October 13, 2020 — (Vancouver, BC) good natured Products Inc. (the “Company” or “good natured®”) (TSX-V: GDNP), a North American leader in plant-based products and packaging, today announced preliminary revenue and gross margin estimates for the fiscal quarter ending September 30, 2020 (“Q3 2020”).
Reported revenue for Q3 2020 is expected to be between $4.6 million to $4.7 million, an increase of 45% to 48% compared with the fiscal quarter ended September 30, 2019. Gross margins for Q3 2020 are expected to be reported between 34% and 36% compared to 32.7% for the fiscal quarter ended September 30, 2019. The Company plans to release full Q3 2020 results in November 2020.
“Our business model continued to demonstrate its resiliency in the third quarter, delivering almost 50% revenue growth in the face of the challenging economic conditions,” stated Paul Antoniadis, CEO of good natured®. “I could not be more proud of our team and partners who have executed extremely well, which positions the Company for continued expansion.”
The Company has provided preliminary financial data for Q3 2020 to update investors in light of the continued macroeconomic uncertainty related to COVID-19. The preliminary results set forth above are based on an initial review of the Company’s operating and financial results for the quarter ended September 30, 2020 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 October 7, 2020. In addition, these preliminary results are not a comprehensive statement of the Company’s financial results for the quarter ended September 30, 2020. 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 producing and distributing one of North America’s widest assortments of better everyday products® made with the highest possible percentage of renewable, plant-based materials and no BPAs, phthalates or other chemicals of concern potentially harmful to human health and the environment.
With a growing assortment of over 385 products and services, good natured® creates eco-friendly home and business products, food packaging, restaurant/take-out containers, medical and industrial supplies designed to do good for the planet, good for human health and good for business by driving incremental sales, minimizing waste and reducing environmental impact, all bundled up in a fresh and approachable brand.
For more information: goodnaturedproducts.com
On behalf of the Company:
Paul Antoniadis – Executive Chair & CEO
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.
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 third 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 September 30, 2020, 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.