/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, BC, Sept. 25,
2023 /CNW/ - Progressive Planet (TSXV: PLAN) (OTCQB:
ASHXF) ("Progressive Planet", "PLAN", or the
"Company"), a leader in developing CleanTech solutions for the
planet, announces it has filed consolidated financial statements
and related management's discussion and analysis ("MD&A") for
the fiscal quarter ending July 31,
2023 on SEDAR+. These documents are also available on the
Company's website.
"Progressive Planet replaced the ultra-low margin business
strategically discontinued in fiscal 2023 from large retail
customers and is making more for the same efforts," says
Progressive Planet CEO Steve
Harpur.
Added Harpur: "With two unused credit facilities totalling
$3.21 million at quarter ended
July 31, 2023, we are in a good
position to bridge any short-term operating cash constraints and
fund growth in the short-term without raising new equity as we move
forward into historically stronger quarters."
Fiscal Q1 2024
highlights
- Revenue decreased by 1.8% from $5.03
million for the quarter ended July
31, 2022, to $4.93 million in
the quarter ended July 31, 2023
- Increased gross margin1 of the base business by 3.1%
from the quarter ended July 31, 2022
(23.5%) to the quarter ended July 31,
2023 (26.6%)
- Cost of sales and selling expenses decreased by 5.8% and 27.2%
respectively, as a result of operational improvements made in
fiscal 2023, including strategically discontinuing low margin
revenue business and shifting away from delivered pricing
- Operating cash flow increased from negative $0.71 million for the quarter ended July 31, 2022 to positive $0.13 million in the quarter ended July 31, 2023 – an increase of $0.84 million
- Net loss of $0.49 million in the
quarter ended July 31, 2023 –
includes $0.23 million in research
and development expenditures as well as $0.23 million in share-based compensation
- Existing credit facilities remain unused with $3.21 million in available credit at the quarter
ended July 31, 2023
- Investment in research and development of $0.23 million related to the development of low
carbon and carbon sequestering cement and agriculture products
expected to position the Company for long term revenue growth and
profitability
Q1 F2024 news
- June 2023 - Reduced fertilizer
use by an estimated 50% on 617 acres with new, proprietary natural
fertilizer under the brand CARBON
PK™
- June 2023 - Progressive Planet
announced it had finalized a sales off-take agreement with Lafarge
Canada for all the anticipated production from its planned
PozGlass™ pilot plant. Progressive Planet expects
construction of the pilot plant to begin in the current fiscal year
and is targeting to fund building and equipment costs with
non-dilutive financing
- July 2023 - Received a reorder of
pet brand, Wundercat®, which is expected to add
$1.2 million in new annual
revenues
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1.
|
Gross margin is a
non-IFRS financial measure. This ratio expresses gross profit
as a percentage of revenue for a given period. It assists in
explaining the Company's results from period to period and
measuring profitability. This ratio is calculated by dividing gross
profit for a period by the corresponding revenue for the period.
There is no directly comparable IFRS measure.
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Progressive Planet provides regular information for investors on
its website: progressiveplanet.com/investors/. This includes
press releases and other information about financial performance,
patents filed, and information on corporate governance.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
About Progressive
Planet:
We are a CleanTech and manufacturing company with proven product
lines based in Kamloops, British
Columbia. Our expertise lies in developing critical
low-carbon and carbon sequestering solutions using our owned
mineral assets and recycled materials to create planet-friendly
products that fight climate change and protect our planet's
health.
Our products are in 10,000+ retail stores across North
America. Our innovations, created at our C-Quester™ Centre of
Sustainable Innovation, bring positive disruption to the cement,
agricultural and animal-care sectors by creating products that help
reduce carbon footprints and restore ecosystems.
Forward-Looking
Statements:
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the matters described herein. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations, or intentions regarding the
future. Such statements are subject to risks and uncertainties that
may cause actual results, performance, or developments to differ
materially from those contained in the statements. No assurance can
be given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including factors beyond the
Company's control. These forward-looking statements are made as of
the date of this news release.
Disclaimer:
This news release, required by Canadian laws, does not
constitute an offer of securities and is not for distribution or
dissemination outside Canada.
SOURCE Progressive Planet Solutions