TORONTO, Sept. 11, 2019 /CNW/ - Roots ("Roots,"
"Roots Canada" or the "Company") (TSX: ROOT), a premium outdoor
lifestyle brand, today announced its financial results for its
second quarter ended August 3, 2019
("Q2 2019"). All financial results are reported in Canadian dollars
unless otherwise stated. Certain metrics, including those expressed
on an adjusted or comparable basis, are non-IFRS measures. See
"Non-IFRS Measures and Industry Metrics".
Second Quarter Fiscal 2019 Highlights
- Total sales of $61.7 million, up
2.5% from $60.2 million in the second
quarter of fiscal 2018 ("Q2 2018")
-
- Direct-to-Consumer ("DTC") sales of $48.2 million, in line with $48.3 million in Q2 2018
- Comparable Sales Decline of (2.9%), on top of Comparable Sales
Growth of 1.1% in Q2 2018
- Gross margin of 50.3%, compared to 55.1% in Q2 2018
-
- Adjusted DTC Gross Margin of 56.7%, compared to 60.7% in Q2
2018
- Selling, general and administrative expenses of $40.0 million, up 7.4% from $37.2 million in Q2 2018
- Adjusted EBITDA of ($4.4)
million, compared to $32,000
in Q2 2018
- Basic loss per share of ($0.23),
compared to ($0.10) per share in Q2
2018, and Adjusted Net Loss Per Share of ($0.15), compared to ($0.06) per share in Q2 2018
- Ended the quarter with 116 corporate-retail stores in
Canada and eight in the United States
- Ended the quarter with 115 partner-operated stores in
Taiwan, 34 in China and one in Hong Kong
"Both men's and women's, our two largest product categories,
were up year-over-year driven by our increasing success with key
seasonal products; we delivered another quarter of better than
expected eCommerce growth; and we completed the move from our
legacy distribution centre," said Jim
Gabel, President and Chief Executive Officer of Roots.
"However, our Q2 financial results fell below our expectations,
primarily as a result of negative store traffic and a delay in flow
of product to stores as we transitioned to our new DC. We are
pleased with the improving trends we have seen moving into Q3. We
entered the quarter with a more seasonally appropriate offering and
consumers are responding well to our back-to-school assortment. We
are also seeing an improvement in the flow of goods from our DC,
but we still have more work to do in advance of our peak holiday
selling periods."
Mr. Gabel Added: "We remain confident in our ability to deliver
year-over-year sales growth in fiscal 2019. The power of the Roots
brand remains strong. We are a highly sought-after collaborator,
most recently releasing a limited-edition Raptors NBA Championship
jacket and launching a second capsule collection with
multi-platinum singer/songwriter, Shawn
Mendes. However, with lower than expected DTC sales in the
first half of the year and the impact of macro-economic and
geopolitical headwinds on our Asia
business, we expect our year-end sales results to be at the low
end, or fall slightly below our previously disclosed target range.
In addition, with the softness in our Asia business, lower first half DTC gross
margin, and incremental costs to complete the transition to our new
DC, we now expect our Adjusted EBITDA and Adjusted Net Income to
fall below our previously disclosed target range."
Summary of Second Quarter Fiscal 2019 Financial
Results
Sales
Total Q2 2019 sales increased 2.5% to
$61.7 million, from $60.2 million in Q2 2018, reflecting flat DTC
sales (corporate retail store and eCommerce sales) and a 13.6%
increase in sales in the Partners and Other segment (wholesale
Roots-branded products, royalties on partner retail sales,
licensing to select manufacturing partners and the sale of certain
custom Roots-branded products).
Q2 2019 DTC sales were $48.2
million, in line with $48.3
million in Q2 2018. While the Company delivered growth in
its two largest product categories, men's and women's, Roots
recorded a Comparable Sales Decline of (2.9%) for Q2 2019. This was
primarily due to a year-over-year decrease in store traffic and a
delay in the flow of product to stores as the Company transitioned
to its new distribution centre, partially offset by better than
expected eCommerce growth and benefits from store relocations and
renovations (the relocation and expansion of six stores, as well as
the renovation of four stores since Q2 2018). Q2 2019 DTC sales
also include the addition of two net new corporate-retail stores
since Q2 2018.
