U.S. Markets closed

Blue Star Foods Corp. (BSFC)

Other OTC - Other OTC Delayed Price. Currency in USD
Add to watchlist
3.0000+0.6000 (+25.00%)
At close: 1:32PM EDT
Full screen
Trade prices are not sourced from all markets
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Previous Close2.4000
Open2.4000
BidN/A x N/A
AskN/A x N/A
Day's Range2.4000 - 2.4000
52 Week Range1.0100 - 2.4000
Volume100
Avg. Volume288
Market Cap58.9M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Blue Star Foods Corp. Reports Fourth Quarter and 2020 Annual Results
    GlobeNewswire

    Blue Star Foods Corp. Reports Fourth Quarter and 2020 Annual Results

    Miami, Florida, April 16, 2021 (GLOBE NEWSWIRE) -- Blue Star Foods Corp. (OTC:BSFC), (“Blue Star”), a sustainable seafood company, announced today its financial results for the quarter ended December 31st, 2020 (“Q4-2020”) and Fiscal Year 2020 (“FY-2020”). Fourth Quarter 2020 Operational Highlights: Signed a term sheet to acquire Taste Of BC Aquafarms, marking Blue Star’s entry into the Recirculatory Aquatic Systems (RAS) industry. Taste of BC Aquafarms is based in Nanaimo, British Columbia, Canada and is one of the longest operating, land-based Steelhead Salmon farms using RAS. Strengthened balance sheet by paying $1.6 million of outstanding debt, resulting in future reduction of interest expenses. “In the fourth quarter of 2020, we focused on further operational efficiencies and transformation efforts as another major wave of COVID-19 cases worked its way through the United States. We took steps to strengthen our balance sheet and reduce our outstanding debt and improve our cash position by selling certain assets. These steps were taken in preparation of an anticipated market recovery in 2021, as more Americans get vaccinated, the economic stimulus passes through the system, dining restrictions are lifted, and certain economic capacity constraints on the economy are removed.” said John Keeler, CEO of Blue Star Foods Corp. Fiscal Year 2020 and Q4-2020 Financial Highlights Return To Profitability: The Adjusted Cash Net Income(1) for the six months ended December 31st, 2020 was $247,569 vs. an Adjusted Cash Net Income Loss of $1.4 million in the six months ended June 30, 2020. The return to profitability was due to an increase in retail sales in the second half of the year due vs. the more severe economic shutdown in the first half of the year due to COVID-19 dining shutdowns, and also to significantly improved operational efficiencies. Strengthening the Balance Sheet: The Company reduced its $14.0 million working capital line of credit by 74%, from an outstanding balance of $6.9 million as of December 31, 2019, to $1.8 million as of December 31, 2020. The Company paid down $1.6 million of unsecured promissory notes and sold $439,700 of certain fixed assets. Net Sales: Revenue for the twelve months ended December 31, 2020 was $14.1 Million as compared to $23.8 million for the twelve months ended December 31, 2019. Revenue for the three months ended December 31, 2020 was $2.7 million as compared to $4.7 million for the three months ended December 31, 2019. This was a result of a decrease in poundage sold due to the impact of the COVID-19 pandemic during the twelve months ended December 31, 2020, primarily affecting the first half of 2020. Total Operating Expenses. Operating Expenses for the twelve months ended December 31, 2020, decreased 56% to $3.1 million as compared to $7.2 million for the twelve months ended December 31, 2019. Operating Expenses for the three months ended December 31, 2020, decreased 73% to $409,287 as compared to $1.5 million for the three months ended December 31, 2019. This decrease is primarily attributable to reducing strategic variable expenses across all subsidiaries as well as all fixed expenses related to operations. The Company’s Chairman and CEO, John Keeler stated, “2020 was an interesting year to say the least, but our team got through it and we are stronger than ever operationally. When an unprecedented crisis of that nature strikes, one has to focus on the basics of what made us successful in the first place, and we did that. As the economy starts returning to normal, we believe our sales will return to pre-pandemic levels, but this time with much better operational controls in place to make us more profitable than before.” About Blue Star Foods Corp. Blue Star Foods Corp. is a sustainable seafood company that processes, packages, and sells refrigerated pasteurized Blue Crab meat, and other premium seafood products. The Company believes it utilizes best-in-class technology, in both resource sustainability management and traceability, and ecological packaging. Its products are currently sold in the United States, Mexico, Canada, the Caribbean, the United Kingdom, France, the Middle East, Singapore, and Hong Kong. The company’s headquarters are in Miami, Florida (United States), and its corporate website is: http://www.bluestarfoods.com. (1)The Adjusted Cash Net Income is a Non-GAAP Financial Measure and is the Company’s Net Income adjusted for the minor issuance of stock dividends and certain professional fees. We report Adjusted Cash Net Income to measure our overall results because we believe it better reflects our net results by excluding the impact of non-cash equity-based compensation, and believe it enhances our investors’ overall understanding of the financial performance of our business. The Cash Adjusted Net Income of a loss of $1,346,754 for H1-2020 includes an addback of a Debt Forbearance Fee (paid in equity) of $2,655,292, Interest Expense of $119,378, Depreciation/Amortization of $153,196 and Stock Based Professional Fees of $69,960. The Cash Adjusted Net Income of $247,569 for H2-2020 includes an addback of Interest Expense of $86,858, Depreciation/Amortization of $115,145 and Stock Based Professional Fees of $138,420. Contacts Brett Maas Hayden IR Email: brett@haydenir.com Office: (646) 536-7331

