Naturally Splendid Reports First Quarter 2022 Results - Stock News Source

VANCOUVER, BC / ACCESS CABLE / Jul 8, 2022 / Naturally Splendid Enterprises Ltd. (“Naturally Splendid”, “NSE” or “the Company”) (FRANKFURT:50N)(TSXV:NSP)(OTC PINK:NSPDF) announces its unaudited financial results for the three months ended March 31, 2022. All amounts are in Canadian dollars and are prepared in accordance with International Financial Reporting Standards.

During this reporting period, the uncertainty of Covid-19 negatively affected sales of existing product lines and hurt launches of new product lines. On March 11, 2020, the World Health Organization declared the outbreak of the novel coronavirus (“COVID-19”) a global pandemic causing governments around the world, including the Canadian government, to enact extensive measures in an effort to limit the spread of the virus. . These measures, which include social distancing, travel restrictions, outright travel bans and closures of non-essential businesses, including restaurants, have created a challenging period for the Company.


Sponsored Content:


The naturally splendid CFO, Mr. George Ragogna, stated: “We continue to implement our strategic plan focused on plant-based opportunities. The Company is developing the manufacturing capabilities and capabilities of our existing certified food manufacturing facility as our product mix shifts to more plant-based entrees and snacks from bars and bites. We have changed our product mix due in large part to the exclusive ten (10) year Canadian manufacturing and distribution agreement we entered into with Australia’s largest plant manufacturer, Flexitarian Foods. This agreement is renewable for another ten (10) years. Naturally Splendid has also obtained the license rights from Flexitarian Foods for the exclusive use of the PlanteinTM brand in Canada. With the PlanteinTM trademark now secured, we have completed all retail packaging and websites to support this brand. The company has recently attended several trade shows to promote the launch of the PlanteinTM retail line and has formed national distribution relationships with Canada’s two largest distributors, Sysco Canada and Gordon Food Services (GFS).”

Mr. Ragogna adds, “The company has completed the design and begun the reuse of our existing certified food manufacturing facility in Pitt Meadows, BC. All of the manufacturing equipment needed to produce our plant-based entrées has been ordered and many major components of the manufacturing line have already arrived at the Pitt Meadows facility. However, there have been delays in receiving some components needed to complete the full construction of the new production lines due to the ongoing logistical challenges that much of the manufacturing industry continues to experience. We will continue to receive our plant-based inventories from Flexitarian Foods while the manufacturing lines are still being set up in our own facilities. Once the new manufacturing lines are commissioned at our facilities, the Company will see an almost immediate return through reduced product costs and better inventory control, resulting in an anticipated increase in margins. We look forward to providing updates in a timely manner.” Naturally Splendid reported a net loss and comprehensive loss of $747,787 for the three months ended March 31, 2022, compared to a net loss of $767,478 for the three months ended March 31, 2021. Profit Margins Gross sales increased 29% in the three months ended March 31, 2021, compared to the three months ended March 31, 2021, due to higher profit margins on new plant-based sales . The Company’s sales decreased by approximately $160,000 from the comparative period. For the three-month period ended March 31, 2022, selling and distribution expenses decreased by approximately $35,000, largely due to a decrease in production (facility, quality control and laboratory testing costs) .

Administrative expenses increased in 2022 compared to 2021 by $22,000. The increase was mainly due to an increase in officerents and salaries and administration and consulting and the decreases were mainly due to bank charges and interest. Office rents and salaries reflect the cost of production, warehouse, office and outside freezer storage premises, and corporate salaries, the increase was due to some employee layoffs and an increase in freezer storage, otherwise, office, rent, and wages were held constant. Management and consulting fees increased due to new consultants for the new plant-based product line.

