Naturally Splendid Enterprises (
TSX: V.NSP,
Forum) celebrated a growing year when the company announced its unaudited financial results for the six months ended June 30, 2016, noting $3.66 million in revenue during the quarter.
According to the
news release, YTD revenue is now at $5.10 million representing a significant increase in revenue compared to both Q2 2015, with a revenue of $70,459 and a 2015 YTD of $100,952.
Gross profit for the quarter came to $1.60 million while net income totalled $885,301. This also represents a significant increase over Q2 2015 which noted a gross loss of $35,563 and a net loss of $905,485.
Company CEO, Craig Goodwin, commented, “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.”
In other news, the company also announced the closure of the second tranche of its previously announced private placement by issuing a total of 175,000 units for gross proceeds of $47,250. Each unit is comprised of one common share of Naturally Splendid and one-half of one common share purchase warrant. Each full warrant is exercisable for the purchase of one additional common share at a rate of $0.35 per share for a period of two years from the date of issue.
The company reserved the right to accelerate the expiry date of the Warrants if, at any time, the company’s common shares reach a closing price that is equal to or greater than $0.45 for 10 consecutive trading days.
Naturally Splendid Enterprises was in the news recently when
the Vancouver-based company announced a week ago that it had closed the initial tranche of the aforementioned financing.
Shares were up 25.49% to $0.32 per share.
FULL DISCLOSURE: Naturally Splendid Enterprises is a Stockhouse Publishing client.