Halo Labs Announces Q3 Earnings Call Today on November 16th
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All figures in USD unless stated otherwise
TORONTO, Nov. 16, 2020 /CNW/ - Halo Labs Inc. ("Halo" or the "Company") today announces that it will host a conference call today on Monday, November 16th 2020 to discuss its financial results for the three months ended September 30th, 2020 ("Q3 2020") and provide an operational update for each business unit.
Revenues in the three months ended September 30, 2020 exceeded $6.8 million, a 30.3% increase, when compared to the three months ended June 30, 2020. Revenues continue to increase quarter over quarter as a result of a strong recovery at Coastal Harvest, Inc. in Cathedral City, California and a near doubling of revenues at Mendo Distribution & Transportation. Since the fourth quarter of 2019, revenues have increased every calendar quarter.1
Earnings before interest, tax and depreciation ("EBITDA") was approximately $0.9 million (three months ended September 30, 2019: negative $5.0 million) and was positive for the first time in the Company's history.2 In the three months ended September 30, 2020, cash generated from operations was $0.2 million. Total cash inflow was $0.8 million.
Earnings Call
Halo will host a conference call on Monday, November 16th, 2020 to discuss Q3 2020 financial and operational results. Investors can register for the discussion and Q&A with Kiran Sidhu, the Chief Executive Officer, and Philip Van Den Berg, the Chief Financial Officer, at 4:15 p.m. EST / 1:15 p.m. PDT below:
Conference ID: 9456385
Leader Toll-Free Dial-In Number: (877) 227-1074
Leader International Dial-In Number: +1 2363892109
Leaderview:
http://www.leaderview.com
Conference ID: 9456385
Web PIN: 0984
Germany, Berlin 30224030809 (local)
Germany 08000010030 (toll-free)
United Kingdom, London 02036923759 (local)
United Kingdom 08003765769 (toll-free)
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2 Please refer to "Non-IFRS Financial Measures" |
About Halo Labs Inc.
Halo is a leading, vertically-integrated cannabis company that cultivates, extracts, manufactures and distributes quality cannabis flower, oils, and concentrates, and has sold approximately six million grams of oils and concentrates since inception. Halo continues to scale efficiently, partnering with trustworthy leaders in the industry, who value their operational expertise in bringing top-tier products to market. Current growth includes expansion in key markets in the United States, United Kingdom and Africa, with planned geographic expansion into Canadian markets. With a consumer-centric focus, Halo markets value-driven, branded, and private-label products across multiple product categories. The Company also has acquired a range software development assets, such as the technology platforms CannPOS, Cannalift, and more recently signed a deal to acquire CannaFeels. Halo also owns the inhalation technology, Accudab.
Halo is led by a strong, diverse and innovative management team, with deep industry knowledge and blue-chip experience. The Company is currently operating in the United States in California, Oregon, and Nevada. Internationally, the Company is currently cultivating cannabis at Bophelo Bioscience & Wellness (Pty) Ltd, in Lesotho under a 200-hectare license and has acquired CBPM importation and distribution licensing in the United Kingdom via cannabis supplier, Canmart.
For further information regarding Halo, see Halo's disclosure documents on SEDAR at www.sedar.com.
Non-IFRS Financial Measures
EBITDA is a non-IFRS financial measure that the Company uses to assess its operating performance and does not have any standardized meaning prescribed by IFRS. EBITDA is defined as net earnings (loss) before net finance costs, income tax expense (benefit) and depreciation and amortization expense. EBITDA is provided to assist management and investors in determining the Company's operating performance. The Company also believes that securities analysts, investors and other interested parties frequently use this non-IFRS measure in the evaluation of companies, many of which present similar metrics when reporting their results. As other companies may calculate this non-IFRS measure differently than the Company, this metric may not be comparable to similarly titled measures reported by other companies. For a reconciliation of EBITDA please refer to "Non-IFRS Measures" in the Company's management discussion and analysis for the three and nine months ended September 30, 2020
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halo's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halo's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions. Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: unexpected costs or delays in the completion of the Company's proposed dispensaries and other operation; negative results experienced by the Company as a result of general economic conditions or the ongoing COVID-19 pandemic; delays in the ability of the Company to obtain certain regulatory approvals; unforeseen delays or costs in the completion of the Company's construction projects; adverse changes to demand for cannabis products; ongoing projects by competitors that may impact the relative size of the Company's growing operation; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; increasing costs of compliance with extensive government regulation; changes in general economic, business and political conditions, including changes in the financial markets; risks related to licensing, including the ability to obtain the requisite licenses or renew existing licenses for the Company's proposed operations; dependence upon third-party service providers, skilled-labor and other key inputs; and the other risks disclosed in the Company's annual information form dated April 16, 2020 and available on the Company's profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.
SOURCE Halo Labs Inc.
Halo Labs, Investor Relations, [email protected]
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