Vancouver, British Columbia--(Newsfile Corp. - April 30, 2019) - good natured Products Inc. (TSXV: GDNP) (the "Company" or "good natured®"), today announced its audited financial results for the twelve months ended December 31, 2018 ("FY2018"). On January 9, 2018 the Company changed its fiscal year-end from February 28 to December 31. As required in such cases, FY2018 is being compared to the ten months ended December 31, 2017 (the "Comparative Period").
- Revenues for the twelve months ended December 31, 2018 increased 106% to $5,103,347 compared to $2,478,956 for the Comparative Period. For comparative purposes, revenues increased 76% over the unaudited revenue for the twelve months ending November 30, 2017 of $2,905,044.
- Gross profit for the twelve months ended December 31, 2018 was $1,729,132 compared to $762,397 for the Comparative Period. Gross profit as a percentage of sales was 34% in the 12 months ended December 31, 2018 and 31% for the Comparative Period.
- SG&A for the twelve months ended December 31, 2018 was $3,383,182 compared to $2,762,882 for the Comparative Period. SG&A expenditures, minus variable outsourced supply chain services, freight, and fulfillment costs, decreased by 3% for the twelve months ended December 31, 2018 compared to the Comparative Period.
- For the twelve months ended December 31, 2018, the Company's net losses before interest, depreciation, and stock compensation, were $1,873,095 compared to $2,246,826 the Comparative Period, an improvement of 17%.
- For the twelve months ended December 31, 2018, the Company incurred a net loss of $3,106,326 compared to a net loss of $2,932,069 for the Comparative Period.
"The Company's performance is a testament to the strong market opportunity and our team's unwavering dedication to our goal of becoming North America's leading plant-based product and packaging company," said Paul Antoniadis, CEO of good natured®. "Delivering such strong growth is not something we achieve all on our own, and we are grateful to our committed customers, partners, manufacturers and shareholders who have played such an important role in these achievements."
The Company plans to announce its FY2019 first quarter results for the three months ended March 31, 2019 in May 2019.
The Company's audited year end 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
Issuance of Common Shares to LINDAR Corporation
The Company also announces the issuance of 5,382,000 common shares on a prospectus exempt basis to LINDAR Corporation ("LINDAR"), pursuant to an amended outsourced manufacturing services agreement with LINDAR, as originally announced in the Company's December 23, 2016 news release. The 5,382,000 common shares are inclusive of the 4,225,000 common shares described in the December 23, 2016 news release. The shares are subject to a contractual hold period ending January 1, 2021.
About good natured Products Inc.
With over 100 plant-based food packaging applications, 10 grades of bioplastic rollstock sheets, 30 home & business organization 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 - 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44391