May 17, 2021
Expressed in United States Dollars unless otherwise stated
Dolphin Cove (DCOVE), for the three months ended March 31, 2021, reported total revenue of US$739,155, a 78% decrease when compared to US$3.29 million booked the year prior. Revenue from Dolphin Attraction contributed US$373,824 to total revenue; this represents a 79% decline when compared to the US$1.79 million reported in the prior year. Revenues from the Ancillary Services totalled US$365,331, a 76% decrease from last year’s US$1.50 million. According to the Company “The focus of our management has been to set strategies and generate more business but at the same time to ensure that the parks maintain a slim and controlled operation sufficient to provide a high-quality service to our guests and maintaining the well-being of our staff members and the animals under our care. As a result of the measures implemented, the company reached a quarterly operating profit for the second time since we resumed operations. ”
Total direct cost for the first quarter amounted to US$144,190, a 64% decline when compared to the US$405,538 reported in 2020.
As such, gross profit for the quarter went down by 79%, amounting to US$594,965 relative to last year’s total of US$2.88 million.
Other income decreased 29% to US$42,302 relative to US$59,655 booked in 2020.
Total operating expenses fell 59% moving from US$2.15 million in 2020 to US$882,523 as at March 2021. Of this, administrative expenses totalled US$174,689 (2020: US$382,644), while selling expenses amounted to US$219,496 (2020: US$643,192). Other operating expenses for the period fell 57% to US$488,338 (2020: US$1.13 million).
Finance income rose by 60%, totalling US$96,864 relative to US$60,689 last year, while finance cost decreased from US$76,047 for the same period in 2020 to US$31,663 as at March 2021.
Loss before taxation amounted to US$180,255 relative to the profit of US$777,983 booked in the prior comparable period.
Tax credit of US$25,866 was booked for the quarter, relative to taxation expense of US$69,069 in 2020.
Net loss for the quarter was US$154,389, this is compared to net profit of US$708,914 booked the prior year.
Loss per share (LPS) for the three months totalled US$0.0004 relative to earnings per share of US$0.0018 in 2020. The trailing twelve-month LPS amounted to U$0.005. The stock traded at JMD $7.99 as at May 14, 2021. The number of shares used in the calculation was 392,426,376.
Balance sheet highlights
As at March 31, 2021, the Company’s assets totalled US$30.19 million, 7% less than the US$32.39 million reported as at March 31, 2020. This was as a result of a 58% decrease in ‘Accounts receivable’ to US$757,453 (2020: US$1.80 million) and ‘Due from related parties’ to US$911,621 (2020: US$323,367).
DCOVE closed the three months with shareholders’ equity in the amount of US$26.51 million (2020: US$28.51 million) which resulted in book value per share of US$0.073 (2020: US$0.068).
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