Gourmet Ocean Products Inc. Reports Unaudited Earnings Results for the Three Months and Year Ended September 30, 2015
For the year, the company reported sales of $4,282,879 compared to $4,476,649 for the fifteen months ended September 30, 2014. The sales for the year ended September 30, 2015 was attributable to sales of harvested sea cucumber, which replaced $3 million in sales of scallop seed experienced in the corresponding period of 2014. Adjusted LBITDA was $1,287,144 versus adjusted EBITDA of $688,401 during the fifteen months ended September 30, 2014. Net loss was $1,819,273, compared to a net loss of $1,300,838 in fifteen months period ended September 30, 2014. The financial performance has been impacted by the deteriorating economic conditions in China. Loss from operations was $1,819,273 against profit of $137,721 in fifteen months period ended September 30, 2014. Diluted loss per share was $0.01 against $0.01 per share in fifteen months period ended September 30, 2014.