financial performance under International Financial Reporting Standards (“IFRS”). Exco calculates EBITDA as earnings before interest, taxes, depreciation, amortization and other expenses and EBITDA Margin as EBITDA divided by sales. Exco calculates Pretax Profit as segmented earnings before other income/expense, interest and taxes. Free Cash Flow is calculated as cash provided by operating activities less interest paid less investment in fixed assets net of proceeds of disposal. EBITDA, EBITDA Margin, Pretax Profit and Free Cash Flow are used by management, from time to time, to facilitate period-to-period operating comparisons and we believe some investors and analysts use these measures as well when evaluating Exco’s financial performance. These measures, as calculated by Exco, do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other issuers.

Quarterly Conference Call – February 3, 2021 at 10:00am. (Toronto time):

To access the live audio webcast, please log on to www.excocorp.com, or https://edge.media-server.com/mmc/p/edwdo9co a few minutes before the event. The conference call can be accessed by dialing toll free at (866) 572-8261 or internationally at (703) 736-7448. The conference ID is 4574609.

For those unable to participate on February 3, 2021, an archived version will be available on the Exco website.

Source: Exco Technologies Limited (TSX-XTC)
Contact: Darren Kirk, President and CEO
Telephone: (905) 477-3065 Ext. 7233
Website: https://www.excocorp.com

About Exco Technologies Limited:
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 15 strategic locations in 7 countries, we employ about 4,800 people and service a diverse and broad customer base.

Notice To Reader: Forward Looking Statements

Information in this document relating to projected growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions and operating efficiencies are forward-looking statements. This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as “anticipate”, “plan”, “may”, “will”, “should”, “expect”, “believe”, “estimate” and similar
expressions to identify forward-looking information and statements especially with respect to growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions, liquidity and operating efficiencies are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements throughout this document and are also cautioned that the foregoing list of important factors is not exhaustive. These forward-looking statements are based our plans, intentions or expectations which are based on, among other things, the current uncertain global economic impact of the COVID-19 pandemic or similar outbreak of epidemic, pandemic, or contagious diseases that may emerge in the human population, which may have a material effect on how we and our customers operate our businesses and the duration and extent to which this will impact our future operating results, assumptions about the number of automobiles produced in North America and Europe, production mix between passenger cars and trucks, the number of extrusion dies required in North America and South America, the rate of economic growth in North America, Europe and emerging market countries, investment by OEMs in drivetrain architecture and other initiatives intended to reduce fuel consumption and/or the weight of automobiles in response to rising climate risks, raw material prices, economic conditions, currency fluctuations, trade restrictions, our ability to close or otherwise dispose of unprofitable operations in a timely manner, our ability to integrate acquisitions and the rate at which our operations in Brazil, and Mexico achieve sustained profitability. These forward-looking statements include known and unknown risks, uncertainties, assumptions and other factors which may cause actual results or achievements to be materially different from those expressed or implied. The Company will update its disclosure upon publication of each fiscal quarter’s financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise. For a more extensive discussion of Exco’s risks and uncertainties see the ‘Risks and Uncertainties’ section in our latest Annual Report, Annual Information Form (“AIF”) and other reports and securities filings made by the Company. This information is available at www.sedar.com or www.excocorp.com

TORONTO, Feb. 02, 2021 (GLOBE NEWSWIRE) — Exco Technologies Limited (TSX-XTC) today announced a quarterly cash dividend of $0.10 per common share to be paid on March 31, 2021 to shareholders of record on March 17, 2021. This dividend represents a 5.3% increase from previous levels. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

Darren Kirk, Exco’s President and CEO, “I am pleased to announce this dividend increase, which reflects our confidence in Exco’s ability to continue generating significant free cash flow in the years ahead”. The annualized dividend represents 36% of Exco’s trailing twelve-month free cash flow. This is the thirteenth time Exco has increased its dividend in twelve consecutive years.

Source: Exco Technologies Limited (TSX-XTC)
Contact: Darren Kirk, Executive President and Chief Executive Officer
Telephone: (905) 477-3065 Ext. 7233
Website: https://www.excocorp.com

About Exco Technologies Limited:
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 15 strategic locations in 7 countries, we employ about 4,800 people and service a diverse and broad customer base.
Notice To Reader: Forward Looking Statements
Information in this document relating to projected growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions and operating efficiencies are forward-looking statements.

This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as “anticipate”, “plan”, “may”, “will”, “should”, “expect”, “believe”, “estimate” and similar expressions to identify forward-looking information and statements especially with respect to growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions, liquidity and operating efficiencies are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements throughout this document and are also cautioned that the foregoing list of important factors is not exhaustive. These forward-looking statements are based on our plans, intentions or expectations which are based on, among other things, the current uncertain global economic impact of the COVID-19 pandemic or similar outbreak of epidemic, pandemic, or contagious diseases that may emerge in the human population, which may have a material effect on how we and our customers operate our businesses and the duration and extent to which this will impact our future operating results, assumptions about the number of automobiles produced in North America and Europe, production mix between passenger cars and trucks, the number of extrusion dies required in North America and South America, the rate of economic growth in North America, Europe and emerging market countries, investment by OEMs in drivetrain architecture and other initiatives intended to reduce fuel consumption and/or the weight of automobiles in response to rising climate risks, raw material prices, economic conditions, currency fluctuations, trade restrictions, our ability to close or otherwise dispose of unprofitable operations in a timely manner, our ability to integrate acquisitions and the rate at which our operations in Brazil, and Mexico achieve sustained profitability. These forward-looking statements include known and unknown risks, uncertainties, assumptions and other factors which may cause actual results or achievements to be materially different from those expressed or implied. The Company will update its disclosure upon publication of each fiscal quarter’s financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise. For a more extensive discussion of Exco’s risks and uncertainties see the ‘Risks and Uncertainties’ section in our latest Annual Report, Annual Information Form (“AIF”) and other reports and securities filings made by the Company. This information is available at www.sedar.com or www.excocorp.com.

