Financial Highlights The fourth and final (31 March 2019) quarter of Keytone Dairy’s transitional FY2019 saw a significant increase in total sales revenues and cash inflows from sales compared with the prior third quarter. The strong performance in the fourth quarter builds on the results of the prior quarters. As a result, this also translates into a significant uplift on year-on-year performance compared with the FY2018 result. These results were achieved notwithstanding the fact that the Company is currently not able to take advantage of the additional in-house manufacturing capacity that is currently being built, while the new manufacturing facility is under construction. The financial performance highlights include: • Total sales revenue was up 31% for the quarter (1 January 2019 to 31 March 2019) compared with the prior quarter ended 31 December 2018. • Total cash receipts for the quarter were up 43% to $819,000 compared with the prior quarter. • Sales of Keytone Dairy proprietary branded powder products (as opposed to products contract packed for third parties) for the quarter were up 25% compared with the previous quarter. • Sales of private label brands (products contract-packed by Keytone Dairy for third party customers) across the entire product range were up 31% compared with the previous quarter. • With the 43% increase in cash inflows from customer sales, Keytone Dairy’s net cash outflows from operations were negligible at $63,000 (compared to an operating “cash burn” of $537,000 in the previous quarter). • The cash outflows from investing activities for the quarter were only $528,000, being purchases of plant and equipment for the second manufacturing facility currently under construction – being approximately half of the spend on that facility that was incurred in the previous quarter. • As at 31 March 2019, Keytone Dairy had a combined cash balance of $9,768,348, as outlined in the accompanying Appendix 4C.
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