Naturally Splendid Announces 2016 Second Quarter Results

VANCOUVER, British Columbia, Aug. 30, 2016 — Naturally Splendid (TSXV:NSP) is pleased to announce its unaudited financial results for the six months ended June 30, 2016. All amounts are in Canadian dollars and are prepared in accordance with International Financial Reporting Standards.
Naturally Splendid recorded $3,657,852 in revenue during the second quarter of 2016 (2016 YTD: $5,097,880). This represents a significant increase in revenue compared to the second quarter of 2015, which amounted to $70,459 (2015 YTD: $100,952). A further $712,000 of sales was recorded as deferred revenue as the product had not shipped as of June 30, 2016. The significant increase in top line revenue was due to bulk sales of hemp products to Korea and POS BPC commencing operations in the second quarter of 2016.
Gross profit for the second quarter of 2016 amounted to $1,596,383 (2016 YTD: $1,676,736) and net income of $885,301 (2016 YTD: $427,009). These amounts also represent significant increases over the 2015 second quarter gross loss of $35,563 (2015 YTD: $28,686) and net loss of $905,485 (2015 YTD: $2,205,288).
Naturally Splendid CEO Mr. Craig Goodwin states, “We’ve experienced significant growth in gross revenue from 2014 and 2015 to where we are at the end of the second quarter in 2016. More importantly, Naturally Splendid has achieved net income in Q2. This represents a new and impressive milestone for us, which we plan to build on through 2016 and into the future. With exports, processing and our retail lines performing well, we now plan to focus more attention and resources to pursue the HempOmega® and cannabinoid markets.”
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