(via Thenewswire.ca)
Calgary , Alberta . / TheNewswire / August 28, 2015 - Sunora Foods Inc . ("Sunora" or the "Corporation") (TSX Venture: SNF) is pleased to announce the filing of its financial statements and management discussion and analysis for the fiscal period ending June 30, 2015. These filings are available for review on Sedar and on the Corporation's website at www.sunora.com.
During the fiscal period ended June 30, 2015 Sunora's highlights include the following:
- Net income of $351,178 for the six month period ending June 30, 2015 versus net income of $62,788 in the comparable six month period ending June 30, 2014; an increase of 459.31%.
- Earnings per share for the six month period ending June 30, 2015 of $0.008 versus earnings per share of $0.001 in the comparable six month period.
- Sales of $3,233,996 in Quarter 2 versus sales of $2,836,903 in the comparable Q2 2014.
- Gross margin of $299,974 in Quarter 2 2015 versus gross margin of $209,607 in the comparable Q2 2014.
- Net income of $110,940 in Quarter 2 2015 versus net income of $121,581 in the comparable Q2 2014; a decrease of 8.75%.
- Cash of $2,540,091 in Quarter 2 2015 versus cash of $1,685,719 in the comparable Q2 2014.
- Continuing growth in international sales.
Summary of Financial Results
| Quarter 2 2015 | Quarter 2 2014 | | |
Sales
|
$3,233,996
|
$2,836,903
| | |
Gross Margin
|
$299,974
|
$209,607
| | |
Income before Taxes
|
$142,190
|
$175,685
| | |
Net Income
|
$110,940
|
$121,581
| | |
Earnings per Shares
|
$0.003
|
$0.003
| | |
President Steve Bank states; "We are pleased with the continued profitability of Sunora's operations, and look forward to introducing products complementing our high quality food oil products including canola oil. We have a significant amount of cash available for the potential pursuit of additional opportunities that can add value for our shareholders."
Sunora continues to focus on additional sales of food oil products into international locations, with a focus on Asia. Subsequent to the fiscal period ending June 30, 2015, the Corporation has entered into a Memorandum of Understanding with a major Chinese entity for the marketing and importing of Canadian produced beverages. The primary beverages to be included in this potential business relationship will be those related to healthy living.
About Sunora Foods
Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands.
For further information
Dean Stuart
Investor Relations
T: 403 517 2270
E: dean@boardmarker.net
Steve Bank
Chief Executive Officer and President
T: 403 247 8300
E: steve.bank@sunora.com
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
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