Vancouver, British Columbia--(Newsfile Corp. - April 28, 2020) - good natured Products Inc. (TSXV: GDNP) (the "Company" or "good natured®") today announced its audited financial results for the year ended December 31, 2019 (or "FY2019").
- Revenues for the year ended December 31, 2019 increased 98% to $10,098,675 compared to $5,103,347 for the year ended December 31, 2018 (the "Comparative Period").
- Gross profit for the year ended December 31, 2019 was $3,473,665 compared to $1,729,132 for the Comparative Period. Gross profit as a percentage of sales increased to 34.4% in FY2019 compared 33.9% for the Comparative Period.
- SG&A for the year ended December 31, 2019 was $4,655,198 compared to $3,383,182 for the Comparative Period. SG&A expenditures, minus variable outsourced supply chain services, freight, and fulfillment costs and acquisition-related costs, increased by 3% for the year ended December 31, 2019 compared to the Comparative Period.
- For the year ended December 31, 2019, the Company's net losses before interest, depreciation, and stock compensation, were $1,446,100 compared to $1,873,095 the Comparative Period, an improvement of 23%.
- The Company ended the year with $8.5 million cash on hand, $0.65 million available on a credit operating line, and $6.5 million of available credit for acquisition opportunities.
"I would like to recognize our team and our materials and manufacturing partners whose commitment to executing our growth plan allowed us to achieve another critical milestone for the Company by breaking through $10 million in annual revenue," said Paul Antoniadis, CEO of good natured®. "Both the acquisition of Shepherd Thermoforming and Packaging Inc. announced in March 2020 and our new food services product line we launched last week are exciting developments for good natured® that strengthen our position for the current year."
The Company plans to announce its FY2020 first quarter results for the three months ended March 31, 2020 in May 2020.
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
About good natured Products Inc.
good natured® is producing and distributing one of North America's widest assortments of better everyday products® made with renewable, plant-based materials and no BPAs, phthalates or other chemicals of concern potentially harmful to human health and the environment.
By combining cutting-edge renewable material technology and the latest sustainable design features, good natured® creates eco-friendly home and business products, food packaging, restaurant/take-out containers and other industrial supplies designed to do good for the planet, good for human health and good for business by driving incremental sales, minimizing waste and improving logistics, all bundled up in a fresh and friendly brand.
For more information: goodnatured.ca
On behalf of the Company:
Paul Antoniadis - Chief Executive Officer
1-877-286-0617 ext. 113
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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