Partners and Other sales for Q2 2019 were $13.5 million, up 13.6% from $11.9 million in Q2 2018, primarily as a result
of the early delivery of certain orders to the Company's operating
partner in Asia that were
initially planned for Q3 2019.
Gross Profit
Total gross profit for Q2 2019 was
$31.0 million, a 6.4% decrease from
$33.1 million in Q2 2018.
Q2 2019 DTC gross profit was $27.1
million, down 7.6% from $29.3
million in Q2 2018. Q2 2019 Adjusted DTC Gross Margin was
56.7%, down 400 basis points from a Q2 2018 Adjusted DTC Gross
Margin of 60.7%. The year-over-year Adjusted DTC Gross Margin
decline primarily reflects deeper discounting in Q2 2019 to improve
the Company's overall inventory position in connection with the
move to its new integrated distribution centre.
Q2 2019 gross profit in the Partners and Other segment of
$3.9 million was essentially flat
with Q2 2018.
Selling, general and administrative expenses
(SG&A)
Selling, general and administrative expenses
for Q2 2019 were $40.0 million, up
7.4% from $37.2 million in Q2 2018.
The year-over-year increase was predominantly driven by incremental
costs to support a larger retail store footprint, costs resulting
from higher omni-channel sales, higher store wages related to
increased in-store fulfillment of online orders, as well as
one-time distribution centre transition costs, including continued
use of a third-party online order distribution facility.
Adjusted EBITDA, Net Loss & Adjusted Net
Loss
Adjusted EBITDA (excluding the impact of IFRS 16)
for Q2 2019 was ($4.4) million, down
from $32,000 in Q2 2018. Q2 2019 net
loss was ($9.7) million, or
($0.23) basic loss per share,
compared to ($4.1) million, or
($0.10) basic loss per share, in Q2
2018. In the quarter, the Company recorded an income tax recovery
of $3.2 million, compared to a
recovery of $1.2 million in Q2 2018,
with an effective income tax recovery rate of 25.1%, up from 22.9%
in Q2 2018. Q2 2019 Adjusted Net Loss (excluding the impact of IFRS
16) was ($6.2) million, or
($0.15) per share, compared to
($2.4) million, or ($0.06) per share, in Q2 2018.
Q2 2019 IFRS 16 Impact
In Q1 2019, Roots
commenced reporting lease obligations according to IFRS 16, with
leases reflected on the Company's balance sheet and rent expense
being replaced with interest and depreciation on the Company's
income statement. The Q2 2019 IFRS 16 impact to SG&A was a
decrease of $0.9 million; the impact
to interest expense was an increase of $2.3
million; and the increase to deferred tax recovery was
$0.4 million, resulting in a
$1.0 million increase in net loss.
Both Adjusted EBITDA and Adjusted Net Loss for Q2 2019 exclude the
impact of IFRS 16. Through the remainder of fiscal 2019, Roots will
continue to provide adjusted results to accurately compare fiscal
2019 quarterly and annual performance to the same periods in fiscal
2018.
Outlook
Roots remains confident in its ability to
deliver year-over-year sales growth for fiscal 2019. Trends have
improved into the third quarter, eCommerce continues to demonstrate
strong growth, and the positive consumer response to the Company's
back-to-school assortment is believed to be a good indicator for
how new product introductions will be received in the second
half of the fiscal year. In addition, the Company plans to complete
another renovation and relocation and add two new corporate-retail
stores by year-end.
Sales
The Company realized lower than expected
DTC sales in the first half of the year. In addition, with the
recent macro-economic and geopolitical headwinds the Company's
Asia business is facing, Roots now
expects to see year-over-year pressure on Partners and Other sales.
As a result, Roots now expects fiscal 2019 sales to be at the low
end, or fall slightly below, the Company's previously-disclosed
target range of $358 to $375 million.
Adjusted EBITDA and Adjusted Net Income
In
addition to factors affecting DTC sales and gross margin for fiscal
2019, Roots expects increased SG&A expenses, largely due to
costs resulting from higher omni-channel sales, higher store wages
related to increased in-store fulfillment of online orders, ongoing
incremental distribution centre transition costs including
continued use of a third-party online order distribution facility,
as well as a negative impact from new U.S. tariffs. As a result,
Roots expects fiscal 2019 Adjusted EBITDA and Adjusted Net Income
results to fall below the Company's previously-disclosed target
ranges of between $46 and
$50 million and $20 and $24
million, respectively. The Company estimates that the
softness in its Asia business and
the ongoing incremental costs to complete the transition to its new
distribution centre will have a negative impact on Adjusted EBITDA
of approximately $5 to $6 million.
