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Hill Street Beverages Company Inc capitalizing on demand for alcohol-free alternatives and looking to cannabis drinks proactiveinvestors.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.com Daily Mail and Mail on Sunday newspapers.
Hill Street Beverage Company Inc.: Hill Street Reports FY 2021 Second Quarter Results and Provides Update on Operations
Hill Street Beverage Company Inc.
(TSXV: BEER)
( Hill Street or the
Company ) reported its second quarter results for the period ended December 31, 2020. A complete set of financial statements and Management s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars.
The second quarter of FY21, saw continued momentum for the Company despite ongoing pandemic related challenges. Net revenue grew 8% to $745,748 from $689,276 versus the same quarter year ago. The Company also saw significant improvement on its bottom line, reducing its net loss by 50% from ($.956) million to ($.481) million, year over year for the quarter, as a result of improved gross margin and cost management efforts. On December 9, 2020, the company announced the closing of the acquisition of substantially all of the assets of Lexaria Canphar