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Village Farms International Reports Year End 2019 Financial Results
Canadian Cannabis JV, Pure Sunfarms, Generates Positive Net Income of C$36.5 Million and EBITDA of C$54.1 Million
Vancouver, BC, March 30, 2020 Village Farms International, Inc. (Village Farms or the Company) (TSX: VFF) (NASDAQ: VFF) today announced its financial results for the fourth quarter and year ended December 31, 2019. All figures are in US dollars unless otherwise indicated. Village Farms currently has a majority (non-controlling) interest of 57.4% of its cannabis joint venture, Pure Sunfarms Corp. (Pure Sunfarms), however, at December 31, 2019 had a majority (non-controlling) interest of 53.5%.
The Companys financial statements for the three months and twelve months ended December 31, 2019, as well as the comparative periods for 2018, have been prepared and presented under United States General Accepted Accounting Principals (GAAP). Prior thereto, the Companys financial statements were prepared and presented under International Financial Reporting Standards (IFRS). Under GAAP, the Company reports Biological Asset at historical cost rather than at fair value, which is required under IFRS. Accordingly, net income and earnings per share for prior periods prepared and presented under IFRS are not comparable to those contained herein.
Village Farms Financial Results for the Year Ended December 31, 2019
(All comparable figures are for the year ended December 31, 2018)
Produce sales were US$144.6 million compared with US$150.0 million;
Net income of US$2.3 million, which included the positive net income from Pure Sunfarms of US$16.3 million (C$21.7 million) (Village Farms proportionate share). This compares with a net loss of (US$7.5 million);
Earnings per share was US$0.05 compared with a loss per share of (US$0.17);
Adjusted EBITDA was US$0.9 million, including the positive contribution from Pure Sunfarms of US$20.6 million (C$27.3 million) (Village Farms proportionate share). This compares with adjusted EBITDA of US$2.6 million;
Pure Sunfarms (Cannabis Joint Venture) Financial Results for the Year Ended December 31, 2019
(All comparable figures are for the year ended December 31, 2018.)
Net sales (before Village Farms proportionate share), which consisted entirely of dried cannabis, were C$82.8 million (US$62.3 million) compared with C$4.9 million (US$3.7 million);
All-in cost of cultivation (including depreciation) was C$0.78 (US$0.59) per gram;
Gross margin was 76% compared with 69%;
Selling, general and administrative expenses (before Village Farms proportionate share) were C$10.4 million (US$7.9 million) compared with C$3.4 million (US$2.5 million);
Net income (before Village Farms proportionate share) of C$36.5 million (US$27.4 million); and,
EBITDA (before Village Farms proportionate share) was C$54.1 million (US$40.7 million), resulting in an EBITDA margin of 65%, compared with C$0.3 million (US$0.2 million).
The following information was filed by Village Farms International, Inc. (VFF) on Wednesday, April 1, 2020 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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