  • Blue Star Foods Announces Appointment of Three New Directors
    GlobeNewswire

    Blue Star Foods Announces Appointment of Three New Directors

    Miami, Florida, March 31, 2021 (GLOBE NEWSWIRE) -- Blue Star Foods Corp. (OTC:BSFC) (“Blue Star” or the “Company”), a sustainable seafood company, announced today that three new directors were appointed to its board of directors, effective as of April 12th, 2021. The new board members include Mr. Jeffrey Guzy, Mr. Tim McLellan and Mr. Trond Ringstad, who will be joining existing board members, Mr. Nubar Herian, and Chairman & CEO, Mr. John Keeler. “We believe these three individuals will significantly strengthen our board with their decades of relevant experience. Certain of the members, like Jeff Guzy, will add publicly traded company experience, while Tim McLellan and Trond Ringstad have vast seafood industry expertise, including in supply-chain logistics, category management and merchandising,” said John Keeler, CEO of Blue Star. “They will provide valuable strategic guidance as we continue to pursue new acquisition opportunities in both the established seafood industry and as we enter the emerging Recirculatory Aquaculture Systems (RAS) space.” Mr. Keeler continued, “Importantly, their appointment as directors help us meet several key initial requirements for listing on a senior national exchange, including having five directors on the board, of which the majority are independent, and several of whom also meet certain sub-committee qualifications.” The brief corporate biographies of Blue Star’s new directors are: Jeffrey Guzy | Mr. Guzy has more than 20 years of public company board experience, including currently serving as an independent director and chairman of the audit committee for Leatt Corp. (OTC:LEAT), Capstone Companies, Inc. (OTC:CAPC) and Purebase Corporation (OTC:PUBC). He previously served in executive operating roles at multiple technology and telecommunications companies, including IBM Corporation, Sprint International, Bell Atlantic Video Services and Loral CyberStar. Tim McLellan | Mr. McLellan has more than 35 years of operating experience and has served as a seafood executive in both the U.S. and Asia including as the President of Empress International, a division of Thai Union Group (SET:TU) and in a Senior Manager position with the seafood division of ConAgra Foods (NYSE:CAG). Trond Ringstad | Mr. Ringstad has more than 20 years of operating experience and has served as a seafood executive in both the U.S. and Europe including as President of Pacific Supreme Seafoods, a global importing and wholesaling seafoods company, which he sold to a publicly traded company. He also served as Vice President of Sales and Marketing for Royal Supreme Foods, a Norwegian / Chinese seafood importer and sales company. About Blue Star Foods Corp. Blue Star is a sustainable seafood company that processes, packages, and sells refrigerated pasteurized Blue Crab meat, and other premium seafood products. The Company believes it utilizes best-in-class technology, in both resource sustainability management and traceability, and ecological packaging. Its products are currently sold in the United States, Mexico, Canada, the Caribbean, the United Kingdom, France, the Middle East, Singapore, and Hong Kong. The Company’s headquarters are in Miami, Florida (United States), and its corporate website is: http://www.bluestarfoods.com. Safe Harbor This press release contains statements, which may constitute “forward-looking statements”. Those statements include statements regarding the intent, belief, or current expectations of the Company and members of its management team, as well as the assumptions on which such statements are based. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that may cause actual results to differ from those anticipated are discussed throughout the Company’s reports filed with Securities and Exchange Commission which are available at www.sec.gov as well as the Company’s web site at http://www.bluestarfoods.com. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Contacts Brett Maas, Managing Partner, Hayden IR(646) 536-7331, bsfc@haydenir.com Constantino Gutierrez | Newbridge Securities Corporation (480) 207-1824 | cgutierrez@newbridgesecurities.com

