Vancouver, British Columbia--(Newsfile Corp. - November 27, 2019) - good natured Products Inc. (TSXV: GDNP) (the "Company" or "good natured®"), today announced its financial results for the three months ("Q3 FY19") and nine months ended September 30, 2019 ("YTD").
- Revenues for three months ended September 30, 2019 increased 217% to $3,178,495 compared to $1,003,362 for the three months ended September 30, 2018. Revenues for the nine months ended September 30, 2019 increased 138% to $7,571,920 compared to $3,186,438 for the nine months ended September 30, 2018.
- Gross profit for the three and nine months ended September 30, 2019 was $1,038,844 and $2,637,407 compared to $313,639 and $1,045,815 for the three and nine months ended September 30, 2018. As a percentage of sales, gross profit for the three and nine months ended September 30, 2019 increased to 32.7% and 34.8% versus 31.3% and 32.8% for the three and nine months ended September 30, 2018.
- SG&A for the three and nine months ended September 30, 2019 was $1,262,332 and $3,347,569 compared to $746,687 and $2,298,101 for the three and nine months ended September 30, 2018, representing a YTD increase of 46% compared to the nine months ended September 30, 2018. SG&A expenditures, minus variable outsourced supply chain and fulfillment costs, increased 3.7% and 5.2% compared to the three and nine months ended September 30, 2018.
- The Company's EBITDA loss in the three and nine months ended September 30, 2019 were $348,899 and $1,058,650 compared to $454,183 and $1,431,861 for the three and nine months ended September 30, 2018, an improvement of 23.2% and 26.1% respectively. The Company Is focused on growing market share in a fast-growing emerging market for bioplastics. As such, the Company Is Investing significant resources in sales and market development.
- In the three months ended September 30, 2019, the Company incurred a net loss before taxes of $1,064,217 compared to $822,868 for the three months ended September 30, 2018, an increase of 29.3%. For the nine months ended September 30, 2019, net loss before taxes was $2,564,095 compared to $2,465,271 for the nine months ended September 30, 2018, also an increase of 4.0%.
- The Company had cash on hand of $6,563,705 for organic growth, $662,000 of unused operating line and $6,620,000 of available credit for acquisition opportunities as of September 30, 2019, compared to total cash of $2,903,466 on December 31, 2018.
"As anticipated, Q3 has delivered another record-breaking quarter of growth," said Paul Antoniadis, CEO of good natured®. “I would like to thank our good natured® team members, supply chain partners and material producers for delivering fantastic support in servicing our now over 200 customers across the USA and Canada.”
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.
good natured® is producing and distributing one of North America's widest assortments of better everyday products® made from the highest possible percentage of renewable, plant-based materials and no BPAs, phthalates or other chemicals of concern identified as potentially harmful to human health and the environment.
By combining cutting-edge renewable material technology and the latest sustainable design features, good natured® creates planet-friendly products and packaging that do good for the planet, good for human health and good for business by driving incremental sales, minimizing waste and improving logistics, all bundled up in a fresh and friendly brand.
For more information: goodnatured.ca
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.
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