Conference Call and Webcast Information
Roots will
hold a conference call to discuss the Company's fiscal 2019 second
quarter results on September 11, 2019
at 8:00 a.m. ET. All interested
parties can join the call by dialing 647-427-7450 or 1-888-231-8191
and using conference ID: 2048705. Please dial-in 15 minutes prior
to the call to secure a line. The conference call will be archived
for replay until September 18, 2019
at midnight and can be accessed by dialing 416-849-0833 or
1-855-859-2056 and entering replay passcode: 2048705.
A live audio webcast of the conference call will be available on
the Events and Presentations section of the Company's investor
website at https://investors.roots.com or by following the link
here. Please connect at least 15 minutes prior to the conference
call to ensure adequate time for any software download that may be
required to join the webcast. An archived replay of the webcast
will be available on the Company's website for one-year.
See Roots Interim Consolidated Financial Statements and the
Company's Management's Discussion and Analysis of Financial
Condition and Results of Operations for the Second Quarter ended
August 3, 2019 on the Company's
investor website at https://investors.roots.com and on SEDAR
at www.SEDAR.com.
About Roots
Established in 1973, Roots is a premium
outdoor lifestyle brand. We unite the best of cabin and city
through unmistakable style built with uncompromising comfort and
quality. We offer a broad range of products that embody a
comfortable cabin-meets-city style including: women's and men's
apparel, leather goods, footwear, accessories, and kids, toddler
and baby apparel. Starting from a little cabin in Algonquin Park, Canada, Roots has grown to
become a global brand. As at August 3,
2019, we had 116 corporate-retail stores in Canada, eight corporate-retail stores in
the United States, 115
partner-operated stores in Taiwan,
34 partner-operated stores in China, one partner-operated store in
Hong Kong and a global eCommerce
platform. Roots Corporation is a Canadian corporation doing
business as "Roots" and "Roots Canada".
Non-IFRS Measures and Industry Metrics
This press
release makes reference to certain non-IFRS measures including
certain metrics specific to the industry in which we operate. These
measures are not recognized measures under IFRS, do not have a
standardized meaning prescribed by IFRS and, therefore, may not be
comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement those IFRS measures by providing further understanding
of our results of operations from management's perspective.
Accordingly, these measures are not intended to represent, and
should not be considered as alternatives to net income or other
performance measures derived in accordance with IFRS as measures of
operating performance or operating cash flows or as a measure of
liquidity. In addition to our results determined in accordance with
IFRS, we use non-IFRS measures including Adjusted DTC Gross Margin,
EBITDA, Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted
Net Income (Loss) per Share. This press release also refers to
Comparable Sales Growth (Decline), a commonly used metric in our
industry but that may be calculated differently compared to other
companies. We believe these non-IFRS measures and industry metrics
provide useful information to both management and investors in
measuring our financial performance and condition and highlight
trends in our core business that may not otherwise be apparent when
relying solely on IFRS measures. Definitions and reconciliations of
non-IFRS measures to the relevant reported measures can be found in
our MD&A under "Cautionary Note Regarding Non-IFRS Measures and
Industry Metrics", which is available on SEDAR at
www.sedar.com or the Company's Investor Relations website at
https://investors.roots.com.
Forward-Looking Information
Certain information in
this press release contains forward-looking information. This
information is based on management's reasonable assumptions and
beliefs in light of the information currently available to us and
are made as of the date of this press release. Actual results and
the timing of events may differ materially from those anticipated
in the forward-looking information as a result of various factors.
Information regarding our expectations of future results,
performance, achievements, prospects or opportunities or the
markets in which we operate is forward-looking information.
Statements containing forward-looking information are not facts but
instead represent management's expectations, estimates and
projections regarding future events or circumstances. Many factors
could cause our actual results, level of activity, performance or
achievements or future events or developments to differ materially
from those expressed or implied by the forward-looking
statements.