TORONTO, Jan. 06, 2021 (GLOBE NEWSWIRE) — Exco Technologies Limited (TSX – XTC) today announced that it will report its financial results for the first quarter ended December 31, 2020 after the close of business on Tuesday February 2, 2021.

Exco’s management will hold a conference call to discuss the results on Wednesday February 3, 2021 at 10:00 a.m. To access the live audio webcast, please log on to www.excocorp.com, or https://edge.media-server.com/mmc/p/edwdo9co a few minutes before the event. The conference call can also be accessed by dialling toll free at (866) 572-8261 or internationally at (703) 736-7448. The conference ID is 4574609.

For those unable to participate on February 3, 2021, an archived version will be available until February 10, 2021 on the Exco website or by dialling toll free at (855) 859-2056 or internationally at (404) 537-3406. The conference ID is 4574609.

As a reminder, the Annual Meeting of Shareholders of Exco Technologies Limited will be held virtually on February 2, 2021 at 4:30 p.m. (Toronto time). Participants can access the virtual Annual Meeting through the following link: https://web.lumiagm.com/268494078.

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries.  Through our 15 strategic locations in 7 countries, we employ approximately 4,800 people and service a diverse and broad customer base.

• Sales of $100.7 million for the quarter and $412.3 million for the year
• EPS of $0.27 for the quarter compared to $0.17 last year
• EBITDA of $15.8 million in the quarter compared to $13.3 million last year
• Free Cash Flow of $41.7 million or $1.04 per share in Fiscal 2020
• Balance sheet in a $26.7 million net cash position
• Enhanced COVID-19 operational safety measures continue

TORONTO, Dec. 02, 2020 — Exco Technologies Limited (TSX-XTC) today announced results for its fourth quarter and year ended September 30, 2020. In addition, the Company announced the quarterly dividend of $0.095 per common share which will be paid on December 31, 2020 to shareholders of record on December 17, 2020. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

“Exco completed the final quarter of fiscal 2020 with strong results achieved through exceptional cost controls and the dedication of our employees to working safely in challenging conditions” said Darren Kirk, Exco’s President and CEO. “We expect to build on this momentum in the year ahead with a number of new program launches providing outsized opportunity for growth”, added Kirk.

Fourth quarter consolidated sales were $100.7 million – a decrease of $21.1 million or 17% from the prior year. The decline in sales reflects the global impact of COVID-19 on the Company’s two segments. During the quarter, exchange rate movements increased sales by $1.3 million.

The Automotive Solutions segment experienced a 12% decrease in sales, or a reduction of $8.2 million, to $61.2 million from $69.4 million in the fourth quarter of 2019. The decrease was driven by lower vehicle production volumes, the delay in certain new customer programs ramping up due to COVID-19 related disruptions and timing of accessory sales, which do not always correlate well with OEM production volumes. In North America, overall vehicle production was relatively flat during the quarter compared to a year ago while European vehicle production was down about 7%. Looking forward, OEM vehicle production volumes appear likely to improve slightly near term while Exco will additionally benefit from several new program launches as well as destocked inventory levels of accessory products in customer channels. . Quoting activity remains encouraging and we see ample opportunity to maintain our longer term trend of increasing our content per vehicle across our portfolio of businesses.

The Casting and Extrusion segment recorded sales of $39.5 million in the fourth quarter compared to $52.4 million last year – a decrease of $13.0 million or 25%. The sales decline was mainly driven by the deterioration of general economic conditions due to the impact of COVID-19, changes in product mix and delivery timing as well as lower steel costs generally. Within the segment, Extrusion group sales declined due to reduced market demand across most industry verticals for aluminum extrusions somewhat offset by stronger volumes contributed from the new Mexican operation. The Large Mould and Castool group sales were lower during the quarter due mostly to the timing of shipments and changes in product mix. More specifically, the Large Mould group recognizes sales based on a Complete Contract basis, contributing to fluctuations in sales from quarter to quarter given the relatively large size of their individual programs. As well, activity within the Large Mould group saw a delayed impact from the OEM production stoppages which occurred through much of the third quarter of fiscal 2020. The Large Mould group continued to work on certain programs during this time while reduced activity for die rebuilds associated with these lower volumes only occurred during the current quarter. Sales withing the Castool Group were dampened by a slowdown in the extrusion end market but also due to a change in product mix which was weighted significantly more towards consumable tooling components relative to larger capital products such as die-ovens and extrusion containers, which have greater raw material requirements. Looking forward, quoting activity within all groups in this segment is strong, particularly within the Large Mould group which is seeing heightened interest from both new and existing customers arising from its leading industry position.
The Company’s fourth quarter consolidated net income increased to $10.7 million or earnings of $0.27 per share compared to $6.8 million or earnings of $0.17 per share in the same quarter last year – an EPS increase of 59%. The effective income tax rate was negative 3% in the current quarter compared to 16% in the same quarter last year. The effective tax rate in the current period was improved by the reversal of $2.3 million of deferred tax liabilities from resolved tax exposures and $0.3 million of R&D tax credits net of certain foreign tax adjustments. Excluding these items, the effective tax rate was 22% in the current quarter.

