The Company Expects Strongest Quarter to Date with Revenue of $5.2M
VANCOUVER, Sept. 12, 2019 /PRNewswire/ – 1933 Industries Inc. (the “Company” or “1933 Industries”) (CSE: TGIF) (OTCQX: TGIFF), a vertically integrated cannabis consumer packaged goods company, is pleased to provide guidance for its fiscal Fourth Quarter ended July 31, 2019 (“Q4”).
Q4 Financial Highlights
Selected Financial Information. All amounts expressed are in Canadian dollars.
The Company’s Q4 and audited Annual Report will be released by its due date of November 28, 2019.
Based on preliminary results, the Company expects revenue of $5.2M for its Q4, representing a steady increase of 13% over its Q3 results ($4.6M) and a 33% increase over the same quarter in fiscal 2018 ($3.9M). The Company anticipates gross margin to continue to improve during the second half of fiscal 2020, as its infrastructure projects become fully operational and supplying the necessary raw materials for its branded goods products. Revenues are expected to increase during fiscal 2020, as the Company continues to expand distribution of its large portfolio of brands across the United States and additional licensing partners generate new revenue.
The Company expects to report a cash balance of $18.6M, an increase of $3.9M from the previous quarter end. The Company anticipates revenues for fiscal 2019 to total $18M, marking an increase of 42.9% over its fiscal 2018 results ($12.6M).
Mr. Chris Rebentisch remarked, “Our guidance report for the fourth quarter outlines steady growth across our subsidiaries. We expect $18 million in total revenues for our fiscal year, our largest reported revenue to date. We have taken several measures to prepare and position the Company for continued revenue growth throughout 2020. We have a robust cash position, which will be utilized to complete our large infrastructure projects, ramp up cultivation and manufacturing production