Total Net Revenue decreased 13.5% with
E-commerce Penetration of 74%
Net loss was $0.3M, an improvement of $0.6M
Free Cash Flow was negative
$0.4M, an improvement of $0.2M
MONTREAL, May 11, 2023
/CNW/ - LXRandCo, Inc. ("LXR" or the "Company") (TSX:
LXR), a North American socially responsible, digital-first
omni-channel retailer of authenticated pre-owned handbags and
personal accessories, today reported its financial results for the
first quarter ended March 31, 2023
("Q1 2023").
In fiscal 2022, our business activity exhibited strong revenue
growth in the first half and was followed later in the year
(particularly in the fourth quarter) by challenging economic
conditions in Canada and
the United States, which led to a
weakening in consumer purchases for our pre-owned branded luxury
products, which have a relatively high AOV. This weaker demand
trend continued into Q1 2023 where we experienced a sales decline
as compared to the strong sales growth experienced in the first
quarter of 2022. Faced with these economic headwinds, we will
continue to manage our cost base, which to-date has led to steady
improvements in Cash Earnings and Free Cash Flow. We remain overall
cautious for the first half of 2023.
As part of a multi-quarter succession planning process, in Q1
2023 our leadership team was strengthened with the appointment of
Nadine Eap and Laura Swan to the newly-created roles of
Co-President & Chief Financial and Administrative Officer and
Co-President & Chief Revenue Officer.
Overview of Results for the Three-Month Period Ended
March 31, 2023 ("Q1 2023") as
Compared to the Three-Month Period Ended March 31, 2022 ("Q1 2022")
- In Q1 2023, total net revenue decreased 13.5% to $3.7 million.
- E-commerce net revenue decreased 12.3% to $2.8 million, and e-commerce average order value
("AOV") was $890 per
transaction. E-commerce net revenue as a proportion of total net
revenue ("E-commerce penetration") increased to 74.3% versus
73.3%.
- Retail net revenue was $1.0
million, a decrease of 16.8%. At quarter-end, we had eight
stores in operation as compared to 10 in Q1 2022.
- Gross profit margin increased to 35.9% as compared to
35.3%.
- Selling, general and administrative ("SG&A")
expenses decreased 28.4% to $1.4
million, representing 38.6% of net revenue, from 46.6% of
net revenue.
- Net loss, despite a sales decline of 13.5% in the quarter, came
in at $0.3 million, an improvement of
$0.6 million.
- Adjusted EBITDA loss (a non-IFRS measure) was flat at
$0.6 million.
- Cash Earnings (a non-IFRS measure), which is Net loss adjusted
for non-cash items was negative $0.8
million, an improvement of $0.1
million
- Free Cash Flow (a non-IFRS measure), was negative $0.4 million an improvement of $0.2 million.
- Cash availability at the end of Q1 2023 was $3.0 million.
Provided below are the financial highlights and a
discussion of our financial results for the three–months period
ended March 31, 2023, which are to be
read in conjunction with the Company's unaudited interim condensed
consolidated financial statements and the Company's Management's
Discussion and Analysis ("MD&A") for the period. Certain
statements in this press release are prospective in nature and
constitute forward-looking information or forward-looking
statements within the meaning of applicable securities laws. All
forward-looking statements included in and incorporated into this
press release are to be read in conjunction with the section
Caution Regarding Forward-Looking Statements below.
Discussion of the Three-Month Periods Ended March 31, 2023 and 2022
Unless otherwise indicated, all amounts are expressed in
Canadian dollars. Certain metrics, including those expressed on an
adjusted basis, are non-IFRS measures. See "Non-IFRS Measures"
further below. For a reconciliation of non-IFRS measures to their
most directly comparable measure calculated in accordance with
IFRS, see "Select Consolidated Financial Information" further
below.
Net Revenue
For the three-month period ended March
31, 2023, total net revenue decreased 13.5% to $3.7 million from $4.3
million in Q1 2022. During this period, 74.3% of our total
net revenue was generated from e-commerce and 25.7% from retail
activities (stores and wholesale channels combined), as compared to
73.3% and 26.7%, respectively, in Q1 2022.
