财务信息

Financials

损益表

Income Statement

综合损益及留存收益表（截至12月31日止年度，ASPE，单位：千加元）

	2025 $	2024 $	2023 $
Revenues	80,800	83,260	85,710
Cost of goods sold	55,930	53,285	53,140
Gross profit	24,870	29,975	32,570
Marketing	1,046	2,740	2,930
Amortization of PPE	4,311	3,969	3,725
Amortization of patent	714	714	714
Selling and administration, wages, and benefits	7,304	8,140	8,280
Occupancy	3,120	2,984	2,811
Administration, IT, and other	4,584	4,395	5,174
Total expenses	21,079	22,942	23,634
Operating profit	3,791	7,033	8,936
Interest expense — line of credit	(106)	(174)	(183)
Interest expense — term loan	(1,980)	(2,220)	(2,460)
Net earnings before taxes	1,705	4,639	6,293
Income taxes	(672)	(1,396)	(956)
Net earnings	1,033	3,243	5,337
Opening retained earnings	26,599	23,356	18,019
Less dividends	—	—	—
Closing retained earnings	27,632	26,599	23,356

Balance Sheet

资产负债表（截至12月31日，ASPE，单位：千加元）

	2025 $	2024 $	2023 $
Current assets
Cash and cash equivalents	150	1,360	940
Accounts receivable	10,404	10,265	10,332
Income tax receivable	724	—	—
Inventories	10,420	9,197	8,881
Prepaid expenses	938	2,287	2,306
Total current assets	22,636	23,109	22,459
PPE — net	31,117	32,169	33,120
Brand name — RAM	4,580	4,580	4,580
Patent — RAM	1,428	2,142	2,856
Total assets	59,761	62,000	63,015
Current liabilities
Line of credit	2,092	2,206	3,615
Trade payables and accrued liabilities	4,387	3,905	3,824
Income tax payable	—	440	170
Current portion — term loan	3,200	3,200	3,200
Total current liabilities	9,679	9,751	10,809
Term loan — Bank of Quebec	22,400	25,600	28,800
Total liabilities	32,079	35,351	39,609
Share capital — 400 common shares outstanding	50	50	50
Retained earnings	27,632	26,599	23,356
Total shareholders' equity	27,682	26,649	23,406
Total liabilities and shareholders' equity	59,761	62,000	63,015

Cash Flow Statement

现金流量表（截至12月31日止年度，ASPE，单位：千加元）

	2025 $	2024 $
Operating activities
Net profit for the year	1,033	3,243
Amortization	5,025	4,683
Accounts receivable	(139)	67
Inventories	(1,223)	(316)
Prepaid expenses	1,349	19
Trade payables and accrued liabilities	482	81
Income taxes payable/receivable	(1,164)	270
Total cash flow from operating activities	5,363	8,047
Investing activity
Investment in property and equipment	(3,259)	(3,018)
Total cash flow used for investing activities	(3,259)	(3,018)
Financing activities
Decrease in line of credit	(114)	(1,409)
Repayment of term loan	(3,200)	(3,200)
Total cash flow from financing activities	(3,314)	(4,609)
Change in cash	(1,210)	420
Opening cash and cash equivalents	1,360	940
Closing cash and cash equivalents	150	1,360

Segment Operating Statements

按工厂划分的分部经营报表（2024–2025年，单位：加元）

	2025 Quebec	2025 RAM	2025 Total	% Rev	2024 Quebec	2024 RAM	2024 Total	% Rev
Revenues	45,200,000	35,600,000	80,800,000		50,200,000	33,060,000	83,260,000
Raw materials and supplies	25,040,000	17,045,000	42,085,000	52.1%	24,845,000	16,045,000	40,890,000	49.1%
Production wages and benefits	6,085,000	3,785,000	9,870,000	12.2%	5,785,000	3,485,000	9,270,000	11.1%
Manufacturing overhead (excl. amortization)	2,295,000	1,680,000	3,975,000	4.9%	1,875,000	1,250,000	3,125,000	3.8%
Total COGS	33,420,000	22,510,000	55,930,000	69.2%	32,505,000	20,780,000	53,285,000	64.0%
Gross profit	11,780,000	13,090,000	24,870,000	30.8%	17,695,000	12,280,000	29,975,000	36.0%
Operating profit	2,132,290	1,658,961	3,791,251	4.7%	6,612,483	420,024	7,032,507	8.4%

Industry Benchmarks

行业基准数据，用于与 STC 财务指标进行横向对比

Metric	Industry Benchmark
Revenue growth	4.4%
Gross profit margin	39.0%
Marketing costs as a % of revenues	2.0%
Selling and administration, wages, and benefits as a % of revenues	7.0%
Administration, IT, and other as a % of revenue	6.0%
Net profit margin	8.0%
Return on assets	7.1%
Current ratio	2.0
Quick ratio	0.90
Days in receivables	45
Days in inventory	60
Total debt to total assets	65%
Revenue per employee	$320,000
Raw materials and supplies as a % of revenues	49.6%
Production wages and benefits as a % of revenues	10.7%
Year-over-year increases in production wages and benefits	5.0%