Sunora Q1 summary news release below. It was a profitable quarter, but as I was told by management after year end, Q4/Q1 was affected by some issues in China. However, this has been resolved and as mentioned in the news below, Q2 will be better for sure. Cash & equivalents still went up $360,000 since December 2015 which is huge. I will be posting the breakdown shortly.
Sunora Foods earns $24,971 in Q1 2016
2016-05-30 13:51 MT - News Release
Mr. Steve Bank reports
SUNORA FOODS ANNOUNCES QUARTER 1 FINANCIAL RESULTS
Sunora Foods Inc. has filed its financials statements and management discussion and analysis for the fiscal period ending March 31, 2016. These filings are available for review on SEDAR and the corporation's website.
During the fiscal period ended March 31, 2016, Sunora's highlights include the following:
Net Income of $24,971 for the period ending March 31, 2016, versus net income of $240,236 for the comparable period ending March 31, 2015 (primarily the result of foreign exchange losses during Q1 2016 versus a foreign exchange gain during Q1 2015);Gross margin of 9.4 per cent for the period ending March 31, 2016, versus gross margin for the comparable period ending March 31, 2015, of 11.1 per cent;Revenue of $2,687,379 for Q1 2016 versus revenue of $2,743,967 for Q1 2015;Cash and cash equivalents of $2,981,812 for the period ending March 31, 2016, versus $2,620,566 at the end of Dec. 31, 2015.Continuing focus on expanding international sales with emphasis on China and Southeast Asia.
FINANCIAL HIGHLIGHTS
Period ending March 31, 2016
Sales $ 2,687,379
Gross margin 252,422
Income before taxes 33,295
Net income 24,971
Earnings per share 0.00
Sunora's Q1 2016 financial results were negatively impacted by a brief slowdown in demand from international customers due to economic restructuring, as China reorients from manufacturing to domestic consumption and from delays in shipments. International sales have trended upward in Q2, with expected additional sales during this period and beyond.
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