(TheNewswire)
CALGARY, ALBERTA / TheNewswire / April 28, 2017 - Sunora Foods Inc. (the “Corporation”) (TSX-V: SNF) – is pleased to announce the filing of its financial statements and management discussion and analysis for the fiscal year ending December 31, 2016. These filings are available for review on SEDAR and the Corporation’s website.
During the fiscal year ended December 31, 2016 Sunora’s highlights include the following:
-Revenue of $12,254,101 for the 2016 fiscal year versus revenue of $10,815,959 for the comparable 2015 fiscal year.
-International sales of $2,691,977 for the 2016 fiscal year versus international sales of $1,848,317 for the 2015 fiscal year.
-Gross Margin for the period ending December 31, 2016 of 8.9% versus gross margin for the comparable period ending December 31, 2015 of 10.7%.
-Foreign Exchange expense of $33,456 for the 2016 fiscal year versus a foreign exchange gain of $204,165 for the 2015 fiscal year.
-Net Income for the period ending December 31, 2016 of $282,794 versus net income of $502,182 for the comparable period ending December 31, 2015; a decrease of 44%.
-Cash and Cash Equivalents of $3,353,921 for the period ending December 31, 2016 versus $2,620,566 for the comparable period ending December 31, 2015.
-Acquisition of 8,028,400 shares by Shanghai Hao Zhuo International Trading Ltd. from President and CEO Steve Bank.
Financial Highlights
----------------------------------------------------- | |Period ending December 31, 2016| |---------------------------------------------------| |Sales |$12,254,101 | |---------------------------------------------------| |Gross Margin |$1,087,617 | |---------------------------------------------------| |Income before Taxes|$370,744 | |---------------------------------------------------| |Net Income |$282,794 | |---------------------------------------------------| |Earnings Per Share |$0.007 | -----------------------------------------------------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, please contact:
Dean Stuart
Investor Relations
T: (403) 617-7609
Steve Bank
Chief Executive Officer and President
T: (403) 247-8300
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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