Water Ways Reports Year End 2020 - Financial Results
April 30 2021 - 7:56AM
Water Ways Technologies Inc. (TSXV: WWT) ("
Water
Ways" or the "
Company") announces the
filing of its Financial Statements ("
Statements")
and Managements Discussion and Analysis
("
MD&A") for the year ended December 31, 2020.
A comprehensive discussion of Water Ways’ financial position and
results of operations is provided in the MD&A for the year
ended December 31, 2020 filed on SEDAR and can be found at
www.sedar.com.
Highlights (the following information
must be read together with the MD&A)
- Sales for the year ended December
31, 2020, reached CAD$12,717,000 compared to CAD$12,774,000 for the
year ended December 31, 2019.
- Very strong start in 2021 with
orders of projects and products reaching over CAD$10
million in Q1 of 2021.
- Sales of Heartnut Grove WWT Inc. in
Canada increased substantially and reached CAD$4,047,000 t for the
year ended December 31, 2020.
- Strong 2020 Q4 fourth quarter of
2020 sales reaching CAD$3,274,000 compared to $2,559,000 in Q4 of
2019, a 28% Year on Year growth.
- Launching of our subsidiary in
China, IRRI-AL TAL (Shanghai) Agriculture Technology Company Ltd.
and commencing initial sales and operations in Q4 of 2020.
- Loss decreased to CAD$1,565,000 in
2020 from CAD$3,143,000 in 2019.
- Non-GAAP operating loss for the
year ended December 31, 2020 was CAD$1,162,000.
Ohad Haber, President, CEO and Chairman of the
Board of Water Ways states: “2020 was a very challenging
year for Water Ways Technologies. The Covid pandemic affected our
worldwide business in almost every country. Through the efforts of
our team, we were able to overcome the difficulties, maintain the
business, and grow our Canadian business substantially. I am very
pleased that we received orders exceeding CAD$10 million in the
first quarter of 2021. I would like to take the opportunity to
thank our devoted team for their efforts and hard work that
assisted Water Ways to successfully overcome this challenging
year".
Water Ways Technologies Financial
Results Summary
The following tables set forth the highlights of
the consolidated financial information of the Company and should be
read in conjunction with the Statements and the notes thereto.
|
|
|
|
|
|
|
|
|
|
(CAD in
thousands) |
|
|
|
|
|
|
|
|
|
FY 2020 |
|
FY 2019 |
|
Change % |
|
|
Revenues: |
|
|
|
|
|
|
|
|
Services Projects |
|
3,132 |
|
5,543 |
|
-43.5% |
|
|
Products |
|
9,585 |
|
7,231 |
|
32.6% |
|
|
Total Revenues |
|
12,717 |
|
12,774 |
|
-0.4% |
|
|
|
|
- |
|
|
|
|
|
|
Cost of Sales |
|
10,871 |
|
11,174 |
|
-2.7% |
|
|
Gross Profit |
|
1,846 |
|
1,600 |
|
15.4% |
|
|
Gross Profit Margin % |
|
14.5% |
|
12.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
3,089 |
|
4,752 |
|
|
|
|
Other Income (Loss) |
|
(225) |
|
(78) |
|
|
|
|
Taxes on Income
(recovery) |
|
95 |
|
(88) |
|
|
|
|
Total Comprehensive Income (Loss) |
|
(1,565) |
|
(3,143) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(CAD
in thousands) |
|
December 31, 2020 |
|
December 31, 2019 |
|
Change % |
|
|
Balance Sheet
Items: |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
407 |
|
309 |
|
31.8% |
|
|
Total Current Assets |
|
6,992 |
|
7,192 |
|
-2.8% |
|
|
Total Assets |
|
10,115 |
|
8,481 |
|
19.3% |
|
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
6,976 |
|
6,056 |
|
15.2% |
|
|
Total Non-Current
Liabilities |
|
2,505 |
|
254 |
|
886.4% |
|
|
|
|
|
|
|
|
|
|
About Water Ways
Technologies
Water Ways Technologies Inc., through its
subsidiaries, is a global provider of Israeli-based agriculture
technology, providing water irrigation solutions to agricultural
producers. Water Ways Technologies competes in the global
irrigation water systems market with a focus on developing
solutions with commercial applications in the micro and precision
irrigation segments of the overall market. At present, Water Ways
Technologies' main revenue streams are derived from the following
business units: (i) Projects Business Unit; and (ii) Component and
Equipment Sales Unit. Water Ways Technologies is capitalizing on
the opportunities presented by micro and smart irrigation, while
also making a positive mark on society by making these technologies
more widely available, especially in developing markets such as
Africa and Latin America and developed markets such as China and
Canada. Water Ways Technologies irrigation projects include
vineyards, Cotton fields, Apple and Orange orchards, Blueberries,
Medical Cannabis, fresh produce cooling rooms and more, in over 15
countries.
For more information, please
contact
Ronnie
Jaegermann |
Guy
Nathanzon |
Director |
CFO |
T: +972-54-4202054 |
T: +972-52-6007221 |
E: ronnie@waterwt.com |
E: guyn@waterwt.com |
https://www.water-ways-technologies.com/
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this press
release constitute "forward-looking information" as such term is
defined in applicable Canadian securities legislation. The words
"may", "would", "could", "should", "potential", "will", "seek",
"intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions as they relate to Water Ways. All statements
other than statements of historical fact may be forward-looking
information. Such statements reflect Water Ways' current views and
intentions with respect to future events, and current information
available to Water Ways, and are subject to certain risks,
uncertainties and assumptions. Material factors or assumptions were
applied in providing forward-looking information. Many factors
could cause the actual results, performance or achievements that
may be expressed or implied by such forward-looking information to
vary from those described herein should one or more of these risks
or uncertainties materialize. Should any factor affect Water Ways
in an unexpected manner, or should assumptions underlying the
forward-looking information prove incorrect, the actual results or
events may differ materially from the results or events predicted.
Any such forward-looking information is expressly qualified in its
entirety by this cautionary statement. Moreover, Water Ways does
not assume responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and Water Ways undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law. Water Ways' results and forward-looking
information and calculations may be affected by fluctuations in
exchange rates. All figures are in Canadian dollars unless
otherwise indicated.
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