good natured Products Inc. Announces Preliminary Results for the Three Months Ended March 31, 2021
VANCOUVER, BC, April 13, 2021 /CNW/ - good natured Products Inc. (the "Company" or "good natured®") (TSXV: GDNP), a North American leader in earth-friendly plant-based products, today announced preliminary revenue and gross margin estimates for the fiscal quarter ending March 31, 2021 ("Q1 2021").
Reported revenue for Q1 2021 is expected to be approximately $8.0 million, an increase of approximately 160%, compared to $3.05 million for the fiscal quarter ended March 31, 2020. Gross margins for Q1 2021 are expected to be reported between 36% and 38% compared to 36.3% for the fiscal quarter ended March 31, 2020. The Company plans to release full Q1 2021 results in May 2021.
"Our strong revenue growth performance was driven by our strategic acquisitions completed in 2020, Shepherd Thermoforming and IPF, while gross margin benefitted from product and customer revenue mix for the quarter," stated Paul Antoniadis, CEO of good natured®. "Despite disruptions in key markets from COVID-19 variants and extreme weather-related events in the southern US, our team and partners executed extremely well. We remain very optimistic on our organic growth prospects and acquisition opportunities."
The preliminary results set forth above are based on an initial review of the Company's operating and financial results for the quarter ended March 31, 2021 and are subject to change. Final reported results could differ from these preliminary results following the completion of quarter-end accounting procedures, final adjustments and other developments arising between now and the time that the Company's financial results are finalized, and such changes could be material. The Company's independent auditor, Deloitte LLP, has not audited, reviewed or performed any procedures with respect to the accompanying preliminary financial results and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto. The preliminary results have been prepared by, and are the responsibility of, the Company's management, and were approved by management on April 12, 2021. In addition, these preliminary results are not a comprehensive statement of the Company's financial results for the quarter ended March 31, 2021. They should not be viewed as a substitute for audited financial statements prepared in accordance with International Financial Reporting Standards and are not necessarily indicative of the Company's results for any future period.
The good natured® corporate profile can be found at: investor.goodnaturedproducts.com
About good natured Products Inc.
good natured® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of eco-friendly options made from plants instead of petroleum. We're all about making it easy and affordable for business owners and consumers to switch to better everyday products® made from renewable materials and free from chemicals of concern.
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:
Paul Antoniadis – Executive Chair & CEO
Contact: 1-604-566-8466
Investor Contact:
Spencer Churchill
Investor Relations
1-877-286-0617 ext. 113
[email protected]
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.
Cautionary Statement Regarding Forward-Looking Information
Information regarding preliminary revenue results contained in this press release may constitute forward-looking information within the meaning of securities laws. 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 statement.
The financial outlook provided in this press release is provided to provide early guidance on the first quarter financial performance of the Company and readers are cautioned that this information may not be appropriate for any other purpose. In preparing the financial outlook, the Company completed an initial review of operations for the quarter ended March 31, 2021, however actual results may differ materially from the financial outlook provided in this press release as the financial outlook has not been audited or reviewed. 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 herein 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, 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 Good Natured Products
Investor Contact: Spencer Churchill, Investor Relations, 1-877-286-0617 ext. 113, [email protected]
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