PHOENIX, Aug. 11, 2020 /CNW/ — * Second quarter revenue was $55. Aug 11, 2020 (The Expresswire) —
Report Title:Global Luxury Bag Market Insights, Forecast to 2025 Global Luxury Bag Market Report Focuses on Industry chain… IBIO stock is rewarding investors who bet on its unique approach to a Covid-19 vaccine. But now, iBio needs to deliver substance. After news of a massive federal loan caused Eastman Kodak’s stock to skyrocket, a company insider donated millions of shares to a religious nonprofit for which he has served as president. On July 29, the peak of Kodak’s recent 2,757% stock surge, a member of the company’s board of directors, George Karfunkel, and his wife A late slide in big technology companies left indexes broadly lower on Wall Street Tuesday, erasing an early gain and breaking a seven-day winning streak for the S&P 500
PHOENIX, Aug. 11, 2020 /CNW/ —
Second quarter revenue was $55.7 million, up 109% from the second quarter 2019 and 26% sequentially
Second quarter adjusted EBITDA was $4.1 million compared to ($3.6) million in the first quarter of 2020
2020 Revenue target increased to $215-220 million, up from $200 million
Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today reported its financial and operating results for the second quarter 2020. All financial information is provided in U.S. dollars unless otherwise indicated.
Second Quarter 2020 Financial Results
Total revenue in the second quarter was $55.7 million, an increase of 109% from $26.6 million in the second quarter of 2019 and up 26% compared to $44.2 million in the first quarter of 2020.
Gross profit excluding biological adjustments in the second quarter was $23.4 million, compared to $6.7 million in the second quarter of 2019 and $18.1 million in the first quarter of 2020.
Gross profit margin excluding biological adjustments in the second quarter was 42.1% compared to 25.1% in the second quarter of 2019 and 41.0% in the first quarter of 2020.
Net loss was $18.3 million for the second quarter compared to net loss of $25.5 million in the second quarter of 2019 and $20.0 million for the first quarter 2020.
Adjusted EBITDA excluding biological adjustments in the second quarter was $4.1 million compared to ($12.4) million in the second quarter of 2019 and ($3.6) million in the first quarter of 2020.
Please see the supplemental information regarding unaudited results and Non-IFRS Financial Measures at the end of this press release.
Second Quarter 2020 Business Highlights
Harvest announced the appointment of Deborah Keeley as Chief Financial Officer on June 22, 2020.
Harvest completed the initial closing of the divestment of eight retail assets in California to Hightimes Holding Corp. for consideration of $61.5 million, consisting of $1.5 million in cash and $60.0 million in Series A Preferred Stock.
As of June 30, 2020, Harvest owned, operated, or managed 35 retail locations in seven states, including 14 open dispensaries in Arizona. Harvest owned and operated dispensaries exclude retail locations serviced through Interurban.
As of June 30, 2020, Harvest no longer meets the definition of “foreign private issuer” under United States securities laws as more than 50% of Harvest’s issued and outstanding shares were directly or indirectly owned by shareholders of record domiciled in the United States. As a result, Harvest will be deemed a U.S. domestic issuer under United States securities laws and will be subject to SEC reporting requirements applicable to U.S. domestic companies no later than January 1, 2021. These U.S. reporting requirements will require Harvest’s financial statements and financial data to be presented under U.S. Generally Acceptable Accounting Principles.
Harvest is increasing its full year 2020 revenue target to $215-220 million, up from the prior target of approximately $200 million. Harvest achieved positive adjusted EBITDA during the second quarter, ahead of the prior guidance of achievement during the second half of 2020. Forecasts assume no meaningful impacts or disruptions to our operations as a result of the COVID-19 pandemic.
“Our improved financial results during the second quarter demonstrate continued progress toward our primary goal of returning to profitability through revenue growth, cost reduction measures and investments in core markets Arizona, Florida, Maryland, and Pennsylvania,” said Chief Executive Officer Steve White. “We are continuing to build on this positive momentum as we execute on our plan.”
Conference Call & Webcast
Harvest Health and Recreation Inc. will host a conference call and audio webcast with Chief Executive Officer Steve White and Chief Financial Officer Deborah Keeley, Tuesday August 11, 2020 at 5:00 PM Eastern Time.
Registration for this event is required. Please use this link to register:
Following registration, an email confirmation will be sent including dial in details and unique conference call codes. Registration will remain open during the call however we recommend advance registration to access the event.
Second quarter results will be available at:
The live conference call webcast and replay will be available at:
HARVEST HEALTH & RECREATION INC.
