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Naturally Splendid’s Chief Financial Officer, Mr. George Ragogna, said, “We continue to execute on our strategic plan focused on plant-based opportunities. We have changed our product line in large part due to the ten (10) year exclusive Canadian manufacturing and distribution agreement we entered into with Australia’s largest plant-based manufacturer, Flexitarian Foods. This agreement is renewable for ten (10) additional years. Naturally Splendid has also obtained license rights from Flexitarian Foods for the exclusive use of PlanteinMT trademark in Canada. With PlantinMT brand now secure, we have completed all retail packaging and websites to support this brand. The Company recently participated in several trade fairs to promote the launch of PlanteinMT National retail and distribution relationships have been formed with Canada’s two largest distributors, Sysco Canada and Gordon Food Services (GFS). »

Mr. Ragogna adds, “The company has completed the design and begun the repurposing of our existing certified food manufacturing facility in Pitt Meadows, BC. All of the manufacturing equipment required to produce our plant-based main courses has been ordered with many important components of the manufacturing line having already arrived at the Pitt Meadows factory. However, there have been delays in the receipt of certain components needed to complete the full construction of the new production lines due to the ongoing logistical challenges that much of the manufacturing industry continues to face. We will continue to receive our factory stock from Flexitarian Foods while the manufacturing lines are still being installed at our own factory. immediately by reducing product costs and better inventory control, which will result in an anticipated increase in margins. timely updates.” Naturally Splendid reported a net loss and comprehensive loss of $747,787 for the three months ended March 31, 2022, compared to a net loss of $767,478 for the three months ended March 31 2021. Gross profit margins increased by 29% of sales in the three months ended March 31, 2021, compared to the three months ended March 31, 2021, this was due to increased profit margins from new sales based on of plants. The Company’s sales decreased by approximately $160,000 compared to the comparative period. During the three-month period ended March 31, 2022, selling and distribution expenses decreased by approximately $35,000. $000 largely due to lower production (installation costs, quality assurance and lab testing).

Administrative expenses increased in 2022 compared to 2021 by $22,000. The increase is mainly due to an increase in offices, rents and salaries and management and consultancy, and the decreases are mainly due to bank charges and interest. Office rent and salaries reflect the cost of production, warehouse, office and outdoor freezer storage space, as well as company salaries, the increase is due to certain employee severance pay. employees and an increase in freezer storage, otherwise office, rent and wages remained constant. Management and consulting fees increased due to new consultants for the new herbal product line.

Naturally Splendid recorded sales of $93,453 during the quarter ended March 31, 2022, compared to $144,143 for the quarter ended March 31, 2021. The Company’s sales decreased by approximately $50,690 compared to the comparative period. During the quarter ended March 31, 2022, the Company’s sales decreased by approximately $160,000 compared to the comparative period. The company had reduced sales of its private label bars and bites by about $71,000. Branded hemp products were down about $2,500 and its Natera Sport products were down about $101,000. The Company achieved sales of approximately $50,000 in its new herbal products. This is in line with the company’s focus on new herbal entries for contract manufacturing, private label and branded products and will continue to sell in Korean international markets.

Cost of sales during the quarter ended March 31, 2022 was $54,463 compared to $221,587 in 2021. The Company’s gross margin percentage is 41.7% of sales, during the quarter ended March 3 March 2022.

The Company continues to focus on its higher margin products and new business opportunities for its new herbal products. Bulk hemp seeds sold at a lower gross margin percentage than herbal products and private label sales. The Company is now concentrated. Gross profit for the three months ended March 31, 2022 was $38,990 (42% of sales) compared to $31,791 (13% of sales) for the three months ended March 31, 2021.

For the Three
Months ended
March 31, 2022

For the Three
Months ended
March 31, 2021

$

$

Claims data reports

Revenue

93,453 253,378

Cost of sales

(54,463 ) (221,587 )

Gross profit

38,990 31,791

Selling and distribution costs

(105,246 ) (140 166 )

Administrative expenses

(681,531 ) (659 103 )

Net profit (loss)

(747,892 ) (743,636 )
Basic and Diluted Earnings (Loss)
Per share (0.00) (0.00)

About Naturally Splendid Enterprises Ltd.

Founded in 2010, NSE operates a food manufacturing facility just outside of Vancouver, British Columbia, Canada. The company has established many healthy and functional foods under such well-known brands as Natera Sport™, Natera Hemp Foods, CHII, Elevate Me™ and Woods Wild Bar™, and most recently Natera Plant Based Foods, a line of delicious meat alternatives herbal. for the fast growing herbal market segment. The company has a myriad of new products and line extensions in development that are nearing launch. NSE, through its joint venture Plasm Pharmaceutical, has been approved to conduct a Health Canada-approved Phase 2 clinical trial for the treatment of COVID-19. NSE has also developed proprietary technologies for the extraction of healthy and highly demanded omega 3 and 6 oils from hemp.

NSE subcontractors for healthy and functional food products and ingredients made from vegetable ingredients. The company provides contract manufacturing services to numerous healthy food companies, labeling a wide variety of nutritional food products for global healthy food markets.

For more information, email [email protected] or call Investor Relations at 604-5700902 (ext. 101)

On behalf of the Board of Directors

MJ Craig Goodwin
CEO, director

Contact information

Naturally Splendid Enterprises Ltd.
(NSP – TSX Venture; NSPDF – OTCQB; 50N – Frankfurt)
#108-19100 Airport Lane
Pitt Meadows, BC, V3Y 0E2
Office: (604) 570-0902
Fax: (604) 465-1128
E-mail : [email protected]
Website: www.naturallysplendid.com

Forward-looking statements

The information in this press release contains forward-looking statements based on assumptions as of the date of this press release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of important factors, many of which are beyond Naturally Splendid’s control, including Naturally Splendid’s ability to compete with major food companies and drinks ; sales of any potential product developed will be profitable; sales of hulled hemp seeds will continue at current rates or increase; the ability to close sales of all bulk hemp seed purchase orders; and the risk that any of the potential applications will not receive all required regulatory or legal approvals. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied by the forward-looking information. Except as required by applicable securities laws, Naturally Splendid undertakes no obligation to publicly update or revise any forward-looking information.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS ITS TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE.

THE SOURCE: Naturally Splendid Enterprises Ltd.

See the source version on accesswire.com:
https://www.accesswire.com/708042/Naturally-Splendid-Reports-First-Quarter-Results-for-2022

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