During this period, 67.9% of our net revenue was generated in
the U.S., with the balance coming from Canada, as compared to 66.5% from the U.S. in
Q1 2022. In Q1 2023, Canadian and U.S. total net revenue decreased
17.1% and 11.7%, respectively, as compared to Q1 2022.
E-commerce
E-commerce net revenue during Q1 2023 was $2.8 million, a decrease of 12.3% compared to the
prior period. E-commerce penetration increased to 74.3% versus
73.3% in Q1 2022. AOV during the period was $890, a decrease of 7.8% versus the comparable
period last year.
Retail
Retail net revenue during Q1 2023 was $1.0 million, a decrease of 16.8% compared to
$1.1 million in Q1 2022. The decrease
reflects the effect of a weakened economy which led to a slowing in
consumer demand for our product in Q1 2023.
Our store network consisted of eight stores, compared to ten
stores as at March 31, 2022. During
Q1 2023, we did not open or close any stores.
Gross Profit & Gross Profit Margin
Gross profit in Q1 2023 decreased 12.0% to $1.3 million as compared to $1.5 million in Q1 2022. The decrease in gross
profit is attributable to the decrease in total net revenue, which
declined 13.5% and to a decrease in our AOV, which declined 2%
versus Q1 2022.
Gross margin in Q1 2023, was 35.9% compared to 35.3% in Q1 2022,
primarily due to a more profitable revenue mix made up of higher
e-commerce sales which enjoy typically higher gross margin and to a
lesser degree in greater efficiencies in inventory management and
product sourcing.
SG&A Expenses
In Q1 2023, SG&A expenses decreased by 28.4% to $1.4 million, compared to $2.0 million in Q1 2022. This net decrease of
$0.6 million in expense was primarily
due to the stock-based compensation gains recorded during the
quarter ,which resulted from a weaker share price, and to
lower advertising and promotion spend due to weaker revenue growth,
which decreased 27.7% as compared to Q1 2022.
On March 31, 2023, we employed 58
people across our eight retail stores and our two office locations
in Montreal, Canada and
Tokyo, Japan as compared to 60
employees on March 31, 2022. At the
end of Q1 2023, 42 employees were employed on a full-time basis as
compared to 48 employees in Q1 2022.
Net Loss
In Q1 2023, we reduced our Net Loss to $0.3 million from a Net Loss of $0.9 million. This $0.6 million improvement was due primarily to
stock-based compensation gain of $0.5
million.
Adjusted Net Loss
In Q1 2023, Adjusted Net Loss was flat at $0.8 million. Adjusted Net Loss as a percent of
total net revenue was 22.1% compared to 18.4% in Q1 2022. This was
primarily due to a lower reported Net Loss and lower stock-based
compensation expense.
Adjusted EBITDA
In Q1 2023, Adjusted EBITDA loss was flat at $0.6 million. This was primarily due to a lower
reported Net Loss and lower stock-based compensation expense.
Cash Earning and Free Cash Flow
In Q1 2023, Cash Earnings (or net cash generated before changes
in non-cash working capital) was negative $0.8 million compared to negative $0.9 million in Q1 2022, an improvement of
$0.1 million. This improvement in
Cash Earnings was due primarily to a $0.6
million reduction in net loss over the period, offset by the
add-back of non-cash items such as stock-based compensation gain
which increased by $0.5 million
during the period.
In Q1 2023, we generated a negative Free Cash Flow of
$0.4 million as compared to negative
Free Cash Flow of $0.5 million in Q1
2022. This $0.2 million improvement
was primarily due to the improvement in Cash Earnings cited above.
For the period, variation in net changes in non-cash working
capital and capital expenditures were non-material.
