Home and garden industry leader Margo Caribe Inc (OTCMKTS:MRGO) suffered from a fairly strong selloff on Monday and saw its stock go down by as much as 12% amidst all that.
Trading Data
On Monday, MRGO stock slumped 12.50% to $7 with more than 665 shares, compared to its average volume of 230 shares. The stock moved within a range of $7.00 – 7.00 after opening trading at $7.
Quick Recap
Yesterday the company was in the news after it announced that financial results for the fourth fiscal quarter as well as the full fiscal year of its fully owned subsidiary company Margo Outdoor Living Inc. Investors were clearly not happy with the numbers and that was possibly the reason behind the decline in the Margo Caribe stock. It may now be a good move to take a look at the highlights.
In the fiscal year that ended on December 31, 2021, Margo Outdoor Living managed to bring in sales to the tune of $52 million and that reflected a rise of as much as 21% year on year. In addition to that, the pre-tax income for the full year came in at $7.6 million, while the net income for the same period stood at $5.9 million.
Michael Specter, the Chief Executive Officer of the company noted that the 2021 fiscal year was another record year for Margo Outdoor Living as sales breached the $50 million mark yet again. It remains to be seen if the stock of the parent company recovers any time soon or not.
Key Quote
“Fiscal 2021 was another record year with sales increasing above the $50 million level,” said Michael Spector, CEO. “We were pleased to achieve such strong sales growth in 2021 sequential to the extraordinary 98% growth rate posted in fiscal 2020 during the height of the pandemic.”