Interim Unaudited Condensed Consolidated Statements of Financial Position
June 30, 2020 and December 31, 2019
(Amounts expressed in thousands of United States dollars)
Cash and cash equivalents
Accounts receivable, net
Notes receivable, current portion
Other current assets
Total current assets
Notes receivable, net of current portion
Property, plant and equipment, net
Right-of-use asset, net
Intangibles assets, net
Assets held for sale
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other current liabilities
Contingent consideration, current portion
Income tax payable
Lease liability, current portion
Notes payable, current portion
Total current liabilities
Notes payable, net of current portion
Lease liability, net of current portion
Deferred tax liability
Contingent consideration, net of current portion
Other long-term liabilities
Stockholders’ equity attributed to Harvest Health & Recreation Inc.
TOTAL STOCKHOLDERS’ EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
HARVEST HEALTH & RECREATION INC.
Interim Unaudited Condensed Consolidated Statements of Operations
Three and Six Months Ended June 30, 2020 and 2019
(Amounts expressed in thousands of United States dollars, except share or per share data)
For the three months ended June 30,
For the six months ended June 30,
Revenue, net of discounts
Cost of goods sold
Gross profit before biological asset adjustments
Realized fair value amounts included in inventory sold
Unrealized fair value gain on growth of biological assets
General and administrative
Sales and marketing
Depreciation and amortization
Operating income (loss)
Other (expense) income
(Loss) gain on sale of assets
Other (expense) income
Foreign currency loss
Contract asset impairment
Loss before taxes and non-controlling interest
Loss from continuing operations before non-controlling interest
Net loss from discontinued operations, net of tax
Net loss before non-controlling interest
(Loss) gain attributed to non-controlling interest
Net loss attributed to Harvest Health & Recreation Inc.
Loss per share – basic and diluted
Attributable to Harvest Health and Recreation Inc. Stockholders
Attributable to non-controlling interest
Weighted-average shares outstanding – basic and diluted
Non-IFRS Financial and Performance Measures
The Company provides additional financial metrics that are not prepared in accordance with IFRS. Management uses non-IFRS financial measures, in addition to IFRS financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate the Company’s financial performance. This non-IFRS financial measure is Adjusted EBITDA.
Management believes that these non-IFRS financial measures reflect the Company’s ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparing financial results across accounting periods and to those of peer companies. Management also believes that these non-IFRS financial measures enable investors to evaluate the Company’s operating results and future prospects in the same manner as management. These non-IFRS financial measures may also exclude expenses and gains that may be unusual in nature, infrequent or not reflective of the Company’s ongoing operating results.
As there are no standardized methods of calculating these non-IFRS measures, the Company’s methods may differ from those used by others, and accordingly, the use of these measures may not be directly comparable to similarly titled measures used by others. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Reconciliations of Non-IFRS Financial and Performance Measures
The table below reconciles Net Loss to Adjusted EBITDA for the periods indicated.
Three months ended June 30,
Six months ended June 30,
Net loss (IFRS) before non-controlling interest
Add (deduct) impact of:
Net interest and other financing costs (1)
Amortization and depreciation (2)
(Gain) loss on assets
Other (expense) income
Foreign currency loss
Share-based compensation expense
Contract asset impairment
Discontinued operations, net of tax
Realized fair value amounts included in inventory sold
Unrealized fair value gain on growth of biological assets
Other expansion expenses (pre-open)
Transaction & other special charges
Adjusted EBITDA (non-IFRS)
(1) Includes $221, $522, $387 and $522 of interest reported in cost of sales.
(2) Includes $1,079, $530, $1,863 and $1,113 of depreciation reported in cost of sales.
