Vancouver, British Columbia - January 13, 2020 (Newsfile Corp.) (Investorideas.com Newswire) good natured Products Inc. (TSXV: GDNP) (the "Company" or "good natured®"), today announced preliminary and unaudited revenue estimates ("Preliminary Revenue") for the fiscal year ending December 31, 2019 ("FY2019").
Preliminary Revenue for FY2019 is anticipated at $9.9 million to $10.2 million, an increase of 94% to 100% compared with the year ended December 31, 2018. Gross margins for FY2019 are estimated between 33.5% and 34.5% compared to 33.9% for the year ended December 31, 2018. The Company expects to release its audited FY2019 financial results in April 2020.
"Our fiscal 2019 delivered a critical milestone in our growth trajectory by achieving $10 million in revenue and nearly doubling our sales," stated Paul Antoniadis, CEO of good natured®. "I could not be more proud of our team and partners that contributed to growing our customer base to over 200 business to business customers across 48 states and provinces and over 6,500 direct consumers online."
The preliminary results set forth above are based on an initial review of the Company's operations for the quarter and year ended December 31, 2019 and are subject to change. Actual results could differ from these preliminary results following the completion of year-end closing 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 registered public accounting firm, KPMG 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 January 10, 2020. In addition, these preliminary results are not a comprehensive statement of the Company's financial results for the quarter or full year ended December 31, 2019. They should not be viewed as a substitute for audited financial statements prepared in accordance with generally accepted accounting principles and are not necessarily indicative of the Company's results for any future period.
good natured® corporate profile can be found at: www.goodnatured.ca/investor-relations
About good natured Products Inc.
good natured® is producing and distributing one of North America's widest assortments of better everyday products® made from 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.
By combining cutting-edge renewable material technology and the latest sustainable design features, good natured® creates planet-friendly products and packaging that do good for the planet, good for human health and good for business by driving incremental sales, minimizing waste and improving logistics, all bundled up in a fresh and friendly brand.
For more information: goodnatured.ca
On behalf of the Company:
Paul Antoniadis - Executive Chair & CEO
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 unaudited 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 statements.
The financial outlook provided in this press release is provided to provide early guidance on the fourth 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 and year ended December 31, 2018, 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 press 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 press release is expressly qualified in its entirety by this cautionary statement.
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