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Classified in: Transportation, Business, Covid-19 virus
Subject: ERN

The Limestone Boat Company Announces Third Quarter 2021 Results


Limestone continues to execute on its sustainable, long-term growth plan to meet the unprecedented market demand for boats

COLLINGWOOD, ON, Nov. 29, 2021 /CNW/ - The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV: BOAT) ? owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats ? today reports its financial results for the three and nine months ended September 30, 2021 ("Q3" FY 2021). All dollar amounts are in Canadian dollars unless otherwise noted.

The Company's complete Financial Statements and Management Discussion and Analysis for the three and nine months ended September 30, 2021 are available at www.sedar.com or on the Company's website at www.limestoneboatcompany.com .

"Limestone remains well positioned in a marketplace that is still demanding as many boats as we can supply, despite ongoing global supply chain constraints," stated Limestone CEO, Scott Hanson. "Our recently announced private placement will provide us with the necessary capital required to further execute on our sustainable, long-term growth plan and allow us to deliver that product to a growing number of customers and dealers."

"Management's vertical integration strategy and subsequent acquisition of Ebbtide Holdings has certainly proven prescient. Control over our own production and manufacturing has enabled us to remain resilient and agile, providing a critical competitive advantage in the face of a tightening supply chain. Furthermore, strategic investments in our facilities, labor force, and R&D have provided a solid operational foundation, translating to an increased number of weekly units started. Work in progress continues to escalate, and we are recognizing improved efficiencies through the identification and removal of process bottlenecks, monetizing WIP backlogs in assembly, and managing any aforementioned supply chain disruptions."

Mr. Hanson concluded, "We are proud of how we have executed on our strategic initiatives and are confident that we will start to see the benefits in unit production, revenues and EBITDA in Q1 2022 given the steps taken since the acquisition with respect to human capital, leadership, finance, procurement, process and quality assurance."

Q3 2021 Fiscal Year Financial Highlights:

Summary of Financial Information and Overall Performance:

Review of Statements of Comprehensive Income:

Review of Statements of Comprehensive Income (CNW Group/The Limestone Boat Company)

The Company's complete Financial Statements and Management Discussion and Analysis for the quarter ended September 30, 2021 are available at www.sedar.com or on the Company's website at www.limestoneboatcompany.com .

Peter Pigott, CFO of Limestone commented, "Limestone's third quarter results reflect a continued emphasis on building confidence with supply chain partners and establishing a foundation for scaled growth in both our production capabilities and a focus on building inventory.  These investments will yield efficiencies in margins as we scale production in 2022 and beyond."

Q3 2021- Business Highlights:

Subsequent Events to Q3 2021:

ABOUT LIMESTONE BOAT COMPANY LIMITED

The Limestone Boat Company ? owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - is publicly traded on the Toronto Venture Exchange under the ticker symbol BOAT. They are headquartered in Collingwood, Ontario with a 145,000 sq. ft. manufacturing facility in White Bluff, Tennessee. The company is backed by a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region. 

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "anticipate", "believe", "could" "should", "would", "estimate", "expect", "forecast", "indicate", "intend", "likely, "may", "plan", "potential", "project", "outlook", "seek", "target", "trend" or "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company is  subject to a number of risks relating to integration and go-forward operations, certain of which are more particularly described in the Company's public filings available on SEDAR including, without limitation, the filing statement filed by the Company on February 23, 2021, and the MD&A. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Many factors could cause actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements. All the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors in this press release. There can be no assurance that the actual results or developments will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company. Unless required by applicable securities law, the Company does not intend and does not assume any obligation to update these forward-looking statements.

SOURCE The Limestone Boat Company


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News published on 29 november 2021 at 22:57 and distributed by: