Brief: Mav Beauty Brands Reports Q3 Basic EPS Of $0.08

MAV Beauty Brands

13/11/2019 12:35

Nov 13 (Reuters) - Mav Beauty Brands Inc  MAV.TO :
    * MAV BEAUTY BRANDS REPORTS THIRD QUARTER 2019 FINANCIAL
RESULTS
AND ANNOUNCES ACQUISITION OF THE MANE CHOICE
    * MAV BEAUTY BRANDS INC - REVENUE OF $28.4 MILLION FOR
QUARTER, UP
8% OVER Q3 2018
    * MAV BEAUTY BRANDS INC - WITHDRAWS 2020 FINANCIAL TARGETS
    * MAV BEAUTY BRANDS INC QTRLY BASIC EPS OF $0.08
    * MAV BEAUTY BRANDS - ANTICIPATES Q4 2019 REVENUE, EXCLUDING
REVENUE FROM MANE CHOICE ACQUISITION, WILL BE MODESTLY BELOW
PRIOR YEAR PERIOD
    * MAV BEAUTY BRANDS INC -SEES Q4 2019 ADJUSTED EBITDA IN
LINE WITH
PRIOR YEAR PERIOD
    * MAV BEAUTY BRANDS - Q4 RESULTS WILL REFLECT
LOWER-THAN-EXPECTED
GROWTH IN INTERNATIONAL REVENUE
    * MAV BEAUTY BRANDS - DOES NOT EXPECT FY 2019 REVENUE AND
ADJUSTED
EBITDA RESULTS TO BE WITHIN ITS PREVIOUSLY STATED GUIDANCE RANGE
    * MAV BEAUTY BRANDS INC - Q4 2019 RESULTS WILL ALSO BE
AFFECTED BY
CO'S DECISION TO FOREGO CERTAIN PROMOTIONAL PROGRAMS WITH A
RETAIL PARTNER
    * MAV BEAUTY BRANDS - APPOINTMENT OF TOM NESTOR, TO NEW
POSITION
OF CHIEF SALES OFFICER, EFFECTIVE DEC 2, 2019
    * MAV BEAUTY BRANDS INC - ON NOVEMBER 13 COMPLETED
ACQUISITION OF
THE MANE CHOICE
    * MAV BEAUTY BRANDS - THE MANE CHOICE TRANSACTION EXPECTED
TO BE
IMMEDIATELY ACCRETIVE TO CO'S EARNINGS PER SHARE AND FREE CASH
FLOW PER SHARE
    * MAV BEAUTY BRANDS - ACQUISITION AGREEMENT INCLUDES UPFRONT
CASH
CONSIDERATION OF $29.0 MILLION AND EQUITY CONSIDERATION OF $9.0
MILLION
    * MAV BEAUTY BRANDS - UPFRONT CASH CONSIDERATION IS BEING
FUNDED
USING DEBT FROM AN EXPANDED CREDIT FACILITY WITH CO'S EXISTING
LENDERS
    * MAV BEAUTY BRANDS INC - EQUITY CONSIDERATION IS PAYABLE IN
EQUIVALENT OF ABOUT 2.5 MILLION MAV COMMON SHARES VALUED AT
US$3.65 PER SHARE
    * MAV BEAUTY BRANDS - CONSIDERATION SHARES STRUCTURED FOR
TAX
REASONS AS EQUITY SHARES OF A U.S. SUBSIDIARY THAT ARE
EXCHANGEABLE INTO MAV COMMON SHARES

Source text for Eikon:  ID:nCNWf04vGa 
Further company coverage:  MAV.TO 

 (Reuters.Briefs@thomsonreuters.com)