Tickers: XTSX:OG
Tags: Medicinal Marijuana
May 31, 2018 / TheNewswire /Toronto, Canada: Organic Garage Ltd. ("Organic Garage" or the "Company") (TSX-V:OG) has released the Company's annual audited financial results for its year ended January 31 2018 and is pleased to announce an increase in sales, gross profit and EBITDA for its operating company for the year ended January 31, 2018.
Due to the acquisition by the Company of its operating subsidiary on October 16, 2018 and the change of the Company's fundamental business at the time, in order to provide a more accurate picture of the business of the Company, the financial highlights below are from the comparison of fiscal 2018 against fiscal 2017 for the operating company only (with consolidated notes below). The Company's audited annual consolidated financial statements for the Company including the operating company and all subsidiaries and related management's discussion and analysis for the period are available under the Company's profile on SEDAR at www.sedar.com. All amounts are expressed in Canadian dollars.
Sales increased 25.12% to $19.9 million 1
Gross profit percentage increased from 27.80% to 28.68% 2
Gross profit dollars increased 29.16% 3
Year-end net loss decreased 78.03% 4
Matt Lurie, CEO of Organic Garage commented, "I am very pleased with how the operating company executed in fiscal 2018. The increase in sales, gross profit percentage and gross profit dollars, while shrinking our year-end loss and increasing our EBITDA, show we are headed in the right direction. It was a very busy year for us from listing on the TSX.V tier 1 to opening our third location that garnered unbelievable press including the covers of two industry trade magazines. Our operating results prove that the growth of the company is on track and the future is very bright not only for our shareholders but our customers as well. We will continue to build upon the success of this past year with continued strong results as we grow our store count and deliver on our mission to bring "healthier food for less" to the masses."
2 30.19% to 28.68% consolidated
4 Year-end loss increase of 63.5% consolidated as a result of stock based compensation and depreciation expense
About Organic Garage Ltd.
Organic Garage (TSX-V: OG) is one of Canada's leading independent organic grocers committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The company's stores are in prime retail locations designed to give customers an inclusive, unique and value-focused grocery shopping experience. Founded in 2005 by a fourth generation grocer, Organic Garage is headquartered in Toronto and operates a highly efficient supply chain through its centralized distribution centre. The company is focused on continuing to expand its retail footprint within the Greater Toronto Area. For more information please visit the Organic Garage website at www.organicgarage.com.
For further information please contact:
Evan Clifford
T: (416) 201-9390
E: investor_relations@organicgarage.com
W: www.organicgarage.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Organic Garage, that may cause the actual results, level of activity, performance or achievements of Organic Garage to be materially different from those expressed or implied by such forward looking statements, including but not limited to: the use of proceeds of the offering, receipt of all necessary approvals of the offering, general business, economic, competitive, political and social uncertainties; negotiation uncertainties and other risks of the grocery industry. Although Organic Garage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Organic Garage's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither Organic Garage assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
Copyright (c) 2018 TheNewswire - All rights reserved.
