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. Village Farms Books $12.1 Million Cannabis Revenue

August 12, 2019 at 9:03 pm

Published by NCV Newswire

 

Village Farms International Reports Strong Second Quarter 2019 Results – Canadian Cannabis JV More Than Doubles Sales to CAD$32.3 Million with an All-In Cost of Production of CAD$0.65 per Gram and EBITDA Margin of 78%, and Achieves Third Consecutive Quarter of Profitability

VANCOUVER, Aug. 12, 2019 /PRNewswire/ – Village Farms International, Inc. (“Village Farms” or the “Company”) (TSX: VFF) (NASDAQ: VFF) today announced its financial results for the second quarter and six-month period ended June 30, 2019. All figures are in U.S. dollars unless otherwise indicated.

Village Farms’ Financial and Corporate Highlights for the Second Quarter Ended June 30, 2019 (All comparable figures are for the second quarter ended June 30, 2018)

Net income before tax improved to positive US$9.9 million and included the contribution of positive net income from Pure Sunfarms Corp. (“Pure Sunfarms”) of US$14.0 million (CAD$18.6 million) (Village Farms’ share based on its 50% ownership). This compares with a net loss of (US$2.3 million); Produce sales were US$41.3 million compared with US$42.0 million; Earnings per share improved to US$0.20 from a loss per share of (US$0.05); EBITDA improved to US$4.6 million, including the contribution from Pure Sunfarms of US$9.4 million (CAD$12.6 million) (Village Farms’ 50% share). This compares with an EBITDA loss of (US$1.3 million); and Completed a bought deal offering of 1,000,000 common shares at a price of CAD$20.00 per share for aggregate gross proceeds to the Company of CAD$20,000,000.

Source: https://www.newcannabisventures.com/village-farms-books-12-1-million-cannabis-revenue/

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