Liberty Health Reports FY2020 Revenues of $50.1 Million, Net Income of $22.3 Million

Liberty Health Sciences (CSE: LHS) reported its fourth quarter earnings this morning, reporting revenues of $17.8 million for the quarter ended February 29, 2020. Full fiscal year revenues came in at $50.1 million, a significant increase from FY19’s figure of $10.0 million.

Costs of goods sold for the full fiscal year came in at $19.9 million, providing the company with a gross profit of $30.2 million before fair value adjustments. Those adjustments further pushed the firms gross profit to $57.6 million, thanks in part to a large gain of $27.8 million.

Operating expenses for the year totaled out at $25.2 million, with the largest expense being selling costs at $6.7 million, followed by professional fees at $5.0 million and employee and staff costs at $3.2 million. Non-operating income worked to counteract these expenses, with a total gain of $7.5 million, thanks largely to a gain on the sale of the Chestnut Hill Tree Farm asset of $14.3 million.

Liberty Health posted a net income of $22.3 million for the full fiscal year.

Looking to the balance sheet, Liberty Health’s cash position decreased slightly on a quarter over quarter basis from $28.5 million to $25.0 million. Inventories were also down slightly, from $38.1 million to $37.5 million, while biological assets fell to $6.1 million from $7.5 million. Total current assets overall fell on a quarter over quarter basis from $75.8 million to $70.0 million.

Comparatively, current liabilities rose on a quarterly basis, despite payables decreasing to $6.6 million from $7.4 million. Much of the increase was related to a new income tax payable liability of $9.3 million which wasn’t present last quarter. Convertible notes payable meaning decreased significantly, from $13.1 million to $5.8 million, while the current portion of lease liability rose from $0.7 million to $3.7 million. Total current liabilities rose to $25.5 million over the quarter, from that of $21.7 million.

Notable items filed within the annual financial statements include a loss of $166,916 on an Ohio joint venture with Schottenstein Aphria, as well as a provision of $176,000 made in connection with a class action lawsuit against the company in relation to alleged violations of federal securities regulations.

Liberty Health Sciences last traded at $0.54 on the CSE.


Information for this briefing was found via Sedar and Liberty Health Sciences. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

SSR Mining Q1 Earnings: Costs Continue To Climb

Recommended

First Majestic Makes Second Major Discovery At Santa Elena In Just A Year

PTX Metals Hits 235.1 Metres Of Copper, Nickel Mineralization In Longest Intercept To Date At W2

Related News

Green Growth Brands to Buy Florida Licensed Operator

Green Growth Brands (CSE: GGB) put out a filing through the Canadian Securities Exchange late...

Tuesday, June 4, 2019, 05:00:28 AM

Liberty Health Becomes Operationally Cash Flow Positive In Third Quarter

Liberty Health Sciences (CSE: LHS) filed its third quarter financial results last night, although the...

Thursday, January 30, 2020, 09:26:14 AM

Liberty Health Management Shakeup Continues

It was announced today that the management shakeup at Liberty Health Sciences (CSE: LHS, OTCMKTS:...

Saturday, February 23, 2019, 01:28:37 AM

Liberals Want To “Limit Publication” Only To Those With Traceable Sources

The Liberal Party of Canada spelled out a host of issues it plans to act...

Monday, May 8, 2023, 03:05:00 PM

Ayr Strategies To Enter Florida Market With $372 Million All-Stock Acquisition Of Liberty Health Sciences

Ayr Strategies (CSE: AYR.A) is headed to Florida. The company this morning announced that it...

Tuesday, December 22, 2020, 07:49:22 AM