Edition:
India

Canopy Growth Reports Qtrly Loss Per Share Of $1.08


Thursday, 14 Nov 2019 

Nov 14 (Reuters) - Canopy Growth Corp ::CANOPY GROWTH REPORTS SECOND QUARTER FISCAL 2020 FINANCIAL RESULTS.TAKEN A RESTRUCTURING CHARGE OF $32.7 MILLION.QTRLY LOSS PER SHARE $1.08.RECORDED AN INVENTORY CHARGE OF $15.9 MILLION TO ALIGN PORTFOLIO WITH NEW STRATEGY.Q2 2020 GROSS MARGIN IMPACT OF PORTFOLIO RESTRUCTURING COSTS IS $40.4 MILLION.CONSOLIDATED Q2 2020 GROSS REVENUE, EXCLUDING PORTFOLIO RESTRUCTURING COSTS, WAS UP 6% TO $118.3 MILLION.CANNABIS GROSS REVENUES FOR Q2 2020, EXCLUDING PORTFOLIO RESTRUCTURING COSTS, WAS $94.7 MILLION, AN INCREASE OF 2% OVER Q1 2020.CANOPY GROWTH - SOLD 10,913 KILOGRAMS AND KILOGRAM EQUIVALENTS OF CANNABIS PRODUCTS DURING Q2 2020, UP 3% FROM PREVIOUS QUARTER.ENDED Q2 2020 WITH $2.7 BILLION IN CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES AVAILABLE FOR SALE.Q2 REVENUE VIEW C$107.1 MILLION -- REFINITIV IBES DATA.LAST TWO QUARTERS HAVE BEEN CHALLENGING FOR CANADIAN CANNABIS SECTOR.CANOPY GROWTH - MANAGEMENT BELIEVES CURRENT INVENTORY LEVELS BOTH INTERNALLY AND EXTERNALLY ARE IN-LINE WITH DEMAND FORECASTS.Q2 EARNINGS PER SHARE VIEW C$-0.40 -- REFINITIV IBES DATA.BELIEVE CONDITIONS IN CANADIAN CANNABIS SECTOR ARE A SHORT-TERM HEADWIND.CANOPY GROWTH - QTRLY CONSUMER DEMAND FOR CANNABIS CONTINUES TO INCREASE VERSUS Q1 2020 WITH COMPANY-OWNED RECREATIONAL SAME-STORE SALES GROWTH OF 17%.SOLD 10,913 KILOGRAMS AND KILOGRAM EQUIVALENTS OF CANNABIS PRODUCTS DURING Q2 2020, AN INCREASE OF 3% FROM PREVIOUS QUARTER.