Press release
Sundial Reports Full Year and Fourth Quarter 2020 Financial and Operational Results
CALGARY, AB, March 17, 2021 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") reported its financial and operational results for
About this update from Sndl Inc.
[{"type":"text","content":"CALGARY, AB, March 17, 2021 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) (\"Sundial\" or the \"Company\") reported its financial and operational results for the full year and fourth quarter ended December 31, 2020. All financial information in this press release is reported in millions of Canadian dollars and represents results from continuing operations, unless otherwise indicated.\n\n \n \n \n \n \n \n\n \nFULL YEAR AND FOURTH QUARTER 2020 FINANCIAL AND OPERATIONAL HIGHLIGHTS\nCompleted financial restructuring and eliminated $227 million aggregate principal amount of debt during 2020. $60.4 million unrestricted cash on hand at December 31, 2020 and $719 million unrestricted cash on hand at March 15, 2021.Gross revenue increased by 10% to $73.3 million in 2020 compared to the prior year.Branded net cannabis sales increased to 75% of total cannabis sales in 2020 from 20% in the previous year as Sundial transitioned from wholesale to branded retail sales. Net cannabis revenue for the fourth quarter of 2020 was $13.9 million, an increase of 8% over the third quarter of 2020.General and administrative costs were reduced by 18% in 2020 as a result of cost reduction initiatives to $32.0 million compared to $38.9 in the previous year.Committed $58.9 million in the fourth quarter of 2020 and a further $31.5 million subsequent to year-end in strategic cannabis-related portfolio investments. Generated realized investment income and fees subsequent to year-end of $9.3 million.\"We entered our second year of commercial operations facing a number of internal and external challenges, including operational difficulties, excessive leverage, inadequate cost control, a lack of focus on our core value proposition, and rapidly evolving industry conditions,\" said Zach George, Chief Executive Officer of Sundial. \"In response, we redefined our strategy and made material changes to position Sundial for improved performance. We successfully restructured the entire organization by repaying all outstanding debt, improving our operating practices, targeting a sustainable cost structure and a simplified business model. Sundial also curtailed production and reduced the size of our workforce in response to market demand. We have raised significant capital, made a number of profitable investments, and continue to evaluate a robust pipeline of strategi...