Q1 Revenues Gain 58% Compared to Prior Year
Vancouver, British Columbia, Aug. 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that financial statements have been filed for the first quarter of fiscal year 2020, which ended May 31, 2019 (“Q1 2020”). All figures are in Canadian dollars.
The first quarter was a strong start to fiscal year 2020, with a 58% increase in revenue as compared to the same quarter last year. Significant hemp seed sales were the driving force behind the revenue growth. The Company posted revenues of $2,063,692 as compared to $1,304,749 during the first quarter of fiscal year 2019 (“Q1 2019”).
Cost of sales for the quarter were $806,600. As required by the International Financial Reporting Standards, the Company also posts realized and unrealized fair value changes to inventory and biological assets. Fair value changes reduced net income by $1,753,786.
Operating expenses associated with these revenues for Q1 2020 were $1,291,125 as compared to $4,064,422 in Q1 2019, a reduction of 68%.
The resulting loss from operations of $1,648,398 is a marked improvement over Q1 2019 which resulted in a loss from operations of $3,974,289.
“I am thrilled with the achievements that the team has made this past quarter. We have truly turned a corner and are moving forward full steam ahead,” comments William Gildea, CEO of Future Farm.
For further information, contact Investor Relations at (888) 387-3761 ext. 710.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO
About Future Farm Technologies Inc.
Future Farm Technologies is a diversified Canadian company focused on the emerging cannabis market with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. Future Farm is operating or developing cultivation, processing, retail and technology/breeding innovation businesses in both the marijuana and hemp-for-wellness segments of the cannabis market. The Company also has significant experience in sustainably growing organic produce indoors and is developing opportunities in that market. The deep operational, financial and regulatory expertise of Future Farm’s outstanding management team put it in a strong position to grow its existing businesses and through acquisitions and joint ventures.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.