Fourth quarter pre-tax earnings in the Automotive Solutions segment totalled $7.3 million, an improvement of $2.3 million or 46% over the same quarter last year. Despite lower sales, pre-tax profits increased in the quarter, benefiting from management’s efforts to control costs, improved efficiencies and a shift in demand to higher margin programs. In addition, current period results benefited from the Canadian wage subsidy program while the prior year results were adversely impacted by higher labour costs at Polytech and AFX, significant inefficiencies associated with program launches higher severance costs and inefficiencies related to the General Motors strike. Management is optimistic that its overall cost structure will be sustained or improved upon in future quarters as cost containment efforts are continued while volumes are anticipated to strengthen.

Pre-tax earnings in the Casting and Extrusion segment improved by $0.2 million or 5% over the same quarter last year to $4.2 million. The earnings improvement was driven by increased contributions from the Extrusion and Castool groups and benefits from the Canadian Government wage subsidy program. Margins in the Extrusion group benefited from lower raw material prices, increased operational efficiencies and improved absorption in Mexico, partially offset by a write-down of a customer receivable of $0.5 million. Although Castool’s sales were lower than the prior year quarter, profits similarly benefited from lower raw material costs, cost containment efforts as well as strong demand for higher value-added products. The Large Mould group profitability was negatively affected by lower activity and the timing of shipments. This was partially offset by increased operational efficiencies generated from capital investments from prior years and gradual increases in sales for additive manufacturing components through the quarter. Management remains focused on reducing its overall cost structure and improving manufacturing efficiencies and expects such activities together with its sales efforts should lead to improved segment profitability over time.

The Corporate segment in the fourth quarter recorded expenses of $1.1 million compared to $0.9 million last year mainly due to foreign exchange losses in the current quarter compared to gains last year’s quarter, partially offset by lower compensation, travel, and professional fees incurred in the current quarter. As a result of the forgoing, consolidated EBITDA in the quarter increased to $15.8 million (15.7% of sales) compared to $13.3 million (11% of sales) last year.

Exco generated cash from operating activities of $15.5 million during the quarter and $10.0 million of Free Cash Flow after $5.4 million in net capital expenditures. This cash flow was more than sufficient to fund $3.8 million of dividends and $3.2 million in share repurchases. For the year, Exco generated Free Cash Flow of $41.7 million and returned $24.1 million to shareholders through combined dividend payments and share repurchases. Exco ended the year with $26.6 million in net cash and $76.6 million in available liquidity, including $33.1 million of balance sheet cash, continuing its practice of maintaining a very strong balance sheet and liquidity position.

For further information and prior year comparison please refer to the Company’s Fourth Quarter Condensed Financial Statements in the Investor Relations section posted at www.excocorp.com. Alternatively, please refer to www.sedar.com.

1 Non-IFRS Measures: In this News Release, reference may be made to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Net Income, Adjusted Pretax Profit and Free Cash Flow which are not measures of financial performance under International Financial Reporting Standards (“IFRS”). Exco calculates Adjusted EBITDA as earnings before other income/expense, interest, taxes, depreciation and amortization and Adjusted EBITDA Margin as Adjusted EBITDA divided by sales. Exco calculates adjusted EPS as earnings before other income/expense divided by the weighted average number of shares. Adjusted Net Income is calculated as net income before other income/expense, and Adjusted Pretax Profit as segmented earnings before other income/expense, interest and taxes. Free Cash Flow is calculated as cash provided by operating activities less interest paid less investment in fixed assets net of proceeds of disposal. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, pretax profit and Free Cash Flow are used by management, from time to time, to facilitate period-to-period operating comparisons and we believe some investors and analysts use these measures as well when evaluating Exco’s financial performance. These measures, as calculated by Exco, do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other issuers. Refer to the table in the Management Discussion and Analysis for a reconciliation of these non-IFRS Measures.

Quarterly Conference Call: December 3, 2020 10:00 a.m.(Toronto time)

To access the live audio webcast, please log on to www.excocorp.com or https://edge.media-server.com/mmc/p/waffpdbt a few minutes before the event. Real Player is required for access. The conference call can be accessed by dialing toll free at (866) 572-8261 or internationally at (703) 736-7448. The conference ID is 1826929.

For those unable to participate on December 3, 2020, an archived version will be available on the Exco website.

Source: Exco Technologies Limited (TSX-XTC)
Contact: Darren Kirk, President and Chief Executive Officer
Telephone: (905) 477-3065 Ext. 7233
Website: https://www.excocorp.com

About Exco Technologies Limited:
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 15 strategic locations in 7 countries, we employ about 4,800 people and service a diverse and broad customer base.

Notice To Reader: Forward Looking Statements

Information in this document relating to projected growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions and operating efficiencies are forward-looking statements.

This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as “anticipate”, “plan”, “may”, “will”, “should”, “expect”, “believe”, “estimate” and similar expressions to identify forward-looking information and statements especially with respect to growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions, liquidity and operating efficiencies are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements throughout this document and are also cautioned that the foregoing list of important factors is not exhaustive. These forward-looking statements are based on our plans, intentions or expectations which are based on, among other things, the current uncertain global economic impact of the COVID-19 pandemic or similar outbreak of epidemic, pandemic, or contagious diseases that may emerge in the human population, which may have a material effect on how we and our customers operate our businesses and the duration and extent to which this will impact our future operating results, assumptions about the number of automobiles produced in North America and Europe, production mix between passenger cars and trucks, the number of extrusion dies required in North America and South America, the rate of economic growth in North America, Europe and emerging market countries, investment by OEMs in drivetrain architecture and other initiatives intended to reduce fuel consumption and/or the weight of automobiles in response to rising climate risks, raw material prices, economic conditions, currency fluctuations, trade restrictions, our ability to close or otherwise dispose of unprofitable operations in a timely manner, our ability to integrate acquisitions and the rate at which our operations in Brazil, and Mexico achieve sustained profitability. These forward-looking statements include known and unknown risks, uncertainties, assumptions and other factors which may cause actual results
or achievements to be materially different from those expressed or implied. The Company will update its disclosure upon publication of each fiscal quarter’s financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent
information, events or developments, changes in risk factors or otherwise. For a more extensive discussion of Exco’s risks and uncertainties see the ‘Risks and Uncertainties’ section in our latest Annual Report, Annual Information Form (“AIF”) and other reports and securities filings made by the Company. This information is available at www.sedar.com or www.excocorp.com.

