OKOTOKS, Alberta, July 25, 2024 (GLOBE NEWSWIRE) -- (TSX:MTL) Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation"), one of Canada's largest logistics providers today reported its financial and operating results for the period ended June 30, 2024, with comparisons to the same period last year. Full details of the results may be found within our Second Quarter Interim Report, which is available on the Corporation's issuer profile on SEDAR+ at www.sedarplus.ca or at www.mullen-group.com. "We generated solid results this quarter, primarily due to acquisitions and by focusing on margin over market share. What is most impressive, I believe, is that our overall financial results are up over last year despite the slowdown in economic growth and the emergence of competitive markets," commented Mr. Murray K. Mullen, Chair and Senior Executive Officer. "We are in a different spot today as compared to the last economic cycle, which was driven by low interest rates and massive government deficit spending. Today, high interest rates are accompanied by inflation, costs that are hurting the discretionary spending of many consumers. The Canadian economy is also struggling with declines in capital investment, as the private sector assesses the cost of high interest rates and on lower returns. These are significant headwinds for many of our 40 Business Units and the primary reason the Corporate Office has been active in terms of evaluating acquisitions. Quite simply, acquisitions are the only way to grow in this market. At Mullen Group we not only have experience in this area but we also have the balance sheet, which was bolstered with the July 10, 2024, closing of approximately $400.0 million of new debt, and the addition of new bank credit facilities, bringing the total credit available to $525.0 million. This market is ripe for consolidation, and we have the funds available to execute," added Mr. Mullen.         Financial Highlights       (unaudited)($ millions, except per share amounts) Three month periods endedJune 30   Six month periods endedJune 30 2024   2023   Change   2024   2023   Change   $   $   %     $   $   %   Revenue 495.6   494.3   0.3     958.2   992.1   (3.4 )                 Operating income before depreciation and amortization 85.7   83.4   2.8     151.9   160.4   (5.3 ) Net foreign exchange (gain) loss 0.2   (1.7 ) (111.8 )   0.4   (3.2 ) (112.5 ) Decrease (increase) in fair value of investments (0.2 ) (0.1 ) 100.0     (0.3 ) 0.2   (250.0 ) Net income 32.9   36.5   (9.9 )   55.1   68.2   (19.2 ) Net Income - adjusted1 32.8   34.7   (5.5 )   55.3   66.0   (16.2 ) Earnings per share - basic 0.37   0.41   (9.8 )   0.63   0.75   (16.0 ) Earnings per share - diluted 0.36   0.39   (7.7 )   0.60   0.71   (15.5 ) Earnings per share - adjusted1 0.37   0.38   (2.6 )   0.63   0.72   (12.5 ) Net cash from operating activities 79.9   88.0   (9.2 )   118.5   122.2   (3.0 ) Net cash from operating activities per share 0.91   0.97   (6.2 )   1.35   1.34   0.7   Cash dividends declared per Common Share 0.18   0.18   -     0.36   0.36   -   1 Refer to the section entitled "Non-IFRS Financial Measures".   Second Quarter Highlights Generated revenue of $495.6 million - generally consistent with last year as acquisitions added $26.9 million of incremental revenues, which was offset by the completion of major capital construction projects including the Trans Mountain Expansion Project ("TMX") and the Coastal GasLink Pipeline Project ("CGL"), lower freight demand as manufacturers were reluctant to increase inventory levels, competitive pricing pressures in certain markets due to excess capacity in the freight markets, a lack of private sector capital investment in Canada and a slight decrease in fuel surcharge revenue. Operating income before depreciation and amortization ("OIBDA") of $85.7 million - up 2.8 percent from prior year on $4.7 million of incremental OIBDA from acquisitions and improved results in the LTL and S&I segments. These increases were somewhat offset by lower OIBDA in the L&W segment (excluding acquisitions) and from higher Corporate costs. Operating margin improved to 17.3 percent from 16.9 percent on lower direct operating expenses ("DOE") as a percentage of consolidated revenues despite more competitive pricing conditions in certain markets and a reduction in higher margin specialized business. Selling and administrative ("S&A") expenses increased as a percentage of consolidated revenues resulting from higher costs experienced at our most recent acquisition, ContainerWorld Forwarding Services Inc. and from the relatively fixed nature of S&A expenses. Second Quarter Commentary     (unaudited)($ millions) Three month periods endedJune 30 2024   2023   Change     $   $   %   Revenue       Less-Than-Truckload 189.8   193.4   (1.9 ) Logistics & Warehousing 150.9   142.9   5.6   Specialized & Industrial Services 109.6   107.3   2.1   U.S. & International Logistics 46.9   50.8