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Progressive Planet announces annual financial results
Progressive Planet announces annual financial results Canada NewsWire EBITDA ...
About this update from Progressive Planet Solutions Inc.
[{"type":"text","content":"\n\n\n\n Progressive Planet announces annual financial results\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n EBITDA improves to\n \n $1.355 million\n \n from\n \n $308,000\n \n and operating cash flow increases to\n \n $2.57 million\n \n from\n \n $1.61 million\n \n\n\n\n\n\n /NOT FOR DISTRIBUTION IN THE\n \n USA\n \n /\n \n\n\n\n\n\n KAMLOOPS, BC\n \n\n ,\n \n\n Aug. 28, 2024\n \n\n /CNW/ - After a year of rebuilding, Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB: ASHXF)\n \n (\"Progressive Planet\", \"PLAN\", or the \"Company\")\n \n announces its audited financial results for the year ending\n \n April 30, 2024\n \n .\n \n\n\n\n\n\n\n\n\n \"Fiscal 2024 was a year of implementing cost controls while preparing for long term growth. Our year-over-year increase in gross margin, coupled with significant reductions in selling and administrative expenses, are a strong testament to our desire to deliver long term shareholder value through positive cash flow from operations,\" stated\n \n Steve Harpur\n \n , CEO. \"While we experienced a small net loss for the year, this includes significant non-cash expenses such as depreciation, stock option issuances, and deferred income tax. The changes made in fiscal 2024 have set us up for a strong fiscal 2025.\"\n \n\n\n Fiscal 2024 highlights versus 2023\n \n\n\n\n Achieved EBITDA\n \n 1\n \n of\n \n $1.355 million\n \n versus\n \n $308,000\n \n\n\n Revenue increased to\n \n $19.63 million\n \n from\n \n $19.54 million\n \n .\n \n\n Operating cash flow increased to\n \n $2.57 million\n \n from\n \n $1.61 million\n \n\n\n Gross margin\n \n 2\n \n increased to 30.6% from 26.2%\n \n\n Selling expenses decreased to\n \n $1.32 million\n \n from\n \n $1.93 million\n \n\n\n Research and development costs decreased to\n \n $531,000\n \n from\n \n $875,000\n \n\n\n Interest costs decreased to\n \n $620,000\n \n from\n \n $680,000\n \n\n\n Net loss decreased to\n \n $393,000\n \n from 1.164 million\n \n\n Long term debt reduced to\n \n $6.44 million\n \n from\n \n $6.75 million\n \n\n\n Cash on hand i...