Red White Blooms, Inc. RWB RWYF reported Tuesday its third-quarter earnings, up by 128% from CA $11.2 million in the same period of 2021, and down 7% from CA $27.4 million in the previous quarter.
Colby De Zen, president and director, stated that in Q 3, we were able to drive significant revenue, SG&A and balance sheet improvements over 2021. We continue to rationalize SG&A spending while focusing on growth through expansion of product offerings and geographic footprint utilizing our asset-light strategy and profitability by selectively expanding branded offerings in higher margin product categories. The company completed the largest debt restructuring in its history in the third quarter, resulting in an improvement in near-term liquidity through the extension of loan maturities and new financing. General and Administrative expenses fell to CA $3,188, 625 versus CA $11,920, 136, a CA $8,731, 511 or 73% compared to the same period in 2021 and a 108% decrease from General and Administrative expenses in 2022 -- Q 2.
Red White Bloom shares were trading flat at $0.049 per share at the time of writing Tuesday morning.