Key Highlights:
- Revenues for FY2020 increased 65% to
$16,713,190 compared to$10,098,675 for the year endedDecember 31, 2019 (or "FY2019"). - Gross profit for FY2020 increased 80% to
$6,236,218 compared to$3,473,665 for FY2019. Gross profit as a percentage of sales increased to 37.3% compared to 34.4% for FY2019. - Selling, general and administrative expenses (otherwise referred to as operating expenses), excluding acquisition activity, for FY2020 were
$7,355,234 compared to$4,457,791 for FY2019, representing an increase of 65%. - The Company's adjusted EBITDA, a non-GAAP measure, loss in for FY2020 was
$1,520,865 compared to$1,446,100 for FY2019. - The Company's net loss in FY2020 was
$7,186,972 compared to$3,473,821 for FY2019.
"2020 was a transformational year for the Company as we delivered organic growth and completed two strategic acquisitions in the face of challenging COVID-19 business conditions," stated
The Company's FY2020 audited financial statements and Management's Discussion and Analysis (MD&A) are available on SEDAR at sedar.com.
Investor Webcast on
The Company also today announced that it will host a webcast investor presentation on
During the webcast,
To attend the webcast, please pre-register at the following link: https://event.webcasts.com/starthere.jsp?ei=1450751&tp_key=687c134702
An archived version of the webcast and presentation will be available on the Company's website, https://investor.goodnaturedproducts.com
The good natured® corporate profile can be found at: investor.goodnaturedproducts.com
About good natured
good natured® is passionately pursuing its goal of becoming
Part of the sustainable consumer goods market, good natured® offers over 385 products and services through wholesale and retail channels, including our own e-commerce stores. From plant-based home organization products to compostable food containers, bioplastic industrial supplies and medical packaging, we're focused on delivering a great customer experience to make more plant-based products readily accessible to more people as the path to deliver meaningful environmental and social impact.
For more information: goodnaturedproducts.com
On behalf of the Company:
Contact: 1-604-566-8466
Investor Contact:
Spencer
Investor Relations
1-877-286-0617 ext. 113
invest@goodnaturedproducts.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
Non-GAAP financial measures
We have included in this press release a discussion of the Company's adjusted EBITDA, a non-GAAP measure, for FY2020 and FY2019 to provide, what management believes, is a meaningful comparison of the Company's performance in FY 2020. In this news release, adjusted EBITDA is earnings before interest and finance costs, taxes, depreciation and amortization, other non–cash items and one–time gains and losses. Adjusted EBITDA does not have a standardized meaning, and therefore may not be comparable to similar measures presented by other issuers. The use of the adjusted EBITDA by management allows for evaluation of the Company's principal business activities as certain non–core items such as interest and finance costs, taxes, depreciation and amortization, and other non–cash items and one–time gains and losses are removed.
The following table provides a reconciliation of net loss, as disclosed in the Company's FY2020 audited financial statements to adjusted EBITDA:
Three months ended | Year ended | |||||||
Income (loss) for the period: | $ | (3,154,012) | $ | (846,747) | $ | (7,186,972) | $ | (3,473,821) |
Share-based compensation | 98,838 | 11,194 | 262,480 | 59,904 | ||||
Depreciation and amortization | 223,309 | 42,171 | 515,489 | 325,695 | ||||
Financing costs | 762,827 | 555,064 | 3,440,325 | 1,767,921 | ||||
Foreign exchange gain | 295,790 | - | (117,614) | - | ||||
Loss on convertible debenture redemption | 250,343 | - | 413,055 | - | ||||
Loss (Gain) on interest-free loan | (16,235) | (6,498) | (82,663) | (46,144) | ||||
Acquisition related activity | 700,470 | 197,407 | 1,315,495 | 197,407 | ||||
Deferred income taxes | - | (340,041) | (80,460) | (277,062) | ||||
Adjusted EBITDA | $ | (838,670) | $ | (387,450) | $ | (1,520,865) | $ | (1,446,100) |
Preliminary Results
The preliminary results set forth above are made as of the date of this news release and are based on an initial review of the Company's operating and financial results for the quarter ended
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of securities laws including statements related to preliminary revenue results, Company plans for 2021 and managements outlook for 2021. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
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 regarding, among other things, sales volume and pricing 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.
SOURCE
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