PR Newswire
JACKSONVILLE, Fla., June 1, 2023
JACKSONVILLE, Fla., June 1, 2023 /PRNewswire/ -- Margo Caribe, Inc. (OTC SYMBOL: MRGO) (Margo), a market leader in the home and garden segment, today announced operating results of its wholly-owned subsidiary, Margo Outdoor Living, Inc. for the year ended December 31, 2022 and the quarter ended March 31, 2023.
The Company reported audited results for the twelve-month fiscal year period ended December 31, 2022 that included net sales of $47.7 million, down 8.0 percent from the prior year and net income of approximately $4.4 million compared to $5.8 million for the prior year. The Company also released unaudited results for the three-month period ended March 31, 2023, including net sales of $12.4 million, down 9.3% and pre-tax income of $2.6 million, declining 9.0% compared to the same period last year.
Michael Spector, CEO, commented that "sales for 2022 were impacted by a single customer electing to discontinue a test pebble program, accounting for 62 percent of the total year-over-year decline. Excluding this customer, total sales declined approximately 2.3 percent on a year-over-year basis, which is consistent with industry segment performance. Sales to our large "big-box" customers continue to be impacted by high inventory levels and a slowdown in customer discretionary spending".
Mr. Spector added, "our operating results will be positively impacted as sea freight rates return to pre-pandemic norms, lowering landed costs and improving product margins". We continue to execute on our primary operating objective of expanding and diversifying our product offering and supplier distribution network. We see substantial growth opportunity in the pottery segment by leveraging newly secured production commitments from South American and European suppliers that will position us to effectively backfill gaps in inventory supply experienced by our customers post-pandemic".
Highlights for the Year Ended December 31, 2022 and Quarter Ended March 31, 2023
Margo Outdoor Living, Inc. | | | | | | |
Statements of Income | | | | | | |
(A wholly-owned subsidiary of Margo Caribe, Inc. | | | | | ||
Statements of Operations and Retained Earnings | | | | | ||
| | | | | | |
| | | | | | |
In thousands except per share | | Twelve Months Ended | | Three Months Ended | ||
| | December 31, | | March 31, | ||
| | 2022 | 2021 | | 2023 | 2022 |
| | Audited | Audited | | Unaudited | Unaudited |
Revenues | | | | | | |
Distribution and eCommerce | | $ 43,166 | $ 47,085 | | $ 10,812 | $ 12,430 |
Manufacturing | | 4,515 | 4,740 | | 1,607 | 1,257 |
Total Revenue | | 47,681 | 51,825 | | 12,419 | 13,686 |
| | | | | | |
Cost of Sales | | 33,004 | 36,191 | | 7,372 | 8,502 |
Gross Profit(Loss) | | 14,677 | 15,634 | | 5,047 | 5,185 |
Operating expenses | | 8,530 | 7,903 | | 2,308 | 2,187 |
Income (Loss) from Operations | | 6,147 | 7,731 | | 2,739 | 2,998 |
| | | | | | |
Interest income (expense) | | (400) | (493) | | (97) | (91) |
Other expenses, net | | 16 | 337 | | | |
Total Other Operating Expenses,Net | | (384) | (156) | | (97) | (91) |
| | | | | | |
Income (Loss) Before Income Tax | | 5,764 | 7,575 | | 2,643 | 2,907 |
Income Tax Benefit (Provision) | | (1,352) | (1,696) | | (643) | (651) |
Net Income (Loss) | | 4,412 | 5,879 | | 2,000 | 2,256 |
| | | | | | |
Earnings per common share | | $ 1.10 | $ 1.47 | | $ 0.50 | $ 0.56 |
Margo Outdoor Living, Inc. | | | | | |
Condensed Balance Sheet | | | | | |
(A wholly-owned subsidiary of Margo Caribe, Inc. | | | | | |
Statements of Operations and Retained Earnings Werbung Mehr Nachrichten zur Margo Caribe Aktie kostenlos abonnieren
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