Selected Consolidated Financial Information
The
following table summarizes LXR's recent results for the periods
indicated:
|
|
|
For the three-months
ended March 31
|
|
|
|
2023
|
2022
|
|
|
|
$
|
$
|
Net
revenue
|
|
|
3,715,167
|
4,295,516
|
Cost of
sales
|
|
|
2,381,265
|
2,779,805
|
Gross
profit
|
|
|
1,333,902
|
1,515,711
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
1,433,522
|
2,002,452
|
Depreciation of
property and equipment
|
|
|
79,838
|
68,764
|
Amortization of
intangible assets
|
|
|
2,034
|
4,407
|
Results from
operating activities
|
|
|
(181,492)
|
(559,912)
|
Other income and
expenses
|
|
|
|
|
Finance
costs
|
|
|
135,850
|
141,674
|
Foreign exchange
loss
|
|
|
20,044
|
222,380
|
|
|
|
|
|
Net
Loss
|
|
|
(337,386)
|
(923,966)
|
The following table provides a reconciliation of Net Loss to
Adjusted Net Income or Adjusted Net Loss and Net Loss to EBITDA and
Adjusted EBITDA for the periods indicated:
|
|
|
|
For the three-months
ended March 31
|
|
|
|
2023
|
2022
|
|
Reconciliation of
Net Loss to Adjusted Net Loss
|
|
|
$
|
$
|
|
Net Loss
|
|
|
(337,386)
|
(923,966)
|
|
Adjustments to Net
Loss:
|
|
|
|
|
|
Foreign exchange
loss
|
|
|
20,044
|
222,380
|
|
Stock-based
compensation loss (gain)
|
|
|
(502,529)
|
(88,723)
|
|
|
|
|
|
|
|
Adjusted Net
Loss
|
|
|
(819,871)
|
(790,309)
|
|
|
|
|
|
For the three-months
ended March 31
|
|
|
|
|
|
2023
|
2022
|
|
Reconciliation of
Net Loss to Adjusted EBITDA
|
|
|
$
|
$
|
|
Net Loss
|
|
|
|
(337,386)
|
(923,966)
|
|
Add: Amortization and
depreciation expense
|
|
|
|
81,872
|
73,171
|
|
Add: Finance
costs
|
|
|
|
135,850
|
141,674
|
|
EBITDA
|
|
|
|
(119,664)
|
(709,121)
|
|
Adjustments to
EBITDA:
|
|
|
|
|
|
|
Foreign exchange
loss
|
|
|
|
20,044
|
222,380
|
|
Stock-based
compensation loss (gain)
|
|
|
|
(502,529)
|
(88,723)
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
(602,149)
|
(575,464)
|
|
|
|
|
|
|
|
For the three-month
periods ended March 31,
|
($)
|
|
|
|
|
|
2023
|
2022
|
Increase
(decrease)
|
Reconciliation of
Net Loss to Cash Earnings and Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
|
|
|
|
(337,386)
|
(923,966)
|
586,580
|
Non-cash
items:
|
|
|
|
|
|
|
|
|
Depreciation of
property and equipment
|
|
|
|
|
|
79,838
|
68,764
|
11,074
|
Amortization of
intangible assets
|
|
|
|
|
|
2,034
|
4,407
|
(2,373)
|
Amortization of
deferred financing costs
|
|
|
|
|
|
7,045
|
7,045
|
-
|
Stock-based
compensation expense (gain)
|
|
|
|
|
|
(502,529)
|
(88,723)
|
(413,806)
|
Unrealized foreign
exchange loss (gain)
|
|
|
|
|
|
(12,622)
|
(2,588)
|
(10,034)
|
|
|
|
|
|
|
(426,234)
|
(11,095)
|
(415,139)
|
|
|
|
|
|
|
|
|
|
Cash
Earnings
|
|
|
|
|
|
(763,620)
|
(935,061)
|
171,441
|
Net change in non-cash
working capital balances
|
|
|
|
|
|
409,298
|
393,568
|
15,730
|
Cash flows (used)
generated in operating activities
|
|
|
|
|
|
(354,322)
|
(541,493)
|
187,171
|
Less: Acquisitions of
property and equipment
|
|
|
|
|
|
(972)
|
(4,435)
|
3,463
|
Free Cash
Flow
|
|
|
|
|
|
(355,294)
|
(545,928)
|
190,634
|
|
|
|
|
|
|
|
|
|
|
|
Selected Quarterly Financial Information
The following table summarizes certain of our financial results
for the most recently completed eight quarters for which financial
statements have been prepared by us as a reporting issuer. This
unaudited quarterly information has been prepared in accordance
with IFRS. Due to the impact of COVID-19 and other factors such as
seasonality, the results of operations for any quarter are not
necessarily indicative of the results of operations for the full
year.
