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. Net income was $14.5 million in the quarter ended October 31, 2020 compared to a Net loss of $10.8 million in the prior year quarter. Stockchase, in its reporting on what has been discussed by individuals on business television … Finance costs amounted to almost nil in the three months ended October 31, 2020, a decrease of $1.7 million from the prior year quarter. To help provide a sense of the short to long-term trend, included is an interactive DAVIDsTEA stock chart which you can easily … The Company will host a webcast at 5:00 p.m. Eastern Time to discuss the financial results. 5 Hated Earnings Stocks You Should Love. 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. A selection of DAVIDsTEA products is available in more than 2,500 grocery stores and pharmacies across Canada. Frank Zitella will remain CFO pending the appointment of a new CFO. Earlier in his career, Frank gained M&A and transaction experience as a senior manager with PricewaterhouseCoopers. The interest expense relates to lease liabilities and has decreased slightly from the prior year quarter.Finance income. DavidsTea (DTEA) is in the news Tuesday after DTEA stock started to soar higher, but what exactly is behind the movement? How has DAVIDsTEA's stock been impacted by COVID-19? The stock has traded between $1.07 and $1.18 … DAVIDsTEA, Inc. engages in the retail of specialty tea. The stock's open price was 1.25. Real time DAVIDsTEA (DTEA) stock price quote, stock graph, news & analysis. Buy the best loose leaf tea at DAVIDsTEA. Something went wrong while loading Watchlist. The Company also operates 18 retail stores in Canada. The appointments of Sarah Segal and Frank Zitella will be effective December 16, 2020.“Sarah and Frank have demonstrated strong leadership and know-how in the face of the ongoing challenges DAVIDsTEA has faced and have both been instrumental in setting the strategic vision and executing our ongoing transformation into a digital-first organization, better adapted to evolving consumer behaviour. Sales traction for both channels during the quarter remained strong, translating to more than 145% growth over the prior year. It offers a selection of loose-leaf teas, pre packaged teas, tea sachets, and tea-related gifts, food, and accessories through its stores. 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. 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. 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”). 2.2500 +0.25 (12.50%)After hours: 5:34PM EST, Subscribe to Premium to view Fair Value for DTEA, Announces Executive Appointments * 145.5% increase in e-commerce and wholesale sales to $22.1 million * Gross profit of $10.8 million * Adjusted EBITDA of $3.3 million * Cash of $21.9 million at quarter-end * Restructuring activities ongoing and Court order extended until March 19, 2021 MONTREAL, Dec. 15, 2020 (GLOBE NEWSWIRE) -- DAVIDsTEA Inc. (Nasdaq:DTEA) (“DAVIDsTEA” or the “Company”), a leading tea merchant in North America, announces its third quarter results for the period ended October 31, 2020. 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. As a result, gross profit as a percentage of sales declined to 41.3% for the three-month period ended October 31, 2020 from 54.1% in the prior year quarter. Prior to that and for more than a decade, he served as CFO of DST Health Solutions, a subsidiary of SS&C Technologies Holdings, Inc. (Nasdaq:SSNC). 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. DAVIDsTEA, Inc. engages in the retail of specialty tea. DAVIDsTEA (DTEA) Stock Advances Ahead of Earnings Release. What is David`s Tea Inc. stock price? Fully diluted income per common share was $0.54 compared to a loss of $0.42 in the third quarter of Fiscal 2019. 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. DAVIDsTEA, Inc. engages in the retail of specialty tea. Get the latest stock price for DAVIDsTEA Inc. (DTEA:US), plus the latest news, recent trades, charting, insider activity, and analyst ratings. By using this site you agree to the Advanced Stock Screeners and Research Tools. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes”, “expects”, “may”, “will”, “should”, “approximately”, “intends”, “plans”, “estimates” or “anticipates” or, in each case, their negatives or other variations or comparable terminology. 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. Adjusted net loss, which excludes the 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 $2.3 million compared to a loss of $8.8 million in the prior year quarter. We believe that these non-IFRS financial measures provide knowledgeable investors with useful information with respect to our historical operations. In this quarter, EBITDA also improved as a result of a reduced general and administrative infrastructure to support the on-going business.Net income (loss). 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. DavidsTea stock briefly exploded amid ongoing speculation over the intersection of marijuana and beverage industries.. X. in Water Science, Policy and Management from Oxford University.Frank Zitella- President and Chief Operating Officer Frank Zitella has nearly 30 years of experience in finance, strategic planning and governance. Copyright © 2020 MarketWatch, Inc. All rights reserved. Get the latest DAVIDsTEA Inc. (DTEA) stock news and headlines to help you in your trading and investing decisions. Historical and current end-of-day data provided by FACTSET. 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. On March 17, 2020, in response to the COVID-19 pandemic, the Company temporarily closed all its retail stores in Canada and the United States, and subsequently, as part of its formal Restructuring Plan, exited all of its brick and mortar stores except for 18 Canadian stores which were reopened on August 21, 2020. As of February 01, 2020, the company owned and operated 231 DAVIDsTEA stores. DAVIDsTEA Inc. Common Stock (DTEA) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. 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. Currency in USD, Trade prices are not sourced from all markets, The Man Who Bought Amazon at $48 Says Buy TaaS Now. Facebook, Google, Apple and Amazon could face multibillion-dollar fines under new EU tech regulations, Evercore ISI starts covering Nikola stock at hold, says next year will be ‘vital’, Tesla may be ‘most remarkable’ stock market ‘story of them all’, says strategist, Olive Garden Owner Darden Is Analysts’ Post-Pandemic Pick, The Dow Rose 338 Points Because Republicans and Democrats Are Coming to Terms on Stimulus, More people are feeling guilty about making this financial request during the pandemic and here’s when most Americans will be able to get a COVID-19 vaccine, Stock-market uncertainty runs high headed into Fed’s Wednesday meeting, DavidsTea's stock tumbles 19% premarket, after soaring 63% the previous session, DavidsTea's stock rockets 43% in premarket trade, DAVIDsTEA's stock soars 29%; co. has not responded to request for comment, DavidsTea's stock rockets 55% in premarket trade toward a 1-yr. high, David's Tea Inc. upgraded to outperform at BMO Capital Markets, David's Tea shares up 30% at $24.75 on first day of trade, Forget marijuana stocks — put your money in booze, nicotine and caffeine instead, IGC, New Age Beverage stocks rocket to lead cannabis sector rally amid CBD beverage boom, Marijuana stock IGC soars after entering CBD drink market, defying weaker sector, Cannabis stocks surge, fueled by earnings, investments and bullish analyst comments, Board fight at struggling DavidsTea leads to co-founder's departure, David's Tea considering sale, stock surges, David's Tea posts loss on IPO-related charges, David's Tea trades at $24.75 on first trading day. 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. Have Watchlists? Herschel Segal will be stepping down as interim CEO and will remain Chairman of the Board of Directors. DavidsTea (DTEA) is in the news Tuesday after DTEA stock started to soar higher, but what exactly is behind the movement?More From InvestorPlace Top Stock Picker Reveals His Next … By Roberto Pedone. Seeking Alpha - 7 months ago. 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