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Mimi's Rock Corp
Symbol MIMI
Shares Issued 52,525,883
Close 2020-06-30 C$ 0.40
Recent Sedar Documents

Mimi's Rock earns $281,515 in Q1

2020-06-30 09:11 ET - News Release

Mr. David Kohler reports

MIMI'S ROCK CORP. ANNOUNCES Q1 2020 RESULTS

Mimi's Rock Corp. has provided its financial results for the three months ended March 31, 2020.

Highlights

  • Q1 2020 revenues of $10.4-million -- highest quarterly revenue to date;
  • Q1 2020 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $1.23-million.

Recent developments

On June 8, 2020, the company announced several new products recently added to the Dr. Tobias portfolio. Based on the demands of customers and in light of the focus on immunity support, the company launched a number of new products focused on supporting the immune system. These products include vitamin C, elderberry immune with echinacea, zinc and vitamin C, as well as a 50-milligram zinc product. The new additions complement the brand's existing established portfolio of immune supporting products.

"Our first quarter 2020 results reflect the incredible efforts of our team, as we were able to re-establish the trajectory of the Dr. Tobias brand's growth," said David Kohler, chief executive officer. "We identified and addressed a number of considerable challenges towards the end of 2019 and I'm pleased with the rapidity and efficiency with which we were able to course correct. We have also been able to integrate the operations of the newly acquired skin care businesses and I am optimistic that the combination of these businesses with our core brands will allow us to drive even better performance over the balance of the year."

Results of operations for the three months ended March 31, 2020

For the three months ended March 31, 2020, the company earned net income of $281,515, compared with net income of $391,917 for the three months ended March 31, 2019. EBITDA for the three months ended March 31, 2020, was $1,099,367, compared with $1,097,913 for the same period in 2019. Adjusted EBITDA, which adds back (deducts) non-cash stock-based compensation, investment income, acquisition costs and listing expenses, was $1,228,070 for the three months ended March 31, 2020, compared with $1,318,520 for the same three-month period in 2019.

Revenues and gross margin

Revenues were $10,435,311 for the three months ended March 31, 2020, compared with revenues of $10,166,227 for the three-month period ended March 31, 2019. Revenues reported in the current period primarily represent sales from the company's DTI GmbH business as well as sales from All Natural and Maritime Naturals, acquired in December, 2019. Revenues in the comparative 2019 period primarily represent revenues from the DTI business only. While the company's sales do not experience significant seasonality, there is some fluctuation on a quarterly basis due to natural demand fluctuation as well as promotional impacts. In addition, the DTI business experienced significant changes in the market in mid- to late 2019 which put downward pressure on revenue with heavier advertising spend. The first quarter of 2020 saw a return to previous sales and revenue levels, with sales increasing on a weekly basis throughout the quarter. Revenues from the newly acquired skin care businesses, All Natural and Maritime Naturals, were in line with expectations and historical performance. The company expects these revenues to continue to grow throughout 2020 as the businesses are integrated within the existing platform.

Revenues to date have been generated almost entirely through the company's on-line sales channels in the United States, Canada and Europe. Revenue growth in future quarters is expected to come from expansion into additional geographic territories as well as the launch of new complementary products.

About Mimi's Rock Corp.

Mimi's Rock is an on-line dietary supplement and wellness company operating under the Dr. Tobias brand. The brand features over 30 products including the top-selling colon cleansing product and the No. 1 selling omega 3 fish oil on Amazon. Mimi's Rock currently serves customers in the United States and has rapid growth plans to expand into other markets.

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