($)
|
|
|
|
Consolidated
statements of loss
|
Q1-2023
|
|
Q4-2022
|
|
Q3-2022
|
|
Q2-2022
|
|
Q1-2022
|
|
Q4-2021
|
|
Q3-2021
|
|
Q2-2021
|
Total net
revenue
|
3,715,167
|
|
5,223,973
|
|
5,006,612
|
|
5,481,267
|
|
4,295,516
|
|
6,415,527
|
|
4,987,628
|
|
4,026,028
|
E-commerce
revenue
|
2,761,264
|
|
3,028,134
|
|
2,669,366
|
|
3,268,570
|
|
3,149,395
|
|
3,958,670
|
|
2,506,850
|
|
2,522,682
|
E-commerce revenue % of
total net
revenue
|
74.3 %
|
|
58.0 %
|
|
53.9 %
|
|
59.6 %
|
|
73.3 %
|
|
61.7 %
|
|
50.3 %
|
|
62.7 %
|
Gross margin
|
35.9 %
|
|
44.0 %
|
|
37.5 %
|
|
35.5 %
|
|
35.3 %
|
|
40.0 %
|
|
38.4 %
|
|
35.7 %
|
Adjusted Net (Loss)
Income
|
(819,871)
|
|
(317,620)
|
|
(562,799)
|
|
(696,424)
|
|
(790,309)
|
|
123,230
|
|
(367,455)
|
|
(1,085,937)
|
Adjusted
EBITDA
|
(602,149)
|
|
(50,159)
|
|
(317,434)
|
|
(486,244)
|
|
(575,464)
|
|
298,025
|
|
(171,149)
|
|
(857,764)
|
Adjusted EBITDA % of
total net
revenue
|
(16,2 %)
|
|
(1.0 %)
|
|
(6.3 %)
|
|
(8.9 %)
|
|
(13.4 %)
|
|
4.6 %
|
|
(3.4 %)
|
|
(21.3 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Run rate metrics and
growth:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue –
last 12 months
revenue run-rate
|
19,427,019
|
|
20,007,368
|
|
21,198,922
|
|
21,179,938
|
|
19,724,699
|
|
18,031,254
|
|
15,007,540
|
|
12,877,630
|
E-commerce revenue –
last 12
months revenue run-rate
|
11,757,334
|
|
12,145,465
|
|
13,076,001
|
|
12,883,485
|
|
12,137,597
|
|
10,560,842
|
|
8,317,976
|
|
6,691,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash
Flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(337,386)
|
|
(739,531)
|
|
370,210
|
|
(353,552)
|
|
(923,966)
|
|
(492,803)
|
|
59,223
|
|
(1,580,635)
|
Add: non-cash
items
|
(426,234)
|
|
228,056
|
|
346,803
|
|
354,340
|
|
(11,095)
|
|
724,391
|
|
87,287
|
|
390,704
|
Cash
Earnings
|
(763,620)
|
|
(511,475)
|
|
717,013
|
|
788
|
|
(935,061)
|
|
231,588
|
|
146,510
|
|
(1,189,931)
|
Add: Net change in
non-cash working
capital
|
409,298
|
|
500,609
|
|
470,826
|
|
(646,138)
|
|
393,568
|
|
1,221,311
|
|
(2,322,046)
|
|
(32,427)
|
Cash flows
provided/(used) in
operating activities
|
(354,322)
|
|
(10,866)
|
|
1,187,839
|
|
(645,350)
|
|
(541,493)
|
|
1,452,899
|
|
(2,175,536)
|
|
(1,222,358)
|
Less: acquisition of
property and
equipment
|
(972)
|
|
(2,150)
|
|
(4,050)
|
|
(6,062)
|
|
(4,435)
|
|
(4,283)
|
|
(15,436)
|
|
(9,998)
|
Free Cash
Flow
|
(355,294)
|
|
(13,016)
|
|
1,183,789
|
|
(651,412)
|
|
(545,928)
|
|
1,448,616
|
|
(2,190,972)
|
|
(1,232,356)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
availability
|
3,001,298
|
|
2,868,350
|
|
2,231,325
|
|
2,934,437
|
|
3,662,768
|
|
3,810,767
|
|
2,640,169
|
|
4,481,560
|
Working
capital
|
(805,319)
|
|
(949,149)
|
|
(551,302)
|
|
(59,214)
|
|
6,833,114
|
|
7,052,502
|
|
7,083,280
|
|
7,033,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding
|
91,425,499
|
|
91,425,499
|
|
91,425,499
|
|
91,425,499
|
|
92,783,155
|
|
92,783,155
|
|
92,783,155
|
|
92,783,155
|
Closing share
price
|
0.07
|
|
0.105
|
|
0.11
|
|
0.11
|
|
0.11
|
|
0.14
