Gourmet Ocean Products Announces Financial Results for the Three Months Ending December 31st, 2016

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 27, 2017) - Gourmet Ocean Products Inc. ("Gourmet" or the "Company") (TSX VENTURE:GOP) announces its financial and operating results for the three months ended December 31, 2016.

Highlights

• During the three months ended December 31, 2016, Gourmet reported sales of $391,327 compared with $933,430 during the same period of last year. The decrease in sales was primarily as a result of a decrease in the sales of harvested sea cucumber in China.
  
• Margins were maintained during the quarter as the Company achieved gross margin of 33.4% during the three month period ended December 31, 2016 compared with 33.9% in the corresponding period of 2015.
  
• Dispute lower revenues, Gourmet was able to achieve an improvement in EBITDA due to the elimination of licence lease payments and overall cost control. Adjusted EBITDA for the three months ended December 31, 2016 was negative $135,756 compared with negative $302,498 during the corresponding period in 2015.
  
• Net loss for the three month period ended December 31, 2016 was $219,172, compared to a net loss of $389,237 in the same period last year.
  

SUMMARY OF FINANICAL RESULTS

		Three-Month Period Ended (Unaudited)
		12/31/2016		12/31/2015
Sales		391,327		933,430
Gross profit		130,523		316,393
Loss from operations		(218,093	)	(386,205	)
Net loss		(219,172	)	(389,237	)
Adjusted EBITDA		(135,756	)	(302,498	)
Loss per share - basic		(0.002	)	(0.003	)
Weighted average number of shares
	Basic	125,068,733		125,068,733

LIQUIDITY AND CAPITAL RESOURCES