See "Forward-Looking Information" and "Risk Factors" in the
Company's current Annual Information Form for a discussion of the
uncertainties, risks and assumptions associated with these
statements. Readers are urged to consider the uncertainties, risks
and assumptions carefully in evaluating the forward-looking
information and are cautioned not to place undue reliance on such
information. We have no intention and undertake no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities law.
ROOTS CORPORATION
Interim Condensed Consolidated
Statement of Financial Position
(In thousands of Canadian dollars, except per share amounts)
(Unaudited)
|
|
|
|
As at August 3,
2019
|
As at February 2,
2019
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash
|
$
|
787
|
$
|
1,991
|
|
Accounts receivable,
net
|
11,374
|
6,627
|
|
Inventories
|
53,991
|
49,533
|
|
Prepaid
expenses
|
4,570
|
6,443
|
|
Income taxes
recoverable
|
2,681
|
–
|
|
Derivative
assets
|
202
|
366
|
|
Total current
assets
|
73,605
|
64,960
|
|
|
|
Non-current
assets:
|
|
|
|
Loan
receivable
|
562
|
562
|
|
Lease
receivable
|
1,635
|
–
|
|
Fixed
assets
|
74,623
|
64,163
|
|
Right-of-use
assets
|
138,331
|
–
|
|
Intangible
assets
|
194,719
|
198,724
|
|
Goodwill
|
52,705
|
52,705
|
|
Total non-current
assets
|
462,575
|
316,154
|
|
|
|
Total
assets
|
$
|
536,180
|
$
|
381,114
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Bank
indebtedness
|
$
|
10,892
|
$
|
12,409
|
|
Accounts payable and
accrued liabilities
|
22,871
|
22,291
|
|
Deferred
revenue
|
4,659
|
5,498
|
|
Income taxes
payable
|
–
|
6,445
|
|
Current portion of
lease liabilities
|
29,693
|
–
|
|
Current portion of
long-term debt
|
4,984
|
4,984
|
|
Total current
liabilities
|
73,099
|
51,627
|
|
|
|
Non-current
liabilities:
|
|
|
|
Deferred tax
liabilities
|
22,546
|
22,761
|
|
Deferred lease
costs
|
–
|
10,063
|
|
Finance lease
obligation
|
–
|
504
|
|
Long-term portion of
lease liabilities
|
122,951
|
–
|
|
Long-term
debt
|
122,693
|
80,031
|
|
Other non-current
liabilities
|
–
|
1,424
|
|
Total non-current
liabilities
|
268,190
|
114,783
|
Total
liabilities
|
341,289
|
166,410
|
|
|
|
Shareholders'
equity:
|
|
|
|
Share
capital
|
196,903
|
196,853
|
|
Contributed
surplus
|
4,920
|
3,975
|
|
Accumulated other
comprehensive income
|
148
|
268
|
|
Retained earnings
(deficit)
|
(7,080)
|
13,608
|
Total shareholders'
equity
|
194,891
|
214,704
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
536,180
|
$
|
381,114
|
On behalf of the Board of Directors:
"Erol
Uzumeri"
Director
"Richard P.
