Limestone Boat Co., the Ontario-based builder of the Limestone, Aquasport and Boca Bay brands, this week released results for its second quarter, ended June 30.
Limestone reported revenues for the quarter totaling CAD$4.37 million (US$3.33 million), a 16 percent increase from the prior-year quarter. First-half revenues totaled CAD$8.13 million (US$6.2 million), and gross margins improved by 4.4 percent versus the year-ago quarter, the company said in an earnings statement.
The builder incurred an operating loss of CAD$4.95 million (US$3.78 million) in the first half of 2022. It reported that unit production decreased to 38 units in the second quarter, largely driven by supply-chain challenges.
The company said in the statement that a recent $6 million credit infusion “will allow the transformation of its manufacturing capabilities through the expansion and reconfiguration of select production spaces, integration of additional technology, expansion of large boat production capacity, and enhanced manufacturing process flow.”
