Vancouver, British Columbia--(Newsfile Corp. - May 28, 2019) - good natured Products Inc. (TSXV: GDNP) (the "Company" or "good natured®"), today announced its financial results for the three months ended March 30, 2019 ("Q1 FY19").
- Revenues for Q1 FY19 increased 84% to $2,056,014 compared to $1,118,487 for the three months ended March 31, 2018.
- Gross profit for Q1 FY19 was $772,545 compared to $370,833 for the three months ended March 31, 2018. Gross profit as a percentage of sales was 38% for Q1 FY19 compared to 33% for the three months ended March 31, 2018.
- SG&A for Q1 FY19 was $1,054,579, a 35% increase as compared to $778,950 for the three months ended March 31, 2018. SG&A expenditures, minus variable outsourced supply chain and fulfillment costs, increased by 10% for Q1 FY19 compared to the three months ended March 31, 2018.
- The Company's net losses in Q1 FY19 before interest, depreciation, stock compensation and deferred income tax were $342,896 compared to $487,002 for the three months ended March 31, 2018, an improvement of 30%.
- In Q1 FY19, the Company incurred a net loss of $720,361 compared to a net loss of $764,492 for the three months ended March 31, 2018.
"In Q1 2019, we've set a new standard for company performance and delivered our strongest quarter yet with over $2 million in revenue," said Paul Antoniadis, CEO of good natured®. "Both US and Canadian market indicators remain strong due to regulatory pressure on petroleum-based plastic packaging, and we anticipate this trend to drive a large portion of our organic customer growth." Paul added: "Our margins continue to strengthen and our team is actively building the systems and processes, such as outbound freight & fulfillment optimization, that will allow us to capture more market growth while controlling costs."
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 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.
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