Cannabis company Aphria reports quarterly EBITDA growth, net loss in Q4

Cannabis 公司 Aphria 报告季度 EBITDA 增长,第四季度净亏损

2020-07-30 09:30:11 mjbizdaily

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Major Canadian cannabis producer Aphria on Wednesday reported strong quarterly EBITDA growth, despite coronavirus-related impairment charges from its international operations that contributed to a net loss. The Leamington, Ontario-based company reported adjusted EBITDA of 8.6 million Canadian dollars ($6.4 million) for the quarter ended May 31, up 49% from the third quarter. Aphria’s average gross selling price for a gram of recreational cannabis decreased by 4.4% quarter-over-quarter to CA$5.23. The company cited increased consumer demand for its Good Supply value brand and “price reductions in key markets to solidify market share.” Aphria still has plenty of liquidity available, with CA$497.2 in cash and cash equivalents at the end of the quarter. That cash position “is sufficient to take advantage of any attractive distressed asset sales in Canada, U.S. expansion or other income statement-accretive opportunities and protect us from any adverse impacts of the pandemic,” Chief Financial Officer Carl Merton said during a conference call with investors. CEO Irwin Simon said attractive assets could include cannabis-derivative manufacturing assets in Canada or existing consumer brands in Canada or the U.S. that could be converted to marijuana brands in the future. All told, Aphria reported a CA$98.8 million net loss for the quarter, compared with net income of CA$5.7 million in the third quarter. That loss included CA$64 million in noncash impairment charges, attributable to the impact of the COVID-19 crisis on some of its international operations. The company put construction of its Colombia facility on hold in light of the pandemic, and management was unable to access a facility in Lesotho after the country closed its borders. An impairment charge in Jamaica was attributed to a fall in tourist demand for cannabis. CFO Merton said Aphria’s German expansion is continuing, with plans to spend about CA$15 million to finish that project. “While our commitment to grow our business internationally remains the same, we have pivoted our business models in international markets away from a large (capital expenditure) spend,” CEO Simon said on the earnings call. “In the short term, we will supply our demand in (Latin America) with cannabis products sourced from Canada and are exploring our mid- to long-term options of whether a smaller production footprint would be appropriate, or whether to outsource production to a third party or simply ship product from Canada.” Aphria trades as APHA on the Toronto Stock Exchange. In June, the company moved its U.S. listing from the New York Stock Exchange to the Nasdaq, where it also trades as APHA.
加拿大主要大麻生产商 Aphria 周三公布了强劲的季度 EBITDA 增长,尽管其国际业务的冠状病毒相关减损支出导致了净亏损。 总部位于安大略的利明顿公司公布,截至5月31日的季度经调整 EBITDA 为860万加元(合640万美元),较第三季度增长49%。 Aphria 一克休闲大麻的平均总售价比上季度下降了4.4%,至5.23加元。 该公司指出,消费者对其良好供应价值品牌的需求增加,“为了巩固市场份额,关键市场的价格下降”。 Aphria 仍有充足的流动性,本季度末现金及现金等价物为497.2加元。 首席财务官卡尔•默顿( Carl Merton )在与投资者的电话会议上表示,该现金头寸“足以利用加拿大任何有吸引力的不良资产出售、美国扩张或其他损益表增值机会,保护我们免受大流行病的不利影响”。 首席执行长西蒙( Irwin Simon )说,有吸引力的资产可能包括加拿大的大麻衍生品制造资产,或者加拿大或美国现有的消费品品牌,这些品牌未来可能会被转变为大麻品牌。 总之, Aphria 报告本季度净亏损9880万加元,而第三季度的净收入为570万加元。 这一损失包括6,400万加元的非现金减损支出,这是由于 COVID-19危机对其一些国际业务的影响。 由于大流行,该公司暂停了哥伦比亚工厂的建设,在该国关闭边界后,管理层无法进入莱索托的工厂。 牙买加的一项减值费用是由于游客对大麻的需求下降。 首席财务官默顿说, Aphria 在德国的扩张仍在继续,计划花费1500万加元来完成这个项目。 首席执行官西蒙( Simon )在业绩电话会议上表示:“尽管我们致力于在国际市场拓展业务的承诺保持不变,但我们已将我们在国际市场的业务模式从大量(资本支出)支出中剥离。” “短期而言,我们将向拉丁美洲的需求提供来自加拿大的大麻产品,并正在探索我们的中长期选择,即减少生产足迹是否合适,或者是否将生产外包给第三方,或者仅仅从加拿大发货。” Aphria 在多伦多证券交易所交易为 APHA 。 今年6月,该公司将在美国上市的股票从纽约证券交易所( New York Stock Exchange )迁至纳斯达克( Nasdaq ),并在纳斯达克上市。

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