LEAMINGTON, ONTARIO--(Marketwired - Sept. 14, 2015) - Aphria Inc. ("Aphria" or the "Company") (TSX VENTURE:APH) today reported its financial results for fourth quarter and year ended May 31, 2015. All amounts are expressed in Canadian dollars, unless otherwise stated.
Q4 and Fiscal 2015 Financial Highlights
| |
3 months ended
May 31, 2015 |
|
Year ended
May 31, 2015 |
|
| Revenue |
$ 499,890 |
|
$ 551,430 |
|
| Cost of goods sold |
(406,404 |
) |
(433,262 |
) |
| Pre-distribution growing costs |
- |
|
(321,028 |
) |
| Change in biological assets |
492,222 |
|
997,711 |
|
| Gross profit |
585,708 |
|
794,851 |
|
| Adjusted Gross profit |
296,461 |
|
331,858 |
|
| |
Adjusted Gross margin |
59.3 |
% |
60.2 |
% |
| Net loss |
(481,380 |
) |
(6,543,444 |
) |
| Net loss per share (basic and diluted) |
(0.01 |
) |
(0.14 |
) |
Revenue for the three and twelve months ended May 31, 2015 was $499,890 and $551,430 respectively. The Company obtained its license to sell medical marijuana in late November 2014, with the Company completing its first commercial shipment in December 2014.
Adjusted gross profit for the fourth quarter ended May 31, 2015 was $296,461, with an adjusted gross margin of 59.3%. Adjusted gross profit for the year was $331,858, with a combined adjusted gross margin of 60.2% from retail and wholesale shipments.
The net loss for the fourth quarter ended May 31, 2015 was $481,380, or $0.01 per share versus $783,415, or $0.03 per share for the fourth quarter in 2014. The net loss for the year ended May 31, 2015 was $6,543,444, or $0.14 per share compared to the previous year of $1,566,637, or $0.07 per share.
The adjusted gross profit and adjusted gross margin are non-GAAP financial measures, which are explained in Management's Discussion & Analysis under "Non-GAAP Financial Measures".
Additional Highlights
Aphria continues to increase its patient base, with over 2,200 registered patients as of today. In addition, Aphria received authorization from Health Canada to begin the production of oil extracts from cannabis. As previously announced, the Company is currently expanding its facilities to take advantage of this opportunity. The expansion remains subject to Health Canada approvals.
"Aphria's sales growth remains strong, with a substantial increase in registered patients during the first quarter. Once completed, our expanded facilities will provide Aphria with the production to meet anticipated demand from our growing patient base and the diversification into marijuana oil extracts," stated CEO Vic Neufeld.
The Company also granted 200,000 stock options to directors, with an exercise price of $0.85 for a term of five years.
About Aphria
Aphria Inc., a company continued under the laws of the Province of Ontario and based in Leamington, Ontario, is in the business of producing, supplying and selling medical marijuana pursuant to the Marihuana for Medical Purposes Regulations (the "MMPR"). Under the MMPR, Health Canada is responsible for the oversight of commercial medical marijuana growers such as Aphria. Aphria's common shares are listed on the TSX Venture Exchange under the ticker symbol "APH". For more information, visit www.Aphria.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to estimated margins, expectations for future growing capacity, facilities expansions and expectations with respect to future production costs. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory matters; the ability of Aphria to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.