Please select your home edition
Edition
Maritimo 2022Mar - S75 LEADERBOARD

Limestone Boat Company announces first quarter results

by Limestone Boat Company 1 Jun 2021 03:57 PDT
Limestone® L-200CC © The Limestone® Boat Company

The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV: BOAT) a designer, marketer and manufacturer of heritage brand boats, today reported its financial results for the fiscal quarter ended March 31, 2021 ("Q1 FY2021"). All dollar amounts are in Canadian dollars unless otherwise noted.

"In a short period of time since our listing on the TSXV in March, Limestone Boats has quickly delivered on a number of critical milestones to ensure a strong corporate, operational, and financial foundation for our Company and its future," stated Limestone's CEO, Scott Hanson. "We closed a non-brokered financing of $14.1 million and acquired Ebbtide Holdings, a 145,000 square foot Tennessee-based manufacturing facility that is currently producing four to five boats per week, with expectations to reach 5 to 6 boats per week by late June, and increasing steadily through the balance of the year. The acquisition allows us to take control of our supply chain and secure production in a market where inventories are at historically low levels. Furthermore, the acquisition allows us to diversify our brand portfolio while rapidly scaling our distribution footprint, nearly tripling the combined number of Limestone Boat Company dealers to over 50 throughout the Great Lakes and the Northeast, Southeast, and Gulf Coast regions of the United States. We launched a new model, the Limestone L-200CC, and partnered with Vision Marine Technologies to offer an electric option to complement our current outboard lineup, establishing Limestone with early mover status in a growing customer segment. The marine industry is experiencing unprecedented demand and Limestone is uniquely positioned to become a growing force in the North American market."

Q1 FY business highlights:

  • During the quarter the Company completed a reverse takeover transaction with a capital pool company, LL One Inc., whereby LL One Inc. changed its name to "The Limestone Boat Company Limited", and began trading on the TSXV on March 4, 2021 under the symbol "BOAT".

  • Consistent with the prior year, the Company continues to build its brand, relationships, and processes, and has taken deposits on several boats for which deliveries are expected to begin next quarter.

  • Subsequent to the quarter end, the Company acquired Ebbtide Holdings, LLC ("Ebbtide") for a total purchase price of $6,250,000 USD comprised of $3,750,000 USD in cash and $2,500,000 USD in Limestone common shares issued at $0.33 CAD per share. Ebbtide is the contract manufacturer of the Limestone® boats and manufactures the Aquasport and Boca Bay boat brands on its own account.

  • In conjunction with the acquisition, the Company completed a non-brokered private placement of $14,097,000 subordinated unsecured convertible debentures (see press release dated May 18, 2021) to provide funding for the Ebbtide acquisition and to provide working capital going forward.

  • Through the acquisition of Ebbtide, Limestone has also assumed control over the design, manufacturing, marketing, sales and distribution of the Aquasport and Boca Bay brands in its newly acquired facility in White Bluff, Tennessee increasing the Company's dealer footprint to 50 locations from the Great Lakes to the Southern United States.

  • The Company expects to make strategic investments in the facilities, its labour force, and research and development over the coming months, increasing its capacity from the current four to five boats per week to meet the increasing demand for Aquasport, Boca Bay, and Limestone Brands.

  • The Company entered into a strategic relationship with Vision Marine Technologies ("Vision Marine") to integrate Vision Marine's proprietary E-Motion electric outboard propulsion powertrain option into select Limestone® and Aquasport models. (see press release May 19, 2021 for further information).

  • There are several risk factors facing the Company including but not limited to the impact of Covid-19 on the operations and on the supply chain as more fully described in the Company's Management Discussion and Analysis for Q1 FY2021 (the "MD&A") available on the Company's profile on www.sedar.com or on the Company's website at www.limestoneboats.com.

Q1 FY financial highlights:

  • Reported a loss of $2,738,190 for the quarter compared to a loss of $182,780 in the comparative quarter for 2020.
  • The Company ended the quarter with cash of $1,193,659 compared to $130,181 for the comparative quarter in 2020.
  • The Company raised proceeds from financings in the quarter of $3,230,200 as part of the reverse takeover transactions of LL One Inc. The proceeds were used to fund operations during the quarter.

The Company incurred one-time listing expenses associated with the RTO transaction of $1,650,768, of which $1,589,117 are non-cash expenses and are discussed in the MD&A.

Summary of financial results:

The Company's complete Financial Statements and Management Discussion and Analysis for the first quarter ended March 31, 2021 are available at www.sedar.com or on the Company's website at www.limestoneboats.com.

Related Articles

Limestone Boat Company fully electric systems
To be installed on its 2024 Model Year EV boats The Limestone Boat Company is pleased to announce that it has placed an initial order for the first fully electric propulsion systems to be installed on its 2024 Model Year EV boats Posted on 22 Sep
Limestone announces second quarter 2022 results
Continuing to grow revenues and improve margins as it refines production to meet demand Limestone Boat Company Limited - owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - reports its financial results for the three and six months ended June 30, 2022. All dollar amounts are in Canadian dollars unless otherwise noted. Posted on 31 Aug
The Limestone Boat Company Q1 production
Continued growth in new boat production and shipments establishes strong 2022 start The Limestone Boat Company - owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - announced unit production improvements at its Tennessee-based boat manufacturing facility for Q1 2022. Posted on 8 Apr
The Limestone Boat Company adds new U.S. dealers
The three new Aquasport dealers offer expanded market representation The Limestone Boat Company - owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - announced the addition of three new U.S. dealers to represent its Aquasport Boats line. Posted on 24 Mar
Limestone Boat Company moving CFO position
Appointmenting Ryan Lupton as its Interim Chief Financial Officer The Limestone Boat Company (the "Company") (TSXV: BOAT, OTCQB: LMSBF) - owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - has announced the appointment of Ryan Lupton as its Interim Chief Financial Officer. Posted on 16 Mar
Limestone Boat Company achieving production goals
Significant increase in new boat production The Limestone Boat Company - owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - announces additional production unit achievements at its Tennessee-based boat manufacturing facility. Posted on 15 Feb
LBC adds first Canadian dealer for Aquasport Boats
All part of the DeWildt Family of companies The Limestone Boat Company - owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - is pleased to announce that it has added its first Canadian-based dealer to represent the Aquasport Boats brand: DeWildt Marine & Powersports. Posted on 10 Feb
Limestone debuts the all-new Limestone L-200R
Launching its Aquasport brand in the Canadian market The Limestone Boat Company Limited announced the debut of the all-new Limestone® Boats L-200R Runabout and the launch of its Aquasport Brand in the Canadian Market. Posted on 21 Jan
Limestone provides corporate & operational update
Company details production progress, electric outboard engine partnership The Limestone Boat Company Limited ("Limestone" or the "Company") is pleased to provide an update on its corporate activities and operational initiatives throughout 2021 as the Company heads into what is shaping up to be a very promising 2022. Posted on 11 Jan
Limestone Boat Company hires Director of Marketing
Keith McDevitt comes with over 25 years of marketing experience The Limestone Boat Company - owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - recently hired Keith McDevitt as the Director of Marketing. Posted on 7 Jan
North Sails 2021 Innovation - FOOTERCoast Guard Foundation FOOTER 3RS Sailing 2021 - FOOTER