Caution Regarding Forward-Looking StatementsThis press release includes statements that express our opinions, expectations, beliefs, plans or assumptions regarding future events or future results and there are, or may be deemed to be, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). During the day the stock fluctuated 8.82% from a day low at $1.70 to a day high of $1.85. Working capital was negative $12.2 million as at October 31, 2020, compared to $36.4 million as at February 1, 2020. It offers a selection of loose-leaf teas, pre packaged teas, tea sachets, and tea-related gifts, food, and accessories through its stores. Accordingly, brick and mortar sales for the quarter declined when compared to the prior year quarter by $26.4 million or 86.5% to $4.1 million. All rights reserved. This browser is no longer supported at MarketWatch. Stockchase, in its reporting on what has been discussed by individuals on business television … To help provide a sense of the short to long-term trend, included is an interactive DAVIDsTEA stock chart which you can easily … A selection of DAVIDsTEA products is available in more than 2,500 grocery stores and pharmacies across Canada. Adjusted EBITDA for the quarter ended October 31, 2020, which excludes the impact of stock-based compensation expense, Restructuring plan activities, the subsidy received from the Canadian government under the COVID-19 Economic Response Plan, and the impairment of property and equipment and right-of-use assets amounted to $3.3 million compared to negative $2.2 million in the prior year quarter. Subscriber Agreement & Terms of Use, 5 Hated Earnings Stocks You Should Love. The stock's open price was 1.25. Adjusted fully diluted income per common share, which is adjusted net income (loss) on a fully diluted weighted average shares outstanding basis, was $0.09 per share compared to a loss of $0.34 per share.Liquidity and Capital ResourcesAs at October 31, 2020 we had $21.9 million of cash primarily held by major Canadian financial institutions. DAVIDsTEA also announces the appointment of Sarah Segal as Chief Executive Officer (CEO), in addition to her position as Chief Brand Officer, and Frank Zitella as President, in addition to his position as Chief Operating Officer and Chief Financial Officer (CFO). Excluding the impact of the Restructuring Plan announced on July 8, 2020, the wage subsidy received from the Canadian government under the COVID-19 Economic Response Plan, the impact of the impairment of property and equipment and right-of-use assets and the loss on disposal of property and equipment, Adjusted results from operating activities amounted to $2.3 million in the three-month period ended October 31, 2020 compared to a loss of $7.3 million in the prior year quarter. Our primary cash needs are to finance working capital and capital expenditures in connection with enhancing the functions and features of our online store. Earlier in his career, Frank gained M&A and transaction experience as a senior manager with PricewaterhouseCoopers. Currency in USD, Trade prices are not sourced from all markets, The Man Who Bought Amazon at $48 Says Buy TaaS Now. Stock analysis is the technique used by a trader or investor to examine and evaluate how DAVIDsTEA stock is reacting to, or reflecting on a current stock market direction and economic conditions. Log in to see them here or sign up to get started. Copyright © 2020 MarketWatch, Inc. All rights reserved. Something went wrong while loading Watchlist. © 2020 Verizon Media. DAVIDsTEA, Inc. engages in the retail of specialty tea. The interest expense relates to lease liabilities and has decreased slightly from the prior year quarter.Finance income. Excluding the impact of the $1.4 million wage subsidy received under the Canadian government COVID-19 Economic Response Plan in Fiscal 2020, and the impact in Fiscal 2019 of the impairment of property and equipment and right-of use assets amounting to $2.1 million, Adjusted SG&A decreased by $20.1 million. In connection with our Restructuring Plan, we terminated the leases for all of our stores in North America except for 18 Canadian stores which reopened on August 21, 2020. MONTREAL, Dec. 14, 2020 (GLOBE NEWSWIRE) -- DAVIDsTEA Inc. (Nasdaq:DTEA) today announced that its financial results for the third quarter of Fiscal 2020 will be released after market close on December 15, 2020. By U-Jin Lee. The company was founded by Herschel H. Segal and David Segal on April 29, 2008 and is headquartered in Mount-Royal, Canada. Prior to joining DAVIDsTEA, he was CFO of Loop Industries, Inc. (Nasdaq:LOOP). I look forward to continuing to work closely with the management team in place as we position the Company for a sustainable future,” said Frank Zitella.Operating Results for the Third Quarter of Fiscal 2020 Three Months Ended October 31, 2020 compared to Three Months Ended November 2, 2019Sales. Frank Zitella will remain CFO pending the appointment of a new CFO. Furthermore, in light of implementing the Restructuring Plan, the Company expects to use cash on hand to pay for professional fees and for the settlement of obligations upon acceptance, if any, of a plan of arrangement that will be presented to creditors. DavidsTea stock briefly exploded amid ongoing speculation over the intersection of marijuana and beverage industries.. X. DAVIDsTEA has about a 34 percent probability of … From 1998 to 2006, he was CFO of International Financial Data Services, a joint-venture between SS&C and State Street Bank, where he successfully maximized profitability and top-line growth. