Planet Organic Health Corp Announces Annual Results
Sales up 106%, EBITDASX
up 97%
SOURCE Planet Organic Health Corp.
via PRNewswire
(TSX Venture Exchange - POH),
announces their financial results
for the year ending June 30, 2008. Sales
for the year were $113.9 million
compared to $55.3 million in 2007, an
increase of 106%. EBITDASX was $7.1
million compared to $3.6 million in
2007, an increase of 97%, and cash flow from operations
increased by $2.5
million over 2007, an increase of 218%.
"I'm excited
to report our financial results for the year ended June
30, 2008. We have successfully integrated
the acquisition of Mrs Green's in
the
rebranding of Healthy's
to Planet Organic Living began with the Exchange
Tower in
continue to benefit from the
synergies of vertical integration at Trophic,
and Sangster's continues to open
new franchise locations. These actions
have allowed the Company to more
than double revenues, more than triple
cash flow from operations, and
almost double EBITDASX", reports Darren
Krissie, CFO.
EBITDASX and cash
flow from operations are the key performance
indicators for the Company. Income
before tax this year included non-cash
non-tax deductible items like stock
based compensation of $1.2 million, and
foreign exchange gains of $0.5
million. We also had one time costs of $0.9
million expensed during the year
related to a failed acquisition. "If we
were to normalize our earnings to
reflect these items, which were not part
of 2007 results, earnings before
tax would have been $2.2 million, despite
significant interest costs this
year relating to the acquisition of Mrs
Green's" added Krissie.
Summary of Key
Fiscal 2008 Annual Financial Results
Fiscal
2008 Fiscal 2007
Sales $113,972,886 $55,321,037
Cost of Goods
Sold $68,724,865 $33,644,781
Gross Profit $45,248,021 $21,676,256
Operating
Expenses $45,666,658 $20,351,323
EBITDASX $7,096,293 $3,590,365
Income before
Tax $530,087 $2,096,736
Tax $758,437 $631,270
Net Income ($228,350) $1,465,466
Cash Flow from
Operations $3,605,585 $1,137,650
EBITDASX reported
above is a non-GAAP measure and is earnings before
interest, taxes, depreciation, amortization
and stock-based compensation
and foreign currency translation.
For further
financial information and a copy of our annual report,
please visit our corporate website
at http://www.planetorganichealthcorp.com
About
Planet Organic Health Corp.
---------------------------------
Planet Organic
Health Corp. (TSX-V: POH) is a natural products industry
company, comprising manufacturing, distribution
and retail. Planet Organic
is listed on the TSX Venture
Exchange as a Tier One company. Planet Organic
operates nine natural food
supermarkets throughout
Organic Market banner and eleven natural
food supermarkets in the
under the Mrs
Green's Natural Markets banner. The Company also operates 48
natural health outlets under the
Sangster's Health Centre banner and eight
natural health outlets under the Healthy's and Planet Organic Living
banners. Another Planet Organic
division, Trophic Canada, is the country's
leading manufacturer of natural
supplements. The Company has a total of 65
stores throughout
employees.
The TSX Venture
Exchange has not reviewed and does not accept
responsibility
for the adequacy or accuracy of this release.
Forward-Looking
Statements
Certain
information included herein is forward-looking. Forward-looking
statements include, without
limitation, statements regarding the future
financial position, business
strategy, budgets, projected costs, capital
expenditures, financial results, taxes
and plans and objectives of or
involving Planet. Many of these
statements can be identified by looking for
words such as "believe", "expects", "expected",
"will", "intends",
"projects", "anticipates",
"estimates", "continues", or similar words and
include but are not limited to, statements
regarding the accretive effects
of the acquisition and the
anticipated results and expected benefits of the
acquisition upon closing thereof. Planet
Organic believes the expectations
reflected in such forward-looking statements
are reasonable but no
assurance can be given that these
expectations will prove to be correct and
such forward-looking statements
should not be unduly relied upon.
Forward-looking statements are not guarantees of future
performance and
involve a number of risks and
uncertainties some of which are described in
Planet Organic's
continuous disclosure documents. Such forward-looking
statements necessarily involve
known and unknown risks and uncertainties
and other factors, which may cause
Planet Organic's actual performance and
financial results in future periods
to differ materially from any
projections of future performance
or results expressed or implied by such
forward-looking statements. Such
factors include, but are not limited to:
general economic, market and
business conditions; industry capacity;
competitive action by other
companies; refining and marketing margins; the
ability of suppliers to meet
commitments; actions by governmental
authorities including increases in
taxes; changes in environmental and
other regulations; and other
factors, many of which are beyond the control
of Planet Organic. Any forward-looking
statements are made as of the date
hereof and Planet Organic does not
undertake any obligation, except as
required under applicable law, to
publicly update or revise such statements
to reflect new information, subsequent
or otherwise.
SOURCE Planet Organic Health Corp.
prnewswire.com