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Xylitol Canada Inc.: Financial Results for the Year Ended December 31, 2013
TORONTO, ONTARIO--(Marketwired - May 1, 2014) - Xylitol Canada Inc. ("Xylitol Canada", or the "Company") (TSX VENTURE:XYL) today announces that it has released its financial statements and management's discussion and analysis for the fiscal year ending December 31, 2013. Highlights of the results include:
* For the twelve months ended December 31, 2013, sales increased by 87% to $6,508,998, compared to $3,473,053 for the twelve months ended December 31, 2012.
* For the three months ended December 31, 2013, sales increased by 194% to $2,555,526, compared to $868,134 for the three months ended December 31, 2012;
* For the twelve months ended December 31, 2013, gross profit increased by 43% to $1,548,337, compared to $1,081,418 for the twelve months ended December 31, 2012;
* Company reports its first quarter in Company history with over $2,000,000 in revenue
* Company exceeded $1,000,000 in a single month for the first time in Company history
* Inventory as of December 31st totaled $2,563,411 including $514,000 of goods in transit
* Gross profit margins for the year were 24% "We are very pleased to announce over $6,500,000 in revenue up from $3,500,000 last year. Our team has continued to work very hard on customer acquisition and expansion. It can take months, even years, to gain entry to large retail accounts, but thankfully these time commitments have paid off for our team and we are now shipping to some of the largest retailers in North American on a weekly basis. The market conditions continue to be very favorable as people increasingly seek to avoid sugar, high fructose corn syrup, and artificial sweeteners. While we are proud of our accomplishments, our strong team has continued to execute and we expect 2014 to be another year of growth in the Company's sales," commented Andrew Reid, CEO of Xylitol Canada.
The Company's annual consolidated financial statements and related management's discussion and analysis for the year ended December 31, 2013 can be found under the Company's profile on SEDAR at www.sedar.com.