For the nine months ended September 30, 2017:-
Dolphin Cove (DCOVE) reported Total Revenue of US$13.03 million, an 8% increase when compared to US$12.04 million booked the year prior. Total Revenue for the quarter amounted to US$4.37 million (2016: US$3.93 million). According to the company “In the three-month period of 2017 revenue was up by 11% compared to the three-month period of the prior year and this was assisted by the arrival of cruise ships diverted from other destinations as a result of Hurricane Irma in 2017.The number of visitors to our parks increased by 3% over the prior nine-month period.”
Revenue from Dolphin Attraction contributed US$7.35 million to Total Revenue; this represents a 5% increase when compared to the US$6.99 million reported in 2016. Revenues from the Ancillary Services totalled US$5.68 million, up by 13% from last year’s US$5.04 million.
Total direct cost for the period totalled US$736,361, this was 4% more than the US$707,93 million reported in 2016. Gross Profit for the period increased by 9%, amounting to US$12.29 billion relative to 2016’s total of US$11.33 billion.
Total Operating Expenses also increased, by 5%, moving from US$7.42 million in 2016 to US$7.82 million. This increase was primarily due to a 10% increase in Other Operations which amounted to US$2.63 million (2016: US$2.39 million). Selling Expense totaled US$3.26 million relative to US$3.16 million, while Administrative Expense amounted to US$1.93 million (2016: US$1.88 million).
Finance Income declined by 7%, totalling US$241,592 relative to US$259,000 last year.
Finance Cost reported a 12% increase from US$253,529 for the same period in 2016 to US$284,924.
Profit before Taxation grew by 14% to US$4.44 million from US$3.91 million. Taxes for the period were US$315,619.
Net Profit for the period was US$4.12 million 13% more than the US$3.63 million charged the prior year. Net profit for the quarter amounted to US$1.52 million (2016: US$902,679)
Earnings per stock unit for the nine months totaled US$0.011 relative to US$0.009 in 2016. EPS for the quarter amounted to US$0.0039 relative to US$0.0023 in 2016. The trailing twelve-month EPS amounted to U$0.0085. The stock traded at JMD$17.55 as at November 15, 2017. The number of shares used in the calculation was 392,426,376.
Balance sheet as at September 30, 2017:-
As at September 30, 2017, the company’s assets totaled US$31.04 million, 6% more than the US$29.30 million reported as at September 30, 2016. The was as a result of a 36% increase in Cash and Cash Equivalent which totaled US$2.47 million (2016: US$1.81 million).
The company closed the financial period with shareholders’ equity in the amount of US$27.75 million (2016: US$26.29 million). This resulted in book value per share of $0.071 (2016: $0.067).
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.