• Sales of $71.0 million and EPS of ($0.02)
• Adjusted EBITDA of $4.7 million and Free cash flow of $16.2 million
• Maintained quarterly dividend of $0.095 per common share
• Balance sheet strengthens to $23.7 million net cash position
• Enhanced COVID-19 operational safety measures continue

TORONTO, July 29, 2020 (GLOBE NEWSWIRE) — Exco Technologies Limited (TSX-XTC) today announced results for its third quarter of fiscal 2020 ended June 30, 2020. In addition, Exco announced a quarterly dividend of $0.095 per common share which will be paid on September 30, 2020 to shareholders of record on September 16, 2020. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

“Exco’s diversity of operations, strong market positions of our various businesses and commitment from our dedicated employees to work safely enabled us to outperform the industry through very difficult conditions this quarter”, said Darren Kirk, Exco’s President and CEO. “We continued to generate very strong free cash flow and have furthered bolstered our net cash position, which positions us well for the recovery”, added Kirk.

In response to the global COVID-19 pandemic, Exco continues to take the necessary actions to protect the health and safety of our employees, meet the ongoing needs of our customers, minimize the adverse impact on our finances, while making the necessary investments to further strengthen our various businesses for the recovery as it takes hold.

Consolidated sales for the third quarter ended June 30, 2020 were $71.0 million compared to $119.9 million in the same quarter last year – a decrease of $49.0 million, or 41%. Year-to-date sales were $311.6 million compared to $385.5 million the prior year – a decrease of $73.9 million or 19%.

The Automotive Solutions segment reported sales of $28.2 million in the third quarter – a decrease of $42.9 million, or 60% compared to last year. Reductions in sales during the quarter were primarily driven by the virtual standstill of automotive production levels in Exco’s key markets as a result of COVID-19 response measures through much of April and May 2020. Economic activity picked up as the quarter progressed, with June segment sales showing a marked improvement over May, although at a level still well below the prior year. Year-to-date results were additionally affected by $19.8 million of revenues generated by ALC in the first quarter of fiscal 2019 before that entity was deconsolidated from Exco’s results. Excluding foreign exchange rate movements and the impact of ALC on Exco’s results in Q1 F19, segment revenues were lower by $43.6 million, or 61% during the quarter and $44.8 million, or 21% year-to-date. This compares favorably to combined overall industry vehicle production volumes in North America and Europe, which were lower by roughly 68% during the quarter and 30% year-to-date. The segment’s outperformance compared to the industry during the quarter was primarily attributable to the sale of accessory product sales to OEM’s in North America, which are more closely aligned to vehicle sales levels than production volumes. To that end, US light vehicle sales levels held up significantly better than overall production levels during the quarter, falling by approximately 33% year over year. Segment sales outperformance compared to the industry in both the quarter and year-to-date periods were also helped by a number of program launches for both new and existing products that commenced earlier in the fiscal year. Looking forward, combined OEM production levels in Europe and North America are expected to normalize at around 90% of prior year levels through the remaining two calendar quarters of 2020. However there remains significant uncertainty around these expectations due to the unknown impact of COVID-19. In the interim, Exco remains focused on its product development, sales and marketing efforts to gain market share, and ensuring it is able meet future demand, while complying with any stay-at-home orders in the regions where it operates.

The Casting and Extrusion segment reported sales of $42.8 million for the third quarter – a decrease of $6.1 million, or 13%, from the same period last year. Segment sales held up better during the quarter than general economic conditions would otherwise suggest given the long cycle and/or essential nature of much of the segment’s products, which feed into many critical industries. Within the group, sales were higher in the Large Mould group for the quarter. The programs of this group tend to be relatively long cycle and continued to advance despite the vehicle production stoppage at all OEM’s ultimately served by the group through much of April and May 2020. In addition, quoting activity remains decent with discussions ongoing with both current and new potential customers, holding promise for future demand. Extrusion group sales were lower during the quarter due to much softer overall market conditions, including in the building and construction sector, which is the largest driver of demand for extrusion tooling. Exco however believes it outperformed the industry, helped by the benefits of our multi-plant footprint and harmonized manufacturing methods at our various locations. Year-to-date group sales were affected by modestly softer industry conditions that existed prior to the emergence of COVID-19 but tempered by sales from our new Extrusion facility in Mexico, which commenced commercial production April 1, 2019. At Castool, the group’s revenues were lower as market conditions softened for both consumable and capital equipment goods in the quarter. This was evident in both the extrusion – and particularly die-cast – end markets. However, with the start-up of automotive OEM production in the months of May and June, trends within the group improved in the latter half of the quarter. Also within the segment, steel price surcharges and steel tariffs continued to reduce during the quarter. As Exco generally aims to pass such amounts on to its customers, they positively impact on revenues when higher, but have the opposite impact when lower.

