TSXV Trading Symbol: VPI
VANCOUVER, BC, Oct. 1, 2024
/CNW/ - Vitality Products Inc. (TSXV: VPI) (the "Company" or
"Vitality"), a manufacturer, marketer and distributor of premium
vitamins and supplements, is pleased to report its financial
results for the second quarter ended July
31, 2024.
Quarter 2 Results: Strong Gross Margins and Reduced Net
Loss in Q2
Year-Over-Year Financial Highlights:
- Reduced Net Loss by 39%
- Achieved 75% Gross Margin on Product Sales
- Reduced General Selling Expenses by 57%
- Reduced General and Administrative Expenses by 13%
The financial performance of the Company for the three months
ended July 31, 2024 and 2023 shows a
39% reduction in net loss as the Company continues to make
significant strides towards its goal of profitability on a
quarterly basis. The financial results of the Company for the
three months ended July 31, 2024 show
a net loss of $61,995 or $0.00 per share compared to a net loss of
$102,246 or $0.01 per share for the same period last
year.
Sales of the Company's premium natural health products for the
three months ended July 31, 2024
decreased 12% to $166,161 (2023 -
$188,634). The Company's gross
margin on its sales for the three months ended July 31, 2024 was $124,068 or 75% of sales (2023 - $136,211 or 72% of sales) as the Company
continues to have strong gross margins due to the uniqueness of its
natural health products. During the three months ended
July 31, 2024, sales were impacted by
product stock outs due to higher demand for VITALITY Glow Collagen
+ Cranberry (all sizes) and VITALITY Glow Collagen + Biotin (255
grams). All other products are in stock.
The Company's general selling expenses for the three months
ended July 31, 2024 decreased 57% to
$21,220 (2023 - $49,571). The Company's general and
administrative expenses for the three months ended July 31, 2024 decreased 13% to $161,121 (2023 - $184,154) as consulting fees decreased to
$3,744 (2023 - $18,407). The Company continues its effort
to improve overall operating efficiencies while focused on
expanding distribution and growing sales in Canada and the
United States.
The Company's condensed interim financial statements and
management's discussion and analysis for the six months ended
July 31, 2024 and 2023 are available
on SEDAR+ at www.sedarplus.com.
About Vitality
VITALITY® is an award-winning line of clean vitamins and
supplements, marketed to natural health retailers and health and
wellness conscious consumers. Manufactured in Canada and currently sold in natural health
stores and online, the products are non-GMO and third party tested
for quality. Following the proven success of the line through
repeat orders and same store sales growth, the Company is focused
on expanding distribution and growing sales in-store and online;
evaluating, researching and developing new products for future
distribution; and exploring new markets for its products. To
view our products, visit: www.vitality.ca.
On behalf of the Board of
VITALITY PRODUCTS INC.
"Cheryl A. Grant"
(signed)
__________________________________
Cheryl A. Grant, President &
CEO
Forward-Looking Information
Information set forth in this news release involves
forward-looking statements. Forward-looking statements are
statements that relate to future, not past, events. In this
context, forward-looking statements often address a company's
expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate",
"expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other
similar expressions. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors
include, among others, the following risks: risks associated with
marketing and sale of securities; the need for additional
financing; reliance on key personnel; the potential for conflicts
of interest among certain officers or directors with certain other
projects; and the volatility of common share price and
volume. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that
statements are made and except as required by law, the Company
undertakes no obligation to update forward-looking statements if
these beliefs, estimates and opinions or other circumstances should
change. Investors are cautioned against attributing undue
certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT
TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY
PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
SECURITIES LEGISLATION.
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 news release.
SOURCE Vitality Products Inc.
