Planet Organic re-states Q2 and year to date financial results. Net income increases.
Friday March 28, 4:53 pm ET
Planet Organic Health Corp. - (TSX Venture Exchange - POH).
EDMONTON, March 28 /CNW/ - Planet Organic Health Corp ("Planet Organic"), Canada's largest natural foods retailer, today announced it has re-stated Q2 and year-to-date financial results for the period ended December 31, 2007.
During a review of the Corporation's consolidated financial statements in preparation for filing a prospectus, and subsequent to filing of the Corporation's interim consolidated financial statements for the period ended December 31, 2007, it was determined that certain adjustments were required to more properly reflect the results of the Corporation's operations, financial position and cash flows.
"In summary, we had a few changes to non-cash items such as amortization of financing fees and stock based compensation as well as some balance sheet and cash flow updates. The end result is earnings increased by $263,859 year-to-date, EBITDA decreased by $25,000," reports Darren Krissie, VP & CFO of Planet.
"Financial reporting has become incredibly complex and you really need several sets of eyes digging through the quarterly results to ensure you've captured everything," reports Mr. Krissie. "Going forward, we will have the chartered accounting firm of Grant Thornton conduct reviews on our quarterly results, which is not required as a TSX Venture issuer."
Please refer to the re-stated Q2 and year-to-date results and MD&A where we describe in detail the changes that occurred. You will find the financials on our corporation website at www.planetorganichealthcorp.com or SEDAR.
'Good Food, Good for You, Good for the Earth.' That's been the company's motto for the past 15 years. Planet Organic Markets sell only 100% certified organic produce, all-natural groceries, a healthy deli selection, organic meats, fair trade coffee and chocolates as well as all-natural supplements and personal-care products.
To find our more, please visit: www.planetorganic.ca
ABOUT PLANET ORGANIC
Planet Organic Health Corp. (TSX-V: POH - News) is a natural products industry company, comprising manufacturing, distribution and retail. Planet is listed on the TSX Venture Exchange as a Tier One company. Planet operates eight natural food supermarkets throughout Canada under the Planet Organic Market banner and eleven natural food supermarkets in the U.S. under the Mrs Green's Natural Markets banner. The Company also operates 48 natural health outlets under the Sangster's Health Centre banner and seven natural health outlets under the Healthy's banner. Another POHC company, Trophic Canada is the country's leading manufacturer of natural supplements. The Company has a total of 63 stores throughout Canada and 11 in the U.S.
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