/NOT FOR DISTRIBUTION IN THE USA/
KAMLOOPS, BC, March 8,
2024 /CNW/ - Progressive Planet Solutions
Inc. (TSXV: PLAN) (OTCQB: ASHXF) ("Progressive
Planet", "PLAN", or the "Company"), a leader in developing
CleanTech solutions for the planet, is pleased to provide its
financial results for the third quarter ending January 31, 2024.
We are pleased to announce our financial results for the three
months ended January 31, 2024, as
compared to the three months ended January
31, 2023:
- Revenue increased by 9.5% to $4,812,604
- Gross profit increased by 54.1% to $1,566,847
- Gross margin increased to 32.6% compared to 23.1% in the prior
period
- Income from operations increased to $549,255 compared to a loss of $420,896 in the prior Q3
- Net income increased to $348,689
compared to a loss of $533,345 for
the prior period
- General and administrative expenses decreased by 17.7%
Gross margin is a ratio which expresses gross profit as a
percentage of revenue for a given period. It assists in explaining
the Company's results from period to period and measuring
profitability. This ratio is calculated by dividing gross profit
for a period by the corresponding revenue for the period. There is
no directly comparable IFRS measure.
"As discussed in prior news releases, Progressive Planet
initiated a series of cost cutting measures. The Q3 results show
the effects of these measures, including reductions in G&A and
R&D costs with a corresponding increase in gross margin. I am
proud of the team effort it took to accomplish this record quarter
and we will continue to focus on conducting high margin business,"
stated Steve Harpur, CEO.
"I started with Absorbent Products in 1990 and stayed through
the acquisition. It takes time to successfully integrate two
separate businesses and we now consider the acquisition of
Absorbent Products in February 2022
to be a fully integrated operation. Our focus going forward will be
to grow our core business while using our highly skilled internal
team to develop our line of low carbon cement products," stated
Steve Gurney, President.
___________________________
Progressive Planet provides regular information for investors on
its website: progressiveplanet.com/investors/. This includes press
releases and other information about financial performance, patents
filed, and information on corporate governance. For further
information or investor relations inquiries, please contact:
Steve Harpur, CEO
1 (800) 910-3072
investors@progressiveplanet.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
About Progressive Planet:
We are a CleanTech and
manufacturing company with proven product lines based
in Kamloops, British
Columbia. Our expertise lies in developing critical
low-carbon and carbon sequestering solutions using our owned
mineral assets and recycled materials to create planet-friendly
products that fight climate change and protect our planet's
health.
Our products are in 10,000+ retail stores across North
America. Our innovations, created at our C-Quester™ Centre of
Sustainable Innovation, bring positive disruption to the cement,
agricultural and animal-care sectors by creating products that help
reduce carbon footprints and restore ecosystems.
Forward-Looking Statements:
Certain statements in this
release are forward-looking statements, which reflect the
expectations of management regarding the matters described herein.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations, or intentions regarding the future. Such
statements are subject to risks and uncertainties that may cause
actual results, performance, or developments to differ materially
from those contained in the statements. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking statements
reflect management's current views and are based on certain
expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including factors beyond the
Company's control. These forward-looking statements are made as of
the date of this news release.
Disclaimer:
This news release, required by Canadian
laws, does not constitute an offer of securities and is not for
distribution or dissemination outside Canada.
SOURCE Progressive Planet Solutions Inc.
