Vancouver, British Columbia--(Newsfile Corp. - May 15, 2018) - good natured Products Inc. (TSXV: GDNP) (the "Company" or "good natured®"), today announced its financial results for the three months ended March 30, 2018 ("Q1 FY18"). The Company previously announced on January 9, 2018 a fiscal year-end change from February 28 to December 31. As required in such cases, Q1 FY18 is being compared to the Company's former fourth quarter, or the three months ended February 28, 2017.
Key Highlights:
Revenues for Q1 FY18 increased 62% to $1,118,487 compared to $690,081 for the three months ended February 28, 2017.
Gross profit for Q1 FY18 was $370,833 compared to $200,809 for the three months ended February 28, 2017. Gross profit as a percentage of sales was 33% for Q1 FY18 compared to 29% for the three months ended February 28, 2017.
SG&A for Q1 FY18 was $778,950, a 14% decrease compared to $902,228 for the three months ended February 28, 2017. SG&A expenditures, minus variable outsourced supply chain and fulfillment costs, decreased by 21% for Q1 FY18 compared to the three months ended February 28,2017.
In Q1 FY18, the Company incurred a net loss before other items of $764,492 compared to $994,787 for the three months ended February 28, 2017.
"With another record setting quarter of growth, we're demonstrating that businesses and consumers are actively seeking out options to kick fossil fuel- based plastics to the curb, and our plant-based products and packaging are helping them do just that," said Paul Antoniadis, CEO of good natured®. "I'd especially like to thank our passionate team members for the brilliant service they've continued to provide our customers, which has undeniably contributed greatly to our growth story."
The Company's interim financial statements and Management's Discussion and Analysis are available on SEDAR at: www.sedar.com.
The good natured® corporate profile can be found at: www.goodnatured.ca/investor-relations
About good natured Products Inc.
With over 100 plant-based food packaging designs, 10 grades of bioplastic rollstock sheets, 30 home & business organizational products and a world class team of scientists, business builders and retailers, good natured® is producing and distributing one of North America's widest assortments of consumer products and packaging made from the highest possible percentage of renewable, plant-based materials and no BPAs, phthalates or other chemicals of concern.
Committed to doing what's right for the planet and right for business, good natured® is creating better everyday products® that combine cutting-edge bioplastic technology and the latest sustainable design features that not only look good, but maximize shelf space, drive incremental sales, enhance logistics and boost environmental benefits, all bundled up in a fresh and friendly brand.
For more information: goodnatured.ca
On behalf of the Company:
Paul Antoniadis - Chief Executive Officer and Board Director
Contact: 1-604-566-8466
Investor Contact:
Caleb Jeffries
Kin Communications
1-866-684-6730
GDNP@kincommunications.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release.
