Progressive Planet announces annual financial results
EBITDA improves to
/NOT FOR DISTRIBUTION IN THE
"Fiscal 2024 was a year of implementing cost controls while preparing for long term growth. Our year-over-year increase in gross margin, coupled with significant reductions in selling and administrative expenses, are a strong testament to our desire to deliver long term shareholder value through positive cash flow from operations," stated
Fiscal 2024 highlights versus 2023
- Achieved EBITDA1 of
$1.355 million versus$308,000 - Revenue increased to
$19.63 million from$19.54 million . - Operating cash flow increased to
$2.57 million from$1.61 million - Gross margin2 increased to 30.6% from 26.2%
- Selling expenses decreased to
$1.32 million from$1.93 million - Research and development costs decreased to
$531,000 from$875,000 - Interest costs decreased to
$620,000 from$680,000 - Net loss decreased to
$393,000 from 1.164 million - Long term debt reduced to
$6.44 million from$6.75 million - Cash on hand increased to
$1.69 million from$705,000
Subsequent to Fiscal 2024
- The
Bank of Canada lowered prime twice, lowering the Company's interest rate on its only significant source of debt, a floating rate, long-term debt facility with BMO by fifty basis points - Announced and initiated a share buy-back
- Shared 28-day compressive strength results for its PozPyro alternative cement
- Invested in technology to record and display plant production output in real time to plant operators and management, an industry practice known to increase productivity in industrial mineral processing
- Initiated engineering for expansion of grinding and packaging operations
- Commenced study to reduce consumption of natural gas for mineral drying
In addition to financial highlights, Fiscal 2024 saw investment in new equipment and depreciation of existing equipment. The Company recorded
An additional non-cash expense of
- EBITDA is a non-IFRS financial measure. This ratio expresses earnings before interest, income taxes, depreciation, and amortization. It assists in explaining the Company's results from period to period. There is no directly comparable IFRS measure.
- 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. For further information or investor relations inquiries, please contact:
Steve Harpur, CEO
1 (800) 910-3072
investors@progressiveplanet.com
Neither the
About Progressive Planet:
Progressive Planet, a manufacturing company operating out of
Our C-Quester™ Centre of Sustainable Solutions is proudly disrupting the cement, agricultural and animal care industries. Our product lines include patented and patent pending products which are developed with the express intent of promoting a healthy planet using naturally occurring minerals and the urban mining of recycled materials. Our products are found in over 10,000 retail stores across
Forward-Looking Statements:
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein including statements regarding the NCIB and the repurchases thereunder as well as the effect of those repurchases, statements regarding the future of the
Disclaimer:
This news release, required by Canadian laws, does not constitute an offer of securities and is not for distribution or dissemination outside
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