Naturally Splendid had sales of $93,453 for the three months ended March 31, 2022, compared to $144,143 for the three months ended March 31, 2021. The Company’s sales decreased by approximately $50,690 from the comparative period. During the three months ended March 31, 2022, the Company’s sales decreased by approximately $160,000 from the comparative period. The Company had decreased sales in its private label bar and snacks business by approximately $71,000. Branded hemp products are down about $2,500 and their Natera Sport products are down about $101,000. The Company had sales of approximately $50,000 on its new plant-based products. This is in line with the company’s shift in focus to new plant-based products for contract manufacturing, private label and branded products, and will continue to sell in international Korean markets.


Sponsored Content: OurLifeStore.com is a veteran-owned e-commerce with over 40,000 items at great prices and always free shipping


Cost of Sales for the three months ended March 31, 2022 was $54,463 compared to $221,587 in 2021. The Company’s gross margin percentage is 41.7% of sales, for the three months ended March 3, 2022 .

The Company continues to focus on its higher margin products and new business opportunities for its new plant-based products. bulk hemp seeds sold at a lower gross margin percentage than compared to plant-based products and private label sales. The Company is now focused. Gross profit for the three months ending March 31, 2022 was $38,990 (42% of sales) compared to $31,791 (13% of sales) for the three months ending March 31, 2021 .

for the three
finished months
March 31, 2022

for the three
finished months
March 31, 2021

$

$

Data Loss Statements

Income

93,453 253,378

cost of sales

(54,463) (221,587)

Gross profit

38,990 31,791

Selling and distribution expenses

(105,246) (140,166)

Administrative expenses

(681,531) (659,103)

Net income (loss)

(747,892) (743,636) Basic and diluted earnings (loss) per share (0.00) (0.00)

About Naturally Splendid Enterprises Ltd.

Founded in 2010, NSE operates a food manufacturing facility outside of Vancouver, BC in Canada. The company has established numerous healthy and functional foods under well-known brand names such as Natera Sport™, Natera Hemp Foods, CHII, Elevate Me™ and Woods Wild Bar™, and most recently Natera Plant Based Foods, a line of delicious meat-based alternatives. of plants. for the fast-growing plant-based market segment. The Company has a large number of new products and line extensions in development that are nearing launch. NSE, through its joint venture Plasm Pharmaceutical, has been approved to conduct a Health Canada-approved Phase 2 clinical trial for the treatment of COVID-19. NSE has also developed proprietary technologies for the extraction of high-demand, healthy omega 3 and 6 oils from hemp.

NSE contract manufacturers for healthy and functional food products and ingredients with a focus on plant-based ingredients. The company provides contract manufacturing services for many health food companies, private labeling a wide variety of nutritional food products destined for global health food markets.

For more information email [email protected] or call Investor Relations at 604-5700902 (ext. 101)

On behalf of the Board of Directors

Mr. J. Craig Goodwin
CEO, director

Contact information

Naturally Splendid Enterprises Ltd.
(NSP – TSX Venture; NSPDF – OTCQB; 50N – Frankfurt)
#108-19100 On the way to the airport
Pitt Meadows, British Columbia, V3Y 0E2
Office: (604) 570-0902
Fax: (604) 465-1128
Email : [email protected]
Website: www.naturallysplendid.com

Forward-looking statements

The information set forth in this press release contains forward-looking statements that are based on assumptions as of the date of this press release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of important factors, many of which are beyond Naturally Splendid’s control, including Naturally Splendid’s ability to compete with large companies. of food and beverages; sales of any potential product developed will be profitable; Shelled hemp seed sales will continue at current rate or increase; the ability to complete sales of all bulk hemp seeds purchase orders; and the risk that any potential applications may not receive all required legal or regulatory approval. Consequently, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied by the forward-looking information. Except as required by applicable securities laws, Naturally Splendid undertakes no obligation to publicly update or revise any forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE TSX VENTURE EXCHANGE POLICIES) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FONT: Naturally Splendid Enterprises Ltd.

See source version at access cable.com:
https://www.accesswire.com/708042/Naturally-Splendid-Reports-First-Quarter-Results-for-2022

Source link

Leave a Reply

Your email address will not be published.