Business
Green Rise Foods Announces Record Q2 Fiscal 2023 Financial Results
Toronto, Ontario--(Newsfile Corp. - August 17, 2023) - Green Rise Foods Inc. (TSXV: GRF) ("Gree...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Foods Announces Record Q2 Fiscal 2023 Financial ResultsToronto, Ontario--(Newsfile Corp. - August 17, 2023) - Green Rise Foods Inc. (TSXV: GRF) (\"Green Rise\" or the \"Company\") is pleased to release of its interim condensed consolidated financial results for the three and six-month periods ended June 30, 2023. The complete interim condensed consolidated financial statements and associated Management's Discussion and Analysis (\"MD&A\") are available under the Company's profile at www.sedarplus.ca.Selected highlights for the three and six-month period ended:Record fresh produce revenue of $10.9 million for the six-month period ending June 30, 2023, vs $8.2 million for prior year period ended June 30, 2022. This represents a 33% increase over the comparative prior year period.For the three-month period ended June 30, 2023, Adjusted EBITDA equalled $2.3 million vs $1.2 million for the three-month period ended June 30, 2022. Renewal of a mortgage with a principal amount of $12.8 million which matured on June 30, 2023. The renewal is for a three-year term with a fixed annual interest rate of 5.75%. Amendment to the Company's credit facility with RBC which improved liquidity. The amendment included an increase to the Company's operating lines from $6.6 million to $7.3 million, the ability to draw a further $800 thousand on a revolver facility (at prime plus 1%) and the reduction of the Company's annual fixed coverage ratio from 1.25 to 1 to 1.10 to 1.Improvement to the Company's working capital ratio deficit which stood at $22.9 million as at December 31, 2022, and is, as at June 30, 2023, $8.4 million.Renewal of the lease agreement, for 15-acres of the Company's Organic greenhouse, to its distribution partner Mastronardi Produce Ltd. (\"our distribution partner\") for a 3.5-year term to December 31, 2026. \"The impact of the strategic mini-pepper acquisition the Company made last year on June 30, 2022, is being translated positively onto the balance sheet. Optimal growing conditions and the successful execution by our operations team of our harvesting activities are all key factors leading to the Company's successful second quarter results. We continue to diversify our product offering and now turn our focus to work closely with our distribution partner in determining asset allocation to optimize our return to share...