Hill Street Reports FQ1 2019 Revenue Up 112% Hill Street Reports FQ1 2019 Revenue Up 112% & Provides Update on Operations
https://www.newsfilecorp.com/release/41370/Hill-Street-Reports-FQ1-2019-Revenue-Up-112-Provides-Update-on-Operations Toronto, Ontario--(Newsfile Corp. - November 30, 2018) - Hill Street Beverage Company Inc. (TSXV: BEER) ("Hill Street" or the "Company") reported its fiscal Q1 2019 financial results for the three-month period ended September 30, 2018. A complete set of financial statements and Management's Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars.
FQ1 F2019 Financial Highlights
- Quarterly gross revenue of $794,000, up 112% y/y;
- Quarterly net revenue of $512,000, up 152% y/y;
- Net loss of $10 million for the quarter, including one-time, non-cash expenses for the reverse takeover transaction (RTO) of $8.9 million, and one-time cash expenses of $305,000. This compares to FQ1 2018 when the Company had a net loss of $167,000.
- Working capital of $3.4 million, compared with $1.5 million for same period last year;
- End of quarter cash position of $3.1 million, with no debt.
"As we work towards the anticipated October 2019 legalization of cannabis-infused edibles, Hill Street continues to grow its brand and volume presence in the Non-Alcoholic Beverages segment," said Terry Donnelly, CEO. "I would highlight that all of the revenue earned during the quarter came from existing retail accounts. With our recently announced changes in distribution partners as well as gains made in the number of retail locations, we are confident that Hill Street's revenues will continue to materially increase throughout the period leading up to October 2019."