Mimi's Rock Reports Q2 2022 Results

TORONTO, Aug. 11, 2022 /CNW/ - Mimi's Rock Corp. (TSXV: MIMI) (OTCQB: MIMNF) (the "Company"), an online dietary supplement and wellness company, today announced the filing of its second quarter results for the three months ended June 30, 2022.

"We are very pleased with our Q2 results. It was a strong quarter where we saw increases in revenue versus the same period last year, and consecutive quarters as well.  We are excited to see the momentum we built earlier this year continue as we move into the summer.  These results speak to the overall success we are having." commented CEO, David Kohler. "The team has been working hard to optimize our performance and this has yielded improvements in revenue, margin and EBITDA."

Second Quarter Highlights

The second quarter of 2022 continued to show improvement in revenues, margins and earnings.

Revenues in Q2 of 2022 were $10.0 million, compared to $9.7 million in Q2 2021. 

Second quarter 2022 performance improved over the second quarter 2021, resulting in one of the Company's best quarterly periods in the past two years. 

Revenues for the Company's Dr Tobias supplements business improved over Q1 2022 as well as the same quarter last year.  Revenues are expected to continue to improve going forward as volumes increase while less discounts and promotions are applied. Recent price increases have not impacted volumes and have resulted in considerably stronger gross margins.

The Company's skin care businesses saw some stabilization during the period but overall revenues were lower than the same period a year ago.  Margins have shown some improvement as lower discounting was applied resulting in overall higher average selling prices.  

Gross margin for Q2 of 2022 was $7.5 million (75.0%) compared to $7.2 million (74.4%) for Q2 of 2021.

Online advertising in the period remained higher than historical levels mainly as a function of ongoing campaigns which have shown to drive higher volumes.  Advertising spend is managed to revenue levels but certain core programs remain with a focus on brand awareness, new customer acquisition and customer loyalty.  These investments position the Company to drive organic growth going forward.

EBITDA for Q2 of 2022 was $1.1 million, comparable to that of Q2 of 2021. Similarly, Adjusted EBITDA, which adds back non-cash stock-based compensation and foreign exchange losses was $1.1 million for Q2 of 2022, comparable to the same period last year.

Net income for Q2 of 2022 was $0.3 million, compared to net income of $0.5 million for Q2 of 2021.

Summary of Quarterly Results

(in 000's)	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020
Revenue	10,032	9,541	8,550	8,614	9,744	9,758	9,134	9,774
EBITDA1	1,092	550	(4,782)	59	1,101	149	756	1,243
Adjusted EBITDA	1,146	541	(462)	218	1,126	212	603	1,166
Net Income	340	161	(5,027)	(259)	502	(233)	523	546

Conference Call

A conference call to discuss the financial results of the Company will be held on Monday, August 15 at 11:00 a.m. To participate in the conference call, please dial the number below and request to join the Mimi's Rock Corp. financial results call:

Canada/USA TF: 1-800-319-4610

International Toll: [phone]

Copies of the Company's financial statements and management's discussion and analysis can be obtained under the Company's disclosure page on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

About Mimi's Rock Corp.:

Mimi's Rock Corp. is an online dietary supplement and wellness company which market and sells its products under the Dr. Tobias, All Natural Advice and Maritime Naturals brand names.  The Dr. Tobias brand features over 30 products, including the top-selling Colon 14-Day Cleanse and the #1 selling Omega 3 Fish Oil on Amazon.com.  All Natural Advice and Maritime Naturals products focus on skin and beauty care.  Products sold under the All Natural and Maritime Naturals brand names are made in Canada and registered with Health Canada and under the EU Cosmetics Act.  All Natural Advice has been featured on BNN as a top selling skincare brand in Canada, and has been rated the #1 Beauty Brand on Amazon Canada for the past four years.

Forward-Looking Statements

This news release contains forward-looking statements and forward looking information (collectively "Forward-Looking Statements") within the meaning of applicable securities laws. Often, but not always, Forward-Looking Statements can be identified by the use of words such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Please refer to the 2021 Annual Financial Statements for more details on the Company's calculation of EBITDA and adjusted EBITDA.

All Forward-Looking Statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these Forward-Looking Statements. All of the Company's Forward-Looking Statements are qualified by the assumptions that are stated or inherent in such Forward-Looking Statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the Forward-Looking Statements.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-Looking Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking 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 Statements. All Forward-Looking Statements contained in this press release are given as of the date hereof and are based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any Forward Looking Statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.

Please visit www.mimisrock.com or www.sedar.com for the Company's recent filings.

SOURCE Mimi's Rock Corp.

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