Canada markets open in 8 hours 10 minutes
  • S&P/TSX

    20,180.60
    +0.79 (+0.00%)
     
  • S&P 500

    4,297.14
    +16.99 (+0.40%)
     
  • DOW

    33,912.44
    +151.39 (+0.45%)
     
  • CAD/USD

    0.7754
    +0.0001 (+0.01%)
     
  • CRUDE OIL

    88.88
    -0.53 (-0.59%)
     
  • BTC-CAD

    30,832.50
    -1,401.70 (-4.35%)
     
  • CMC Crypto 200

    565.94
    -24.82 (-4.20%)
     
  • GOLD FUTURES

    1,796.00
    -2.10 (-0.12%)
     
  • RUSSELL 2000

    2,021.35
    +4.73 (+0.23%)
     
  • 10-Yr Bond

    2.7910
    0.0000 (0.00%)
     
  • NASDAQ futures

    13,661.75
    -19.50 (-0.14%)
     
  • VOLATILITY

    19.95
    +0.42 (+2.15%)
     
  • FTSE

    7,509.15
    +8.26 (+0.11%)
     
  • NIKKEI 225

    28,883.86
    +12.08 (+0.04%)
     
  • CAD/EUR

    0.7630
    +0.0005 (+0.07%)
     

Goldmoney Inc. Reports Financial Results for Fourth Quarter and Fiscal Year 2022 and Publishes Annual Letter to Shareholders

  • Oops!
    Something went wrong.
    Please try again later.
·5 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

TORONTO, June 21, 2022--(BUSINESS WIRE)--Goldmoney Inc. (TSX:XAU) (US:XAUMF) ("Goldmoney" or the "Company"), a precious metal financial service and technology company, today announced financial results for the fourth quarter and fiscal year ended March 31, 2022. All amounts are expressed in Canadian dollars unless otherwise noted.

Financial Highlights

  • Tangible Capital of $134.8 million, an increase of $8.8 million, or 7% Year-over-Year ("YoY").

  • Group Tangible Capital per Share increased to $1.78 from $1.67, or 7% YoY.

  • Group Precious Metal Position consisting of Coins, Bullion, and Bullion Denominated Loan of $65.1 million, an increase of 37% YoY.

  • Gold-Adjusted Tangible Capital per 100 Goldmoney Inc. shares of 2.32 grams.

  • Repurchased a total of 474,500 shares at an average purchase price of $2.13 in fiscal year 2022, reducing the share count by 0.6% YoY.

  • The group reported Record Gross Margin Percentage of 3.77%, an improvement of 80 bps YoY.

  • The group reported Annual IFRS Revenue of $350.2 million, and Annual IFRS Fee Revenue of $8.4 million.

  • Annual IFRS Gross Profit of $23.9 million, a decrease of 15% YoY.

  • Goldmoney.com Group Client Assets of $2.23 billion as at March 31, 2022.

  • Menē Inc. reported strong results in FY 2021, growing its Revenue by 27% to $26.8 million and producing its first annual IFRS Operating Income of $0.3 million.

IFRS Consolidated Income Statement Data

($000s, except earnings per share)

2022

2021

2020

2019

2018

Revenue

350,246

654,410

458,873

281,544

340,072

Cost of sales

(337,056)

(635,009)

(449,800)

(275,288)

(333,642)

Gross margin

13,190

19,401

9,073

6,256

6,430

Fee Revenue

8,367

8,875

4,413

2,356

2,470

Interest income

388

861

1,926

1,812

1,173

Gross profit including revaluation of precious metals

23,868

28,099

20,461

12,382

9,737

Gross profit excluding revaluation of precious metals

21,944

29,137

15,413

11,944

11,655

Net Income (loss)

(6,062)

11,652

(9,713)

21,680

(3,189)

Basic earning (loss) per share

(0.08)

0.15

(0.13)

0.28

(0.04)

Non-IFRS Cash Gain (Loss)

10,261

16,375

(6,856)

28,203

7,370

Annual Shareholder Letter

Read the full Goldmoney Inc. Fiscal Year 2022 Shareholder Letter here.

Financial Information and IFRS Standards

The selected financial information included in this release is qualified in its entirety by, and should be read together with, the Company's consolidated financial statements for the quarter and fiscal year ended March 31, 2020 and prepared in accordance with International Financial Reporting Standards ("IFRS") and the corresponding management's discussion and analysis, which are available under the Company's profile on SEDAR at www.sedar.com.

Investor Questions

Shareholders of Goldmoney are encouraged to submit questions to management by emailing ir@goldmoney.com.

Non-IFRS Measures

This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results.

Non-IFRS Cash Gain (Loss) is a non-IFRS measure, calculated as total comprehensive income plus impairment of goodwill and intangible assets, non-cash stock-based compensation and depreciation and amortization. The closest comparable IFRS financial measure is total comprehensive income. Management believes that Non-IFRS Cash Gain (Loss) provides useful insight into the performance of the Company’s businesses by adjusting for non-cash items.

Tangible Capital is a non-IFRS measure. This figure excludes from total shareholder equity (i) intangibles, and (ii) goodwill, and is useful to demonstrate the tangible capital employed by the business.

Gross profit excluding gain/loss on revaluation of inventories is a non-IFRS measure, calculated as gross profit less gain/(loss) on revaluation of precious metals. The closest comparable IFRS financial measure is gross profit. Fluctuations in the value of its precious metal inventories caused by fluctuations in market prices are included in gross profit. Management believes that excluding such fluctuations more clearly illustrates the Company’s business operations.

For a full reconciliation of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled "Reconciliation of Non-IFRS Financial Measures" in the Company's MD&A for the quarter ended March 31, 2022.

About Goldmoney Inc.

Goldmoney Inc. (TSX: XAU) is a precious metal-focused global business. Through its ownership of various operating subsidiaries, the Company is engaged in precious metal sales to its clients, including arranging delivery and storage of precious metals for its clients and coin retailing. Goldmoney clients located in over 100 countries hold approximately $2.23 billion in precious metal assets. The Company’s operating subsidiaries include: Goldmoney.com, SchiffGold.com and Totenpass. In addition to the Company’s principal business segments, the Company holds a significant interest in Menē Inc., which crafts pure 24-karat gold and platinum investment jewelry that is sold by gram weight. Through these businesses and other investment activities, Goldmoney gains long-term exposure to precious metals. For more information about Goldmoney, visit goldmoney.com.

Forward-Looking Statements

This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "potential" and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.

Forward-looking information in this release includes, but is not limited to, statements with respect to: service times for transactions on the Goldmoney network; growth of the Company’s business, expected results of operations, and the market for the Company’s products and services and competitive conditions. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Company’s operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; the ability to identify opportunities for growth internally and through acquisitions and strategic relationships on terms which are economic or at all; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220621005456/en/

Contacts

Media and Investor Relations inquiries:

Renee Wei
Director of Global Communications
Goldmoney Inc.
renee.wei@goldmoney.com

Mark Olson
Chief Financial Officer
Goldmoney Inc.
+1 647 250 7098

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting