ToughBuilt Industries Announces Fiscal 2020 Results
March 26 2021 - 5:34PM
ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT; TBLTW),
today reported financial results for the fiscal year ended December
31, 2020.
“ToughBuilt has demonstrated strong fundamentals based on
execution team, customer relationships, balance sheet, commitment
to research and development and continued customer service,”
commented Michael Panosian, ToughBuilt’s Chief Executive
Officer.
2020 Key Financial Highlights:
- Revenues for the
year ended December 31, 2020 increased 106% to $39.4 million, as
compared to $19 million in fiscal 2019.
- Gross Profit
increased 162% to $14.7 million, as compared to $5.6 million in
fiscal 2019.
- Net loss
attributable to common stockholders was $18.6 million, or $0.68 per
share, as compared to $6.4 million, or $2.08 per share in fiscal
2019.
Mr. Panosian continued, “As our performance
speaks for itself, I like to thank our dedicated team for their
efforts, our great investors and strong retail partners for making
2020 a fantastic year.
“As we focus on 2021 and beyond, we see great
opportunities in both product lines and global distribution. We
continue to bolster inventory while refining R&D investments to
offer customers a wider range of products and equipment that serve
the professionals. This participation in multi-categories also acts
to build revenue streams for the company which in turn attracts
more end users and new retail partners globally. Quality,
innovation, and value remains our guiding light in this fast-paced
expansion period across categories. We continue to simplify how we
do business, dramatically improved our execution, and innovate
faster than ever. We remain optimistic on our mobile project and
are developing more apps and smart devices.
“I want to emphasis the focus we have as a
company within the communities we are located in and our presence
throughout the globe that we remain focused on keeping our
employees safe while supporting customers throughout the pandemic,”
concluded Mr. Panosian.
ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt is an advanced product design,
manufacturer and distributor with emphasis on innovative products.
Currently focused on tools and other accessories for the
professional and do-it-yourself construction industries. We market
and distribute various home improvement and construction product
lines for both the do-it-yourself and professional markets under
the TOUGHBUILT brand name, within the global multibillion dollar
per year tool market industry. All of our products are designed by
our in-house design team. Since launching product sales in 2013, we
have experienced significant annual sales growth. Our current
product line includes three major categories, with several
additional categories in various stages of development, consisting
of Soft Goods & Kneepads and Sawhorses & Work Products. Our
mission is to provide products to the building and home improvement
communities that are innovative, of superior quality derived in
part from enlightened creativity for our end users while enhancing
performance, improving well-being and building high brand loyalty.
Additional information about the Company is available
at: https://www.toughbuilt.com/.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking
statements.” Such statements may be preceded by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Forward-looking statements are not
guarantees of future performance, are based on certain assumptions
and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company’s control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, risks and uncertainties associated with (i)
market acceptance of our existing and new products, (ii) delays in
bringing products to key markets, (iii) an inability to secure
regulatory approvals for the ability to sell our products in
certain markets, (iv) intense competition in the industry from much
larger, multinational companies, (v) product liability claims, (vi)
product malfunctions, (vii) our limited manufacturing capabilities
and reliance on subcontractors for assistance, (viii) our efforts
to successfully obtain and maintain intellectual property
protection covering our products, which may not be successful, (ix)
our reliance on single suppliers for certain product components,
(x) the fact that we will need to raise additional capital to meet
our business requirements in the future and that such capital
raising may be costly, dilutive or difficult to obtain and (xi) the
fact that we conduct business in multiple foreign jurisdictions,
exposing us to foreign currency exchange rate fluctuations,
logistical and communications challenges, burdens and costs of
compliance with foreign laws and political and economic instability
in each jurisdiction. More detailed information about the Company
and the risk factors that may affect the realization of forward
looking statements is set forth in the Company’s filings with the
Securities and Exchange Commission (SEC), including the Company’s
Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
Investors and security holders are urged to read these documents
free of charge on the SEC’s web site at http://www.sec.gov.
The Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
Investor Relations Contact: Andrew J. Barwicki
Investor Relations
Tel: 516-662-9461 Andrew@barwicki.com
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