Consolidated net loss for the third quarter was $0.8 million or basic and diluted loss of $0.02 per share compared to an income of $7.5 million or $0.18 earnings per share in the same quarter last year. Year-to-date, consolidated net income was $16.7 million or $0.42 per basic share compared to $19.9 million or $0.48 per basic share last year – a decrease in net income of 16%. Excluding a net expense of $6.4 million in the prior year-to-date period related to the deconsolidation of ALC, Adjusted Net Income was lower by 36%. The consolidated effective income tax rate for the current quarter was 10% compared to 20% the prior year period with the difference primarily attributable to the impact of operating losses in certain jurisdictions partially offset by gains elsewhere. Year-to-date, the consolidated effective income tax rate was 21% compared to 29% last year. The income tax rate in the prior year-to-date period was unfavorably impacted by the non-deductibility of Other Expense related to the writedown of ALC in the amount of $6.4 million and $2.1 million of operating losses at ALC. Excluding these items, the effective income tax rate for the prior year-to-date period was 22%.

The Automotive Solutions segment reported pretax losses of $3.8 million in the third quarter compared to pretax profits of $7.9 million in the same quarter last year. Year-to-date, the segment reported pretax profit of $13.7 million – a decrease of $13.2 million or 49% compared to the prior year period. For the quarter, segment profitability was negatively impacted by lost absorption of overheads and other fixed costs arising from sharply lower sales together with the continuance of labor costs for certain production workers in Mexico where there is limited ability to temporarily lay-off employees onto government support programs. Management took significant action during the quarter to minimize the negative impact on its results, including implementing work share arrangements, restraining expenses, temporarily laying off workers where possible and availing itself of certain government support programs. In addition to the above, year-to-date results were hampered by the impact of the strike at General Motors, unfavorable product mix shifts in the first quarter of fiscal 2020 and an increase in accounts receivable and other provisions in the second quarter of fiscal 2020. Year-to-date profitability however benefited from reduced bonus payments to production workers in Mexico as well as the elimination of ALC’s operations, which contributed operating losses of $2.1 million in the first quarter of fiscal 2019. To counter ongoing pricing pressures and rising input costs, management remains focused on improving the efficiency of its operations and reducing its overall cost structure. Pricing discipline also remains a focus, although there is typically limited, if any, ability to attain increased pricing for the duration of current programs, which typically range from three to five years. Pricing for new programs however embed management’s expectations for higher future costs.

The Casting and Extrusion segment reported $4.9 million of pretax profit in the third quarter – an increase of $1.1 million or 28% from the same quarter last year. Year-to-date, the segment reported pretax profit of $13.8 million – a decrease of $0.2 million, or effectively unchanged compared to the prior year period. Higher profitability during the quarter was supported by continued progress with various efficiency initiatives, a favorable mix shift towards higher margin programs in the Large Mould group, lower steel prices and receipt of R&D credits. As well, Management undertook significant action to minimize the negative impact of lower sales volumes during the quarter, including implementing work-share arrangements, restraining expenditures generally and availing government support programs, where possible.

Operating cash flow before net change in non-cash working capital totaled $5.0 million in the third quarter while lower working capital requirements due to reduced sales levels provided an additional $15.6 million of cash. Consequently, net cash provided by operating activities amounted to $20.6 million in the quarter. This cash flow was more than sufficient to fund $0.2 million of interest expense, $4.3 million of net capital expenditures and $3.8 million of common dividend payments.

As at June 30, 2020, Exco’s consolidated balance sheet was in a $23.7 million net cash position compared to $8.7 million as at September 30, 2019. Principal sources of liquidity include generated Free Cash Flow, $47.4 million of balance sheet cash and $27.0 million of unused availability under its $50 million committed credit facility, which matures February 2023. Subsequent to quarter end, the Company repaid $20 million of its credit facility from its cash on hand. Pursuant to the terms of the credit facility, Exco is required to maintain compliance with certain financial covenants, which the Company was in compliance with as at June 30, 2020.

For further information and prior year comparison please refer to the Company’s Third Quarter Financial Statements in the Investor Relations section posted at www.excocorp.com. Alternatively, please refer to www.sedar.com.

¹ Non-IFRS Measures: In this News Release, reference may be made to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Net Income, Adjusted Pretax Profit and Free Cash Flow which are not measures of financial performance under International Financial Reporting Standards (“IFRS”). Exco calculates Adjusted EBITDA as earnings before other income/expense, interest, taxes, depreciation and amortization and Adjusted EBITDA Margin as Adjusted EBITDA divided by sales. Exco calculates adjusted EPS as earnings before other income/expense divided by the weighted average number of shares. Adjusted Net Income is calculated as net income before other income/expense, and Adjusted Pretax Profit as segmented earnings before other income/expense, interest and taxes. Free Cash Flow is calculated as cash provided by operating activities less interest paid less investment in fixed assets net of proceeds of disposal. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, pretax profit and Free Cash Flow are used by management, from time to time, to facilitate period-to-period operating comparisons and we believe some investors and analysts use these measures as well when evaluating Exco’s financial performance. These measures, as calculated by Exco, do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other issuers. Refer to the table in the Management Discussion and Analysis for a reconciliation of these non-IFRS Measures.

Quarterly Conference Call – July 30, 2020 at 10:00 a.m. (Toronto time):

To access the live audio webcast, please log on to www.excocorp.com, or https://edge.media-server.com/mmc/p/e3s8amz8 a few minutes before the event. The conference call can be accessed by dialing toll free at (855) 859-2056 or internationally at (703) 736-7448. The conference ID is 9182891. 

For those unable to participate on July 30, 2020, an archived version will be available on the Exco website.

