Q2-2021 Highlights
- M&A Activity - Blue Star Completed the acquisition of Taste of BC Aquafarms. The Company is a land-based Recirculating Aquaculture Systems (RAS) salmon farming operation, based in
Nanaimo, British Columbia , Canada. - New Orders.
Blue Star signed a significant vendor agreement to supply two of its most popular trademarked brands “Blue Star” and “Pacifika”, to a leading national foodservice warehouse supplier. - Completion of Private Placement -
Blue Star raised$3 million dollars through a self-directed private placement. - Application to the NASDAQ - The Company filed an initial application to list common shares on the
NASDAQ Stock Market .
Management Commentary
“The second quarter has been a very exciting time for us, in closing our second acquisition of Taste of BC and successfully completing a
Q2-2021 Financial Highlights
- Sales Continue To Be Impacted by Industry Wide Supply Chain challenges. Revenue for the three months ended
June 30, 2021 , was$2.129 Million as compared to$2.485 Million for the three months endedMarch 31, 2021 . Industry wide issues such as port congestion and a shortage in reefer containers causes for the company not be able to fill all the orders it received in Q2-2021. - Small Increase In Operating Expenses. Operating Expenses for the three months ended
June 30, 2021 , increased 12% to$843,319 as compared to$746,866 for the three months endedMarch 31, 2021 . This increase was primarily attributable to one-time (mostly non-cash) legal fees for the private placement, the acquisition of Taste of BC Aquafarms and the NASDAQ application process.
Profitability. The Adjusted Cash Net Income(1) for the three months ended
About
(1) The Adjusted Cash Net Income is a Non-GAAP Financial Measure and is the Company’s Net Income adjusted for the minor issuance of stock dividends and certain professional fees. We report Adjusted Cash Net Income to measure our overall results because we believe it better reflects our net results by excluding the impact of non-cash equity-based compensation and other one-time expenses, and believe it enhances our investors’ overall understanding of the financial performance of our business. The Cash Adjusted Net Income of $31,573 for Q2-2021 includes an addback of Interest Expense (and accrued) of $139,998, Depreciation/Amortization of $55,911 and Stock Based Professional Fees of $272,791.
Safe Harbor
This press release contains statements, which may constitute “forward-looking statements”. Those statements include statements regarding the intent, belief, or current expectations of the Company and members of its management team, as well as the assumptions on which such statements are based. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that may cause actual results to differ from those anticipated are discussed throughout the Company’s reports filed with
Contacts
Email: brett@haydenir.com
Office: (646) 536-7331
Source:
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