About Harvest Health & Recreation Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation Inc. is a vertically integrated cannabis company and multi-state operator. Since 2011, Harvest has been committed to expanding its retail and wholesale presence throughout the U.S., acquiring, manufacturing, and selling cannabis products for patients and consumers in addition to providing services to retail dispensaries. Through organic license wins, service agreements, and targeted acquisitions, Harvest has assembled an operational footprint spanning multiple states in the U.S. Harvest’s mission is to improve lives through the goodness of cannabis. We hope you’ll join us on our journey: https://harvesthoc.com
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Harvest with respect to future business activities. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and include information regarding: (i) expectations regarding the size of the U.S. cannabis market, (ii) the ability of the Company to successfully achieve its business objectives, (iii) plans for expansion of Harvest, and (iv) expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects Harvest management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Harvest believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the effects of the weather, natural disasters, and health pandemics, including the novel coronavirus (COVID-19), on customer demand, the Company’s supply chain as well as its consolidated results of operation, financial position and cash flows, the ability of Harvest to open additional retail locations and meet its revenue growth and profitability objectives, the ability of Harvest to integrate recent acquisitions, the ability of Harvest to obtain and/or maintain licenses or other contractual rights to operate in the jurisdictions in which it operates or in which it expects or plans to operate; changes in general economic, business and political conditions, including changes in the financial markets; and in particular in the ability of Harvest to raise debt and equity capital in the amounts needed and at the costs that it expects; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that Harvest operates in; adverse changes in applicable laws; or adverse changes in the application or enforcement of current laws, including those related to taxation; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Harvest and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Harvest has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Harvest does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
The financial information reported in this news release is based on unaudited management prepared financial statements for the quarter ended June 30, 2020. Accordingly, such financial information may be subject to change. Financial statements for the period will be released and filed under the Company’s profiles on SEDAR at www.SEDAR.com by August 28, 2020. All financial information contained in this news release is qualified in its entirety with reference to such unaudited financial statements. While the Company does not expect there to be any material changes, to the extent that the financial information contained in this news release is inconsistent with the information contained in the Company’s unaudited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company’s unaudited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.
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SOURCE Harvest Health & Recreation Inc.
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Global Luxury Bag Market 2020 – Growth Factors, Top Manufacturers, Future Investment, Segmentation, Share, Size, CAGR, Latest Trends, Forecast 2025
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Luxury Bag is pleasant to have but is not necessary. Compared with general bag, the Luxury bag is more expensive. Luxury bag are generally more than a few hundred dollars.
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The global Luxury Bag market is valued at 50600 million USD in 2018 and will reach 92900 million USD by the end of 2025, growing at a CAGR of 7.9% during 2019-2025. The objectives of this study are to define, segment, and project the size of the Luxury Bag market based on company, product type, end user and key regions.
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It’s Now Time for iBio to Deliver the Goods
iBio (NYSEAMERICAN:IBIO) is the third (or maybe the fourth) “vaccine stock” I’ve written about in the last week or so. And there’s good reason the company has the attention of investors. Since July, IBIO stock is up nearly 83%. But that’s just pocket change from the 1,166% gain the stock has made in 2020.
That’s not a misprint. IBIO stock traded at 30 cents a share at the start of the year. As of the market close on August 7, iBio was trading for $3.80. And there are conflicting opinions about whether the high flier has room to go even higher.
The novel coronavirus remains a vexing threat to our public health and our economy. So it’s logical that investors are focused on the progress toward the goal of a vaccine. iBio is one of dozens of companies trying to develop a Covid-19 vaccine. But for iBio, the method they are using to develop a vaccine, and bring a successful candidate to scale is what has held investors’ attention. However, that same technology is what continues to make the stock a speculative play at best.
iBio’s FastPharming technology may truly revolutionize the industry, but for right now, it needs a proof of concept that is slow to develop.
It’s becoming apparent that there will be multiple successful vaccine candidates for the novel coronavirus. And iBio is working with scientists at Texas A&M University to develop two separate vaccine candidates.
The company’s most recent vaccine candidate, IBIO-201 fuses antigens from the virus’ spike protein with iBio’s patented lichenase booster molecule (LicKM). According to the company’s internal documents, adding the LicKM booster to a subunit antigen offers two benefits. First, it’s expected to improve the likelihood of achieving single-dose, prolonged immunity. And second, it should allow increased manufacturing capacity through increased potency.
However, the speed at which other companies are getting their vaccine candidates moving through the clinical trial phase is making iBio’s chances of being successful a long shot.
As I mentioned in my prior article on iBio, the company has a proprietary manufacturing platform, FastPharming, which may allow it to assist in bringing vaccine candidates from other companies to scale.
FastPharming is a plant-based process to develop antibodies, other therapeutic proteins and vaccines. By using plants as bioreactors, FastPharming can allow iBio to bypass the traditionally expensive, labor-intensive, cell-line development. This means, in theory, a vaccine could be scaled very quickly. The only requirement is to grow more plants.
That’s the good news. The troublesome news is that, as it relates to a Covid-19 vaccine, none of the leading competitors are signing up with iBio to use their process. Muslim Farooque wrote about how companies with vaccine candidates that are further into clinical trials, such as Moderna (NASDAQ:MRNA), are finding partners to scale up production. Farooque writes, “That makes it imperative for iBio to make some consequential moves now before it loses out on significant contracts.”
