(via TheNewswire)
Selling and distribution costs of
Administrative expenses decreased to
Revenues decreased significantly over the same period last year for both Company branded products, as well as lesser than expected volumes from contract manufacturing clients due in large part to the continued negative effects of the COVID-19 pandemic. Gross Profit Margins represent approximately 11% of sales.
The decrease in net loss reflects continued improvements in operational efficiencies over the same period last year. While the Company experienced a decrease in production and sales due to the COVID-19 pandemic, operations experienced increased facility costs related to strict new standard operating procedures (SOPs) to ensure customer, employee and facility safety, which in turnaffected our ability to reduce the net loss further.
Gross profits decreased by approximately 20.4% for the nine months ended
Cost of Sales during the nine months ended
--------------------------------------------------------------------------------------------------------------------- |Statements of Loss Data |For the Three Months|For the Three Months|For the Nine Months|For the Nine Months| | |Ended September 30, |Ended September 30, |Ended September 30,|Ended September 30,| | |2020$ |2019$ |2020$ |2019$ | |-------------------------------------------------------------------------------------------------------------------| |Revenue |323,195 |635,984 |1,348,831 |2,359,525 | |-------------------------------------------------------------------------------------------------------------------| |Cost of sales |292,827 |436,229 |1,205,901 |1,628,274 | |-------------------------------------------------------------------------------------------------------------------| |Gross profit |30,368 |199,755 | 142,930 | 731,251 | |-------------------------------------------------------------------------------------------------------------------| |Selling and distribution expenses|(338,359) |(722,227) | (1,296,441) | (1,436,344) | |-------------------------------------------------------------------------------------------------------------------| |Administrative Expenses | (797,753) | (1,600,093) |(2,549,668) |(4,040,477) | |-------------------------------------------------------------------------------------------------------------------| |Other Income (loss) and taxes | 239,529 | 76,170 | 363,020 | 1,118,098 | |-------------------------------------------------------------------------------------------------------------------| |Discontinued Operations |- -- -- -- | |-------------------------------------------------------------------------------------------------------------------| |Net Income (Loss) |(911,215) |(2,046,395) |(3,340,159) |(3,627,472) | |-------------------------------------------------------------------------------------------------------------------| |Basic and Diluted | | | | | |Earnings (Loss) Per | (0.00) | (0.02) | (0.02) | (0.03) | |Share | | | | | ---------------------------------------------------------------------------------------------------------------------
Market opportunities remain strong for existing Company Branded Products domestically and now with the recently launched
We continue to optimize operations to accommodate increased demand for plant-based offerings from consumers. Ironically, the very real challenges we are experiencing during this time of COVID-19, are actually driving more attention than ever from consumers interested in plant-based nutrition. Additionally, the efforts we have expended establishing new e-commerce strategies to support multiple online marketing initiates, is in direct response to the shift in consumers buying more products than ever online. Additionally, we look forward to the next phase of commercializing CavaltinibTM, the plant-based target drug that has been approved by
Goodwin adds, "Although we find ourselves operating in historically challenging times,
About
NSE operates a Safe Quality Food Level 2 certified food manufacturing facility just outside
For more information e-mail info@naturallysplendid.com or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr.
CEO, Director
Contact Information
(NSP - TSX Venture; NSPDF - OTCQB; 50N
#108-19100 Airport Way
Office: (604) 465-0548
Fax: (604) 465-1128
E-mail: info@naturallysplendid.com
Website: www.naturallysplendid.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance.
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