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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OrganiGram Holdings Inc | TSX:OGI | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.44% | 2.24 | 2.24 | 2.26 | 2.31 | 2.24 | 2.28 | 73,017 | 21:00:00 |
Record Net Sales of $3.7 Million for the Quarter and Earnings Per Share (Basic) of $0.009
MONCTON, NB, April 24, 2018 /CNW/ - Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQB:OGRMF) (the "Company" or "Organigram"), a leading licensed producer of medical marijuana based in Moncton, New Brunswick, is pleased to announce its financial results for the three and six-months ended February 28, 2018.
"We are incredibly proud of what we have achieved in Q2 as we registered record sales and a profit for the quarter," said Greg Engel the Company's CEO, "but we have also significantly bolstered our balance sheet and from an operational and sales and marketing perspective we are well positioned to take full advantage of not only the medical market but also the burgeoning adult recreational and international opportunities as well."
Operational and Financial Highlights
Summary of Financial Results
Three-months ended |
Inc. (Decr.) |
Six-months ended February 28 |
Inc (Decr.) | |||
(in $000 except EPS) |
2018 |
2017 |
2018 |
2017 | ||
Gross sales |
$ 3,219 |
$ 1,445 |
123% |
$ 5,906 |
$ 3,675 |
61% |
Sales recovery (return) |
$ 469 |
$ (2,026) |
n/m1 |
$ 469 |
$ (2,026) |
n/m |
Net sales2 |
$ 3,689 |
$ (581) |
n/m |
$ 6,375 |
$ 1,650 |
286% |
Cost of sales (incl. indirect production) |
$ (1,550) |
$ (3,029) |
n/m |
$ (3,340) |
$ (3,808) |
-12% |
Gross margin (excluding FV adjustment) |
$ 2,138 |
$ (3,610) |
n/m |
$ 3,035 |
$ (2,158) |
n/m |
FV adjust. on bio assets and inventories |
$ 4,384 |
$ (367) |
n/m |
$ 5,106 |
$ (1,056) |
n/m |
Gross margin |
$ 6,523 |
$ (3,977) |
n/m |
$ 8,141 |
$ (3,214) |
n/m |
General and admin |
$ (2,002) |
$ (914) |
119% |
$ (3,187) |
$ (1,455) |
119% |
Sales and marketing |
$ (1,147) |
$ (705) |
63% |
$ (2,280) |
$ (1,372) |
66% |
Share-based compensation (non-cash) |
$ (1,154) |
$ (291) |
296% |
$ (1,899) |
$ (565) |
236% |
Net financing costs3 |
$ (1,143) |
$ 133 |
n/m |
$ (1,099) |
96 |
n/m |
Net income (loss) |
$ 1,078 |
$ (5,755) |
n/m |
$ (324) |
$ (6,511) |
-95% |
EPS (basic) |
$ 0.009 |
$ (0.059) |
n/m |
$ (0.003) |
$ (0.071) |
n/m |
EPS (diluted) |
$ 0.008 |
$ (0.059) |
n/m |
$ (0.003) |
$ (0.071) |
n/m |
Sales of (in thousands): |
||||||
Dried cannabis flower (gr) |
238 |
142 |
68% |
433 |
402 |
8% |
Cannabis oil sold (ml) |
552 |
139 |
297% |
971 |
216 |
350 |
1 Not meaningful. |
2 Net sales consist of gross sales and sales recovery (return) and includes dried flower and cannabis oil sales, sales of accessories and revenues from the Company's wholly-owned subsidiary Trauma Healing Center. |
3 Net financing costs consist of financing costs less any investment income earned. |
Balance Sheet Highlights
At the end of the quarter the Company has:
Outlook
For more information, visit www.Organigram.ca
About Organigram Holdings Inc.
Organigram Holdings Inc. is a TSX Venture Exchange listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of medical marijuana in Canada. Organigram is focused on producing the highest quality, condition specific medical marijuana for patients in Canada. Organigram's facility is located in Moncton, New Brunswick and the Company is regulated by the Access to Cannabis for Medical Purposes Regulations ("ACMPR").
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors - including the availability of funds, consummation of definitive documentation, the results of financing efforts, crop yields - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE OrganiGram
Copyright 2018 Canada NewsWire
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