Company reports record month of sales from its pea-splitting facility
HIGHLIGHTS OF Q1 2024
- Named one of the Future 50 Fastest Growing Sustainable Companies in
Canada byCorporate Knights . - Revenue in the quarter of
$21.7 million backed by growth in higher margin business lines, representing 37.7% of total revenue in Q1 2024 compared to 26.9% in Q1 2023. - Cash generated from operating activities of
$5.1 million in Q1 2024. - Completed the installation of the retail packaging capabilities at the Company's US distribution center in
Clayton, North Carolina .
"GFI is continuing to execute on its commitment to prioritize higher margin generating business lines, evidenced by a record-setting sales month from our recently completed value-added pea-splitting facility," commented
Highlights – Three Months ended
- The Company recorded revenue of
$21.7 million in the three months endedJune 30, 2023 . - Sales backed by the Company's shift to higher margin product lines, specifically plant-based pet food ingredients and split peas, representing 37.7% of total revenue during the three months ended
June 30, 2023 , an increase of 10.8% over the prior year comparable period. - In the month of April GFI generated
$1.3 million in sales of split peas from its state-of-the-art pea splitting facility inSaskatchewan , which was a monthly record. - Completed the installation of the retail packaging capabilities at the Company's US distribution center in
Clayton, North Carolina . The retail packaging lines are capable of packaging products in pouches and pillow bags, including 1lb, 2lb and 4lb formats. The capabilities were built within the Company's existing distribution center, providing highly efficient operation with retail packaging and order fulfillment in the same location. The initial focus for the facility will be packaging GFI's branded North Lily and North Lily Organics ingredients into pillow bags and then distributing throughoutNorth America . GFI will also be providing private label bagging services to third party customers at gross margins higher than fiscal 2023 consolidated gross margins. - Named one of the Future 50 Fastest Growing Sustainable Companies in
Canada byCorporate Knights . Selected from a pool of 8,676 Canadian public and private companies, the Future 50 represent the 25 fastest-growing publicly traded companies (as measured by year-over-year revenue growth percentage) and the 25 fastest-growing privately owned companies (as measured by percentage growth in capital raised from their two most recent funding rounds) that earn more than 50% of their revenue from sustainable sources
The unaudited condensed consolidated interim financial statements for the three months ended
GFI is a Canadian plant-based food and ingredients company, connecting the local farm to the global supply chain for peas, beans, lentils, chickpeas and other high protein specialty crops. GFI's vision is to become a vertically integrated farm-to-fork plant-based company providing traceable, locally sourced, healthy and sustainable food and ingredients. GFI is organized into four primary business lines: Core Ingredients, Value-Added Ingredients, Plant-Based Pet Food Ingredients and Downstream Products. Headquartered in
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Forward-Looking Statements
This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Forward looking statements in this press release include without limitation statements relating to GFI continuing to add further downstream processing and the effects thereof and GFI's business objectives. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. GFI undertakes no obligation to comment analyses, expectations or statements made by third-parties in respect of GFI, its securities, or financial or operating results (as applicable). Although GFI believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond GFI's control, including the risk factors discussed in GFI's annual information form for the year ended
SOURCE
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