Mavrinac"
Director & Audit Committee Chair
ROOTS CORPORATION
Interim Condensed Consolidated
Statement of Net Income (Loss)
(In thousands of Canadian dollars, except per share amounts)
(Unaudited)
For the 13 and 26 week periods ended August 3, 2019 and August
4, 2018
|
|
|
|
|
|
August 3,
2019
|
August 4,
2018
|
August 3,
2019
|
August 4,
2018
|
|
(13 weeks)
|
(13 weeks)
|
(26 weeks)
|
(26 weeks)
|
|
|
|
|
|
Sales
|
$
|
61,683
|
$
|
60,197
|
$
|
116,035
|
$
|
111,226
|
|
|
|
|
|
Cost of goods
sold
|
30,674
|
27,052
|
56,515
|
49,011
|
|
|
|
|
|
Gross
profit
|
31,009
|
33,145
|
59,520
|
62,215
|
|
|
|
|
|
Selling, general and
administrative expenses
|
40,002
|
37,245
|
78,166
|
72,549
|
|
|
|
|
|
Loss before interest
expense and income
|
|
|
|
|
taxes
recovery
|
(8,993)
|
(4,100)
|
(18,646)
|
(10,334)
|
|
|
|
|
|
Interest
expense
|
3,887
|
1,191
|
7,446
|
2,343
|
|
|
|
|
|
Loss before income
taxes
|
(12,880)
|
(5,291)
|
(26,092)
|
(12,677)
|
|
|
|
|
|
Income taxes
recovery
|
(3,227)
|
(1,210)
|
(6,671)
|
(3,006)
|
|
|
|
|
|
Net loss
|
$
|
(9,653)
|
$
|
(4,081)
|
$
|
(19,421)
|
$
|
(9,671)
|
|
|
|
|
|
Basic and diluted
loss per share
|
$
|
(0.23)
|
$
|
(0.10)
|
$
|
(0.46)
|
$
|
(0.23)
|
|
|
|
|
|
|
|
|
|
ROOTS CORPORATION
Interim Condensed Consolidated
Statement of Comprehensive Income (Loss)
(In thousands of Canadian dollars, except per share amounts)
(Unaudited)
For the 13 and 26 week periods ended August 3, 2019 and August
4, 2018
|
|
|
|
|
|
August 3,
2019
|
August 4,
2018
|
August 3,
2019
|
August 4,
2018
|
|
(13 weeks)
|
(13 weeks)
|
(26 weeks)
|
(26 weeks)
|
|
|
|
|
|
Net loss
|
$
|
(9,653)
|
$
|
(4,081)
|
$
|
(19,421)
|
$
|
(9,671)
|
|
|
|
|
|
Other comprehensive
income (loss),
|
|
|
|
|
net of
taxes:
|
|
|
|
|
Items that may be
subsequently
|
|
|
|
|
reclassified to profit
or loss:
|
|
|
|
|
Effective portion of
changes in fair
|
|
|
|
|
value of cash flow
hedges
|
(852)
|
663
|
510
|
3,098
|
Cost of hedging
excluded from
|
|
|
|
|
cash flow
hedges
|
152
|
138
|
238
|
124
|
|
|
|
|
|
Tax impact of cash
flow hedges
|
187
|
(213)
|
(199)
|
(858)
|
|
|
|
|
|
Total comprehensive
loss
|
$
|
(10,166)
|
$
|
(3,493)
|
$
|
(18,872)
|
$
|
(7,307)
|
ROOTS CORPORATION
Interim Condensed Consolidated
Statement of Changes in Shareholders' Equity
(In thousands of Canadian dollars, except per share amounts)
(Unaudited)
For the 26 week periods ended August 3,
2019 and August 4, 2018
|
|
|
|
|
|
August 3, 2019 (26
weeks)
|
Share
capital
|
Contributed
surplus
|
Retained
earnings
(deficit)
|
Accumulated
other
comprehensive
income (loss)
|
Total
|
|
|
|
|
|
|
Balance, February 2,
2019
|
$
|
196,853
|
$
|
3,975
|
$
|
13,608
|
$
|
268
|
$
|
214,704
|
|
|
|
|
|
|
Adjustment on
adoption of IFRS 16
|
–
|
–
|
(1,267)
|
–
|
(1,267)
|
|
|
|
|
|
|
Balance, February 3,
2019
|
$
|
196,853
|
$
|
3,975
|
$
|
12,341
|
$
|
268
|
$
|
213,437
|
|
|
|
|
|
|
Net loss
|
–
|
–
|
(19,421)
|
–
|
(19,421)
|
|
|
|
|
|
|
Net gain from
change
|
|
|
|
|
|
in fair value of cash
flow hedges,
|
|
|
|
|
|
net of income
taxes
|
–
|
–
|
–
|
549
|
549
|
|
|
|
|
