EDMONTON, Feb. 29 /PRNewswire-FirstCall/ -- PLANET ORGANIC HEALTH CORP (TSX Venture Exchange - POH), Canada's leading natural products retailer announces their financial results for the quarter ended December 31, 2007. Sales increased 99% to $27.5 million for the quarter versus $13.8 million for the same period last year. EBITDA increase 78.2% to $1.8 million compared to $1.0 million for the same period last year. These increases were driven by acquisitions, store expansions, and same-store sales growth.
"We are very pleased with our results for Q2. Sales and EBITDA have increased with the addition of Mrs Green's in addition to both same store sales at Planet Organic Market and Mrs Green's", reports Darren Krissie, CFO.
Summary of Q2 Fiscal 2008 Financial Results
Fiscal 2008 Fiscal 2007
Sales 27,505,473 13,786,404
Cost of Goods Sold 16,319,749 8,298,029
Gross Profit 11,406,766 5,674,565
SGA 9,539,736 4,602,959
Amortization 353,959 244,914
Interest 997,503 65,655
Stock Based Compensation 490,912 0
Foreign Exchange Gain 42,314 0
EBITDA 1,867,030 1,071,606
Earnings before Tax 66,970 736,909
Net Income -45,190 536,909
Cash Flow from Operations (before changes
in non-cash working capital accounts) 1,149,738 762,741
YTD YTD
Fiscal 2008 Fiscal 2007
Sales 53,247,846 25,005,485
Cost of Goods Sold 31,804,056 15,143,350
Gross Profit 21,933,404 10,227,728
SGA 18,702,874 8,229,058
Amortization 702,402 475,104
Interest 2,007,846 114,619
Stock Based Compensation 795,824 0
Foreign Exchange Gain 919,831 0
EBITDA 3,230,530 1,998,670
Earnings before Tax 643,289 1,384,819
Net Income 415,289 934,819
Cash Flow from Operations (before changes
in non-cash working capital accounts) 1,898,755 1,371,755
Please see the Company's Q2 consolidated financials for further data. EBITDA reported above is a non-GAAP measure and is earnings before interest, taxes, depreciation, amortization, stock-based compensation and foreign exchange gains or losses.
For further financial information and a copy of our first quarter report, please visit our website at http://www.planetorganichealthcorp.com/ or http://www.sedar.com/.
ABOUT PLANET ORGANIC
Planet Organic Health Corp. (TSX-V: POH), is a natural products industry company, comprising manufacturing, distribution and retail. Planet is listed on the TSX Venture Exchange as a Tier One company. Planet operates eight natural food supermarkets throughout Canada under the Planet Organic Market banner and eleven natural food supermarkets in the U.S. under the Mrs Green's Natural Markets banner. The Company also operates 48 natural health outlets under the Sangster's Health Centre banner and seven natural health outlets under the Healthy's banner. Another POHC company, Trophic Canada is the country's leading manufacturer of natural supplements. The Company has a total of 63 stores throughout Canada and 11 in the U.S.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Planet Organic Health Corp.