I believe some of this is simply due to the idea that the technology, while oozing with potential, is unproven. And when the stakes are as high as they are with Covid-19, nobody wants to be iBio’s proof of concept.
That’s not to discount iBio’s long-term potential. IBIO stock received a boost in late July when it announced a partnership with Brazil-based vaccine manufacturer Bio-Manguinhos/Fiocruz. For its part, Bio-Manguinhos/Fiocruz will invest more than $6 million to bring a new yellow fever vaccine through Phase I clinical trials based on iBio’s green plant production method.
The two companies will then work together to develop the product with IBio’s research and development collaborator, the Fraunhofer USA Center for Molecular Biotechnology (FCMB).
I understand the speculative bet on IBIO stock. It was a penny stock to start the year. And despite its phenomenal growth this year, it’s still a penny stock. If, and that’s a big if, the company can become a viable player in the development of a vaccine, the stock could go much higher.
But if the company is not included in the production of a vaccine, then this stock will remain just a story. Plant-based materials are becoming a part of our daily lives. And maybe that will be the case for iBio.
But that’s not a guarantee when it comes to something like vaccine development. Right now, the companies that are in Phase 3 trials are looking to go down other paths. And that means when it comes to IBIO stock, you would be advised to do the same.
Chris Markoch is a freelance financial copywriter who has been covering the market for over five years. He has been writing for Investor Place since 2019. As of this writing, Chris Markoch did not hold a position in any of the aforementioned securities.
Author: By Chris Markoch
Aug 11, 2020, 7:55 am EDT
August 10, 2020
Kodak insider’s stock donation raises new concerns around the company’s government loan
After news of a massive federal loan caused Eastman Kodak’s stock to skyrocket, a company insider donated millions of shares to a religious nonprofit for which he has served as president.
On July 29, the peak of Kodak’s recent 2,757% stock surge, a member of the company’s board of directors, George Karfunkel, and his wife donated 3 million shares of Kodak stock — valued at more than $100 million at the time — to a synagogue called Congregation Chemdas Yisroel Inc., according to a securities filing. The synagogue is registered as a charity in New York state.
The donation, which could potentially be claimed as a tax deduction, came in the midst of heavy trading of Kodak’s stock that was sparked by the news that the company would receive a $765 million loan from the US government to help make drug ingredients.
The timing of the announcement and the issuance of certain executives’ stock options have prompted federal scrutiny. House Democrats requested documents and information on the matter from Kodak, according to a letter sent last week.
The Securities and Exchange Commission is reportedly investigating the circumstances around Kodak’s announcement of the loan, according to the Wall Street Journal.
The Journal and Mother Jones first reported Karfunkel’s donation.
Kodak said in a securities filing Friday that an internal review conducted by an external law firm will examine activity connected to the potential loan. The company said a special committee of independent directors would oversee the internal review.
A spokesperson for Kodak told CNN that donation by the Karfunkels is “within the scope” of that review. The Karfunkels could not be reached for comment.
Kodak’s website describes George Karfunkel as an expert in financial planning and investment strategy who has served on the company’s board of directors since 2013.
The day of his and his wife’s donation, Kodak’s stock hit a low of $17.50 a share and a high of $60, meaning the donation could be worth more than $100 million.
On Friday, the agency behind the loan said that the deal would be put on hold. “Recent allegations of wrongdoing raise serious concerns,” the US International Development Finance Corporation tweeted. “We will not proceed any further unless these allegations are cleared.”
On Monday, Kodak’s stock was temporarily halted after plunging as much as 43% earlier in the day.
Laurie Styron, the executive director of the nonprofit CharityWatch, described the situation involving Karfunkel’s donation as concerning. His position on Kodak’s board may have given him “special knowledge that allowed him to predict likely fluctuations in Kodak’s stock price,” she said.
She also said many charities and religious organizations that offer tax deductions have controls in place to prevent the appearance of impropriety.
“With Karfunkel having one foot firmly planted in both Kodak and in the religious organization receiving the stock donation, it’s unclear if enough board independence existed for this donation to be properly vetted and approved at arm’s length prior to being accepted,” Styron said.
New York charity filings from 2019 describe Congregation Chemdas Yisroel as an Orthodox Jewish synagogue that uses funds exclusively for religious, charitable and educational purposes. The documents list George Karfunkel as the congregation’s president.
Representatives for Congregation Chemdas Yisroel could not be reached for comment.
Author: By CNN
How major US stock indexes fared Tuesday
A late slide in big technology companies left indexes broadly lower on Wall Street Tuesday, erasing an early gain and breaking a seven-day winning streak for the S&P 500
Author: ABC News