Vancouver, BC – goodnatured Products Inc. (TSX-V:GDNP) (the “Company” or “good naturedTM”), formerly Solegear Bioplastic Technologies Inc., today announced its financial results for the three months (“Q2 FY18”) and six months (“YTD”) ended August 31, 2017. These are the first results released under the Company’s new name and stock symbol, which will be in full effect at the opening of the TSX Venture Exchange on October 31, 2017.
- Q2 FY18 and YTD revenues increased by 46% and 49% to $807,214 and $1,477,746 compared to $553,482 and $991,149 for the three and six months ended August 31, 2016. Growth has been driven by double-digit new customer acquisitions, expanded revenue per customer through cross-selling opportunities and revenues by way of the acquisition of LINDAR Corp.’s bioplastics division.
- Gross margins for Q2 FY18 and YTD of 32% and 33% were consistent with the 32% recorded for both the three and six months ended August 31, 2016. Minor fluctuations in gross margins are expected across financial quarters based on short-term variations in product and market segment revenue mix.
- Q2 FY18 & YTD total expenditures decreased by 3.8% and 0.5% compared to the three and six months ended August 31, 2016.
- Q2 FY18 & YTD SG&A expenditures increased by 11.1% and 4.5% compared to the three and six months ended August 31, 2016. This increased in direct correlation to sales growth and variable costs pursuant to the Company’s outsourced supply chain and fulfillment agreements. SG&A expenditures, minus these variable outsourced supply chain & fulfillment costs, decreased 6.5% and 7.4% compared to the three and six months ended August 31, 2016.
- The Company reported a reduction in net losses before other items in Q2 FY18 and YTD of $803,646 and $1,558,306 compared to $909,141 and $1,721,272 for the three and six months ended August 31, 2016.
- Q2 FY18 & YTD net losses before depreciation were $682,754 and $1,290,234 compared to $810,988 and $1,619,290 for the three months ended August 31, 2016, an improvement of 15.8% and 20.3%.
- The Company had cash reserves of $1,335,832 on August 31, 2017 compared to $604,916 on August 31, 2016.
“Between embracing a new company identity and reporting another quarter of record sales results, I could not be more energized by our team’s commitment to delivering on our strategic objectives,” said Paul Antoniadis, CEO of good naturedTM. “Our current cash puts us in a good position to continue to pursue our growth objectives and deliver our targeted results.”
The full version of the Company’s unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis are available on SEDAR at www.sedar.com.
good naturedTM’s corporate profile is located at: www.goodnatured.ca/investor-relations
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 naturedTM 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 naturedTM is creating better everyday productsTM 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 – Chief Executive Officer and Board Director
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.