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Thread: SNF.V - Sunora Foods Inc.

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    SNF.V - Sunora Foods Inc.

    Sunora Foods Inc. Due Diligence Report

    Symbol: SNF.V
    Price: $0.12
    Common Shares: 42,254,332
    Insider Holdings: 32 million (75.7%, CEO owns 30 million alone)
    website: http://www.sunora.com/

    Most Recent Financial Results (Ending September 30th 2015)

    Assets
    Cash: $2,752,139
    Accounts Receivable: $1,163,447
    Inventory: $486,377
    Prepaid Expenses: $4,501
    Deferred Tax: $150,062
    Total Assets: $4,556,526

    Liabilities
    Accounts Payable: $819,939
    Income Tax: $120,165
    Total Liabilities: $940,104

    Quarterly Earnings Summary:
    2014 Total - $189,073
    2015 Q1 - $189,073
    2015 Q2 - $110,940
    2015 Q3 - $198,771

    Revenue After 9 Months
    Sales - $8,452,570
    Gross Margin - $945,250
    Total Costs - $211,985
    Income Before Tax - $733,265
    Net Income - $549,949 or $0.013c EPS
    MD&A Highlights

    Sunora is a Calgary‐based trader and supplier of canola, soybean, corn, olive and other food oils. Currently, the Company is a relatively modestly‐sized player participating in an international business populated by some of the largest companies in the world. It has successfully maintained a niche position that has been achieved by building strong relationships with its suppliers and customers through a history of reliable and responsive service. While the Company regularly cooperates with many of these companies, it also occasionally competes with companies that have far greater resources.

    Sunora had sales in line with expectations for the nine month period ended September 30, 2015. Sales were negatively impacted by a decline in oil related commodity prices of over thirty percent and bulk oil sales declined in the third quarter.

    The $549,949 of net income and comprehensive income in the nine months ended September 30, 2015 was due to better gross margins attributable to a continuing higher percentage of packaged oil sales versus bulk oil sales. Profitability also benefitted from the positive impact of the foreign exchange gains.

    The foreign exchange gain or loss arises primarily as a result of inventory purchases and sales, to the extent that they are denominated in US currency.

    Sunora's cash balances increased $967,992 in the nine months ended September 30, 2015. This increase since December 31, 2014 resulted primarily from higher income for the nine month period, the reduction of inventory, and a decrease in accounts receivable affect slightly by a decrease in accounts payable and accrued liabilities during that period. Sunora’s cash balance increased during the nine months ended September 30, 2015 primarily due to an increase in net income, a decrease in inventory and decrease in receivables offset partly by decrease accounts payable and accrued liabilities during that period

    Sunora maintains strong relationships with a number of strategically located customers internationally and in North America. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on international economies including Asia, and has met this increased demand with Canadian manufactured food oil products. Sunora operations can be impacted by geopolitical situations that may restrict delivery, but this has not significantly hindered operations to date. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.

    The financial position of the Company is strong relative to its financial requirements and commitments. Management has maintained a conservative approach to day‐to‐day operations, monitoring the timing of its inventory turnover closely to ensure it can meet its obligations to suppliers within their credit facilities. Collections from customers are stringently managed such that substantially all receivables at September 30, 2015 were less than 60 days old. Sunora's Current Ratio (Current Assets divided by Current Liabilities) target as set by management is 2.0:1. Including its cash balance of $2,752,138 at September 30, 2015, Sunora's Current Ratio at September 30, 2015 was 4.7:1. The Company has continued to have a strong working capital position. Additionally, the Company has neither debt nor any financial obligations other than to fund its operations.

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    Sunora Foods Inc. Two year sales History
    Originally this was a capital pool (Thoroughbred Capital Inc, symbol TBC.P), until a deal was struck April 10th 2013 to acquire Sunora Foods Inc for 30 million shares at a price of $0.167c per share($5 million)

    First financials after the merger were released April 30th 2014, below are all the quarters broken down

    Year end: August 31st, 2013
    Cash: $836,292
    Total Assets: $3,000,464
    Total Liabilities: $1,014,299
    Revenue: $15,498,660
    Net Income/Loss: $79,418 - $0.0019c

    Quarter Ended: December 31st, 2013
    Cash: $ 1,646,563
    Total Assets: $ 3,848,337
    Total Liabilities: $ 1,016,838
    Revenue: $ 4,794,330
    Net Income/Loss: -$1,074,649 – ($1.25 million cost for listing expense and transaction cost)

    Quarter Ended: March 31st, 2014
    Cash: $ 1,757,907
    Total Assets: $ 3,739,165
    Total Liabilities: $ 920,557
    Revenue: $ 2,959,727
    Net Income/Loss: -$58,792 – due to some oil pricing and shipping issues(see MD&A)