|
|
Transfer of realized
gain on cash
|
|
|
|
|
|
flow hedges to
inventories, net
|
|
|
|
|
|
of income
taxes
|
–
|
–
|
–
|
(669)
|
(669)
|
|
|
|
|
|
|
Share-based
compensation
|
–
|
995
|
–
|
–
|
995
|
|
|
|
|
|
|
Issuance of
shares
|
50
|
(50)
|
–
|
–
|
–
|
|
|
|
|
|
|
Balance, August 3,
2019
|
$
|
196,903
|
$
|
4,920
|
$
|
(7,080)
|
$
|
148
|
$
|
194,891
|
|
|
|
|
|
|
August 4, 2018 (26
weeks)
|
Share
capital
|
Contributed
surplus
|
Retained
earnings
(deficit)
|
Accumulated
other
comprehensive
income (loss)
|
Total
|
|
|
|
|
|
|
Balance, February 4,
2018
|
$
|
195,994
|
$
|
1,675
|
$
|
2,208
|
$
|
(904)
|
$
|
198,973
|
|
|
|
|
|
|
Net loss
|
–
|
–
|
(9,671)
|
–
|
(9,671)
|
|
|
|
|
|
|
Net gain from
change
|
|
|
|
|
|
in fair value of cash
flow hedges,
|
|
|
|
|
|
net of income
taxes
|
–
|
–
|
–
|
2,364
|
2,364
|
|
|
|
|
|
|
Transfer of realized
gain on cash
|
|
|
|
|
|
flow hedges to
inventories, net
|
|
|
|
|
|
of income
taxes
|
–
|
–
|
–
|
(230)
|
(230)
|
|
|
|
|
|
|
Share-based
compensation
|
–
|
1,315
|
–
|
–
|
1,315
|
|
|
|
|
|
|
Issuance of
shares
|
697
|
(44)
|
–
|
–
|
653
|
|
|
|
|
|
|
Balance, August 4,
2018
|
$
|
196,691
|
$
|
2,946
|
$
|
(7,463)
|
$
|
1,230
|
$
|
193,404
|
ROOTS CORPORATION
Interim Condensed Consolidated
Statement of Cash Flows
(In thousands of Canadian dollars, except per share amounts)
(Unaudited)
For the 26 week periods ended August 3,
2019 and August 4, 2018
|
|
|
|
August 3,
2019
|
August 4,
2018
|
|
(26 weeks)
|
(26 weeks)
|
Cash provided by
(used in):
|
|
|
|
|
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(19,421)
|
$
|
(9,671)
|
|
Items not involving
cash:
|
|
|
|
|
Depreciation and
amortization
|
18,770
|
5,743
|
|
|
Share-based
compensation expense
|
995
|
1,315
|
|
|
Deferred lease
recovery
|
–
|
(570)
|
|
|
Amortization of lease
intangibles
|
–
|
271
|
|
|
Interest
expense
|
7,446
|
2,343
|
|
|
Income taxes
recovery
|
(6,671)
|
(3,006)
|
|
Interest
paid
|
(2,659)
|
(2,060)
|
|
Payment of interest
on lease liabilities
|
(4,475)
|
–
|
|
Taxes paid
|
(2,166)
|
(1,311)
|
|
Change in working
capital:
|
|
|
|
|
Accounts
receivable
|
(4,747)
|
(3,041)
|
|
|
Inventories
|
(4,458)
|
(14,860)
|
|
|
Prepaid
expenses
|
1,873
|
(240)
|
|
|
Accounts payable and
accrued liabilities
|
580
|
1,561
|
|
|
Deferred
revenue
|
(839)
|
(483)
|
|
(15,772)
|
(24,009)
|
|
|
|
Financing
activities:
|
|
|
|
Issuance of long-term
debt
|
45,000
|
30,000
|
|
Long-term debt
financing costs
|
(163)
|
–
|
|
Repayment of
long-term debt
|
(2,492)
|
(2,492)
|
|
Finance lease
payments
|
–
|
(169)
|
|
Payment of principal
on lease liabilities
|
(10,381)
|
–
|
|
Proceeds from
issuance of shares
|
–
|
653
|
|
31,964
|
27,992
|
|
|
|
Investing
activities:
|
|
|
|
Additions to fixed
assets
|
(15,879)
|
(18,115)
|
|
Tenant allowance
received
|
–
|
3,068
|
|
(15,879)
|
(15,047)
|
|
|
|
Increase (decrease)
in cash
|
313
|
(11,064)
|
|
|
|
Cash and bank
indebtedness, beginning of period
|
(10,418)
|
1,809
|
|
|
|
Cash and bank
indebtedness, end of period
|
$
|
(10,105)
|
$
|
(9,255)
|
SOURCE Roots Corporation