by Daniel Webster, dWeb.News Publisher
November 16, 2021 18: 06 ET | Source: LiveToBeHappy, Inc.
Strong sales momentum with year-to-date revenue growth of 76%
Continued momentum as Company executes its business strategy with more acquisitions expected to close by the end of 2021
CHARLOTTE, N.C., Nov. 16, 2021 (GLOBE NEWSWIRE) — LiveToBeHappy, Inc. (OTCM: CAVR, soon to be LTBH) (“LiveToBeHappy” or the “Company”), a land developer and community home builder in the Southern U.S. today reported financial results for the third fiscal quarter ended September 30, 2021.
Third Quarter & Recent Highlights:
Total quarterly revenue decreased to $429 thousand, down from $971 thousand for the third quarter of 2020.
Total nine-month 2021 revenue increased to $4.4 million, up 76%, compared to $2.5 million for the first nine months of 2020.
Total quarterly operating income loss was ($594) thousand, compared to operating income of $813 thousand in the third quarter of 2020.
Total nine-month 2021 operating loss of ($616) thousand, compared to operating income of $1.8 million for the first nine months of 2020.
Total quarterly net loss of ($596) thousand, compared to net income of $812 thousand for the third quarter of 2020.
Total nine-month 2021 net loss of ($622) thousand, compared to net income of $1.8 million for the first nine months of 2020.
Added PostBidShip and Trudant Financial Executive Services to its portfolio of companies, subsequent to the end of the third quarter, with significant progress made towards completing the remaining five companies under letter of intent (LOI) before the end of 2021.
Kevin Vincent Cox, Chief Executive Officer, commented, “I am pleased with our performance thus far with year-to-date revenue growth of 76% compared to the same period last year. The robust top-line growth we achieved was due to the recovery in residential real estate coming out of the pandemic in 2020. We are excited about the Company’s investments in growth that are already starting to pay off. We are excited about the Company’s investments in growth that are already starting to pay off.”
Cox added, “Our sales for the third quarter were driven by continued demand for our real estate offerings but were impacted by considerable raw material inflationary pressures, namely lumber and other building materials. In addition, we incurred higher expenses than usual due to investments in legal, accounting, management and diligence to close on the acquisition of several businesses which will drive LiveToBeHappy’s future performance.”
Grant Edwards, Chief Financial Officer, stated, “We continue to perform due diligence work across our pipeline and believe that we will continue to add revenue and Adjusted EBITDA, upon completion of our acquisitions. We are excited about the progress we have made in our preparations to upgrade to OTCQB. This will allow us to provide investors with more information on our transformative company. Finally, we are implementing processes and procedures as we prepare to integrate these companies to maximize long-term shareholder value.”
About LiveToBeHappy, Inc.
LiveToBeHappy, Inc. is a land developer and community home builder in the Southern U.S. with a differentiating technology marketing platform. Sinacori Builders is LiveToBeHappy Inc.’s wholly-owned subsidiary. Sinacori Builders is a Charlotte-based residential land developer and custom single-family and multi-family home builder. LiveToBeHappy, Inc. is currently pursuing several acquisitions under Letters of Intent. These acquisitions are expected to make the Company a vertically integrated real-estate development company with a wider footprint and diversified revenue stream. For more information, please visit our website at www.livetobehappy.com.
Management believes that certain non-GAAP financial measures may be useful in providing additional meaningful comparisons between current results and results in prior periods. This release also mentions earnings before interest taxes, depreciation, and amortization (EBITDA). EBITDA, a measure used by management to assess performance, is often used by the financial industry. It provides insight into an organization’s operating trends and facilitates comparisons among peer companies. Since interest, taxes and depreciation can vary greatly between organizations due to differing capital structures or tax strategies, EBITDA can be used by management as a way of comparing them. The Company refers to adjusted EBITDA as EBITDA before any one-time, non-recurring expenses.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements about the expected closing of acquisitions or the expected results of future operations. Forward-looking statements made herein are based upon current expectations and are subjected to a variety of risks and uncertainties. These forward-looking statements can be identified by words like “continue”, “expect”, “believe” or “expand” among others. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to develop, market and sell its products; the consummation of acquisitions under LOI; the expected benefits and efficacy of the Company’s products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; uncertainties relative to the COVID-19 pandemic and economic development, and, the Company’s business, research, product development, marketing and distribution plans and strategies.
Sam Cohen or Lisa Fortuna
Alpha IR Group
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