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Decisive Dividend Corporation Reports Financial Results for the Three and Nine Months Ended September 30, 2020
(TheNewswire) Kelowna, British Columbia - TheNewswire - Nov...
About this update from Decisive Dividend Corp.
[{"type":"text","content":"Decisive Dividend Corporation Reports Financial Results for the Three and Nine Months Ended September 30, 2020\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Kelowna, British Columbia -\n \n \n TheNewswire - November 2, 2020\n-\n \n \n Decisive Dividend Corporation (TSXV:DE) (the\n\"Company\" or \"Decisive\")\n \n \n reported its financial results for the three and nine months\nended September 30, 2020. All amounts are expressed in Canadian\ndollars. The Company's Q3 unaudited interim condensed consolidated\nfinancial statements as well as its management's discussion and\nanalysis (\"MD&A\") are posted on SEDAR and on Decisive's\nwebsite (\n \n \n \n www.decisivedividend.com\n \n \n \n ).\n \n \n \n \n \n \n Q3\n \n \n 2020\n \n \n Highlights:\n \n \n \n \n \n \n - Blaze King and Slimline, realized significant\nincreases in sales in the quarter relative to Q3 2019, as demand for\ntheir products has remained robust amid the COVID-19 economic\nbackdrop.\n \n \n \n \n - Unicast and Northside both showed their resilience in\nthe quarter and sales remained relatively consistent compared to Q3\n2019.\n \n \n \n \n - The\n \n \n Canada Emergency Wage\nSubsidy (\"CEWS\") program was utilized to offset\n \n \n sales decreases in the quarter relative to Q3 2019, by\nreducing cash outlays on wage related expenses. Hawk in particular was\nable to retain necessary employees by accessing the CEWS program.\n \n \n \n \n - Consolidated gross profit increased by 7% relative to\nQ3 2019 to $5.1 million and gross profit percentages increased to 43%\nfrom 39% in 2019.\n \n \n \n \n - Consolidated\n \n \n adjusted EBITDA*\n \n \n increased to\n \n \n $2.5 million,\nup\n \n \n 29% relative to Q3 2019\n \n \n .\n \n \n \n \n - Consolidated net profit increased by $0.1 million, or\n$0.01 per share, from $0.2 million ($0.02 per share) in\n \n \n Q3 2019, to $0.3 million, or $0.03 per share in Q3\n2020.\n \n \n \n \n - D\n \n \n ecisive was in compliance with\nthe covenants originally contemplated in its credit agreement in Q3\n2020.\n \n \n D\n \n \n espite obtaining\ncovenant relief from its lenders to ensure financial flexibility for\nthe remainder of 2020, such covenant relief was not required in either\nQ2 or Q3\n \n \n .\n \n \n \n \n \n \n 2020\n \n \n Year-to-Date Highlights:\n \n \n \n \n \n \n - Sales increase...