  • Open letter to Shareholders of Blue Star Foods Corp. (OTC Pink: BSFC):
    GlobeNewswire

    Open letter to Shareholders of Blue Star Foods Corp. (OTC Pink: BSFC):

    Miami, Florida, March 08, 2021 (GLOBE NEWSWIRE) -- Blue Star Foods Corp. (“Blue Star” or the “Company”) was started as a small company with a big dream. Back in 1995, when I founded the Company, my ambition was to offer the North American market a healthy and delicious crab product that was caught responsibly and produced sustainably. Without losing sight of this vision, we have grown Blue Star into one of the largest importers of pasteurized crab meat in the United States. Throughout the past twenty-five years, sustainable development has been at the core of everything we do, including our business strategy and brand ethos. For Blue Star, sustainability is not just a trend or marketing strategy; it is central to all of our operations and serves as the spark that helps us innovate and grow the company. Blue Star’s focus on sustainability today is stronger than ever, especially considering that many of our industry’s biggest obstacles to growth are in some ways linked to the lack of long-term sustainable planning. The looming effects of climate change, over-harvesting of marine stock, and plastic pollution, are the most significant issues that we face. Another concern for our industry that needs to be collectively addressed, are the harsh working conditions some seafood workers face throughout the global supply chain. As we navigate our way through the maze of these complex challenges, Blue Star remains steadfast in finding a balance between environmental conservation, social equity, and commercial success. In January 2021, we announced the publication of our first GRI Standard Sustainability Report for 2020, which we intend to publish on a bi-annual basis. The 89-page report shows our company’s performance during the last two years against globally recognized, quantifiable and standardized Environmental, Social, and Governance (ESG) Key Performance Indicators, and is the only report of its kind focused on the Blue Crabmeat category of the seafood industry. Over the last ten years, I have been tracking several developments in the seafood space with some concern. Demand for seafood continues to grow, and traditional wild-caught production peaked in the mid-90s (and is in continuous danger of being over-harvested), and the traditional aquaculture operations that stepped up to meet the growing demand have brought their own new environmental problems. In this same timeframe, I have been tracking the development of Recirculatory Aquaculture Systems (RAS) technology with keen interest and watched as various teams encountered major challenges in developing these systems. I wondered if the management team expertise and the technology would ever get into a position to scale in a meaningful way. We believe that the RAS technology and management team know-how have finally come together, and that is why in December 2020, we announced our proposed acquisition of Taste of BC Aquafarms, a company that is focused on land-based, Steelhead Salmon farming, through RAS. This is the oldest, continuously run operation of its kind in North America, which was started by the Atkinson family in Nanaimo, in British Columbia in 2010. Through their ingenuity, and perseverance, they have built an operation that is profitable and is currently in production with delicious, fresh product being consumed in Western Canada. They differentiate themselves through their experience in solving issues that others are just beginning to wrestle with, and in the modular way in which their operations can be scaled. With this pending partnership with the Atkinson family, we believe that we are taking our company and our shareholders into the future of sustainability in the seafood industry. Blue Star is ready to join in the efforts to grow the RAS industry as the next-generation solution to attempting to meet the growing demand for seafood and producing it in a way that all stakeholders can be proud of. 2020 was a challenging year for everyone, including Blue Star. The first two quarters of the year were difficult, but we emerged from 2020 as a leaner, more nimble organization. We saw several of our competitors fall by the wayside in a very tough operating environment, and we take comfort that, when our team was tested, we emerged to the other side in many ways a stronger company. We are looking forward to getting back to the revenue numbers we have had in the past as the general economy normalizes. 2021 is a year full of hope, as we look forward to accomplishing many things that we have been putting in motion for quite some time, including closing of the anticipated acquisition of Taste of BC, adding new board of director members to our team, and starting the process of applying for and uplisting to a senior U.S. securities exchange. We believe our future is bright and we thank you for being on this ride with us and your continued support. John KeelerChairman & CEOBlue Star Foods Corp. Cautionary Note Regarding Forward-Looking Statements This letter includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect the Company’s operations, financial performance, and other factors as discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”). Among the factors that could cause results to differ materially are those risks discussed in the periodic reports the Company files with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” The Company does not undertake any duty to update any forward-looking statement except as required by law. Contacts Constantino Gutierrez | Newbridge Securities Corporationcgutierrez@newbridgesecurities.com | Office: (480) 207-1824