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 > HEXO EARNINGS Q2/23

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Post by Humaniston Mar 16, 2023 6:04pm

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Post# 35343731

HEXO EARNINGS Q2/23

HEXO Reports Q2’23 Financial Results

FOR THE FULL REPORT/
https://ceo.ca/@businesswire/hexo-reports-q223-financial-results

by @businesswire on 16 Mar 2023, 17:50

HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) ("HEXO" or the “Company"), a leading producer of high-quality cannabis products, today reported its financial results for the second quarter of the 2023 fiscal year (“Q2’23”). All currency amounts are stated in Canadian dollars unless otherwise noted.
“HEXO held firm to our long-term strategy this quarter and remained focused on our most profitable brands and maintaining fair prices,” said Charlie Bowman, President and Chief Executive Officer of HEXO. “While cannabis prices have dropped sharply across the market, it is our view that slashing prices is not a sustainable strategy. We’re confident our products will continue to deliver excellent value to customers and shareholders alike.”

“Our continued focus on profitability is yielding solid results, including positive net income before tax for the first time in our history,” noted Julius Ivancsits, Chief Financial Officer of HEXO. “SG&A spending is down 11 per cent or $1.5 million compared to the previous quarter. We also made significant progress in our trade accounts receivable with a $21 million reduction compared to the first quarter and have paid off $40.7 million in debt. Our adjusted gross margin lift to 45 per cent from 40 per cent last quarter, shows that we continue to align operations towards the path to profitability.”

“We launched several new products late in the quarter that flew off the shelves, validating our commitment to producing a range of high-quality products that customers want,” added Mr. Bowman. “Customer response to our revitalized portfolio of brands, which includes proven favourites and new proprietary strains, has been very positive. This feedback allowed us to further enhance our highest-performing lines and significantly increase production of our popular Redecan straight edge pre-roll products."
Significant Financial Results

Improved total net income to $0.7 million, compared to a net loss of ($56.3) million from the first quarter of FY23 (Q1’23).
Generated $5.3 million of cash from operations in Q2’23, an improvement of $34.1 million compared to ($28.8) million of cash used in Q1’23 and an improvement of $40.6 million compared to ($35.2) million of cash used in Q2’22.
Recorded an Adjusted EBITDA loss of $(2.4) million, an increased loss of $1.8 million from Q1’23, however, when compared to Q2’22, Adjusted EBITDA has improved by $3.2 million.
Net revenues decreased 26% to $24.2 million, compared to $35.8 million in Q1’23 and decreased 57% compared to $52.8 million of net revenue in Q2’22.
Reported flat G&A expenses compared to Q1’23 and significant improvement compared to Q2’22 with cost-savings of $12 million.
Improved selling, marketing and promotional costs by $1.4 million from Q1’23 with realized cost savings of $3.7 million when compared to Q2’22.
On December 5, 2022, the Company’s 8% convertible debenture matured and a total of $40.7 million was paid upon the debt’s settlement.