VANCOUVER, BC / ACCESSWIRE / April 30, 2024 / Wildpack Beverage Inc. (TSXV:CANS) (" Wildpack Beverage " or the " Company ") a leading middle market co-packer of canned goods announced key performance indicators (all currency amounts in USD) for Quarter 1, 2024. The Company reported confirmed customer sales orders amounting to $17.04 million, with confirmed sales orders reaching 978. The current 12-month run rate for customer confirmed orders is $83.41 million.
Wildpack Beverage's total throughput was 66.60 million8 cans. The Company decorated 6.23 million cans and filled 4.41 million cans. Wildpack Beverage printed 6.83 million sleeves and brokered 49.40 cans.
Wildpack maintained utilization levels of 20.5% in a quarter that typically experiences seasonal cyclicality. Wildpack achieved strong Brokering sales in Q1 2024 and the Customer Confirmed Orders, adjusted for cancelled orders, represented an all-time high.
"We achieved some key milestones in brokering and overall sales as forward indicators for a strong 2024" expressed Mitch Barnard, CEO of Wildpack Beverage. "Our strong vendor partnerships and changes we have made in production have made Wildpack the most competitive and reliable we have ever been."
Fourth Quarter 2023 Highlights:
Revenue for the quarter grew 41% to $13.74 million compared to $9.76 million in the prior quarter
Total volume for the quarter grew 24% to 78.3 million cans compared to 63.0 million cans the prior quarter
Production capacity utilization for the quarter grew 7.6%, from 28.8% to 36.4% quarter over quarter
Fiscal Year 2023 Highlights:
Revenue of $56.31 million
Total Volume of 383.2 million units
4-Year Supply Agreement with Ball Corporation
Production volume utilization increased to 40.4% from 25.2% in the prior year
Three months ended
Year ended
In $'000' s
December 31,
December 31,
December 31,
December 31,
2023
2022
2023
2022
Income Statement Data
Revenue
$
13,735
$
9,763
$
56,305
$
28,281
Gross profit
(1,019
)
(2,524
)
3,358
(2,584
)
Net loss
(9,883
)
(18,344
)
(26,915
)
(36,645
)
Balance Sheet Data
Total assets
53,932
53,703
53,932
53,703
Total lease liabilities and debt
$
64,033
$
43,925
$
64,033
$
43,925
Per: "Mitch Barnard" Mitch Barnard Chief Executive Officer and Director
Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc. PGP Capital Advisors, LLC is the financial advisor to Wildpack Beverage Inc.
Wildpack Beverage provides beverage manufacturing and packaging to the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, sleeve/label printing services, and logistics to brands throughout the United States. Wildpack Beverage operates indirectly through its wholly owned subsidiaries and out of five facilities in Baltimore, Maryland; Grand Rapids, Michigan; Atlanta, Georgia; Sacramento, California; and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack Beverage commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021.
Cautionary Statement on Forward Looking Information
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to the timing, review, completion and filing of the Required Filings, Wildpack Beverage's plans, investments, anticipated revenue from manufacturing agreements, plans to build additional facilities, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of scaling up production. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: the risk of the Company not filing the Required Filings on time, risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws particularly in light of the COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack Beverage operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe", or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Wildpack Beverage to be materially different from any future results, performance, or achievements expressed, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack Beverage are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack Beverage's control, and undue reliance should not be placed on such statements. Although Wildpack Beverage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack Beverage's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack Beverage operates. Except as required by securities law, Wildpack Beverage does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
