Business
Village Farms International Reports Second Quarter 2020 Financial Results - Pure Sunfarms Achieves Sixth Consecutive Profitable Quarter on 89% Sequential Increase in Retail Branded Sales Volume - Produce Business Generates Positive Adjusted EBITDA
– Pure Sunfarms Remains Top Dried Cannabis Brand with the Ontario Cannabis Store and Continues to Lead in Low-Cost Greenhouse Production as it Prepares for
About this update from Village Farms International, Inc.
[{"type":"text","content":"– Pure Sunfarms Remains Top Dried Cannabis Brand with the Ontario Cannabis Store and Continues to Lead in Low-Cost Greenhouse Production as it Prepares for Imminent Launch of Cannabis 2.0 Products –\n VANCOUVER, BC, Aug. 12, 2020 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (NASDAQ: VFF) (TSX: VFF) today announced its financial results for the second quarter ended June 30, 2020. All figures are in US dollars unless otherwise indicated. On June 30, 2020, Village Farms had a majority (non-controlling) interest of 58.7% of Pure Sunfarms Corp. (\"Pure Sunfarms\").\nThe Company's financial statements for the three and six months ended June 30, 2020, as well as the comparative period for 2019, have been prepared and presented under United States Generally Accepted Accounting Principals (\"GAAP\"). \nVillage Farms' Financial Summary and Corporate Highlights for the Three and Six months Ended June 30, 2020\n($US millions except per share metric)\nThree Months Ended June 30,\nSix Months Ended June 30,\n2020\n2019\nChange\n2020\n2019\nChange\nProduce Sales\n$47.6\n$41.3\n+15%\n$79.7\n$73.2\n+9%\nNet Income1\n($0.1)\n$3.72\n-103%\n$4.1\n$10.2\n-60%\nIncome Per Share1\n($0.00)\n$0.082\n-100%\n$0.07\n$0.21\n-67%\nAdjusted EBITDA4\n$2.3\n$4.6\n-50%\n$3.4\n$6.0\n-43%\n1.\nNet income includes the net income contribution from Pure Sunfarms of US$0.5 million and US$8.1 million (Village Farms' proportionate share) for the three-month periods ended June 30, 2020 and 2019, respectively and US$4.0 million and US$10.7 million (Village Farms' proportionate share) for the six-month periods ended June 30, 2020 and 2019, respectively. \n2.\nNet income for the six months ended June 30, 2019 includes a one-time gain on the sale of Delta 2 greenhouse facility of $13.6 million. \n3.\nNet income for the six months ended June 30, 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$1.1 million and US$9.4 million (Village Farms' proportionate share) for the three-month periods ended June 30, 2020 and 2019, respectively and US$3.9 million and US$12.7 million (Village Farms' proportionate share) for the six-month periods ended June 30, 2020 and 2019, res...