This release acts as a correction for the release posted on 8/29/2022 at 10:30 PM EDT from Naturally Splendid Enterprises Ltd. announcing its second quarter results for 2022 due to an error in comments stated
VANCOUVER, BC / ACCESSWIRE / August 30, 2022 / Naturally Splendid Enterprises Ltd. ("Naturally Splendid", "NSE" or "the Company") (FRANKFURT:50N)(TSXV:NSP)(OTC PINK:NSPDF) announces its unaudited financial results for the six months ended June 30, 2022. All amounts are in Canadian dollars and are prepared in accordance with International Financial Reporting Standards.
Naturally Splendid CFO Mr. George Ragogna states, "We apologize for an error in the comments overview of our Financial results. The first sentence below referenced our Administrative expenses for the six months ending June 30, 2022, and for the comparative period. We regret any confusion and have corrected the first sentence in the statement below to reflect the net loss and comprehensive loss."
Q2 2022 Financial Results
Naturally Splendid recorded a net loss and comprehensive loss of $1,714,438 for the six months ended June 30, 2022, compared to a net loss of $1,750,988 during the six months ended June 30, 2021. Gross profit margins decreased by 2.6% of sales in the six months ended June 30, 2021, compared to the six months ended June 30, 2021. The Company's sales decreased by approximately $312,000 from the comparative period. During the six-month period ending June 30, 2022, selling and distribution expenses decreased by approximately $16,500, largely due to facility costs.
Administrative expenses for the six months ended June 30, 2022, decreased in 2022 compared to 2021 by $87,500.The decrease was primarily due to management & consulting fees, bank charges and legal fees.
Naturally Splendid recorded sales of $157,314 during the six months ended June 30, 2022, compared to $470,039 for the six months ended June 30, 2021. During the six months ended June 30, 2022, the Company's sales decreased by approximately $313,000 from the comparative period. The Company had decreased sales in its private-label bars and bites business by approximately $85,000. Branded hemp products decreased by approximately $170,200 and its Natera Sport products decreased by approximately $73,000. Sales in new Plant-based products decreased by approximately $4,300.
The Cost of Sales during the six months ended June 30, 2022, was $136,186 compared to $394,812 in 2021. The Company's sales were from its new line of plant-based entrees, which maintain a higher gross margin. The Company continues to focus on its higher-margin products and new commercial opportunities with its plant-based entrees.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a plant-based food manufacturing and technology company that produces and distributes nutritious and delicious plant-based commodity products.
Founded in 2010, the Company operates a certified food manufacturing facility located just outside Vancouver, BC in Canada, focusing on producing an extensive range of plant-based entrees.
Naturally Splendid has an exclusive 10-year manufacturing and distribution agreement for Canada with a division of Australia's largest plant-based food manufacturer, Flexitarian Foods Pty. Ltd.
In addition to producing the Company's own branded products, Naturally Splendid provides contract manufacturing services and private labelling for a variety of nutritional plant-based food products destined for multiple distribution channels.
The Company launched PlanteinTM, a line of delicious plant-based meat alternatives for the rapidly growing plant-based market segment.
Naturally Splendid maintains a relationship Plasm Pharmaceutical, a company that has been approved for conducting a phase 2 clinical trial approved by Health Canada for the treatment of COVID-19.
NSE has also developed proprietary technologies for the extraction of healthy omega 3 and 6 oils, as well as a protein concentrate from hemp.
For more information e-mail [email protected] or call Investor Relations at 604-570-0902 x 103
On Behalf of the Board of Directors
Mr. J. Craig Goodwin
Naturally Splendid Enterprises Ltd.
(NSP - TSX Venture; NSPDF - OTCQB; 50N - Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 570-0902
E-mail : [email protected]
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news 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 material factors, many of which are beyond Naturally Splendid's control including, Naturally Splendid's ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; the ability to complete the sales of all bulk hemp seed purchase orders; and the risk that any of the potential applications may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Naturally Splendid Enterprises Ltd.