|
|
0.10
|
|
0.13
|
Market
capitalization
|
6,399,785
|
|
9,599,677
|
|
10,056,805
|
|
10,056,805
|
|
10,206,147
|
|
12,989,642
|
|
9,278,316
|
|
12,061,810
|
Add: Total
debt
|
5,973,393
|
|
5,252,143
|
|
4,645,115
|
|
6,619,796
|
|
6,526,453
|
|
5,999,440
|
|
6,272,286
|
|
5,758,443
|
Less: Cash
|
2,909,786
|
|
2,586,237
|
|
2,007,396
|
|
2,884,427
|
|
3,570,681
|
|
3,695,677
|
|
2,603,395
|
|
4,315,918
|
Enterprise value
(EV)
|
9,463,392
|
|
12,265,583
|
|
12,694,524
|
|
13,792,174
|
|
13,161,919
|
|
15,293,405
|
|
12,947,207
|
|
13,504,335
|
Multiple of EV/Last 12
months
revenue
|
0.49x
|
|
0.61x
|
|
0.60x
|
|
0.65x
|
|
0.67x
|
|
0.85x
|
|
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About LXR
LXR is a socially responsible, digital-first omni-channel
retailer of authenticated pre-owned handbags and personal
accessories. Since 2010, we have been providing consumers with
authenticated branded luxury products from Hermès, Louis Vuitton, Gucci, Prada and Chanel, among
other high-quality brands, by promoting their reuse and providing
an environmentally responsible way for consumers to purchase luxury
products. We achieve this through our digital-first strategy by
selling directly to consumers through our website
at www.lxrco.com and indirectly by powering the
e-commerce and other platforms of key channel partners. Our
omni-channel model is also supported by retail "shop-in-shop"
experience centers and by wholesale activities with select retail
partners across North America.
Non-IFRS Measures
This press release refers to certain non-IFRS measures. These
measures are not recognized under IFRS, do not have a standardized
meaning prescribed by IFRS and are therefore unlikely to be
comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement IFRS measures by providing further understanding of
LXR's performance and results of operations from management's
perspective. Accordingly, these measures should not be considered
in isolation nor as a substitute for analysis of LXR's financial
information reported under IFRS. Management uses non-IFRS measures
including: "EBITDA," "Adjusted EBITDA," "Adjusted Net
Loss", "Cash Earnings", "Free Cash Flow", "LTM Total Net
Revenue", "LTM E-commerce Net Revenue" and "Inventory Turns".
These non-IFRS measures are used to provide investors with
supplemental measures of LXR's operating performance and thus
highlight trends in LXR's core business that may not otherwise be
apparent when relying solely on IFRS measures. Management believes
that securities analysts, investors and other interested parties
frequently use non-IFRS measures in the evaluation of company
performance. Management also uses non-IFRS measures to facilitate
operating performance comparisons from period to period, to prepare
annual operating budgets and forecasts and to determine components
of management compensation. For a definition of EBITDA, Adjusted
EBITDA, and Adjusted Net Loss, Cash Earnings, Free Cash Flow, and a
reconciliation of these non-IFRS measures to IFRS measures, see the
above tables presented.
