VANCOUVER, BC, Aug. 27, 2020 /CNW/ - good natured Products Inc. (the "Company" or "good natured®") (TSXV: GDNP), today announced its financial results for the three months ("Q2 FY20") and six months ended June 30, 2020 ("YTD").
Revenues for Q2 FY20 increased 57% to $3,675,802 compared to $2,337,411 for the three months ended June 30, 2019. YTD revenues increased 53% to $6,727,889 compared to $4,393,425 for the six months ended June 30, 2019.
Gross profit for the three and six months ended June 30, 2020 was $1,628,529 and $2,736,769 respectively compared to $826,018 and $1,598,563 for the three and six months ended June 30, 2019, representing an increase of 97% and 71% compared to the three and six months ended June 30, 2019. As a percentage of sales, gross profit for the three and six months ended June 30, 2020 increased to 44.3% and 40.7% versus 35.3% and 36.4% for the three and six months ended June 30, 2019.
SG&A, excluding acquisition activity, for the three and six months ended June 30, 2020 was $1,569,967 and $2,864,738 compared to $1,090,054 and $2,085,237 for the three and six months ended June 30, 2019, representing an increase of 44% and 37% compared to the three and six months ended June 30, 2019.
The Company's EBITDA, a non-GAAP measure, loss in the three and six months ended June 30, 2020 was $40,525 and $348,252 compared to $366,855 and $709,751 for the three and six months ended June 30, 2019, an improvement of 88% and 48% respectively.
In the three and six months ended June 30, 2020, the Company incurred a net loss of $1,514,286 and $2,320,611 compared to a net loss of $821,328 and $1,541,689 for the three and six months ended June 30, 2019.
"We're incredibly proud of how our team rallied to deliver over 50% growth in our second quarter despite unprecedented economic and community challenges," said Paul Antoniadis, CEO of good natured®. "Our broad assortment of plant-based products is specifically designed to serve diverse customers and segments, which has allowed us to adapt quickly to current circumstances, refine our operations and continue to grow."
The good natured® corporate profile can be found at: investor.goodnaturedproducts.com
The Company's Q2 FY2020 interim financial statements and Management's Discussion and Analysis (MD&A) are available on SEDAR at www.sedar.com.
About good natured Products Inc.
good natured® is producing and distributing one of North America's widest assortments of better everyday products® made with the highest possible percentage of renewable, plant-based materials and no BPAs, phthalates or other chemicals of concern potentially harmful to human health and the environment.
With a growing assortment of over 385 products and services, good natured® creates eco-friendly home and business products, food packaging, restaurant/take-out containers, medical and industrial supplies designed to do good for the planet, good for human health and good for business by driving incremental sales, minimizing waste and reducing environmental impact, all bundled up in a fresh and approachable brand.
For more information: goodnaturedproducts.com
On behalf of the Company:
Paul Antoniadis – Executive Chair & CEO
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.
Cautionary Statement Regarding Forward-Looking Information
Information in this news release regarding the search and nomination of an additional board director constitutes forward-looking information within the meaning of securities laws. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such factors include, among others, the risk that the Company may not identify a suitable board director candidate or that a suitable candidate may not be willing to stand for nomination to the board of directors.
When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Other than as required under securities laws, we do not undertake to update this information at any particular time.
Forward-looking information contained in this news release is based on our current estimates, expectations and projections regarding, among other things, sales volume and pricing which we believe are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
SOURCE Good Natured Products
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