Gourmet Ocean Products Inc.
TSX VENTURE : GOP

Gourmet Ocean Products Inc.

February 27, 2015 16:56 ET

Gourmet Ocean Products Announces Financial Results for the Three Months Ending December 31st, 2014

BURNABY, BRITISH COLUMBIA--(Marketwired - Feb. 27, 2015) - Gourmet Ocean Products Inc. ("Gourmet" or the "Company") (TSX VENTURE:GOP) announces its financial and operating results for the three months ended December 31, 2014. All amounts are in Canadian dollars.

The Company reported sales of $1,800,314, for the three months ended December 31, 2014. This level of sales is the highest quarterly sales reported by the Company since its initial scallop seeds sales of $3,000,000 during the period ended December 31, 2013. Sales of sea cucumbers have increased from $448,810 for the period ending December 31, 2013 to $1,800,314 for the same period 2014.

Gross margin as a percentage of sales during the quarter was 18.5% which is reflective of sales of harvested sea cucumber. Sale of scallop seeds which was the primary source of sales in the three months ended December 31, 2013, bears very little costs and therefore has a significant higher margin.

Adjusted EBITDA for the three months ended December 31, 2014 was negative $331,229 versus $2,701,189 during the period ended December 31, 2013.

The Company recorded a net loss of $501,014 for the three months ended December 31, 2014 compared to a net income of $2,575,410 for the corresponding period ended December 31, 2013.

The total assets of the Company were $7.4 million as at December 31, 2014 compared to $6.6 million as of September 30, 2014.

For additional financial information please see Gourmet's unaudited condensed interim consolidated financial statements and MD&A filed on SEDAR at www.sedar.com.

About Gourmet Ocean Products Inc.

Gourmet is a B.C.-based aquaculture company specializing in the production, distribution, marketing and sale of high-quality specialty seafood products including sea cucumbers, scallops, oyster and goeduck with distribution to customers primarily in Asia and Canada.

ON BEHALF OF THE BOARD

Peter Hughes, President, Chief Executive Officer

Gourmet Ocean Products Inc.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities by the Company to be made in the United States will be made by means of a prospectus, which may be obtained from the Company and will contain detailed information about the Company and its management, as well as financial statements.

Forward-Looking Statements

Certain of the statements made and information contained in this press release constitute forward-looking information within the meaning of applicable securities legislation. Forward-looking statements in this press release include that (a) the Company will collect the $3,619,984 in accounts receivable, (b) the Company has adequate capital to grow its business and execute on its business plan, (c) continued growth in revenues is expected from contracts with aquaculture farmers and distributors and (d) Gourmet's will become a global leader in aquaculture. All information and statements which are not historical fact constitute forward-looking information and, in many cases, can be identified by words such as "proposed", "may", "will", "expect", "intend", "anticipate", "believe", "estimate", "potential", or other similar terminology. Forward-looking statements involve risks, assumptions, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements made in this press release include: products that are or become available from competitors, political and economic factors, including in China and environmental factors. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of the Company may vary materially from those described in this press release. Accordingly, readers are advised not to place undue reliance on forward looking information. Except as otherwise required by law, the Company does not intend to and assumes no obligation to update or revise forward looking information, whether as a result of new information, plans, events or otherwise.

Contact Information

  • Peter Hughes
    President, Chief Executive Officer
    Gourmet Ocean Products Inc.
    T: 604.802.7372
    E: petehughes@me.com