Kushco Holdings, Inc. (KSHB) 10-K Annual Report November 2019

KushCo Holdings, Inc. (OTCQX: KSHB) ("KushCo" or the "Company"), the premier producer of ancillary products and services to the legal cannabis and CBD industries, today reported financial results for its fiscal fourth quarter and full year ended August 31, 2019.

Fiscal Fourth Quarter and Full Year 2019 Financial Summary

Fourth Quarter

Net revenue increased 135% year-over-year to $47.0 million.

On a GAAP basis, gross profit was 20.1%, compared to 18.1% in the prior year period.

On a Non-GAAP basis, excluding the impact of certain non-recurring items, gross profit was approximately 22.1%.

On a GAAP basis, net loss was approximately $11.5 million, compared to approximately $3.2 million in the prior year period. Basic and diluted loss per share was $0.13 compared to $0.04 in the prior year period.

On a Non-GAAP basis, excluding the impact of certain non-recurring charges and gains, net loss for the quarter was $7.2 million and basic and diluted net loss per share was $0.08.

Full Year

Net revenue increased 186% year-over-year to a record $149.0 million, enabling the Company to achieve its previously issued guidance of between $145.0 million and $150.0 million.

On a GAAP basis, gross profit was 16.5%, compared to 25.6% in the prior year.

On a Non-GAAP basis, excluding the impact of certain non-recurring items, gross profit was approximately 21.3%.

On a GAAP basis, net loss was approximately $39.6 million, compared to a net loss of approximately $24.3 million in the prior year. Basic and diluted loss per share was $0.47 and $0.57, respectively, compared to $0.37 in the prior year.

On a Non-GAAP basis, excluding the impact of certain non-recurring charges and gains, net loss for the year was $29.8 million and basic and diluted loss per share was $0.35.

Cash was approximately $3.9 million as of August 31, 2019, compared to approximately $13.5 million as of August 31, 2018. The Company secured a revolving credit facility with Monroe Capital for up to $50.0 million on August 21, 2019, and completed a $30.1 million equity offering on September 26, 2019, with total net proceeds of $27.6 million.

Recent Operational Highlights

Significantly expanded CBD footprint with launch of new hemp trading business

Named Sentia Wellness as first CBD brand partner under new Retail Services division

Completed $30.1 million registered direct offering, providing additional capital to execute on the Company’s growth strategy and help achieve positive adjusted EBITDA

Entered exclusive distribution agreement with global anti-counterfeiting and authentication solutions provider De La Rue to authenticate products throughout the supply chain

The following information was filed by Kushco Holdings, Inc. (KSHB) on Thursday, November 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Kushco Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.11: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.22: Material Contract

Exhibit 10.23: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: KSHB
CIK: 1604627
Form Type: 10-K Annual Report
Accession Number: 0001104659-19-062648
Submitted to the SEC: Tue Nov 12 2019 4:28:29 PM EST
Accepted by the SEC: Tue Nov 12 2019
Period: Saturday, August 31, 2019
Industry: Miscellaneous Plastics Products

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Kushco Holdings, Inc. (KSHB) SEC Filing 10-K Annual report for the fiscal year ending Saturday, August 31, 2019

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