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NEWS RELEASE Exchange Income Corporation Draws Strength from Diversity to Deliver Strong Results in Pandemic - Stricken 2020 Net Debt Reduced Again in Fourth Quarter 2020 Financial Highlights WINNIPEG , Manitoba February 17 , 2021 Exchange Income Corporation ( TSX : EIF ) ( " EIC " or the " Corporation " ) a diversified , acquisition - oriented company focused on opportunities in the aviation , aerospace and manufacturing sectors , reported its financial results for the three- and twelve - months ending December 31 , 2020. All amounts are in Canadian currency . EIC ● Exchange Income Corporation ● Earned Adjusted Net Earnings per share of $ 1.35 Annual Free Cash Flow less Maintenance Capital Expenditures Payout Ratio of 71 % Q4 Financial Highlights ● Generated Revenue of $ 302 million Preserved EBITDA margins , with Consolidated EBITDA of $ 82 million Safeguarded Free Cash Flow less Maintenance Capital Expenditures , producing $ 41 million or $ 1.17 per share , an increase of 7 % over the comparative period ● Generated Revenue of $ 1.15 billion Preserved EBITDA margins , with Consolidated EBITDA of $ 285 million Safeguarded Free Cash Flow less Maintenance Capital Expenditures , producing $ 113 million or $ 3.23 per share Earned Adjusted Net Earnings per share of $ 0.53 Three Month Free Cash Flow less Maintenance Capital Expenditures Payout Ratio improved to 49 % CEO Commentary " 2020 was a year unlike any in our history , " said Mike Pyle , CEO of EIC . " Lockdowns , travel limitations , employees working remotely , the economy beginning to open up , and then the imposition of even tighter restrictions during the late - year second - wave . 2020 had it all . Despite these challenges , EIC delivered consistently remarkable financial and operational performance . From a financial perspective , the Corporation generated sufficient cash flow since the onset of the pandemic to cover its Maintenance Capital Expenditures , invest in the future through Growth Capital Expenditures and complete the acquisition of Window Installation Specialists Inc. ( " WIS ” ) , pay its dividend and reduce its debt , net of cash . " " Operationally , I could not be prouder of the management and staff at our subsidiaries , " continued Mr. Pyle . " Our social responsibility to our customers and employees was of paramount importance and our teams adapted quickly to the ever - changing circumstances of the pandemic while consistently demonstrating their commitment to prioritizing the health and safety of our customers and employees . By emphasizing across our organization EIC's responsibility to contribute positively in the communities where we operate , we consistently found ways to continue delivering goods and services . EIC companies also showed incredible initiative and adaptability in pivoting to make unique and meaningful contributions in the fight against COVID - 19 . By designing and manufacturing PPE for front - line personnel , continuing to be the lifeline reliably delivering essential aviation services to remote communities , providing critical medevac services in the North , and now delivering the vaccines to vulnerable populations in our communities that are allowing the first glimpses of hope for a post - pandemic future , our people are invigorated by the opportunity to contribute in ways only the EIC family of companies can . "