VANCOUVER, British Columbia, May 24, 2018 (GLOBE NEWSWIRE) -- Gourmet Ocean Products Inc. (“Gourmet” or the “Company”) (TSX-V: GOP ) announces its financial and operating results for the three months ended March 31, 2018.
Highlights
- During the three months ended March 31, 2018, Gourmet reported sales of $173,355, compared with $160,663 during the same period of last year.
- Adjusted EBITDA for the three months ended March 31, 2018 was negative $298,992 versus negative $246,540 during the corresponding period in 2017.
- Gross margin during the three months period ended March 31, 2018 was 43.5% compared with 48.4% in the three months ended March 31, 2017. This decrease was primarily due to lower whole sales price in China compared with higher retail sales prices in the domestic Canadian market.
- Net loss for the three months period ended March 31, 2018 was $348,062, compared to a net loss of $331,370 in the same period last year.
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2018 the Company had cash on deposit in the amount of $5,420, accounts and other receivables of $1,214,362, and inventory of $179,704.
The working capital position of the Company at March 31, 2018 was negative $668,202 compared to a working capital position of negative $36,635 at September 30, 2017.
Net assets declined to a deficit of $519,805 at March 31, 2018 compared to $183,296 at September 30, 2017.
About Gourmet Ocean Products Inc.
Gourmet is a B.C.-based aquaculture company specializing in the production, distribution, marketing and sale of high-quality specialty seafood products including sea cucumbers, scallops and oyster with distribution to customers primarily in Asia and Canada.
ON BEHALF OF THE BOARD
“Peter Hughes”
Peter Hughes, Chief Executive Officer
GOURMET OCEAN PRODUCTS INC.
T: 604.802.7372
E: petehughes@me.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities by the Company to be made in the United States will be made by means of a prospectus, which may be obtained from the Company and will contain detailed information about the Company and its management, as well as financial statements.
Forward-Looking Statements
Certain of the statements made and information contained in this press release constitute forward-looking information within the meaning of applicable securities legislation. Forward-looking statements in this press release include that (a) the Company has adequate capital to grow its business and execute on its business plan, (b) continued growth in revenues is expected from contracts with aquaculture farmers and distributors and (c) Gourmet’s will become a global leader in aquaculture. All information and statements which are not historical fact constitute forward-looking information and, in many cases, can be identified by words such as “proposed”, "may", "will", "expect", "intend", "anticipate", "believe", "estimate", "potential", or other similar terminology. Forward-looking statements involve risks, assumptions, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements made in this press release include: products that are or become available from competitors, political and economic factors, including in China and environmental factors. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of the Company may vary materially from those described in this press release. Accordingly, readers are advised not to place undue reliance on forward looking information. Except as otherwise required by law, the Company does not intend to and assumes no obligation to update or revise forward looking information, whether as a result of new information, plans, events or otherwise.
