GreenSpace Brands Inc. Reports Consolidated Earnings Results for Fourth Quarter and Year Ended March 31, 2016; Provides Earnings Guidance for Fiscal 2017
For the year, net revenue was CAD 10,458,000 against CAD 3,576,000 a year ago. Net loss from continuing operations was CAD 5,289,000 against CAD 1,652,000 a year ago. Net loss was CAD 5,289,000 against CAD 1,652,000 a year ago. Net loss per share (basic and diluted) was CAD 0.26 against CAD 0.57 a year ago. Adjusted LBITDA was CAD 1,730,000 against CAD 1,271,000 a year ago.
Based on normalized fourth quarter results, the Company has an annualized gross revenue run-rate of approximately CAD 30 million and has turned the corner to become an EBITDA positive business, after adjusting for one-time, non-recurring costs. With this larger revenue base management expects to leverage its strong customer relationships, utilize its distribution networks and realize on a number of synergistic cost savings through its up-coming fiscal year to continue to generate positive EBITDA and positive operating cash-flows. Management continues to feel it is in a strong position to be one of the principle consolidators in the North American natural and organic food market, due to its industry position and accumulated reputational goodwill.