Authorization

Acreage Holdings Reports Second Quarter 2020 Results

NEW YORK, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (a??Acreagea??) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) today reported financial results for the second quarter of 2020.
SECOND QUARTER FINANCIAL HIGHLIGHTS (UNAUDITED)

Second quarter reported revenue was $27.1 million, a 53% increase compared to the same period in 2019, and a 12% increase compared to the first quarter of 2020.





Pro forma revenue* was $43.8 million, a 70% increase compared to the same period in 2019, and a 16% increase compared to the first quarter of 2020.





Pro forma same store sales growth was 46%, the sixth consecutive quarter of double-digit growth. Same store sales growth was driven by strong check and transaction growth.





Gross margin was 41.4%, a 150 basis point decrease versus the same period in 2019, and a 30 basis point increase compared to the first quarter of 2020.A  Gross margin was negatively impacted by a $0.6 million inventory write down associated with the closure of Form Factory.A  Excluding this charge, which will not repeat in future periods, gross margin would have been 43.7%, an 80 basis point increase year over year.





Net loss attributable to Acreage was $37.2 million, while adjusted net loss* attributable to Acreage was $11.1 million.





Pro forma adjusted EBITDA* was a loss of $1.4 million.

*Pro forma revenue, adjusted net income and pro forma adjusted EBITDA are non-GAAP measures. Please see discussion and reconciliation of non-GAAP measures below.a??I am very pleased with our second quarter financial results.A  Our refocused strategy is working as seen in our improved margins and EBITDA.A  Elements that helped drive the improved results included divesting and closing underperforming assets, effective cost controls, and more.A  While there is still much work to do, I am encouraged Acreage has turned the corner toward an accelerated path to profitability,a?? said Bill Van Faasen, Interim Chief Executive Officer of Acreage.EARNINGS CALL DETAILS
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Сентябрь 2020    »
ПнВтСрЧтПтСбВс
 123456
78910111213
14151617181920
21222324252627
282930