Business
MAV Beauty Brands Announces Preliminary Q4 2020 Results and Provides Operational Update
MAV Beauty Brands Announces Preliminary Q4 2020 Results and Provides Operational Update ...
About this update from Maverick Gold And Silver Corporation
[{"type":"text","content":"\n \n \n \n MAV Beauty Brands Announces Preliminary Q4 2020 Results and Provides Operational Update\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 \n Board Initiates Review Process to Evaluate Potential Strategic Alternatives\n \n \n \n \n VAUGHAN, ON,\n \n Feb. 18, 2021\n \n /CNW/ - MAV Beauty Brands Inc. (\"MAV Beauty Brands\" or the \"Company\") (TSX: MAV), a global personal care platform, today provided an operational update, including its preliminary financial highlights for the three months ended\n \n December 31, 2020\n \n , and announced that its board of directors (the \"Board\") has initiated a strategic review process (the \"Strategic Review Process\") to identify, review and evaluate potential strategic alternatives that may be available to the Company.\n \n \n \n Operational Update\n \n \n \n \"While the Company's operations were largely resilient throughout 2020, several COVID-related factors negatively impacted fourth quarter results, including a category-wide decrease in haircare sales we believe to be the result of reduced foot traffic as well as other factors, and temporary disruptions in our third-party warehousing and manufacturing operations,\" stated\n \n Tim Bunch\n \n , Chief Executive Officer of MAV Beauty Brands.  \"We believe the majority of these disruptions to be non-recurring as sales in the first quarter are currently trending in line with last year after excluding the strong benefit of consumer pantry loading at the onset of the pandemic in March 2020.  COVID-19 still presents risks in 2021 so we continue to monitor and adjust to the market, including taking active steps to minimize operational disruptions and increase inventory of core products to ensure supply sufficiency.\"\n \n \n Based on preliminary results for the fourth quarter of 2020, the Company currently expects (see \"Presentation of Financial Information\" below):\n \n \n \n Net Revenue of\n \n $22.5 million\n \n to\n \n $24.5 million\n \n ; and\n \n \n Adjusted EBITDA (non-IFRS meas...