Positioning

Oragin Foods says it is financially and strategically well-positioned for FY2023 as company reports 4Q/FY2022 results – Proactive Investors USA

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07:25 Wed 01 Jun 2022
Oragin Food is committed to offering its customers a wide selection of healthy and natural products
“It is a very exciting time for our company as we move in a new direction through our CPG Division and continue our strong operations through our Retail Division’s grocery store brand, Organic Garage,” CEO Matt Lurie said
Oragin Foods Inc has announced its financial results for the year to January 31, 2022 as well as for its fourth quarter, saying that the company is financially and strategically well-positioned to accomplish “great things” in FY2023.
The company reported a higher gross profit margin for the full year, up from 29.5% in 2021 to 30.8% in the fiscal year just ended.
“It is a very exciting time for our company as we move in a new direction through our CPG (Consumer Packaged Goods) Division and continue our strong operations through our Retail Division’s grocery store brand, Organic Garage,” Oragin CEO Matt Lurie said in a statement accompanying the results.
“We are pleased with the financial and strategic positions in which the company has finished the year and believe we are set up to accomplish some great things in the upcoming year,” he added.
Oragin said sales in the year to January 31, 2022 fell to C$25.7 million from C$30.3 million in 2021 due to the impact of renovations to one of Organic Garage’s older retail stores as well as from the government’s COVID-19 lockdown policies.
Net losses widened to C$2,986,786 from C$263,322 due to decreased sales and cost incurred for the renovation, non-cash based depreciation of C$1,558,427, non-cash stock-based compensation of C$1,090,628 and non-cash finders’ fees of C$462,300, and professional fees for the acquisition of Future of Cheese, merchant fees, and certain non-recurring regulatory and filing fees.
Oragin noted that improved gross margins, decreases in administrative and store wages and benefits and costs savings related to the company’s phase-out of warehouse operations helped to offset the non-recurring operational expenses.
“There were short-term negative impacts to the bottom line in Q4 related to the renovation of one of our Organic Garage store locations, however, our long-term expectations for the store are very positive and we expect that our hard work will translate into improved operations and an enhanced customer experience for years to come,” CEO Lurie said.
He explained that the decision to undertake the renovation was strategic and purposeful to ensure the future store expansion pipeline it is planning will add to a solid foundation of unified stores to reflect its award-winning branding and services.
In the fourth quarter ended January 31, 2022, Oragin said its gross profit margin increased to 30.1% from 30.0% in the same year-ago period.
Sales decreased to C$6.0 million in 4Q from C$7.4 million a year earlier, while net losses widened to C$882,093 from C$133,202.
“Looking forward into our upcoming year, we are expecting fiscal improvements for the associated areas of our operations that faced these non-recurring expenses. Management continues to focus on incremental operating expense reduction, while maintaining and improving our product and service offering,” Lurie said.
Oragin has received “overwhelmingly positive feedback” for Future of Cheese from its customers, retailers and restaurant partners, translating into high demand for its products, he said, noting that the company has made positive headway with its domestic expansion as well as entrance into the United States with the addition of food industry expert Yosi Heber and industry executive Matt Merson into the company.
Oragin is a Canadian multi-pronged food company, where new and innovative food and beverage brands are developed, acquired, grown and commercialized through its CPG Division. The company also houses a Retail Division, which owns and operates one of Canada’s leading natural and organic food retailers, Organic Garage.
Contact the author at jon.hopkins@proactiveinvestors.com
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The above has been published by Proactive Investors Limited (the “Company”) on its website and is made available subject to the terms and conditions of use of its website (see T&C ). …
Organic Garage (TSX-V:OG) (CVE: OG – OTCQX: OGGFF) subsidiary Future of Cheese Co-Founders Craig Harding and Afrim Pristine joined Steve Darling from Proactive to share some details about some of their unique products. Harding and Pristine see some great market potential for their plant-based…
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