Organto Announces Record Second Quarter 2023 Financial Results

About this update from Organto Foods, Inc.

[{"type":"text","content":"Organto Announces Record Second Quarter 2023 Financial ResultsLargest Second Quarter Sales and Gross Profit in Company's HistoryTORONTO, ON and BREDA, THE NETHERLANDS / ACCESSWIRE / August 29, 2023 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) (\"Organto\" or \"the Company\"), an integrated provider of branded, private label and bulk distributed organic and non-GMO fruit and vegetable products today announced financial results for the three-and six-month periods ended June 30, 2023. All amounts are expressed in Canadian dollars and in accordance with International Financial Reporting Standards (IFRS), except where specifically noted.Highlights:Second Quarter 2023 Operating HighlightsSales of $7,581,390 versus sales of $5,109,949 in the prior year, an increase of approximately 48% and approximately 40% on a currency adjusted basis.Sales in the second quarter represent the largest quarterly sales in the history of Organto.Sales in the second quarter represent the sixteenth consecutive quarter of sales growth, currency adjusted, versus the same quarter in the prior year.Gross profit of $678,804 or 9.0% of sales versus $208,084 or 4.1% of sales in the prior year. When adjusted for realized gains and losses on derivative assets and liabilities which is derived from currency hedging directly related to product purchases, adjusted gross profit (1) was $581,669 or approximately 7.7% of sales versus 5.5% in the prior year.Gross profit dollars for the quarter represents the largest second quarter gross profit in the history of Organto.Second quarter adjusted gross profit(1) as a percentage of sales increased 220 basis points versus the second quarter of 2022 as actions taken by the Company to address significant macro-economic challenges realized in 2022 began to contribute positively.Cash overhead costs for the quarter were 24.3% of sales, 22.2% on an adjusted basis, versus 27.1% in the same quarter in the prior year. Costs include investments in infrastructure and resources employed to support growth initiatives. These costs include expenditures not related to day-to-day operations of $153,493 including retail branded product development and on-line digital transformation activities, acquisition activities and corporate development costs.Year-to-Date 2023 Operating HighlightsSales of $15,084,919 versus sales of $12,109,813 in th...

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