SugarBud Announces Q3 2018 Financial and Operating Results
CALGARY, Alberta, Nov. 29, 2018 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud”) is pleased to announce its Q3 2018 financial and operating results. SugarBud’s unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2018 and related management’s discussion and analysis are available on SEDAR at www.sedar.com and on SugarBud’s website at www.sugarbud.ca.
A summary of SugarBud’s Q3 2018 financial and operating results is as follows:
| Three months ended September 30 | ||||||||||
| 2018 | 2017 | % Change | ||||||||
| Oil and gas revenue | $ | 521,250 | $ | 600,368 | (13) | |||||
| Cash provided by operating activities | 116,569 | 146,901 | (21) | |||||||
| Per share - basic and diluted | 0.00 | 0.00 | - | |||||||
| Comprehensive income | 648,030 | 2,399 | 26,913 | |||||||
| Per share - basic and diluted | 0.00 | 0.00 | - | |||||||
| Capital expenditures, net | $ | 1,380,923 | $ | 123,752 | 1,016 | |||||
| Nine months ended September 30 | ||||||||||
| 2018 | 2017 | % Change | ||||||||
| Oil and gas revenue | $ | 1,712,295 | $ | 2,293,202 | (25) | |||||
| Cash used in operating activities | (527,279 | ) | (229,944 | ) | 129 | |||||
| Per share - basic and diluted | 0.00 | 0.00 | - | |||||||
| Comprehensive (loss) income | (3,480,001 | ) | 4,971 | (70,106) | ||||||
| Per share - basic and diluted | (0.02 | ) | 0.00 | - | ||||||
| Capital expenditures, net | $ | 1,829,165 | $ | 620,160 | 195 | |||||
| As at September 30 | ||||||||||
| Total assets | $ | 18,005,648 | $ | 11,125,120 | 62 | |||||
| Working capital (working capital deficiency) (1) | 2,354,868 | (2,938,735 | ) | 180 | ||||||
| Investment in Inner Spirit | $ | 2,668,678 | $ | - | 100 | |||||
| Shares outstanding - end of period | 220,522,706 | 88,950,484 | 148 | |||||||
(1) Non-IFRS measure
About SugarBud
SugarBud is a Calgary based emerging cannabis company engaged in the development, acquisition, production and distribution of cannabis in Alberta.
For further information regarding this news release, please contact:
| Craig Kolochuk President & Chief Executive Officer SugarBud Craft Growers Corp. Phone: (403) 875-5665 E-mail: craigk@sugarbud.ca |
Jeff Swainson Chief Financial Officer SugarBud Craft Growers Corp. Phone: (403) 796-3640 E-mail: jeffs@sugarbud.ca |
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com
Website: http://www.sugarbud.ca/
Address: Suite 620, 634 ‐ 6TH Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 403‐532‐4466
Fax: 587‐955‐9668
NON-IFRS MEASURES - This news release provides certain financial measures that do not have a standardized meaning prescribed by IFRS. These non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Working capital is not a recognized measure under IFRS. Management believes that in addition to net income (loss), working capital (working capital deficiency) is a useful supplemental measure that demonstrates the Company’s overall debt position and assesses the Company’s overall leverage position necessary to repay debt or fund future capital investment. Investors are cautioned, however, that this measure should not be construed as an alternative to net income (loss) determined in accordance with IFRS as an indication of SugarBud’s performance. SugarBud’s method of calculating this measure may differ from other companies and accordingly, may not be comparable to measures used by other companies. Working capital (working capital deficiency) is the total of cash plus accounts receivable and prepaids and deposits, less accounts payable and bank debt.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
