GFI ANNOUNCES FIRST QUARTER 2024 RESULTS
TORONTO, Aug. 28, 2023
Company reports record month of sales from its pea-splitting facility
HIGHLIGHTS OF Q1 2024
- Named one of the Future 50 Fastest Growing Sustainable Companies in Canada by Corporate Knights.
- Revenue in the quarter of $21.7 million backed by growth in higher margin business lines, representing 37.7% of total revenue in Q1 2024 compared to 26.9% in Q1 2023.
- Cash generated from operating activities of $5.1 million in Q1 2024.
- Completed the installation of the retail packaging capabilities at the Company's US distribution center in Clayton, North Carolina.
TORONTO, Aug. 28, 2023 /CNW/ - Global Food and Ingredients Ltd. (TSXV: PEAS) (OTCQX: PEASF) ("GFI" or the "Company"), today reported first quarter financial results for the three months ended June 30, 2023.
"GFI is continuing to execute on its commitment to prioritize higher margin generating business lines, evidenced by a record-setting sales month from our recently completed value-added pea-splitting facility," commented David Hanna, GFI's CEO. "Our management team continues to execute on our strategy of focusing on our core ingredients segment, reducing our expenses and growing our higher margin business lines"
Highlights – Three Months ended June 30, 2023
- The Company recorded revenue of $21.7 million in the three months ended June 30, 2023.
- Sales backed by the Company's shift to higher margin product lines, specifically plant-based pet food ingredients and split peas, representing 37.7% of total revenue during the three months ended June 30, 2023, an increase of 10.8% over the prior year comparable period.
- In the month of April GFI generated $1.3 million in sales of split peas from its state-of-the-art pea splitting facility in Saskatchewan, which was a monthly record.
- Completed the installation of the retail packaging capabilities at the Company's US distribution center in Clayton, North Carolina. The retail packaging lines are capable of packaging products in pouches and pillow bags, including 1lb, 2lb and 4lb formats. The capabilities were built within the Company's existing distribution center, providing highly efficient operation with retail packaging and order fulfillment in the same location. The initial focus for the facility will be packaging GFI's branded North Lily and North Lily Organics ingredients into pillow bags and then distributing throughout North America. GFI will also be providing private label bagging services to third party customers at gross margins higher than fiscal 2023 consolidated gross margins.
- Named one of the Future 50 Fastest Growing Sustainable Companies in Canada by Corporate Knights. Selected from a pool of 8,676 Canadian public and private companies, the Future 50 represent the 25 fastest-growing publicly traded companies (as measured by year-over-year revenue growth percentage) and the 25 fastest-growing privately owned companies (as measured by percentage growth in capital raised from their two most recent funding rounds) that earn more than 50% of their revenue from sustainable sources
The unaudited condensed consolidated interim financial statements for the three months ended June 30, 2023 ("Financial Statements") and related Management's Discussion & Analysis ("MD&A") for the three months ended June 30, 2023, are available under the Company's profile at www.sedarplus.ca.
GFI is a Canadian plant-based food and ingredients company, connecting the local farm to the global supply chain for peas, beans, lentils, chickpeas and other high protein specialty crops. GFI's vision is to become a vertically integrated farm-to-fork plant-based company providing traceable, locally sourced, healthy and sustainable food and ingredients. GFI is organized into four primary business lines: Core Ingredients, Value-Added Ingredients, Plant-Based Pet Food Ingredients and Downstream Products. Headquartered in Toronto, GFI buys directly from its extensive network of farmers, processes its products locally at its four wholly-owned processing facilities in Western Canada and ships to 37 countries across the world.
Neither the TSXV nor its Regulation Service Provider (as defined policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Forward looking statements in this press release include without limitation statements relating to GFI continuing to add further downstream processing and the effects thereof and GFI's business objectives. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. GFI undertakes no obligation to comment analyses, expectations or statements made by third-parties in respect of GFI, its securities, or financial or operating results (as applicable). Although GFI believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond GFI's control, including the risk factors discussed in GFI's annual information form for the year ended March 31, 2022, which are incorporated herein by reference and are available through SEDAR at www.sedarplus.ca. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. GFI disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Global Food and Ingredients