BLACKROCK Municipal Income TRUST V.BFK.P

Primary Symbol: BFK

BlackRock Municipal Income Trust (the Fund) is a diversified closed-end management investment company. The Fund's investment objective is to provide current income exempt from federal income taxes. Under normal market conditions, the Fund invests at least 80% of its managed assets in investments the income from which is exempt from federal income tax (except that the interest may be subject to the alternative minimum tax). The Fund may invest directly in securities or synthetically through the use of derivatives. The Fund's investment policies provide that it invests at least 80% of its total assets in investment grade quality municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes. Its investment adviser is BlackRock Advisors, LLC.

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BLACKROCK Municipal Income TRUST

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Post by Ghostinthedarkon Dec 15, 2022 10:18am

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Post# 35173060

Hexo earnings released today--sales down 29%

HEXO Corp. (NASDAQ:HEXO) (TSX:HEXO) released its financial results for the first quarter, revealing net revenue of CA$35.8 million ($26.3 million), a decrease of 29% comparatively to CA$50.2 million in Q1 2022 and a decrease of 16% compared to CA$42.5 million net revenue in Q4 2022.

Q1 2023 Financial Highlights

The company recorded an adjusted EBITDA loss of CA$598,000, an improvement of CA$6.9 million from the fourth quarter of FY 2022, and an improvement of CA$11 million from the first quarter of FY 2022.
Total net loss before tax of CA$57.1 million, an improvement as compared to net losses before tax of CA$106.2 million in Q4 2022 and CA$117.4 million in Q1 2022, respectively.
Total operating expenses were significantly reduced by 69% or CA$50.7 million quarter over quarter and 81% or CA$100 million as compared to Q1 2022.
Gross loss was CA$17.4 million compared to a loss of CA$32 million in Q1 2022.
Total gross margin before adjustments has been improved to 24% from 12% quarter over quarter, in part as a result of certain inefficiencies recognized in Q4 2022 due to the consolidation of operations and facility closure.

“The first quarter of 2023 has been one of incredible progress for HEXO,” stated Charlie Bowman, president and CEO of HEXO. “We’re now seeing the results of the strategic realignment we executed over the past two quarters and have successfully reset the company for long-term success. Our laser focus on tackling the balance sheet, pulling back on those unprofitable products where our strengths in premium cultivation were not being leveraged and expanding further into opportunities where we know we can win, is paying off across the business.”

On October 31, 2022, the company had cash and cash equivalents of CA$78.5 million (CA$83.2 million at July 31, 2022). Subsequent to Q1 2023 on December 5, 2022, the company’s 8% convertible debenture matured and a total of CA$40.7 million was repaid in respect of the outstanding principal and unpaid interest. Under the terms of the senior secured convertible note, the company is subject to a minimum liquidity covenant of $20 million.

There remains a risk that the company’s cost saving initiatives may not yield sufficient operating cash flow to meet its financial covenant requirements, and as such, these circumstances create material uncertainties that lend substantial doubt as to the ability of the company to meet its obligations as they come due and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern.