Business
Aegis Brands Reports 2021 Fourth Quarter and Year End Financial Results
Aegis Brands Reports 2021 Fourth Quarter and Year End Financial Results Canada ...
About this update from Aegis Brands Inc
[{"type":"text","content":"\n \n \n \n Aegis Brands Reports 2021 Fourth Quarter and Year End Financial Results\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Aegis Brands sees wholesale growth and sales recovery in 2021 as COVID-19 restrictions lift.\n \n \n \n \n TORONTO\n \n ,\n \n March 28, 2022\n \n /CNW/ - Today, Aegis Brands Inc. (Aegis or the Company) has reported financial results for the fourth quarter and 2021 fiscal year, which ended\n \n December 26, 2021\n \n .\n \n \n \n \n Highlights:\n \n \n \n \n \n Aegis reported a net loss of\n \n $7,900,000\n \n compared to a net loss of\n \n $19,600,000\n \n in 2020\n \n \n EBITDA for the year was a loss of\n \n $3,931,000\n \n , compared to a loss of\n \n $2,805,000\n \n in the prior year\n \n \n 4\n \n th\n \n Quarter Net loss of\n \n $2,131,000\n \n or\n \n $0.09\n \n per share was net income of\n \n $179,000\n \n or\n \n $0.01\n \n per share when adjusted for impairment charges, other income, and discontinued operations\n \n \n Revenue for the company increased 15.4% over 2020\n \n \n Bridgehead Coffee's Same Store Sales (SSS) increased 17.7% in 2021\n \n \n \n $28,000,000\n \n Development Line of Credit secured from CWB Franchise Finance\n \n \n \n \n \n Aegis Brands Inc.\n \n \n \n \n In\n \n September 2021\n \n , Aegis completed a transaction with Kiaro Holdings Corp., a national cannabis retailer and wholesale distributor, to sell 100% of the common shares of the Company's subsidiary 2734524 Ontario Inc. (dba Hemisphere Cannabis Co.). This transaction allows Aegis to focus its ongoing operations on the food and beverage industry, including the management of the \"Bridgehead Coffee\" brand through its wholly-owned subsidiary Bridgehead (2000) Inc. (Bridgehead). Furthermore, in\n \n December 2021\n \n the Company secured a\n \n $28,000,000\n \n Development Line of Credit from CWB Franchise Finance (the Facility). The Facility will provide the capital needed to execute on the Company's strategy of consolidating great brands and great entrepreneurs in the f...