Business
Organto Provides Record Second Quarter 2021 Revenue Guidance
Largest Quarterly Revenues in Organto's History Expected VANCOUVER, BC and BREDA, THE NE...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Provides Record Second Quarter 2021 Revenue GuidanceLargest Quarterly Revenues in Organto's History ExpectedVANCOUVER, BC and BREDA, THE NETHERLANDS / ACCESSWIRE / May 19, 2021 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF)(FSE:OGF) (\"Organto\" or \"the Company\"), an integrated provider of organic and non-GMO fruit and vegetable products today provided record second quarter revenue guidance and reaffirmed its previously announced annual revenue targets for fiscal 2021.For the three months ended June 30, 2021 Organto expects to realize record quarterly revenues of approximately CDN $7.2 to CDN $7.4 million1, an increase of approximately 235% versus the prior year, and in-line with targeted annual revenue growth for fiscal 2021. This will represent the largest quarterly revenues in the history of Organto and the eighth consecutive quarter of record revenues versus the same quarter in the prior year. Gross profit is also expected to be a quarterly record for Organto and represent a significant increase versus the same quarter in the prior year.Based on these results, revenues for the first six months of 2020 are projected to grow approximately 220% to approximately CDN $11.9 to CDN $12.21 million, topping full year fiscal 2020 revenues of $11.4 million which was an increase of over 200% versus the previous year. In hand with revenue guidance for the first six months of 2021, Organto also reaffirmed its 2021 annual revenue target of CDN $35.0 to CDN $37.0 million1, with an annualized revenue run rate by the end of fiscal 2021 of approximately CDN $50.0 million.\"Our projected second quarter revenue guidance will be a record for our Company and represents another positive step in our business as we realize quarterly revenues in excess of CDN $5 million for the first time. Our business continues to expand and we continue to invest in building our organization to meet the growth in our market and develop our branded and value-added product capabilities. We are excited by the progress we are making as we build a global leader focused on fast-growing healthy eating categories.\" commented Steve Bromley and Rients van der Wal, Co-CEOs. \"The increase in second quarter revenues was driven by a combination of new customers, new products, new supply of core product offerings and the acquisition of Fresh Organic Choice B.V. earlier...