Liberty Health Sees Revenues Remain Flat In Second Quarter, Posts Net Income Of $7.0 Million

Liberty Health Sciences (CSE: LHS) reported their second quarter financial results this morning for the period ended August 31, 2020. The company posted a slight decline in revenues of 1.5% on a quarter over quarter basis, with revenues of $18.2 million. The company however managed to post a net income of $7.0 million, as compared to $4.2 million in the prior period.

With revenues marginally down this quarter, this company actually managed to post a slightly higher gross profit of $11.0 million before fair value adjustments, as compared to $10.7 million in the prior quarter. Operating expenses also improved, coming in at $7.6 million compared to $7.8 million in the first quarter.

Operating expense were largely comprised of selling costs of $2.4 million, along with depreciation of $1.0 million and office and general expenses of $0.9 million.

Non operating income amounted to an expense of $0.4 million, compared to an expense of $2.0 million in the first quarter. An interest expense during the quarter of $1.1 million and interest accretion of $0.8 million was largely offset by a $1.6 million gain in foreign currency translation.

Looking at the balance sheet, the company posted a cash position of $17.1 million, as compared to $31.0 million in the first quarter, the result of the company paying down a significant portion of taxes owed. Inventory meanwhile climbed to $49.0 million from $40.2 million, while biological assets fell to $6.5 million from $10.7 million. Overall, current assets declined to $73.7 million, down from $83.2 million in the prior period.

Accounts payable meanwhile ell to $8.8 million from that of $10.0 million, while the current tax liability dropped to $4.8 million from $12.1 million. Convertible notes payable climbed marginally to $7.1 million from $6.7 million as well. Overall, current liabilities fell to $25.1 million from $33.1 million in the first quarter.

Liberty Health Sciences last traded at $0.46 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.

Video Articles

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

What Happens If Silver Finally Breaks $50? | Gary Thompson – Silver47

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

Liberty Health is Primed for a Takeover – By Green Growth Brands

For those of whom are following the drama of Liberty Health Sciences (CSE: LHS, OTCMKTS:...

Sunday, February 24, 2019, 08:20:09 PM

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

Liberty Health Looks To Extend November Debentures By Twelve Months

Liberty Health Sciences (CSE: LHS) this morning announced that it is offering to extend its...

Monday, October 26, 2020, 08:58:40 AM

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...

Friday, June 26, 2020, 09:27:08 AM

Liberty Health Sciences Sells Florida Greenhouse, Land and Ohio Assets for $14.75M

Tonight Liberty Health Science (CSE: LHS) announced the Company is selling 36 acres of land,...

Monday, August 19, 2019, 11:48:31 PM