April 19, 2022
Margaritaville Turks Limited (MTL), for the nine months ended February 28, 2022, reported revenues of US$975,061 versus US$46,606 reported in the prior corresponding period, an increase of US$928,455. For the third quarter, revenues increased to US$974,015 (2021: US$6,155). Management stated, “Revenue earned for the Quarter was USD$974,015 or an average spend frate of USD$8.06 per passenger. There was no passengers or revenue from core business for the similar period in the prior year.”
Cost of sales increased by 427% for the period to US$245,450 (2021: US$46,606), while for the quarter there was an increase of US$238,619 to US$244,619 (2021: US$6,155).
As a result, gross profit for the nine months period was US$729,611 when compared to nil for the nine months ended February 2021. Gross profit for the third quarter closed also closed at US$729,396 (2021: nil).
Total expenses increased by 39% for the period under review to US$1.48 million (2021: US$1.07 million). This increase was associated with a 91% increase in administrative expense to US$1.26 million compared to US$846,739 reported in the previous comparable period. Promotional expenses of US$8,887 were booked for the period under review (2021: nil). Whereas, for the quarter, total expenses closed at US$868,960 (2021: US$261,014).
Consequently, operating loss within the nine months grew by totalled US$754,844 relative to the operating loss of $1.07 million booked in the corresponding period last year. Operating loss for the third quarter totaled US$139,564 versus operating loss of US$261,014 reported in the prior corresponding period.
Net loss for the nine months amounted to US$776,593 when compared to loss of US$1.07 million a year prior. While for the quarter MTL’s net loss closed at US$166,861 relative to loss of US$261,014 in the previous comparable quarter.
The nine-months loss per share (LPS) was US$0.011 relative to the loss per share (LPS) of $0.016 reported February 28, 2021. The LPS for the quarter amounted to US$0.0025 compared to LPS of US$0.0039 for the corresponding quarter of 2021. The twelve months loss per share amounted to US$0.016. The number of shares used in our calculations was 67,500,000. MTL closed the trading period on April 14, 2022 at US$0.16.
Management noted, “The Directors of Margaritaville (Turks) Ltd. Take pleasure in presenting this Quarter report, the first since the resumption of cruising. Our management team, including CEO/Director Ian Dear, was on hand to greet and welcome our first guests after the long suspension. Guests were excited to be cruising again and our staff was more than happy to be active again and providing the Best Day Ever for our guests”
Balance Sheet Highlights:
The Company, as at February 28, 2022, recorded total assets of US$4.03 million versus US$4.18 million in 2021, a 4% decline. This was largely due to a 9% reduction in ‘Property Plant and Equipment’ which closed at US$2.82 million (2021: US$3.11 million). This was partly tempered by a 7% increase in ‘Inventories’ which closed at US$1.02 million (US$948,775)
Total Shareholders’ Equity as at February 28, 2022, closed at US$2.14 million (2021: US$3.23 million), which resulted in a book value of US$0.032 (2021: US$0.048).
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