Business
Progressive Planet demonstrates strong start with profitable Q1 following year of cost control implementation and continued improvements versus prior year Q1
Progressive Planet demonstrates strong start with profitable Q1 following year of cost control im...
About this update from Progressive Planet Solutions Inc.
[{"type":"text","content":"\n\n\n\n\n Progressive Planet demonstrates strong start with profitable Q1 following year of cost control implementation and continued improvements versus prior year Q1\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n /NOT FOR DISTRIBUTION IN THE\n \n USA\n \n /\n \n\n\n\n EBITDA improves to\n \n $743K\n \n from\n \n $(113K)\n \n in prior year\n \n\n\n\n Progressive Planet reports first profitable Q1 since 2022 acquisition of Absorbent Products\n \n\n Changes in operations and product offerings result in 19.1% gross profit increase from Q1 2024 to Q1 2025\n \n\n\n\n\n KAMLOOPS, BC\n \n\n ,\n \n\n Sept. 23, 2024\n \n\n /CNW/ - Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB: ASHXF)\n \n (\"Progressive Planet\", \"PLAN\", or the \"Company\")\n \n is pleased to announce its financial results for its first quarter ending on\n \n July 31, 2024\n \n .\n \n\n\n\n\n\n\n\n\n \"In fiscal year 2024, which ended on\n \n April 30, 2024\n \n , we prioritized implementing cost controls in preparation for long term growth. The first quarter of FY 2025 demonstrated our continued commitment to cost control and to selling higher margin products, resulting in our first profitable Q1 since the acquisition of Absorbent Products in\n \n February 2022\n \n . I'm proud of our team's commitment to creating long-term shareholder value,\" stated\n \n Steve Harpur\n \n , CEO.\n \n\n The Company's implementation of its cost cutting plan beginning in late fiscal 2023, as well as its focus on transitioning to higher margin products, have contributed to a significant improvement in profitability during the first quarter of the current fiscal year, compared to the prior first quarter.\n \n\n\n Q1 Fiscal 2024 vs. Q1 Fiscal 2025:\n \n\n\n\n Increased EBITDA\n \n 1\n \n by\n \n $856K\n \n , from\n \n $(113K)\n \n to\n \n $743K\n \n\n\n Revenue decreased from\n \n $4.93 million\n \n to\n \n $4.67 million\n \n\n\n Gross profit increased by 19.1%, from\n \n $1.31 million\n \n to\n \n $1.56 million\n \n\n\n Gross margin\n \n 2\n \n in...