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Wildpack Announces Q2 2022 Financial Results and Appoints KPMG as Auditor

·6 min read
Wildpack Beverage Inc

Second Quarter 2022 Highlights:

  • Q2 2022 Revenue grew 10% to $8.91 million compared to $8.14 million in Q2 2021

  • Production volume for Q2 grew 180% to 50.75 million cans compared to 18.22 million cans in Q1 2021

  • Brokering Division signed a 2.5-year supply agreement for a large printed can customer under which annual supply represents approximately 55% of the total cans sold by Land and Sea in 2021

  • Filling production yields averaged 87%

  • Decorating production yields averaged 99%

  • Average plant utilization of 26%, is a 64% increase over Q1 2022

First Half 2022 Highlights:

  • Revenue for the first half of 2022 grew 20% to $17.44 million, from $14.57 million in the first half 2021.

  • Production volume grew 180% to 95.65 million cans, from 34.17 million cans in the first half 2021.

VANCOUVER, BC / ACCESSWIRE / August 29, 2022 / Wildpack Beverage Inc. (TSXV:CANS) (OTCQB:WLDPF) ("Wildpack" or the "Company") a U.S. national beverage co-packer and packaging supplier focused on the aluminum can format, announces unaudited financial results for the second quarter ("Q2") ending June 30, 2022. All currencies referenced herein are US Dollars, unless otherwise indicated.

"We committed to organic growth entering the second quarter and the Wildpack team made significant strides towards achieving those goals this quarter," commented Mitch Barnard, Chief Executive Officer at Wildpack. "We remain focused on taking the steps necessary to earn more from and deliver more to our customers, reduce costs and improve per can economics. Our second quarter results and the post-quarter announcement of our partnership with Ball Corporation are indications of the impact of that focus."

Second Quarter and First Half 2022 Financial Summary


Three months ended

Six months ended


June 30,

June 30,

June 30,

June 30,


2022

2021

2022

2021






Total Revenue

$

8,911

$

8,135

$

17,440

$

14,569

Total costs and expenses

$

14,110

$

10,152

$

26,534

$

17,627

Net loss before income taxes

$

-5,199

$

-2,017

$

-9,094

$

-3,058

Deferred income tax recovery

-

21

-

$

-133

Net Loss

$

-5,199

$

-2,038

$

-9,094

$

-2,925

KPMG Appointed Auditor

Wildpack's Board of Directors ("Board") has approved the change of auditor to KPMG LLP ("KPMG") as its independent registered public accounting firm, effective August 29, 2022. The appointment of KPMG was made after a thorough evaluation process and has been approved by the Board and Audit Committee. KPMG replaces PricewaterhouseCoopers LLP ("PwC") who resigned effective June 1, 2022 (See: Press release dated June 14, 2022). In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from the PwC and KPMG have been reviewed by the Company's Audit Committee and will accordingly be filed on SEDAR.

Earnings Webcast Event

Wildpack will host a webcast to discuss financial results for the quarter ended June 30, 2022, with CEO, Mitch Barnard, CFO, Ryan Mason, and CGO, Thomas Walker.

Presentation Details:

Date: Aug 29, 2022

Time: 5pm EDT (2pm PST)

Registration: Online Registration

HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form or by email: invest@wildpackbev.com.

Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director

For further information, please contact us at:

invest@wildpackbev.com

or

Elijah Clare
Vice President, Investor Relations
elijah@wildpackbev.com

Advisors

Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.

Visit our investor website at:

https://investor.wildpackbev.com

About Wildpack

Wildpack is engaged in beverage manufacturing and packaging operating in 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 currently operates indirectly through its wholly owned subsidiaries and out of six facilities located in Baltimore, Maryland, Grand Rapids, Michigan, Atlanta, Georgia, Longmont, Colorado, Sacramento, California and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021, and on the OTCQB® Venture Market under the symbol "WLDPF" on February 23, 2022.

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 Wildpack's plans, 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 integration. 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: 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 in light of the current COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack 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 future results, performance, or achievements to be materially different from the estimated future results, 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 are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack 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'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 operates. Except as required by securities law, Wildpack 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.

SOURCE: Wildpack Beverage Inc.



View source version on accesswire.com:
https://www.accesswire.com/713908/Wildpack-Announces-Q2-2022-Financial-Results-and-Appoints-KPMG-as-Auditor