CLARENCE, N.Y.–(BUSINESS WIRE)–
22nd Century Group, Inc. (NYSE American: XXII), a bulb biotechnology aggregation that is focused on tobacco abuse abridgement and hemp research, appear today that the Aggregation filed its 2017 Anniversary Address on Anatomy 10-K with the U.S. Balance and Exchange Commission. The Aggregation will accommodate a business amend for investors on a appointment alarm to be captivated Thursday, March 8th, at 4:00 PM (EST).
Henry Sicignano, III, President and Chief Executive Officer of 22nd Century Group, calm with John T. Brodfuehrer, Chief Banking Officer, will conduct the call. Absorbed parties are arrive to participate in the alarm by dialing: (800) 289-0517 and appliance Appointment ID 8956616.
The appointment alarm will abide of an overview of contempo business highlights and a arbitrary of the financials presented in the Company’s 2017 Anniversary Report. Immediately thereafter, there will be a catechism and acknowledgment articulation accessible to callers.
Recent Business Highlights
Subsequent to the aing of the fourth division of 2017, 22nd Century additionally announced:
On February 22, 2018, 22nd Century appear its accord at the 2018 Society for Assay on Nicotine and Tobacco (SRNT) Anniversary Meeting. The Aggregation presented after-effects from a assay conducted by Harris Poll on account of 22nd Century Group. Completed aloof two months afore the U.S. Food and Drug Administration (FDA) appear the Agency’s plan to authorization that all cigarettes awash in the United States accommodate alone minimally or non-addictive levels of nicotine, the assay begin that about 3 of every 4 adults in the United States, Japan, Australia, Canada, and the United Kingdom accede that the government should authorization that all cigarettes accept absolute low, non-addictive levels of nicotine.
2017 Banking Summary
The Aggregation is in its arch banking position in its history due to a acknowledged basic accession in October of 2017 that produced net banknote accretion of about $50.7 million. As a result, the Aggregation had cash, banknote equivalents, and concise advance balance of $62.6 actor as of December 31, 2017; an bulk the Aggregation believes will be able to sustain operations and accommodated all accustomed obligations as they appear due for a cardinal of years.
Net sales acquirement for the year concluded December 31, 2017, the accomplished in the Company’s history, was $16,600,000, an access of $4,320,000, or 35.2%, over net sales acquirement of $12,280,000 for the year concluded December 31, 2016. Net sales acquirement for the three months concluded December 31, 2017, additionally the accomplished in the Company’s history, was $5,941,000, an access of $2,605,000, or 78.1%, over net sales acquirement of $3,336,000 for the three months concluded December 31, 2016.
For the year concluded December 31, 2017, the Aggregation appear an operating accident of $13,300,000 as compared to an operating accident of $11,388,000 for the year concluded December 31, 2016, an access in the operating accident of about $1,912,000, or 16.8%. The access in the operating accident is primarily due to an access in gross accident on artefact sales in the bulk of $278,000, an access in cash-based operating costs of about $1,499,000, and an access in non-cash operating costs (equity-based compensation, depreciation, and amortization) in the almost bulk of $135,000.
The Company’s net accident for the year concluded December 31, 2017 was $13,029,000, or ($0.13) per share, as compared to a net accident of $11,581,000, or ($0.15) per share, for the year concluded December 31, 2016. The access in the net accident of $1,448,000, or 12.5%, was primarily the aftereffect of an access in the Company’s operating accident of about $1,912,000, account by an access in net added assets of about $464,000. The after-effects for the year concluded December 31, 2017 included non-cash costs consisting of equity-based advantage accretion $942,000 and abrasion and acquittal in the bulk of $947,000.
Adjusted EBITDA (as declared in the branch and table below) was a abrogating $11,411,000, or ($0.11) per allotment for the year concluded December 31, 2017, and it was a abrogating $9,634,000, or ($0.12) per share, for the year concluded December 31, 2016.
Below is a table absolute advice apropos to the Company’s Adjusted EBITDA for the years concluded December 31, 2017 and 2016, including a adaptation of net accident to Adjusted EBITDA for such periods.
For the Years Concluded December 31,
Adjusted EBITDA is a banking admeasurement not able in accordance with about accustomed accounting attack (“GAAP”). In adjustment to account Adjusted EBITDA, the Aggregation adjusts the net accident for assertive non-cash and non-operating assets and amount items listed in the table aloft in adjustment to admeasurement the Company’s operating performance. The Aggregation believes that Adjusted EBITDA is an important admeasurement that supplements discussions and assay of its operations and enhances an compassionate of its operating performance. While administration considers Adjusted EBITDA to be important, it should be advised in accession to, but not as a acting for or aloft to, added measures of banking achievement able in accordance with GAAP, such as operating (loss) income, net accident and banknote flows from operations. Adjusted EBITDA is affected to capricious calculations and the Company’s altitude of Adjusted EBITDA may not be commensurable to those of added companies.
About 22nd Century Group, Inc.
22nd Century is a bulb biotechnology aggregation focused on technology which allows it to access or abatement the akin of nicotine in tobacco plants and the akin of cannabinoids in hemp plants through abiogenetic engineering and bulb breeding. The Company’s primary mission in tobacco is to abate the abuse acquired by smoking. The Company’s primary mission in hemp is to advance proprietary hemp strains for important new medicines and agronomical crops. Visit www.xxiicentury.com and www.botanicalgenetics.com for added information.
Cautionary Note Apropos Forward-Looking Statements: This columnist absolution contains advanced information, including all statements that are not statements of absolute actuality apropos the intent, acceptance or accustomed expectations of 22nd Century Group, Inc., its admiral or its admiral with account to the capacity of this columnist release, including but not bound to our approaching acquirement expectations. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and agnate expressions and variations thereof are advised to analyze advanced statements. We cannot agreement approaching results, levels of action or performance. You should not abode disproportionate assurance on these advanced statements, which allege alone as of the date that they were made. These cautionary statements should be advised with any accounting or articulate advanced statements that we may affair in the future. Except as appropriate by applicative law, including the balance laws of the United States, we do not intend to amend any of the advanced statements to accommodate these statements to reflect absolute results, after contest or circumstances, or to reflect the accident of hasty events. You should anxiously assay and accede the assorted disclosures fabricated by us in our anniversary address on Anatomy 10-K for the budgetary year concluded December 31, 2017, filed on March 7, 2018, including the area advantaged “Risk Factors,” and our added letters filed with the U.S. Balance and Exchange Commission which attack to admonish absorbed parties of the risks and factors that may affect our business, banking condition, after-effects of operation and banknote flows. If one or added of these risks or uncertainties materialize, or if the basal assumptions prove incorrect, our absolute after-effects may alter materially from those accepted or projected.
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