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CE Brands Reports 2024 Annual Financial Results
(TheNewswire) Calgary, Alberta, Canada – TheNewswire - July 29 th ...
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[{"type":"text","content":"CE Brands Reports 2024 Annual Financial Results\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Calgary, Alberta, Canada\n–\n \n\n TheNewswire -\n \n\n July\n29\n \n\n th\n \n\n ,\n \n\n 2024\n \n\n - CE\nBrands Inc. (TSXV: CEBI) (“\n \n\n CE Brands\n \n\n ”, “\n \n\n we\n \n\n ”,\n“\n \n\n our\n \n\n ”, or the “\n \n\n Company\n \n\n ”), a data-driven\nconsumer-electronics company, today announced its financial results\nfor the year ended March 31, 2024. The related financial statements\nand accompanying notes,\n \n\n and Management’s\nDiscussion and Analysis for FY 2023-24\n \n\n (“\n \n\n MD&A\n \n\n ”)\n \n\n are\navailable\n \n\n on SEDAR+ at\n \n\n www.sedarplus.ca\n \n\n and on the CE\nBrands’ website at\n \n\n www.cebrands.ca\n \n\n .\n \n\n\n\n All dollar amounts in this press release are expressed\nin the Canadian dollars.\n \n\n\n\n Fiscal 2024 Highlights\n \n\n\n\n\n\n Revenue decreased by $0.84 million, reflecting a 62%\ndrop in the three month period ended March 31, 2024 as compared to the\ncorresponding period of the prior year. Revenue for the year ended\nMarch 31, 2024, was $1.93 million as compared to $7.56 million for the\nyear ended March 31 2023. The decreases can be attributed to the\ntermination of the trademark licence agreement between Eastman Kodak\nCompany and the Company, which ended the sales of Kodak products,\nlower Business to Consumer (“B2C”) sales of Motorola watches on\ne-commerce platforms in the first fiscal quarter of 2024 (April 2023\nto June 2023) and there being no B2C sales until late fiscal 2024,\nwhile the Company negotiated a new contract with Motorola.\n \n\n\n\n\n\n\n\n Gross profit was $0.13 million in the three months\nended March 31, 2024, a $2.58 million improvement to the same period\nin the prior year. For the year ended March 31, 2024, gross profit was\n$0.70 million as compared to gross loss of $4.18 million in the prior\nyear. The improvement was due to sales of the Moto 70 and Moto 40\nwatches during the three twelve month periods ended March 31, 2024,\nboth bearing higher gross profit ratios than compared to Kodak\nproducts, which held a considerable portion of sales during the\ncorresponding periods ended March 31, 2023. Th...