The Limestone Boat Company Limited reported its financial results for the 15 months ended March 31, 2023.
Limestone reported that it generated revenues of $0.1M and $12.2M, respectively, for the three and 15 months ended March 31, 2023.
Subsequent to the suspension of manufacturing operations in October 2022, the voluntary bankruptcy of Ebbtide in January 2023 and the ongoing restructuring of the company’s balance sheet, Limestone reported the company evaluated opportunities to resume manufacturing of Limestone-branded boats in Canada. After exploring options in both Ontario and New Brunswick, management and the Board of Directors of the Company agreed to pursue opportunities in New Brunswick due to the financial benefits associated with the relocation, the proximity to the Company’s primary markets in the Northeastern U.S., and the opportunity to construct a purpose built 100,000-square-foot manufacturing facility in Bayside, New Brunswick.
Based on management’s current expectations, the commencement of manufacturing operations in New Brunswick, Canada is expected during calendar year 2024. Upon commencement, the company will focus on producing the Limestone L200 Centre Console and Runabout models, along with the company’s new L290 Dual Console model. Initial shipments of the company’s L270 Dual Console model, presently in development, are also expected to follow in calendar year 2025.
The company’s Consolidated Financial Statements and Management Discussion and Analysis for the 15 months ended March 31, 2023, are available on Limestone’s company website.