Organic Garage Highlights Transformational Year-End With Record Sales and Profit

Rhea-AI Summary

Organic Garage reported audited financial results for the year ending January 31, 2021, highlighting a 25.3% increase in sales, reaching $30.3 million. Gross profit surged by 33.2% to $8.9 million, and net loss improved to $(0.3) million from $(5.1) million the previous year. Key financial metrics showed a significant recovery, with loss per share of $(0.01). The Company also raised $1.0 million through a private placement, achieving a working capital of $1.0 million.

The Company plans to discuss these results in a conference call on June 2, 2021.

Positive

• Sales increased 25.3% to $30.3 million from $24.1 million
• Gross profit increased 33.2% to $8.9 million from $6.7 million
• Net loss improved to $(0.3) million from $(5.1) million
• Loss per share improved to $(0.01) from $(0.14)
• Raised $1.0 million through a private placement offering
• Achieved working capital of $1.0 million from a deficit of $(1.0) million

Negative

• Quarterly net loss of $133,200, though improved from last year

Organic Garage Ltd. (“Organic Garage” or the “Company”) (TSXV: OG, OTCQX: OGGFF, FRA: 9CW1), one of Canada’s leading independent organic grocers, announced the Company’s audited financial results for the year ended January 31, 2021, reporting a significant increase in year-over-year sales, gross profit and the most profitable year in Company history. The Company has also reiterated its belief that significant catalysts remain on the horizon heading into Fiscal Year 2022.

Webcast and Conference Call Details

The Company will host a webcast and conference call to discuss the financial results, business outlook and updates on The Future of Cheese on Wednesday, June 2^nd at 12:00 p.m. ET / 6:00 p.m. CEST.

Investors and interested parties can join the webcast by visiting the following link:

https://meetingconnectsales.adobeconnect.com/_a989745297/og2021/

*See Conference Call Dial-In Numbers Below

Q4 Financial Results (comparison to quarter ended January 31, 2020):

• Sales increased 32.7% to $7.3 million from $5.5 million
• Gross profit dollars increased 21.9% to $2.2 million from $1.8 million
• Net loss improved to $0.1 million from a loss of $3.0 million
• Loss per share of $(0.00) compared to loss per share of $(0.08)
• Raised $1.0 million through non-brokered private placement offering
• Working capital of $1.0 million from a working capital deficit of $(1.0) million

Net Income: The Company had a net loss of $133,200 for the quarter ended January 31, 2021 compared to a net loss of $2,975,318 for the quarter ended January 31, 2020. The increase was due to strong sales of $7,338,592, gross margin of $2,199,100 and total expenses of $2,323,808. As a percentage of sales, total expenses decreased to 31.8% during the quarter ended January 31, 2021 from 46.6% in the quarter ended January 31, 2020, excluding an impairment of goodwill of $2,233,968 incurred in January 2020.

Year-end Financial Results (comparison to year ended January 31, 2020)

• Sales increased 25.3% to $30.3 million from $24.1 million
• Gross profit dollars increased 33.2% to $8.9 million from $6.7 million
• Net loss improved to $(0.3) million from loss of $(5.1) million
• Loss per share of $(0.01) compared to loss per share of $(0.14)
• EBITDA of $2.8 million compared to $(1.8) million loss
• Cash flows from opera

FAQ

What were the sales figures for Organic Garage for the year ending January 31, 2021?

Organic Garage reported sales of $30.3 million for the year ending January 31, 2021, a 25.3% increase from $24.1 million in the previous year.

How did the net loss change for Organic Garage in the year ending January 31, 2021?

The net loss improved to $(0.3) million for the year ending January 31, 2021, compared to a loss of $(5.1) million the previous year.

What is the loss per share for Organic Garage reported for the year ending January 31, 2021?

The loss per share for Organic Garage was $(0.01) for the year ending January 31, 2021, improving from $(0.14) in the previous year.

When will Organic Garage host a conference call to discuss financial results?

Organic Garage will host a conference call on June 2, 2021, at 12:00 p.m. ET to discuss financial results and business outlook.

What financial milestones did Organic Garage achieve in their latest report?

In their latest report, Organic Garage achieved a gross profit increase of 33.2%, raised $1.0 million through a private placement, and improved working capital to $1.0 million.