COLLINGWOOD, Ontario, May 31, 2021 (GLOBE NEWSWIRE) -- The Limestone Boat Company Limited (“Limestone” or the “Company”) (TSXV: BOAT) a designer, marketer and manufacturer of heritage brand boats, today reported its financial results for the fiscal quarter ended March 31, 2021 (“Q1 FY2021”). All dollar amounts are in Canadian dollars unless otherwise noted.
"In a short period of time since our listing on the TSXV in March, Limestone Boats has quickly delivered on a number of critical milestones to ensure a strong corporate, operational, and financial foundation for our Company and its future," stated Limestone's CEO, Scott Hanson. "We closed a non-brokered financing of $14.1 million and acquired Ebbtide Holdings, a 145,000 square foot Tennessee-based manufacturing facility that is currently producing 4 to 5 boats per week, with expectations to reach 5 to 6 boats per week by late June, and increasing steadily through the balance of the year. The acquisition allows us to take control of our supply chain and secure production in a market where inventories are at historically low levels. Furthermore, the acquisition allows us to diversify our brand portfolio while rapidly scaling our distribution footprint, nearly tripling the combined number of Limestone Boat Company dealers to over 50 throughout the Great Lakes and the Northeast, Southeast, and Gulf Coast regions of the United States. We launched a new model, the Limestone L-200CC, and partnered with Vision Marine Technologies to offer an electric option to complement our current outboard lineup, establishing Limestone with early mover status in a growing customer segment. The marine industry is experiencing unprecedented demand and Limestone is uniquely positioned to become a growing force in the North American market."
Q1 FY Business Highlights:
Q1 FY Financial Highlights:
- Reported a loss of $2,738,190 for the quarter compared to a loss of $182,780 in the comparative quarter for 2020.
- The Company ended the quarter with cash of $1,193,659 compared to $130,181 for the comparative quarter in 2020.
- The Company raised proceeds from financings in the quarter of $3,230,200 as part of the reverse takeover transactions of LL One Inc. The proceeds were used to fund operations during the quarter.
The Company incurred one-time listing expenses associated with the RTO transaction of $1,650,768, of which $1,589,117 are non-cash expenses and are discussed in the MD&A.
Summary of Financial Results:
| Three months ended | ||||||
| March 31, 2021 | March 31, 2020 | |||||
| Salaries and wages | $ | 316,240 | $ | 139,650 | ||
| Stock based compensation | 125,934 | - | ||||
| Listing expenses | 1,650,768 | - | ||||
| Professional fees | 491,284 | - | ||||
| Advertising and promotion | 85,017 | - | ||||
| General and administrative expense | 55,645 | 43,130 | ||||
| Foreign exchange loss | 2,346 | - | ||||
| Depreciation of property and equipment | 10,531 | - | ||||
| Operating loss | (2,737,765 | ) | (182,780 | ) | ||
| Other income | 115 | - | ||||
| Income tax expense | (540 | ) | - | |||
| Loss for the period | (2,738,190 | ) | (182,780 | ) | ||
| Currency translation adjustment | (10,469 | ) | - | |||
| Comprehensive loss for the period | $ | (2,748,659 | ) | $ | (182,780 | ) |
| Net loss per share (basic & diluted) | $ | (0.036 | ) | $ | (0.004 | ) |
The Company’s complete Financial Statements and Management Discussion and Analysis for the first quarter ended March 31, 2021 are available at www.sedar.com or on the Company’s website at www.limestoneboats.com.
About The Limestone® Boat Company Limited
Limestone® has a 35-year history as a heritage brand renowned for its timeless design, big water performance, quality manufacturing and durability. The Limestone Boat Company is publicly traded on the Toronto Venture Exchange under the ticker symbol BOAT. Headquartered in Collingwood, Ontario and manufacturing in White Bluff, Tennessee, Limestone boasts a 145,000 sq. ft facility with a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region. The Limestone® Boat Company Limited is the builder of Limestone®, Aquasport and Boca Bay brands.
For more information, please contact:
Investor Relations: Bill Mitoulas
+1.416.479.9547
bill@limestoneboats.com
Website: limestoneboats.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “anticipate”, “believe”, “could” “should”, “would”, “estimate”, “expect”, “forecast”, “indicate”, “intend”, “likely, “may”, “plan”, “potential”, “project”, “outlook”, “seek”, “target”, “trend” or “will” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, there are no assurances that the transactions will be completed on the terms or timeframe indicated herein or at all. If these transactions are ultimately completed, the Company will be subject to a number of risks relating to integration and go-forward operations, certain of which are more particularly described in the Company's public filings available on SEDAR including, without limitation, the filing statement filed by the Company on February 23, 2021, and the MD&A. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Many factors could cause actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements. All the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors in this press release. There can be no assurance that the actual results or developments will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company. Unless required by applicable securities law, the Company does not intend and does not assume any obligation to update these forward-looking statements.