Margo Caribe, Inc. Announces 2020 and Year-to-Date 2nd Quarter 2021 Results

JACKSONVILLE, Fla., July 13, 2021 /PRNewswire/ — Margo Caribe, Inc. (OTC SYMBOL: MRGO) (Margo), a market leader in the home and garden segment, today announced sales of $42.9 million for the year 2020, an increase of $21.1 million, or 97% percent from fiscal 2019.  The Company also reported year-to-date second quarter 2021 unaudited results that were highlighted by sales of $33.3 million, an increase of 51 % over prior year.   

“We are very pleased with our sales and earnings growth trend for 2020 and through the 1st half of 2021,” said Michael Spector, CEO of Margo.  “We believe we are still in the early innings in getting our diversified line of products established as proven winners within our big-box customer product offering.  I would also like to thank our employees and suppliers for the exceptional performance and resilience demonstrated during what was a difficult year to operate.”

2020 Highlights

  • Revenue, net of allowances, increased 97% to $42.9 million.
  • Net income of $6.7 million, or $1.92 per diluted share increased 339% from prior year.
  • Pre-tax income increased 324% to $8.4 million.
  • Total assets ended at $20.8 million, up 63% from prior year.

The Company significantly increased warehouse and production capacity with its move into a new warehouse with 552,000 square feet.  Four additional robotic lines were added effectively increasing production capacity by 3 times the previous facility.    

Six Months Ended June 30, 2021 Highlights

  • Revenue, net of allowances, increased 51% to $33.3 million over the same period last year.
  • Net income of $6.4 million, increased 31%, or $1.81 per diluted share.
  • Ecommerce sales, despite the significant growth experienced in 2020 of 97%, continued to trend positively this year.

“Fiscal 2021 continues to build off of the strong growth trend experienced last year leveraging the significant investment placed in our operating facilities and production capacity over the prior year,” said Michael Spector, CEO.   

Statements of Operations:






In Thousands except per share data












Year Ended December 31,


Six Months Ended June 30,


Audited


Unaudited


2019

2020


2020

2021







Revenue

$             21,754

$            42,870


$     22,140

$      33,351

Cost of Sales

15,227

27,024


13,900

21,250

Gross Margin

6,527

15,846


8,240

12,101

Operating Expense

4,045

6,739


1,939

3,806

Operating Income

2,481

9,107


6,301

8,295

Interest Expense

584

529


287

259

Other Expense

72

225


Pre-tax Income

1,969

8,353


6,014

8,036







Income Tax

433

1,613


1,160

1,551

Net Income

1,537

6,740


4,854

6,485







Net Income per share






Basic

$0.54

$2.35


$1.70

$2.27

Diluted

$0.44

$1.92


$1.38

$1.85

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.

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