About Exco Technologies Limited:

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 15 strategic locations in 7 countries, we employ about 5,000 people and service a diverse and broad customer base.

Notice To Reader: Forward Looking Statements

Information in this document relating to projected growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions and operating efficiencies are forward-looking statements. This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as “anticipate”, “plan”, “may”, “will”, “should”, “expect”, “believe”, “estimate” and similar expressions to identify forward-looking information and statements especially with respect to growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions, liquidity and operating efficiencies are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements throughout this document and are also cautioned that the foregoing list of important factors is not exhaustive. These forward-looking statements are based on our plans, intentions or expectations which are based on, among other things, the current uncertain global economic impact of the COVID-19 pandemic or similar outbreak of epidemic, pandemic, or contagious diseases that may emerge in the human population, which may have a material effect on how we and our customers operate our businesses and the duration and extent to which this will impact our future operating results, assumptions about the number of automobiles produced in North America and Europe, production mix between passenger cars and trucks, the number of extrusion dies required in North America and South America, the rate of economic growth in North America, Europe and emerging market countries, investment by OEMs in drivetrain architecture and other initiatives intended to reduce fuel consumption and/or the weight of automobiles in response to rising climate risks, raw material prices, economic conditions, currency fluctuations, trade restrictions, our ability to close or otherwise dispose of unprofitable operations in a timely manner, our ability to integrate acquisitions and the rate at which our operations in Brazil, and Mexico achieve sustained profitability. These forward-looking statements include known and unknown risks, uncertainties, assumptions and other factors which may cause actual results or achievements to be materially different from those expressed or implied. The Company will update its disclosure upon publication of each fiscal quarter’s financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise. For a more extensive discussion of Exco’s risks and uncertainties see the ‘Risks and Uncertainties’ section in our latest Annual Report, Annual Information Form (“AIF”) and other reports and securities filings made by the Company. This information is available at www.sedar.com or www.excocorp.com

TORONTO, July 06, 2020 (GLOBE NEWSWIRE) — Exco Technologies Limited (TSX – XTC) today announced that it will report its financial results for the third quarter ended June 30, 2020 after the close of business on Wednesday July 29, 2020.

A conference call to discuss those results will be held on Thursday, July 30, 2020 at 10:00 a.m. (Eastern time) which can be accessed by dialling toll free at (866) 572-8261 or internationally at (703) 736-7448. The conference ID is 9182891.

To access the live audio webcast, please log on to www.excocorp.com, or https://edge.media-server.com/mmc/p/e3s8amz8 a few minutes before the event.

For those unable to participate on July 30, 2020, an archived version will be available until August 7, 2020 on the Exco website or by dialling toll free at (855) 859-2056 or internationally at (404) 537-3406. The conference ID is 9182891.

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 15 strategic locations in 7 countries, we employ approximately 5,400 people and service a diverse and broad customer base.

• Sales of $120.2 million compared to $123.5 million
• EPS of $0.24 compared to $0.21 prior year; a 14% improvement
• Adjusted EBITDA growth of 8% to $17.6 million
• Free cash flow of $12.5 million or $0.31 per share in the quarter
• Maintained quarterly dividend of $0.095 per common share
• Enhanced COVID-19 operational safety measures implemented
• Balance sheet strengthens to $11.9 million net cash position

Toronto, April 29, 2020 – Exco Technologies Limited (TSX-XTC) today announced results for its second quarter of fiscal 2020 ended March 31, 2020. In addition, Exco announced a quarterly dividend of $0.095 per common share which will be paid on June 30, 2020 to shareholders of record on June 16, 2020. The dividend is an “eligible dividend” in accordance with the Income Tax Act of Canada.

“Exco performed very well despite an extremely difficult backdrop”, said Darren Kirk, Exco’s President and CEO, adding that, “I want to thank all of our employees for working safely, enabling us to meet the continuing needs of our customers throughout these challenging times”.

In response to the unprecedented global COVID-19 crises, Exco is taking the necessary actions to protect the health and safety of our employees, meet the ongoing needs of our customers, minimize the adverse impact on our finances, while making the necessary investments to further strengthen our various businesses for the recovery when it eventually takes hold.

Consolidated sales for the second quarter ended March 31, 2020 were $120.2 million compared to $123.5 million in the same quarter last year – a decrease of $3.3 million, or 3%. Foreign exchange rate fluctuations contributed $2.5 million to sales during the quarter.

The Automotive Solutions segment reported sales of $73.4 million in the second quarter – effectively unchanged from the prior year quarter. Excluding foreign exchange rate movements, segment revenues were lower by $1.5 million, or 2% during the quarter. This compares favorably to combined overall industry vehicle production volumes in North America and Europe, which were lower by roughly 16% during the quarter. Segment sales were supported by a number of program launches for both new and existing products, particularly at Polydesign and AFX. Sales were softer year over year at both Neocon and Polytech, however both these entities outperformed the market due to the strength of their product portfolios and aided – in part – by accessory product sales, which do not always sync with OEM production schedules. Automotive production throughout April 2020 is virtually at a standstill in Exco’s key markets as a result of the global COVID-19 response measures. Looking forward several OEM’s are currently planning to restart production of facilities in Europe and North America beginning in early May 2020, however there remains considerable uncertainly around the exact timing and how fast these facilities will ramp-up volume. Exco remains focused on ensuring it is able to meet demand once production recommences, while complying with stay-at-home orders in the regions where it operates.

