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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sol Cuisine Ltd | TSXV:VEG | 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% | 2.05 | 2.04 | 2.04 | 0 | 01:00:00 |
MISSISSAUGA, ON, Aug. 30, 2021 /CNW/ - Sol Cuisine Ltd. ("Sol Cuisine" or the "Company") (TSXV: VEG) a growth-oriented North American plant-based protein leader, today reported the financial results for its wholly-owned subsidiary, Sol Cuisine Inc. for the three and nine months ended June 30, 2021. All figures are in Canadian dollars ($) unless otherwise specified.
Summary Financial Results
Three months ending | Nine months ending | |||
June 30, | June 30, | June 30, | June 30, | |
Gross Sales | $6,085,189 | $6,022,624 | $18,717,414 | $13,148,079 |
Revenueii | $5,570,180 | $5,451,800 | $17,233,820 | $11,712,792 |
Gross Profit | $471,804 | $911,676 | $2,245,349 | $707,480 |
Gross Margin | 8.5% | 16.7% | 13.0% | 6.0% |
Adjusted EBITDAiii | ($940,066) | $729,602 | ($1,960,931) | ($1,071,984) |
Net Income (Loss) and Comprehensive | $190,587 | ($404,519) | ($2,931,582) | ($3,420,319) |
Basic and Diluted Income (Loss) per | $0.01 | ($0.04) | ($0.17) | ($0.34) |
Management Commentary
John Flanagan, CEO of Sol Cuisine commented, "During the first nine months of 2021, our team made significant strides against all four pillars of our strategy designed to generate sustainable growth. Despite more muted growth in Q3 due to lower industry-wide sales in the retail and club channels as consumer demand patterns adjusted to a post-COVID world, Sol Cuisine generated more than 40% growth in gross sales in the first nine months of the year, and a roughly 700 basis point improvement in gross margin."
Mr. Flanagan continued, "Since the time of our public listing, we have deepened our distribution reach and relationships with top retailers such as Metro, Sobeys, Loblaw Companies and Costco, and launched in a new country with one of those partners – Costco – which is now carrying Sol Cuisine products in all of their stores in Mexico. This morning, we announced that four Sol Cuisine products will be launched across approximately 200 stores and through Walmart.ca in Canada, this September. From an operating perspective we are firing on all cylinders, and we expect our efforts to get our delicious, nutritionally superior offerings into the hands of more consumers will generate both volume growth and steady margin expansion as we ramp up production at our fully built-out production facilities."
Review of Execution of Growth Strategy
Sol Cuisine is focused on executing a clear and actionable strategy designed to deliver continued growth. This strategy is focused on four primary pillars: introducing breakthrough product innovation; generating brand velocity; aggressively expanding retail distribution; and launching and growing in important new channels. The Company continued to make progress during the quarter, with successes including:
Summary of Recent Corporate Developments
Non-IFRS Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and adjusted EBITDA margin are both non-IFRS financial measures. Adjusted EBITDA is defined as net income or loss before income taxes, net finance costs, depreciation and amortization, impairment losses, restructuring costs, one-time cost related to going public and stock-based compensation, while adjusted EBITDA margin is defined as the percentage of adjusted EBITDA to revenue. We believe that adjusted EBITDA and adjusted EBITDA margin are useful measures of financial performance because they provide an indication of the Company's ability to seize growth opportunities in a cost-effective manner, finance its ongoing operations and service its long-term debt.
The following information provides reconciliations of the supplemental non-IFRS financial measure presented herein to the most directly comparable financial measure calculated and presented in accordance with IFRS.
Reconciliation of Net Income (Loss) to Adjusted EBITDA:
Three months ending | Nine months ending | |||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |
Net Income (Loss) | $190,587 | ($404,519) | ($2,931,582) | ($3,420,319) |
Finance charges and interest | 70,991 | 338,538 | 509,876 | $450,534 |
Depreciation and amortization | 519,735 | 772,003 | 1,536,926 | 1,670,972 |
Impairment of long-term assets | - | - | - | 150,241 |
One-time costs related to RTO process | 1,655,832 | - | 1,870,662 | - |
Share-based payments | 254,601 | 23,580 | 684,999 | 76,588 |
Gain on conversion of pref. shares | (3,631,812) | - | (3,631,812) | - |
Adjusted EBITDA | ($940,066) | $729,602 | ($1,960,931) | ($1,071,984) |
% of Revenue | (16.9%) | 13.4% | (11.4%) | (9.2%) |
About Sol Cuisine Ltd.
Sol Cuisine is the publicly traded parent company of Sol Cuisine Inc. following the completion of its "qualifying transaction" on May 19, 2021. Sol Cuisine is a fast-growing producer of branded, consumer-preferred plant-based protein offerings across key center-of-plate and appetizer categories. The Company's products are offered through an established omni-channel distribution platform in Canada and the U.S., and Mexico, and are available in over 11,000 stores and more than 41,000 unique points of distribution. The Company offers sells its products to four primary channels: Canada Retail Sales & Club; U.S. Retail Sales & Club; Food Service & Industrial; and Private Label. Over a history of 20+ years, Sol Cuisine has consistently demonstrated an ability to innovate and delight consumers in Canada and the U.S., while remaining true to its commitment to producing great tasting products that are nutritionally superior both to meat-based offerings and to competitive plant-based products. This commitment has resulted in several Canadian product wins, including the #1 frozen plant-based burger in Canada, the #1 consumer-preferred chicken alternative and the #1 quality roast product as determined by Whole Foods Market. The Company's taste and nutritional superiority has also resulted in private label contracts with some of the most recognized natural brands in North America. These products are all produced at Sol Cuisine's two state of the art facilities, totaling 35,000 square foot facility in Mississauga, Ontario, capable of supporting up to 10 million kilograms of volume per annum.
For more details on Sol Cuisine's consumer brands:
Website: www.solcuisine.com
Instagram: @solcuisine
Facebook: @solcuisine
Twitter: @solcuisine
LinkedIn: @solcuisine
Forward Looking Statements
This press release includes forward-looking information within the meaning of Canadian securities laws regarding the Company and its business. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the size of the industry, the growth of the market for the Company's products, the rate and quantity of production at the Company's facilities, market conditions, economic factors, management's ability to manage and to operate the business of the Company and the equity markets generally. 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 to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
The TSX Venture Exchange has not reviewed, approved, or disapproved the content of this news release.
_________________________ |
i Defined as Gross Profit divided by Revenue |
ii Defined as Gross Sales less sales discounts and other deductions |
iii Adjusted EBITDA is a non-IFRS financial measure. See the section of this news release entitled "Non-IFRS Financial Measures: Adjusted EBITDA" |
SOURCE Sol Cuisine Ltd.
Copyright 2021 Canada NewsWire
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