Caution Regarding Forward-Looking Statements
Certain statements in this press release are prospective in
nature and constitute forward-looking information or
forward-looking statements within the meaning of applicable
securities laws (collectively, "forward-looking
statements"). Forward-looking statements include, but are not
limited to, statements concerning the financial results and
condition of the Company, expectations regarding market trends,
overall market growth rates and the Company's growth rates, future
objectives and strategies to achieve those objectives, including,
without limitation, e-commerce growth and penetration, the state of
wholesale demand, new store openings, store productivity, margin
improvements, and future acquisitions, as well as other statements
with respect to management's beliefs, plans, estimates and
intentions, and similar statements concerning anticipated future
events, results, outlook, circumstances, performance or
expectations that are not historical facts.
Forward-looking statements generally, but not always, can be
identified by the use of forward-looking terminology such as
"outlook", "objective", "may", "could", "would", "will", "expect",
"intend", "estimate", "forecasts", "project", "seek", "anticipate",
"believes", "should", "plans", "continue" or similar expressions
suggesting future outcomes or events and the negative of any of
these terms.
Forward-looking statements reflect management's current beliefs,
expectations and assumptions and are based on information currently
available to management, which includes assumptions about continued
revenues based on historical past performance, management's
historical experience, perception of trends and current business
conditions, expected future developments and other factors which
management considers appropriate. With respect to the
forward-looking statements included in this press release,
management has made certain assumptions with respect to, among
other things, the Company's ability to renew successfully the line
of credit and the long-term debt facilities, the Company's ability
to meet its future objectives and strategies, the Company's ability
to achieve its future projects and plans and that such projects and
plans will proceed as anticipated, the expected growth of the
Company's e-commerce revenue, the expected number and timing of
store openings or closings in North
America, entering into new or expanded retail partnerships
in North America, the ability of
the Company to continue to expand its wholesale activities, the
Company's ability to source products, the Company's competitive
position in the pre-owned luxury industry, and beliefs and
intentions regarding the ownership of material trademarks and
domain names used in connection with the marketing, distribution
and sale of the Company's products as well as assumptions
concerning general economic activity and market growth rates,
currency exchange and interest rates and competitive intensity.
Given the recent rise in global interest rates and inflationary
expectations, our results in the future may be materially affected
by the overall state of economic growth, customer demand and
spending (including the impact of recessionary fears), the level of
inflation, interest rates, regional labor market and global supply
chain constraints, world events, the rate of growth of online
commerce, and cloud services, and various other related
factors.
Generally, and especially given this unprecedented period of
uncertainty brought about by the geo-political events or acts of
terrorism (such as the military conflict between Russia and Ukraine and the political tensions arising
from such conflict between Russia,
the United States and countries in
Europe and elsewhere), readers are
cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the future
circumstances, outcomes, or results anticipated or implied by such
forward-looking statements will occur or that plans, intentions or
expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
known and unknown risks and uncertainties and other factors that
could cause actual results to differ materially from those
contemplated by such statements. Factors that could cause such
differences include, but are not limited to, those factors
described under the headings "Risk Factors" and "Management's
Discussion and Analysis of LXR – Risk Factors" in LXR's annual
information form (the "Annual Information Form"), and as described
from time to time in the reports and disclosure documents filed by
the Company with the Canadian securities regulatory agencies and
commissions. Such list of risk factors is not exhaustive of the
factors that may impact the forward-looking statements. These and
other factors should be considered carefully, and readers should
not place undue reliance on any of the forward-looking statements
in this press release. As a result of the foregoing and other
factors, there can be no assurance that actual results will be
consistent with these forward-looking statements.
All forward-looking statements included in and incorporated
into this press release are qualified by these cautionary
statements. Unless otherwise indicated, the forward-looking
statements contained herein are made as of the date of this press
release, and except as required by applicable law, the Company does
not undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE LXRandCo, Inc.