The Limestone Boat Company Limited (“Limestone” or the “Company”) (TSXV: BOAT) a designer, marketer and manufacturer of heritage brand boats, reported its financial results for the fiscal quarter ended March 31, 2021 (“Q1 FY2021”). All dollar amounts are in Canadian dollars unless otherwise noted.
The company reported a loss of $2,738,190 for the quarter compared to a loss of $182,780 in the comparative quarter for 2020. It ended the quarter with cash of $1,193,659 compared to $130,181 for the comparative quarter in 2020. The company also 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.
"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 4 to 5 boats per week, with expectations to reach five to six 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."
The full financial report for Q1 FY2021 can be found at www.limestoneboats.com.