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our Restructuring Plan, the COVID-19 pandemic, our strategy of transitioning to e-commerce and wholesale sales, future sales through our e-commerce and wholesale channels, future lease liabilities, our results of operations, financial condition, liquidity and prospects, the impact of the COVID-19 pandemic on the global macroeconomic environment, and our ability to avoid the delisting of the Company’s common stock by Nasdaq due to the restructuring or our inability to maintain compliance with Nasdaq listing requirements.While we believe these opinions and expectations are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions about us, including the risk factors discussed in Part I, “Item 1A. Intraday data delayed at least 15 minutes or per exchange requirements. With a focus on innovative flavours, wellness-driven ingredients and organic tea, the Company launches seasonally driven “collections” with a mission of making tea accessible to a wide audience. Dec 9, 2015 4:26 PM EST. DAVIDsTEA, Inc. engages in the retail of specialty tea. DAVIDsTEA, Inc. engages in the retail of specialty tea. We believe that these non-IFRS financial measures provide knowledgeable investors with useful information with respect to our historical operations. The Company is headquartered in Montréal, Canada.Investor Contact        Media Contact MaisonBrison CommunicationsPELICAN PR Pierre BoucherLyla Radmanovich 514-731-0000514-845-8763 investors@davidstea.commedia@rppelican.ca, Polydex Pharmaceuticals Issues Third Quarter Financial Results, Good Times Restaurants Reports Results for the Fiscal Fourth Quarter and Year Ended September 29, 2020, Discover new investment ideas by accessing unbiased, in-depth investment research, NasdaqGS - NasdaqGS Real Time Price. The Company also operates 18 retail stores in Canada. Get the latest stock price for DAVIDsTEA Inc. (DTEA:US), plus the latest news, recent trades, charting, insider activity, and analyst ratings. For the best MarketWatch.com experience, please update to a modern browser. The Company is headquartered in Montréal, Canada.Investor Contact Media Contact Maison Brison CommunicationsPELICAN PR Pierre BoucherLyla Radmanovich 514-731-0000514-845-8763 investors@davidstea.commedia@rppelican.ca. Its business involves the sale of three main products; Tea, Tea … This $11.1 million improvement is driven by the same reasons mentioned above in “Results from operating activities”.Fully diluted income (loss) per common share. Selling, general and administration expenses (SG&A) decreased by $23.6 million or 76.8% to $7.1 million in the three months ended October 31, 2020 from the prior year quarter. E-commerce and wholesale sales represented 84.3% of sales compared to 22.8% of sales in the prior year quarter.Gross profit. Our shift towards e-commerce and wholesale continues to progress above our expectations and our latest results clearly indicate that we are making good progress,” said Sarah Segal.“With the continued solid momentum in our e-commerce and wholesale channels, combined with the benefits of our restructuring process, adjusted EBITDA was in positive territory for a second consecutive quarter and reached $3.3 million. Find the latest historical data for DAVIDsTEA Inc. Common Stock (DTEA) at Nasdaq.com. in Environmental Health from McGill University and a M.Sc. Seeking Alpha - 7 months ago. Our working capital requirements are for the purchase of inventory and payment of payroll and other operating costs. Details of the webcastVia the internet at: www.davidstea.com, in the "investor relations" section.An online archive of the webcast will be available within two hours of the conclusion of the call and will remain available for 30 days.About DAVIDsTEADAVIDsTEA is a leading branded retailer and growing wholesaler of specialty loose-leaf tea, offering a differentiated selection of proprietary signature blends, single-origin teas, pre-packaged teas, tea sachets and tea-related gifts and accessories primarily through its e-commerce platform at www.davidstea.com. Identify stocks that meet your criteria using seven unique stock … The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the “safe harbor” provisions of the Act. We fund our capital expenditures and working capital requirements from a combination of cash on hand and cash provided by operating activities.New Executive Appointment BiographiesSarah Segal – Chief Executive Officer and Chief Brand OfficerSarah Segal has most recently served as DAVIDsTEA’s Chief Brand Officer responsible for tea and product development, spearheading the digital transformation and development of new sales channels. These non-IFRS financial measures are not defined by or in accordance with IFRS and may differ from similar measures reported by other companies. Cookie Notice. DAVIDsTEA Inc is a company functional in Canada's packaged foods market. Our working capital requirements fluctuate during the year, rising in the second and third fiscal quarters as we take title to increasing quantities of inventory in anticipation of our peak selling season in the fourth fiscal quarter. View DAVIDsTEA Inc. DTEA investment & stock information. 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