This morning, Canadian licensed producer, Aphria Inc. (TSX:APH)(OTC:APHQF)announced the company's financial results for the fourth quarter and fiscal year ended May 31, 2017. Here's some highlights from the company's earnings release:
Revenues in FY'17 were $20.4 million CAD, up 142% from the previous fiscal year. This growth in sales was attributable to continued patient growth, growth in sales to existing patients and the introduction of oils. Growth was partially offset by lower average per gram pricing to veterans and "patient churn".
Revenues in the fourth quarter of 2017 were $5.7 million CAD, up 105% from the fourth quarter of last year. This growth was attributable to the same reasons behind Aphria's full year revenue growth.
Cash cost to produce dried cannabis/gram (using Aphria's definition) was $1.11 CAD in Q4'17, versus $1.73 CAD in the fourth quarter of last year.
Cash cost to produce dried cannabis/gram (using competitors' definition) was $0.79 CAD in Q4'17, versus $1.42 CAD in the fourth quarter of last year.
Gross profit in FY'17 was $17.3 million CAD, compared to $5.9 Million CAD in the previous fiscal year.
Gross profit in the fourth quarter of 2017 was $5.8 million CAD, up 176% from the fourth quarter of last year.
This was the company's seventh consecutive quarter of positive EBITDA.
EBITDA was $2.8 million CAD in the fourth quarter, up 181% from the third quarter of 2017.
In the fiscal year, EBITDA was $6.1 million CAD, up 962% from the previous fiscal year.
Net income for the fiscal year was $4.2 million CAD, compared to $0.4 million CAD in the previous fiscal year.
Aphria posted a net loss in the fourth quarter of $2.5 million CAD. This loss was attributable to non-operating losses related to the company's investments.
Cash, cash equivalents and marketable securities amounted to $84.3 million CAD at the end of the fourth quarter.
Basic weighted average common shares outstanding were 104,341,319 as of May 31st, 2017 compared to 58,442,827 at the end of the previous fiscal year.
Diluted weighted average common shares outstanding were 111,427,893 as of May 31st, 2017 compared to 58,442,827 at the end of the previous fiscal year.
Aphria received Health Canada approval for their Part II expansion with the first harvest expected to occur in mid-July
The company exercised their conversion rights on the unsecured convertible debentures of SecureCom Mobile Inc. in exchange for 4,000,000 shares and exercised our warrant, purchasing an additional 4,000,000 shares @ $0.08 per share. This brought their total investment in SecureCom to 8,000,000 shares at a cost of $520,000. As at May 31, 2017, the fair value of the SecureCom shares was $1,664,000
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