Vancouver, British Columbia--(Newsfile Corp. - November 22, 2018) - good natured Products Inc. (TSXV: GDNP) (the "Company" or "good natured®"), today announced its financial results for the three months ("Q3 FY18") and nine months ("YTD") ended September 30, 2018.
"While our revenue growth for Q3 was 24% relative to the Comparative quarter last year, I anticipate the year-end annual sales growth to be in the range of 50% to 60%," said Paul Antoniadis, CEO of good natured®. "Due to several anticipated Q3 shipments which were pushed into Q4, Q3 sales results were below our YTD sales growth of 47%. The market demand for our plant-based products continues to be strong amongst both businesses and consumers."
- Q3 FY18 & YTD revenues increased 24% and 47% to $1,003,362 and $3,186,438 relative to $807,214 and $2,167,827 for the Comparative Periods.
- Gross profit margins for Q3 FY18 & YTD were 31.3% and 32.8% versus 32.1% and 32.0% for the Comparative Periods.
- SG&A for Q3 FY18 and YTD were $746,687 and $2,298,101 compared to 768,345 and $2,388,687 for the Comparative Periods; a 3% YOY decrease for the comparative three month period, and a 4% YOY decrease for the comparative nine month period.
- Q3 FY18 and YTD net losses before interest, depreciation, and stock compensation, were $454,183 and $1,431,861 compared to $586,017 and $1,931,468 the Comparative Periods, an improvement of 22% and 26%, respectively.
- The Company had cash of $3,323,357 on September 30, 2018 compared to $797,883 on December 31, 2017.
On January 9, 2018 the Company changed its fiscal year-end from February 28 to December 31. As required in such cases, Q3 FY18 is being compared to three months and nine months ended August 31, 2017 (the "Comparative Periods").
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.
For more information on bioplastic market growth:
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 - 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 on Forward-Looking Information
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. In particular in respect of the financial outlook regarding expected year-end annual sales growth, are assumptions regarding the volume and value of sales to be achieved in the fourth quarter of 2018. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that achieving the annual year-end sales growth target referred to herein is subject to a number of risks and uncertainties, including relating to general market conditions, and accordingly year end annual sales growth may be materially lower than currently expected. Because the estimates provided are highly subjective, it should not be relied on as necessarily indicative of future results. The risks and uncertainties facing the Company are discussed in more detail in the Company's Management's Discussion and Analysis. The financial guidance contained herein is offered to provide investors with context for the results from the third fiscal quarter of 2018 and the Company cautions readers that the information may not be appropriate for other purposes. 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, 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.