JACKSONVILLE, Fla., Nov. 30, 2021 /PRNewswire/ -- Margo Caribe, Inc. (OTC SYMBOL: MRGO) (Margo), a market leader in the home and garden segment, today announced sales of $44 million for the nine-month period ended September 30, 2021, an increase of $8.4 million, or 24 percent from the same period in 2020. The Company also reported year-to-date third quarter 2021 unaudited results that included pre-tax income of $9.1 million and net income per share of $1.84.
"The industry segment we operate in benefited from consumer buying trends influenced by the pandemic in 2020. Sales increased 98% during 2020 with strong consumer demand for home and garden products and we are pleased that we were able to incrementally grow sales in 2021 above those elevated 2020 levels" said Michael Spector, CEO of Margo. "We continue to diversify our product and customer mix while posting strong cash flow further strengthening our balance sheet."
Nine Months Ended September 30, 2021 Highlights
- Revenue, net of allowances, increased 24% to $44 million over the same period last year.
- Year-to-date September 2021 sales are up 135% over the same period 2019 pre-Covid sales levels.
- Net income of $7.3 million, declined 8%, or $1.84 per diluted share.
- Net debt, debt less cash, has declined to $1.3 million in the third quarter 2021 from $12.3 million ending the second quarter.
The Company has received OTC approval required for compliance with the new SEC rule 15c2-1 that will provide additional financial disclosures. The Company is the process of securing several market-maker sponsors to reestablish stock price quotation and expects this to be completed during the fourth quarter of 2021.
Margo Caribe, Inc. Third Quarter 2021 Results
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About Margo Caribe, Inc.
Margo Caribe, Inc. through its subsidiary Margo Outdoor Living, Inc. (MOL). has benefited by building key relationships with the largest big-box retailers in its industry segment. Its focus on product development, world-wide supplier sourcing, cost effective logistics and state-of-the-art automation has contributed to its success in growing both top and bottom-line results. MOL offers a wide range of products in the lawn and garden segment. This includes sales of landscaping pebbles, mulch, glass, pottery and tile products. The Company's customer base is predominately big-box retailers but also sells products directly to consumers through the eCommerce sales channel.
MOL is a wholly-owned subsidiary of Margo Caribe, Inc., a Puerto Rico entity. Effective December 22, 2020, MOL converted from a Florida corporation to a Delaware corporation and changed its name from Margo State Line, Inc. to Margo Outdoor Living, Inc.
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SOURCE Margo Caribe, Inc.