(via Thenewswire.ca)
CALGARY, ALBERTA / TheNewswire / May 29, 2015 - Sunora Foods Inc. ("Sunora" or the "Corporation") (TSX Venture: SNF) is pleased to announce the filing of its financial statements and management discussion and analysis for the fiscal period ending March 31, 2015. These filings are available for review on Sedar and on the Corporation's website at www.sunora.com.
During the fiscal period ended March 31, 2015 Sunora's highlights include the following:
-Net income of $240,238 in Quarter 1 2015 versus a net loss of $58,792 in the comparable Q1 2014; record net income for any quarter in the Corporation's history.
-Gross margin of $305,175 in Quarter 1 2015 versus gross margin of $107,200 in the comparable Q1 2014; an increase of 185%.
-Sales of $2,743,967 in Quarter 1 versus sales of $2,959,727 in the comparable Q1 2014; a decrease of 7.34%.
-Cash of $2,375,580 in Quarter 1 2015 versus cash of $1,757,580 in the comparable Q1 2014; an increase of 35.2%.
-Additional agreement to supply food oils in Asia with specific focus on the delivery and sale of canola oil to China and Indonesia.
-Launched Chinese webpage to assist in the marketing and sale of food oil products into China.
-Registration as canola oil exporter and canola oil packager with the Canola Council of Canada.
Summary of Financial Results
Quarter 1 2015 | Quarter 1 2014 | |||
Sales | $2,743,967 | $2,959,727 | ||
Gross Margin | $305,175 | $107,200 | ||
Income (Loss) before Taxes | $319,938 | ($63,089) | ||
Net Income | $240,238 | ($58,792) | ||
Earnings per Shares | $0.0057 | ($0.0014) |
Sunora continues to focus efforts on the delivery of food oils to the United States and Asia. The Corporation continues to receive global recognition as a premium supplier of canola oil and has increased marketing efforts in Asia designed to increase sales.
President Steve Bank states; "We are very pleased with our results for the first quarter and developments in the delivery of food oils to existing and new customers. With the recent launching of our Chinese language website, we anticipate increased requests for our packaged products. We are also continuing to evaluate new shelf stable products for potential sale through our global market channels."
About Sunora Foods
Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands.
For further information
Dean Stuart
Investor Relations
T: 403 517 2270
Steve Bank
Chief Executive Officer and President
T: 403 247 8300
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2015 TheNewswire - All rights reserved.