The Casting and Extrusion segment reported sales of $46.8 million for the second quarter – a decrease of $3.4 million, or 7%, from the same period last year. Segment sales held up better during the quarter than general economic conditions would otherwise suggest given the long cycle and/or essential nature of much of the segment’s products, which feed into many critical industries. Within the group, sales were relatively stable in the Large Mould group for the quarter. The programs of this group tend to be relatively long cycle and have continued to advance despite the vehicle production stoppage through April 2020 at virtually all OEM’s ultimately served by the group. In addition, quoting activity remains decent with discussions ongoing with both current and new potential customers, holding promise for an improvement in future results. Extrusion group sales were lower during the quarter as sales from the new Extrusion facility in Mexico (which commenced commercial production April 1, 2019) were more than offset by lower sales elsewhere in North America due to softer overall market conditions. At Castool, the group’s revenues were also modestly lower as market conditions softened for both consumable and capital equipment goods in the quarter, particularly within the extrusion industry. Within the segment, steel price surcharges and steel tariffs continued to reduce during the quarter. As Exco generally aims to pass such amounts on to its customers, they positively impact on revenues when higher, but have the opposite impact when lower.

Consolidated net income for the second quarter was $9.5 million or basic and diluted earnings of $0.24 per share compared to $8.6 million or $0.21 per share in the same quarter last year – an increase in net income of 11%. Year-to-date, consolidated net income was $17.6 million or $0.44 per basic share compared to $12.4 million or $0.30 per basic share last year – an increase in net income of 42%. Excluding a net expense of $0.3 million and $6.4 million in the prior year periods related to the deconsolidation of ALC, Adjusted Net Income was higher by 7% in the quarter and lower by 7% year-to-date. The consolidated effective income tax rate for the current quarter was 22% compared to 23% the prior year period. The Automotive Solutions segment reported pretax profit of $9.4 million in the second quarter – an increase of $0.3 million or 3% over the same quarter last year. For the quarter, segment profitability was enhanced by improved overhead absorption at Polydesign and AFX, reduced bonus payments to production workers in Mexico, as well as greater operating efficiencies and favorable foreign exchange rate movements across the segment in general. The benefit of these factors outweighed an increase in accounts receivable and other provisions during the quarter to address likely near-term

stresses associated with the current global downturn. To counter ongoing pricing pressures and rising input costs, management remains focused on improving the efficiency of its operations and reducing its overall cost structure. Pricing discipline also remains a focus, although there is typically limited, if any, ability to attain increased pricing for the duration of current programs, which typically range from three to five years. New programs however embed management’s expectations for higher future costs.

The Casting and Extrusion segment reported $4.5 million of pretax profit in the second quarter – a decrease of $0.1 million or 2% from the same quarter last year. Profitability reduction occurred within the Extrusion group for the quarter due to adverse overhead absorption given the decline in extrusion die volumes. Separately, profitability at the Large Mould group was higher during the quarter as progress with various efficiency initiatives continued to move ahead. Castool’s profitability was up during the quarter despite the sales decline due to a reduction in steel prices and favorable foreign exchange rate movements.

Consolidated Adjusted EBITDA for the second quarter totaled $17.6 million compared to $16.3 million in the same quarter last year – an increase of $1.3 million, or 8%. Year-to-date, consolidated adjusted EBITDA totaled $33.0 million compared to $34.9 million last year – a decrease of $1.9 million, or 5%. For the quarter, Adjusted EBITDA as a percentage of sales increased to 14.7% in the current period compared to 13.2% the prior year driven by an improvement in segment margins in both the Automotive Solutions and Casting & Extrusion segments, as well as a reduction in Corporate cash expenses.

Operating cash flow before net change in non-cash working capital totaled $15.0 million in the second quarter. After changes in working capital requirements, net cash provided by operating activities amounted to $18.6 million. This cash flow, together with cash on hand was more than sufficient to fund $0.2 million of interest expense, $5.9 million of capital expenditures, $3.8 million of common dividend payments and $3.3 million of share repurchases.

As at March 31, 2020, Exco’s consolidated balance sheet was in a $11.9 million net cash position. Principal sources of liquidity include generated Free Cash Flow, $35.7 million of balance sheet cash and $27.0 million of unused availability under its $50 million committed credit facility, which matures February 2023. Pursuant to the terms of the credit facility, Exco is required to maintain compliance with certain financial covenants, which the Company was in compliance with as at March 31, 2020. In response to the developments resulting from the COVID-19 pandemic, the Company has stress tested its financial and liquidity position and expects to remain Free Cash Flow positive through the second half of fiscal 2020 while remaining in compliance with its financial covenants.

For further information and prior year comparison please refer to the Company’s Second Quarter Financial Statements in the Investor Relations section posted at www.excocorp.com.  Alternatively, please refer to www.sedar.com.¹ Non-IFRS Measures: In this News Release, reference may be made to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, Adjusted Net Income, Adjusted Pretax Profit and Free Cash Flow which are not measures of financial performance under International Financial Reporting Standards (“IFRS”). Exco calculates Adjusted EBITDA as earnings before other income/expense, interest, taxes, depreciation and amortization and Adjusted EBITDA Margin as Adjusted EBITDA divided by sales. Exco calculates adjusted EPS as earnings before other income/expense divided by the weighted

average number of shares. Adjusted Net Income is calculated as net income before other income/expense, and Adjusted Pretax Profit as segmented earnings before other income/expense, interest and taxes.  Free Cash Flow is calculated as cash provided by operating activities less interest paid less investment in fixed assets net of proceeds of disposal. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, pretax profit and Free Cash Flow are used by management, from time to time, to facilitate period-to-period operating comparisons and we believe some investors and analysts use these measures as well when evaluating Exco’s financial performance. These measures, as calculated by Exco, do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other issuers.  Refer to the table in the Management Discussion and Analysis for a reconciliation of these non-IFRS Measures.

