NYSEAM:AEF - Post by User
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Birdwatchon Aug 12, 2020 10:53am
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Post# 31397763
This company just became the largest sanitizer producer!!!!!
This company just became the largest sanitizer producer!!!!!TORONTO--(BUSINESS WIRE)--August 11, 2020--
Acasta Enterprises Inc. (TSX: AEF) ("Acasta" or the "Company") today announced financial results for the quarter ended June 30, 2020.
The Company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2020, as well as its accompanying management discussion and analysis (MD&A) have been filed on SEDAR. Copies of the filings may be obtained at www.sedar.com. All values in this news release and the Company's financial disclosures are in Canadian dollars unless otherwise stated.
Financial Highlights
-- Revenues were $97.8 million and $144.4 million compared with $40.4
million and $82 million in the comparative period. The increase in
revenue resulted from higher volumes of sales of the Company's products.
The Company augmented existing customer demand and attracted new
customers for its cleanser and sanitizer products.
-- EBITDA of $30.1 million and $38.5 million compared with EBITDA of $3.6
million and $9.4 million in the comparative periods. The improved EBITDA
reflects higher volumes of sales of the Company's products.
-- Adjusted EBITDA of $28.4 million and $33.9 million compared with adjusted
EBITDA of $2.9 million and $6.7 million in the comparative period.
Adjusted EBITDA removes the effects of foreign exchange, changes in fair
value of financial instruments and impairment charges.
-- On April 16, 2020, the Company completed a vertical short-form
amalgamation with its wholly-owned subsidiary, Apollo Health and Beauty
Care Inc. The Company did not change its name as part of the amalgamation
and carries on business under the trade name "Apollo Health and Beauty
Care".
-- The Company repaid $29.4 million of debt during the six months ended June
30, 2020. In July 2020, the Company further repaid the residual $2.5
million outstanding under its loan from WFI Inc. Currently, the only
remaining debt of the Company is its commercial bank credit facility in
the amount of approximately $29.1 million.
Please refer to Acasta's MD&A for additional detail and discussion on the Company's results from operations.
Name Change
The Company is pleased to announce that it will change its name to "Apollo Healthcare Corp." The Toronto Stock Exchange trading symbol for the Company's Class B shares will change to "AHC" as soon as possible following the name change.
Advisories: