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CE Brands Reports Third Quarter 2024 Financial Results
CE Brands Reports Third Quarter 2024 Financial Results Canada NewsWire CALG...
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[{"type":"text","content":"\n \n \n \n CE Brands Reports Third Quarter 2024 Financial Results\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.prntal{\nTEXT-ALIGN: LEFT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Feb. 14, 2024\n \n \n /CNW/ - CE Brands Inc. (TSXV: CEBI) (\"\n \n CE Brands\n \n \", \"\n \n we\n \n \", \"\n \n our\n \n \", or the \"\n \n Company\n \n \"), a data-driven consumer-electronics company, today announced its financial results for the three and nine months ended\n \n December 31, 2023\n \n (\"\n \n Q3 2024\n \n \"). The related financial statements and accompanying notes, and Management's Discussion and Analysis for Q3 2024 (\"\n \n MD&A\n \n \") are available on SEDAR+ at\n \n \n www.sedarplus.ca\n \n \n and on the CE Brands' website at\n \n \n www.cebrands.ca\n \n \n .\n \n \n All dollar amounts in this press release are expressed in the Canadian dollars.\n \n \n \n Q3\n \n \n 2024 Highlights\n \n \n \n \n Revenue decreased by\n \n $1.33 million\n \n , reflecting an 87% drop in the three month period ended\n \n December 31, 2023\n \n as compared to the corresponding period in the prior year. Total revenue decreased by\n \n $4.80 million\n \n , or 77%, in the nine month period ended\n \n December 31, 2023\n \n as compared to the same period in the prior year. The decreases can be attributed to the termination of the trademark license agreement between Eastman Kodak Company and the Company, which ended the sales of Kodak products, lower Business to Consumer (\"B2C\") sales of Motorola watches on e-commerce platforms in the first fiscal quarter of 2024 (\n \n April 2023\n \n to\n \n June 2023\n \n ) and no B2C sales thereafter.\n \n \n \n \n Gross profit was\n \n $0.03 million\n \n in the three months ended\n \n December 31, 2023\n \n , a\n \n $2.83 million\n \n improvement to the same period in the prior year. The improvement is due to sales of the Moto 70 and Moto 40 watches during the three month period ended\n \n December 31, 2023\n \n , both bearing higher gross profit ratios than compared to Kodak products, which held a co...