Quarterly Conference Call – April 30, 2020 at 10:00 a.m. (Toronto time):

To access the live audio webcast, please log on to www.excocorp.com, or https://edge.media-server.com/mmc/p/3hyh53ft a few minutes before the event.  The conference call can be accessed by dialing toll free at (866) 572-8261 or internationally at (703) 736-7448.  The conference ID is 8765498. 

For those unable to participate on April 30, 2020, an archived version will be available on the Exco website.

About Exco Technologies Limited:

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries.  Through our 15 strategic locations in 7 countries, we employ about 5,400 people and service a diverse and broad customer base.

Notice To Reader:  Forward Looking Statements

Information in this document relating to projected growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions and operating efficiencies are forward-looking statements. This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as “anticipate”, “plan”, “may”, “will”, “should”, “expect”, “believe”, “estimate” and similar expressions to identify forward-looking information and statements especially with respect to growth and financial performance of the Company’s business units, contribution of our start-up business units, contribution of awarded programs yet to be launched, margin performance, financial performance of acquisitions, liquidity and operating efficiencies are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements throughout this document and are also cautioned that the foregoing list of important factors is not exhaustive. These forward-looking statements are based on our plans, intentions or expectations which are based on, among other things, the current uncertain global economic impact of the COVID-19 pandemic or similar outbreak of epidemic, pandemic, or contagious diseases that may emerge in the human population, which may have a material effect on how we and our customers operate our businesses and the duration and extent to which this will impact our future operating results, assumptions about the number of automobiles produced in North America and Europe, production mix between passenger cars and trucks, the number of extrusion dies required in North America and South America, the rate of economic growth in North America, Europe and emerging market countries, investment by OEMs in drivetrain architecture and other initiatives intended to reduce fuel consumption and/or the weight of automobiles in response to rising climate risks, raw material prices, economic conditions, currency fluctuations, trade restrictions, our ability to close or otherwise dispose of unprofitable operations in a timely manner, our ability to integrate acquisitions and the rate at which our operations in Brazil, and Mexico achieve sustained profitability. These forward-looking statements include known and unknown risks, uncertainties, assumptions and other factors which may cause actual results or achievements to be materially different from those expressed or implied. The Company will update its disclosure upon publication of each fiscal quarter’s financial results and otherwise disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise. For a more extensive discussion of Exco’s risks and uncertainties see the ‘Risks and Uncertainties’ section in our latest Annual Report, Annual Information Form (“AIF”) and other reports and securities filings made by the Company. This information is available at www.sedar.com or www.excocorp.com.

TORONTO, April 14, 2020 (GLOBE NEWSWIRE) — Exco Technologies Limited (TSX – XTC) today announced that it will report its financial results for the second quarter ended March 31, 2020 after the close of business on Wednesday, April 29, 2020.

A conference call to discuss those results will be held on Thursday, April 30, 2020 at 10:00 a.m. (Eastern time) which can be accessed by dialing toll free at (866) 572-8261 or internationally at (703) 736-7448. The conference ID is 8765498.

To access the live audio webcast, please log on to www.excocorp.com, or https://edge.media-server.com/mmc/p/3hyh53ft a few minutes before the event.

For those unable to participate on April 30, 2020, an archived version will be available until May 5, 2020 on the Exco website or by dialing toll free at (855) 859-2056 or internationally at (404) 537-3406. The conference ID is 8765498.

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 15 strategic locations in 7 countries, we employ approximately 5,400 people and service a diverse and broad customer base.

TORONTO, Feb. 07, 2020 (GLOBE NEWSWIRE) — Exco Technologies Limited (TSX: XTC) (“Exco” or the “Company”) today announced that the Toronto Stock Exchange (“TSX”) has approved the Company’s normal course issuer bid (“NCIB”). Under the NCIB, Exco has the right to purchase for cancellation, from February 18, 2020 to February 17, 2021, a maximum of 2,000,000 common shares, representing 8.7% of the 22,866,812 shares forming Exco’s public float as at February 7, 2020.  As of February 7, 2020, Exco had 39,936,863 common shares.

Any shares purchased by Exco under the NCIB will be effected through the facilities of TSX as well as on alternative Canadian trading systems, at prevailing market rates and any common shares purchased by the Company will be cancelled. The actual number of shares that may be purchased and the timing of any such purchases will be determined by Exco. Any purchases made by Exco pursuant to the NCIB will be made in accordance with the rules and policies of the TSX.

During the most recently-completed six months, the average daily trading volume for the common shares of Exco on the TSX was 26,236 shares. Consequently, under the policies of the TSX, Exco will have the right to repurchase under its NCIB, during any one trading day, a maximum of 6,559 shares, representing 25% of the average daily trading volume. In addition, Exco will be allowed to make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of shares not directly or indirectly owned by insiders of Exco, in accordance with the TSX policies. Exco will fund the purchases through available cash and/or bank facilities. Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 2,100,000 common shares for the period of February 18, 2019 to February 17, 2020, the Company has purchased 1,413,218 common shares on the open market as of February 7, 2020 at a weighted average purchase price of $8.05 per common share.

Exco’s Board of Directors believes the underlying value of the Company may not be reflected in the market price of its common shares from time to time and that, at appropriate times, repurchasing its shares through the NCIB may represent a good use of Exco’s financial resources, as such action can protect and enhance shareholder value when opportunities or volatility arise. Thus, the Board has determined that the NCIB is in the best interest of the Company and its shareholders.

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries.  Through our 15 strategic locations in 7 countries, we employ 5,400 people and service a diverse and broad customer base.