Sunora Foods files Q2 2018 financials, arranges NCIB
2018-08-28 14:30 MT - News Release
Mr. Steve Bank reports
SUNORA FOODS ANNOUNCES 2018 QUARTER 2 FINANCIAL RESULTS AND NORMAL COURSE ISSUER BID
Sunora Foods Inc. has filed its financial statements and management's discussion and analysis for the three-month period ending June 30, 2018. These filings are available for review on SEDAR and at the company's website.
In addition, the Corporation has made application to initiate a Normal Course Issuer Bid ("NCIB") subject to TSX Venture Exchange approval. The Corporation is undertaking the NCIB because it believes its securities are undervalued. The NCIB will be conducted through PI Financial Corp. The Corporation seeks to acquire up to 5% of the issued and outstanding common shares. The maximum number of common shares that will be purchased is 2,172,716.
During the three-month period ended June 30, 2018 Sunora's highlights include the following:
Revenue of $3,684,694 for the 2018 Quarter 2 versus revenue of $3,164,688 for the comparable 2017 Q2:
Net Income for the three-month period ending June 30, 2018 of $46,840 versus a net loss of $243,175 for the comparable period ending June 30, 2017;
Income from operations for the three-month period ending June 30, 2018 of $38,719;
International sales of $1,104,463 for the 2018 Q2 versus international sales of $567,204 for the comparable period;
Cash and Cash Equivalents of $3,300,529 for the period ending June 30, 2018;
FINANCIAL HIGHLIGHTS
Period ending June 30, 2018
Sales $3,684,694
Gross Margin $170,167
Income before Taxes$38,719
Net Income $46,840
Earnings Per Share $0.001
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.
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