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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hit Technologies Inc | TSXV:HIT | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.005 | 0.12 | 0.21 | 0 | 01:00:00 |
Selected Quarter and Annual Information
Q3-Fiscal2019 | Q3-Fiscal2018 | YTD-Fiscal2019 | YTD-Fiscal2019 | |||||||||
Revenue | $597,165 | $89,500 | $1,886,828 | $484,693 | ||||||||
+ % Increase over Prior Year | 567% | 289% | ||||||||||
Gross Margin | $339,731 | ($15,108) | $983,289 | $101,852 | ||||||||
Gross Margin % | 57% | -17% | 48% | 21% | ||||||||
Operating Expenses (excluding non-cash and cost of sales) | $378,746 | $304,980 | $1,396,740 | $1,023,969 | ||||||||
% change over Prior Year | 24% | 36% | ||||||||||
Adjusted EBITDA (Loss) | ($40,312) | ($274,143) | ($332,740) | ($680,079) | ||||||||
% change over Prior Year | -85% | -51% | ||||||||||
Net (Loss) | ||||||||||||
Per share, Basic | $0.00 | $0.00 | ($0.01) | ($0.01) | ||||||||
March 31, 2019 | June 30, 2018 | |||||||||||
Cash and Cash Equivalents | $50,172 | $286,106 | ||||||||||
Inventory | $384,219 | $219,699 | ||||||||||
Net Working Capital (Deficiency) | ($953,042) | ($474,404) | ||||||||||
Total Assets | $933,904 | $1,036,610 | ||||||||||
Accounts payable and accrued liabilities | $624,156 | $1,199,915 | ||||||||||
Total liabilities | $2,247,096 | $1,985,555 |
“We are very proud to announce our strongest Q3 in company history with 567% revenue growth YoY. We continue to execute against our turnaround plan and direct to consumer sales stayed strong despite typically slower seasonal effects. Our continued focus on our DTC channel (Direct to Consumer) reflects consumer demand for our product lineup and execution of our marketing plan. Higher margins reflect a greater portion of sales mix coming from our DTC channel and less seasonal discounting. We will look to continue to grow this channel in the quarters to come,” says Brooks Bergreen, CEO HIT Technologies Inc.
Operational Summary for Q3 Fiscal 2019 include:
Non-IFRS MeasuresAdjusted EBITDA is a non-IFRS measure and management defines this metric as the loss and comprehensive loss under IFRS, adjusted by adding back interest, taxes, amortization, and other non-cash expenses. Please review the reconciliation of Adjusted EBITDA to net income (loss) in the Company’s MD&A for the corresponding period.
This press release should be read in conjunction with our interim unaudited Consolidated Financial Statements for the quarter ended March 31, 2019 and the accompanying Management Discussion and Analysis, which can be found on SEDAR at www.sedar.com and on the Company’s website http://www.hitcase.com/invest.
About HIT Technologies Inc.HIT Technologies Inc. (TSXV: HIT) develops and markets a portfolio of products that transform Apple iPhones into high-performing, weather- and shock-resistant smartphone accessories. Both its, flagship product, HITCASE PRO and its new Shield LINK and CRIO products, allows users to easily capture photo and video content hands-free, using a variety of HIT Technologies’ patented Railslide® and LINK mounts that attach to virtually any surface. Swappable lenses and accessories provide a variety of perspectives, otherwise unattainable while participating in adventure sports. HIT Technologies is headquartered in Vancouver, British Columbia, Canada and trades on the TSX Venture Exchange. For more information about HITCASE, visit www.HITCASE.com. Search #hitcase on Instagram to see some of the amazing images created by HITCASE customers.
Forward-Looking StatementsThis news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about the Company's anticipated use of available funds, and the future plans and objectives of the Company are forward-looking information.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, global economic climate; dilution; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Cautionary StatementNo stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release.
For additional investor information, contact:Brooks Bergreen, CEO HIT Technologies Inc.invest@hitcase.com +1 416 815 0700www.hitcase.com/invest
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