The Limestone Boat Company Announces Second Quarter 2021 Results

Collingwood, Ontario-August 30, 2021The Limestone Boat Company Limited (“Limestone” or the “Company”) (TSXV: BOAT) – owner and builder of Limestone® boats and Aquasport coastal and bay boats today reported its financial results for the second quarter ended June 30, 2021 (“Q2” FY2021). All dollar amounts are in Canadian dollars unless otherwise noted.

Q2 FY Business Highlights:

  • The Company acquired Ebbtide Holdings, LLC (“Ebbtide“) for a total purchase price of $6,250,000 USD comprised of $3,750,000 USD in cash and $2,500,000 USD in Limestone common shares determined based on $0.33CAD per share.  At the time of acquisition, Ebbtide was the contract manufacturer of the Limestone® boats and manufactured the Aquasport and Boca Bay boat brands for its own account.
  • In conjunction with the acquisition, the Company completed a non-brokered private placement of $14,089,483 subordinated unsecured convertible debentures (see press release dated May 18, 2021) to provide funding for the Ebbtide acquisition and to provide working capital going forward.
  • Through the acquisition of Ebbtide, Limestone assumed control over the design, manufacturing, marketing, sales and distribution of the Aquasport and Boca Bay brands in its newly acquired facility in White Bluff, Tennessee increasing the Company’s dealer footprint to 50 locations from the Great Lakes to the Southern United States.
  • The Company has made strategic investments in the facilities, its labour force, and research and development during the second quarter, providing a foundation to increase its capacity steadily upward from the current 4 boats a week to meet the increasing demand for Aquasport coastal and bay boats, and Limestone© brands.
  • Consistent with the prior year, the Company continues to build its brand, relationships, and processes, and has taken deposits on several boats for which deliveries are expected to begin next quarter.
  • In addition to the acquisition of Ebbtide, during the quarter the Company completed a review of the Aquasport product portfolio, dealer representation, marketing and operations, and identified opportunities to elevate the brand’s market position and price point commensurate with the perceived value among consumers and dealers. Additionally, the Company identified immediate dealer, product development, and operational opportunities to maximize the Company’s brand and model mix to meet retail demand and achieve revenue targets. The Company also launched new Aquasport and Limestone Corporate web sites.
  • The Company entered into a strategic relationship with Vision Marine Technologies (NASDAQ:VMAR) (“Vision Marine“) to integrate Vision Marine’s proprietary E-Motion electric outboard propulsion powertrain option into select Limestone® and Aquasport models. (see press release May 19, 2021 for further information).
  • There are several risk factors facing the Company including but not limited to the impact of Covid-19 on the operations and ongoing supply chain disruption as more fully described in the Company’s Management Discussion and Analysis for Q2 FY2021 (the “MD&A“) available on the Company’s profile on or on the Company’s website at

Limestone CEO Scott Hanson stated, “In recognition of global supply chain issues affecting our industry, Limestone has re-aligned its productions plans by brand and model to align with market demand and supply challenges, as well as having developed a 3-phased, 5-year growth strategy which will see the Company achieve measured, consistent growth in production and sales leading into 2022 and beyond. This plan will allow us to form guidance that we intend to deliver to the market in January 2022”.

Q2 FY Financial Highlights:

  • Reported a net loss of $5,534,940 for the six months ended June 30, 2021, which included approximately $2 million of non-cash expenses, compared to a loss of $258,800 for the six months ended June 30, 2020.
  • Reported a net loss of $2,796,750 for the three months ended June 30, 2021, which included approximately $365,000 of non-cash expenses, compared to a loss of $76,020 for the three months ended June 30, 2020.
  • The Company ended the quarter with cash of $4,975,437 compared to $130,181 for the year ended December 31, 2020.
  • The Company raised proceeds from a non-brokered convertible debenture financing in the quarter totaling $14,089,483. The proceeds were used to fund the Ebbtide acquisition and operations during the quarter.

Summary of Financial Information and Overall Performance:

Review of Statements of Comprehensive Income:

The Company’s complete Financial Statements and Management Discussion and Analysis for the quarter ended June 30, 2021 are available at or on the Company’s website at

About The Limestone Boat Company Limited

The Limestone Boat Company – owner and builder of Limestone® boats and Aquasport coastal and bay boats – is publicly traded on the Toronto Venture Exchange under the ticker symbol BOAT. They are headquartered in Collingwood, Ontario with a 145,000 sq. ft. manufacturing facility in White Bluff, Tennessee. The company is backed by a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region.

For more information, please contact:

Bill Mitoulas | Investor Relations  

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “anticipate”, “believe”, “could” “should”, “would”, “estimate”, “expect”, “forecast”, “indicate”, “intend”, “likely, “may”, “plan”, “potential”, “project”, “outlook”, “seek”, “target”, “trend” or “will” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company is  subject to a number of risks relating to integration and go-forward operations, certain of which are more particularly described in the Company’s public filings available on SEDAR including, without limitation, the filing statement filed by the Company on February 23, 2021, and the MD&A. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Many factors could cause actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements. All the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors in this press release. There can be no assurance that the actual results or developments will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company. Unless required by applicable securities law, the Company does not intend and does not assume any obligation to update these forward-looking statements.

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