Vancouver, BC – good natured Products Inc. (TSX-V:GDNP) (the “Company” or “good naturedTM”), today announced its financial results for the three months (“Q2 FY18”) and six months (“YTD”) ended June 30, 2018. On January 9, 2018 the Company changed its fiscal year-end from February 28 to December 31. As required in such cases, Q2 FY18 is being compared to three months and six months ended May 31, 2017 (the “Comparative Periods”).
- Q2 FY18 & YTD revenues increased 59% and 60% to $1,064,589 and $2,183,076 relative to $670,532 and $1,360,613 for the Comparative Periods.
- Gross profit margins for Q2 FY18 & YTD were 33.9% and 33.5% versus to 34.7% and 31.9% for the Comparative Periods.
- SG&A for Q2 FY18 and YTD were $772,463 and $1,551,414 compared to 718,114 and $1,620,342 for the Comparative Periods; an 8% YOY increase for the comparative three month period, and a 4% YOY decrease for the comparative six month period. SG&A expenditures, minus the Company’s variable outsourced supply chain & fulfillment costs, increased 3% for the comparative three month period, and decreased 10% for the comparative six month period.
- Q2 FY18 and YTD net losses before interest, depreciation, and stock compensation, were $490,675 and $977,678 compared to $558,652 and $1,345,451 the Comparative Periods, an improvement of 12% and 27%, respectively.
- The Company had cash of $4,088,924 on June 30, 2018 compared to $797,883 on December 31, 2017.
“This latest record-setting quarter represents our 10th straight quarter of over 45% quarter over quarter revenue growth,” said Paul Antoniadis, CEO of good natured®. “Demand for alternatives to petroleum-based materials continues to increase rapidly amongst both businesses and consumers. What’s especially exciting is that our growth continues to outpace the growth of the overall bioplastic market, which is currently estimated to be growing at about 20% per year.”
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.