Progressive Planet Reports Financial Results for Fiscal Q1 2024
/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, Sept. 25, 2023 - Progressive Planet (TSXV: PLAN) (OTCQB: ASHXF) ("Progressive Planet", "PLAN", or the "Company"), a leader in developing CleanTech solutions for the planet, announces it has filed consolidated financial statements and related management's discussion and analysis ("MD&A") for the fiscal quarter ending July 31, 2023 on SEDAR+. These documents are also available on the Company's website.
"Progressive Planet replaced the ultra-low margin business strategically discontinued in fiscal 2023 from large retail customers and is making more for the same efforts," says Progressive Planet CEO Steve Harpur.
Added Harpur: "With two unused credit facilities totalling $3.21 million at quarter ended July 31, 2023, we are in a good position to bridge any short-term operating cash constraints and fund growth in the short-term without raising new equity as we move forward into historically stronger quarters."
- Revenue decreased by 1.8% from $5.03 million for the quarter ended July 31, 2022, to $4.93 million in the quarter ended July 31, 2023
- Increased gross margin1 of the base business by 3.1% from the quarter ended July 31, 2022 (23.5%) to the quarter ended July 31, 2023 (26.6%)
- Cost of sales and selling expenses decreased by 5.8% and 27.2% respectively, as a result of operational improvements made in fiscal 2023, including strategically discontinuing low margin revenue business and shifting away from delivered pricing
- Operating cash flow increased from negative $0.71 million for the quarter ended July 31, 2022 to positive $0.13 million in the quarter ended July 31, 2023 - an increase of $0.84 million
- Net loss of $0.49 million in the quarter ended July 31, 2023 - includes $0.23 million in research and development expenditures as well as $0.23 million in share-based compensation
- Existing credit facilities remain unused with $3.21 million in available credit at the quarter ended July 31, 2023
- Investment in research and development of $0.23 million related to the development of low carbon and carbon sequestering cement and agriculture products expected to position the Company for long term revenue growth and profitability
- June 2023 - Reduced fertilizer use by an estimated 50% on 617 acres with new, proprietary natural fertilizer under the brand CARBON PK™
- June 2023 - Progressive Planet announced it had finalized a sales off-take agreement with Lafarge Canada for all the anticipated production from its planned PozGlass™ pilot plant. Progressive Planet expects construction of the pilot plant to begin in the current fiscal year and is targeting to fund building and equipment costs with non-dilutive financing
- July 2023 - Received a reorder of pet brand, Wundercat®, which is expected to add $1.2 million in new annual revenues
| 1. | Gross margin is a non-IFRS financial measure. This ratio expresses gross profit as a percentage of revenue for a given period. It assists in explaining the Company's results from period to period and measuring profitability. This ratio is calculated by dividing gross profit for a period by the corresponding revenue for the period. There is no directly comparable IFRS measure. |
Progressive Planet provides regular information for investors on its website: progressiveplanet.com/investors/. This includes press releases and other information about financial performance, patents filed, and information on corporate governance.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
We are a CleanTech and manufacturing company with proven product lines based in Kamloops, British Columbia. Our expertise lies in developing critical low-carbon and carbon sequestering solutions using our owned mineral assets and recycled materials to create planet-friendly products that fight climate change and protect our planet's health.
Our products are in 10,000+ retail stores across North America. Our innovations, created at our C-Quester™ Centre of Sustainable Innovation, bring positive disruption to the cement, agricultural and animal-care sectors by creating products that help reduce carbon footprints and restore ecosystems.
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
This news release, required by Canadian laws, does not constitute an offer of securities and is not for distribution or dissemination outside Canada.
SOURCE Progressive Planet Solutions
Contact
or investor relations inquiries, please contact: Steve Harpur, CEO, 1 (800) 910-3072, investors@progressiveplanet.com