Moncton, New Brunswick, April 25th, 2016 – OrganiGram Holdings Inc. (TSX-V: OGI, OTCQB: OGRMF) (the “Company”) today reported its financial results for the second quarter ending February 29th, 2016. All amounts are expressed in Canadian dollars unless expressed otherwise.
Highlights from the quarter include:
- 38% growth in sales compared to the prior quarter
- 17% improvement in net revenue per gram versus the prior period
- EBITDA growth to $370,139 from $16,750 in the prior quarter
- Achieving positive cash flow from operations
- Continued facility expansion on budget and ahead of schedule
OrganiGram posted revenue for the three months ended February 29, 2016 of $1,425,466 on 169,215 grams of sales versus $67,971 for the three months ended February 28, 2015, on 11,318 grams sold.
Net income for the three-months ended February 29, 2016 was $55,267 or $0.001 per share, compared to net loss of ($634,936), or ($0.012) per share in the same period of the prior year. EBITDA for the 2nd quarter was $ 370,139 ($72,424 when adjusted to exclude IFRS required fair value adjustment to biological assets). This compares to ($520,887) and ($631,461) for the second quarter last fiscal year.
“OrganiGram is proud to have successfully generated positive operating cash flow in our production and distribution platforms” says Denis Arsenault, CEO of OrganiGram Inc. “…while we are pleased with the results we have achieved to date, we remain focused on key performance and growth initiatives within all areas of our business as we aspire to continue raising the bar.”
About OrganiGram Holdings Inc.
OrganiGram Holdings Inc. is a TSX Venture Exchange listed company whose wholly owned subsidiary, OrganiGram Inc., is a licensed producer of medical marijuana in Canada. OrganiGram is focused on producing the highest quality, condition specific medical marijuana for patients in Canada. OrganiGram’s facility is located in Moncton, New Brunswick and the Company is regulated by the Marihuana for Medical Purposes Regulations.
On behalf of the board of directors, Denis Arsenault, Director and CEO
OrganiGram Holdings Inc.
For further information, please visit www.organigram.ca or contact:
Giselle Doiron
Director of Investor and Media Relations
OrganiGram Holdings Inc.
(506) 801-8986
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, crop yields – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.