Sunora Foods earns $55,615 in Q22016-08-25 06:42 MT - News ReleaseMr. Dean Stuart reports
SUNORA FOODS ANNOUNCES QUARTER 2 FINANCIAL RESULTS
Sunora Foods Inc. has filed its financials statements and management discussion and analysis for the fiscal period ending June 30, 2016. These filings are available for review on SEDAR and the Corporation's website.
During the fiscal period ended June 30, 2016 Sunora's highlights include the following:
-- Net Income for the period ending June 30, 2016 of $55,615 versus net income of $110,940 for the comparable period ending June 30, 2015; partly the result of internal issues at a co-packer.
-- Gross margin for the period ending June 30, 2016 of 7.1% versus gross margin for the comparable period ending June 30, 2015 of 9.3%; partly the result of internal issues at a co-packer.
-- Revenue of $2,835,773 for the 2016 Q2 versus revenue of $3,233,996 for the comparable 2015 Q2.
-- Cash and Cash Equivalents of $2,589,380 for the period ending June 30, 2016 versus $2,620,566 at the end of December 31, 2015.
-- Inventory of $1,097,463 for the period ending June 30, 2016; due to a build-up in inventory of bulk oil for future orders.
-- 8,028,400 common shares now held by Shanghai Hao Zhuo International Trading Ltd. of China representing 19% of the outstanding common shares. The shares were purchased from President and Chief Exective Officer Steve Bank
Financial Highlights Period ending June 30, 2016 Sales $2,835,773 Gross Margin $200,726 Income before Taxes $76,185 Net Income $55,615 Earnings Per Share $0.001 Sunora's Q2 2016 sales were impacted by a slowing in bulk oil sales in Canada, and partially offset by increased sales to the United States and International locations including China. It is anticipated that sales may increase in the second half of 2016, and the Corporation continues to identify and develop new markets with a specific focus on China. Management is also focused on working with packagers of Canadian manufactured products that are looking for a strategic partner to expand international operations.
About Sunora Foods
Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands.
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