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 2023
CHARLOTTE, N.C., Nov. 16, 2023 (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, 2023.
Third Quarter & Recent Highlights:
- Total quarterly revenue decreased to $429 thousand, down from $971 thousand for the third quarter of 2020.
- Total nine-month 2023 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 2023 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 2023 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 2023.
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. The acquisition of PostBidShip (soon to be HARDHATFREIGHT.com), which we announced subsequent to the end of the third quarter, will provide us the unique opportunity to double the number of shippers, increase our capacity to serve third-party construction companies, and further streamline the real estate development process. 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 very excited about our progress in preparing to uplist to the OTCQB as we believe the completion of the process will generate more visibility to investors 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. LiveToBeHappy Inc.’s wholly owned subsidiary, Sinacori Builders, is a residential land development and custom single- and multi-family home builder in Charlotte, N.C. Looking forward, LiveToBeHappy, Inc. has several pending acquisitions under Letters of Intent which are expected to transform the Company into a vertically integrated real estate development company with a broader footprint and more diversified revenue stream. For more information, please visit our website at www.livetobehappy.com.
Non-GAAP Measurements
Management believes that certain non-GAAP financial measures may be useful in providing additional meaningful comparisons between current results and results in prior periods. In addition, within this release, reference is made to earnings before interest, taxes, depreciation and amortization (EBITDA). EBITDA is a metric used by management to evaluate performance and frequently used by the financial community which provides insight into an organization’s operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA is referenced by the Company as EBITDA before additional one-time non-recurring expenses.
Forward-Looking Statements
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. Such forward-looking statements include, among other thing, statements regarding the expected closing of any acquisition or expected results of operations in the future. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. These forward-looking statements are identified by the use of words such as “continue,” “expect,” “believe” and “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. The company disclaims any obligation to update these forward-looking statements, except as required by law.
Investor Contacts:
Sam Cohen or Lisa Fortuna
Alpha IR Group
[email protected]
