Business
Village Farms International Reports First Quarter 2020 Financial Results - Pure Sunfarms Achieves Fifth Consecutive Profitable Quarter on 179% Sequential Growth in Retail Branded Sales Volume
– Pure Sunfarms Remains Top Dried Cannabis Brand with the Ontario Cannabis Store with >20% Market Share in April, and Continues to Lead in Low-Cost Greenhouse
About this update from Village Farms International, Inc.
[{"type":"text","content":"– Pure Sunfarms Remains Top Dried Cannabis Brand with the Ontario Cannabis Store with >20% Market Share in April, and Continues to Lead in Low-Cost Greenhouse Cultivation –\n VANCOUVER, May 14, 2020 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (TSX: VFF) (NASDAQ: VFF) today announced its financial results for the first quarter ended March 31, 2020. All figures are in US dollars unless otherwise indicated. On March 31, 2020, Village Farms had a majority (non-controlling) interest of 57.4% of Pure Sunfarms Corp. (\"Pure Sunfarms\"), which increased to 58.7% on April 2, 2020.\nThe Company's financial statements for the three months ended March 31, 2020, as well as the comparative period for 2019, have been prepared and presented under United States Generally Accepted Accounting Principals (\"GAAP\"). Prior to the year ended December 31, 2019, the Company's 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.\nVillage Farms' Financial Summary and Corporate Highlights for the First Quarter Ended March 31, 2020\n($US millions except per share metric)\nThree Months Ended March 31,\n2020\n2019\nChange\nProduce Sales\n$32.1\n$31.9\n+1%\nNet Income1\n$4.23\n$6.52\n-35%\nIncome Per Share1\n$0.083\n$0.142\n-43%\nAdjusted EBITDA4\n$1.1\n$1.3\n-15%\n1.\nNet income includes the net income contribution from Pure Sunfarms of US$3.5 million and US$2.6 million (Village Farms' proportionate share) for the three-month periods ended March 31, 2020 and 2019, respectively.\n2.\nNet income for the three months ended March 31, 2019 includes a one-time gain on the sale of Delta 2 greenhouse facility of $13.6 million.\n3.\nNet income for the three months ended March 31, 2020 includes a $4.7 million gain on receipt of Pure Sunfarms shares from Emerald Health Therapeutics as per the Settlement Agreement.\n4.\nAdjusted EBITDA includes the positive EBITDA contribution from Pure Sunfarms of US$2.8 million and $3.2 million (Village Farms' proportionate share) for the three months ended March 31, 20...