Toronto, Ontario--(Newsfile Corp. - May 30, 2017) - Xylitol Canada Inc. (TSXV: XYL) ("Xylitol") announces today that it has released its financial and operating results for the three months ended March 31, 2017.
Highlights of the results include:
| Three months ended March 31, | 2017 | 2016 | ||
| Revenue | $ | 1,607,234 | $ | 1,862,630 |
| Gross Profit | $ | 408,998 | $ | 283,958 |
| Net Loss | $ | (768,239) | $ | (819,285) |
| EBITDA | $ | (570,166) | $ | (624,851) |
| ADJUSTED EBITDA* | $ | (237,013) | $ | (624,851) |
| Loss per share | $ | $ (0.04) | $ | (0.04) |
| * EBITA adjusted for acquisition costs and share based payments. |
Net loss of $768,239 (or $0.04 per share) was reported for the three months ended March 31, 2017, reflecting a decrease in loss of $51,046, or 6%, when compared to the three-month period in 2016.
Adjusted EBITA of ($237,013) was reported for the three months ended March 31, 2017, reflecting a decrease in the loss of $387,838, or 62%, when compared to the three-month period in 2016.
The overall decrease in loss was achieved mostly from increasing gross margins, a reduction of corporate and general costs, and a reduction of selling costs.
During Q1 2017 the Company 2017 completed the acquisition of Nektar Natural Holdings, Inc. and a $2,087,000 equity financing completed. The equity financing provides further capital to the Company in addition to their US$2.5 million revolving asset based credit facility that was closed in August 2016 to fund future working capital requirements.
"As a team, we are directional improving the overall operations of the business as we continue to pursue a pathway to profitability. With the Nektar acquisition adding key sales accounts such as Walmart and new strategic shareholders for our Company, and the recent financing complete, we continue our positive momentum to build a leading, global natural sweetener company," noted Steven Haasz, President and Chief Executive Officer.
The full text of the Company's interim consolidated financial statements and related management's discussion and analysis ("MD&A") can be found at: www.sedar.com.
About Xylitol Canada Inc.
Xylitol Canada is a consumer packaged goods business focused on an assortment of natural sweetener based products including xylitol, coconut palm sugar and honey. The Corporation operates a 30,000-square foot facility in Colorado where it produces and packages a full catalog of natural sweetener products, most notably its natural sweetener alternatives. Xylitol Canada services major retail customers such as Loblaws, Walmart, Whole Foods, Costco, Trader Joe's, Sprouts and distributors including UNFI and KeHE.
For more information about Xylitol please contact:
Steven Haasz
CEO and a director of Xylitol Canada Inc.
416.804.8231
shaasz@xylitolcanada.com
Neither TSX Venture Exchange Inc. 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.