    Quarter Ended: June 30th, 2014
    Cash: $ 1,685,719
    Total Assets: $ 3,610,622
    Total Liabilities: $ 670,434
    Revenue: $ 2,836,903
    Net Income/Loss: $ 121,580 - $0.003c

    Quarter Ended: September 30th, 2014
    Cash: $ 2,358,141
    Total Assets: $ 4,442,591
    Total Liabilities: $ 1,362,255
    Revenue: $ 3,496,856
    Net Income/Loss: $ 140,148 - $0.0033c

    Quarter Ended: December 31st, 2014
    Cash: $ 1,784,147
    Total Assets: $ 4,139,409
    Total Liabilities: $ 1,072,936
    Revenue: $ 3,941,719
    Net Income/Loss: $ -13,696 – flat due to added G&A marketing cost into other countries (see MD&A)

    Quarter Ended: March 31st, 2015
    Cash: $ 2,375.580
    Total Assets: $ 4,494,917
    Total Liabilities: $ 1,188,206
    Revenue: $ 2,743,967
    Net Income/Loss: $ 240,238 - $0.0053c

    Quarter Ended: June 30th 2015
    Cash: $ 2,504,091
    Total Assets: $ 4,168,457
    Total Liabilities: $ 750,806
    Revenue: $ 3,233,996
    Net Income/Loss: $ 110,940 - $0.0026

    Quarter Ended: September 30th, 2015
    Cash: $ 2,752,139
    Total Assets: $ 4,556,526
    Total Liabilities: $ 940,104
    Revenue: $ 2,451,477
    Net Income/Loss: $ 198,771 - $0.0047c

    As you can clearly see from the financials, SNF has more than tripled its cash position over the last couple years, increased assets by 50%, decreased liabilities, and started to establish itself in news markets in Asia. Several news releases were announced in 2015 with regards to an expansion plan and we will likely see the benefits of this in 2016.

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    Sunora Foods Inc. December 2015 Company Presentation: http://www.sunora.com/assets/docs/pp...1231095233.pdf

    Note: In my initial DD, I added up almost 76% insider/institutional ownership based on SEDI. This information could be outdated on SEDI as the presentation shows 71%.

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    Sunora Foods investor Shanghai acquires 19% interest

    2016-04-14 05:16 MT - News Release

    Mr. Steve Bank reports

    EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103

    In accordance with regulatory requirements, Shanghai Hao Zhuo International Trading Ltd., a company based out of Shanghai, China, has acquired 8,028,400 common shares of the corporation from Steve Bank, president and chief executive officer of the company, on April 13, 2016, which represents 19 per cent of the outstanding common shares. Prior to the purchase, Shanghai owned no common shares of the corporation.

    The securities acquired by Shanghai are held for investment purposes. In the future, Shanghai may increase or decrease its respective ownership of securities of the corporation from time to time depending upon the business and future market conditions.

    A copy of the early warning report filed pursuant to National Instrument 62-103 may be obtained on SEDAR.

    We seek Safe Harbor.

    © 2016 Canjex Publishing Ltd. All rights reserved.

    NOTE:

    Insiders still own the following that is disclosed:

    CEO Steve - 22 million
    Direct Daniel - 1 million
    Director Michael - 1 million
    Shanghai - 8 million

    There are also some other small shareholders listed on SEDI. Q4 will be out in two weeks and Q1 2016 in six weeks. If two more positive quarters are out, that will be several positive earnings reports and the price should rise significantly.

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    Sunora Foods earns $502,182 in 2015



    2016-04-29 07:08 MT - News Release


    Mr. Steve Bank reports

    SUNORA FOODS ANNOUNCES 2015 YEAR END FINANCIAL RESULTS

    Sunora Foods Inc. has filed its financials statements and management discussion and analysis for the fiscal year ending Dec. 31, 2015. These filings are available for review on SEDAR and the corporation's website.

    During the fiscal year ended Dec. 31, 2015, Sunora's highlights include the following:

    Net income for the period ending Dec. 31, 2015, of $502,182 versus net income of $189,073 for the comparable period ending Dec. 31, 2014; an increase of 166 per cent.
    Gross margin for the period ending Dec. 31, 2015, of 10.7 per cent versus gross margin for the comparable period ending Dec. 31, 2014, of 7.0 per cent;
    Revenue of $10,815,959 for the 2015 fiscal year versus revenue of $13,235,038 for the comparable 2014 fiscal year;
    Cash and cash equivalents of $2,620,566 for the period ending Dec. 31, 2015, versus $1,784,147 for the comparable period ending Dec. 31, 2014;
    Appointment of Shawn Li to the position of manager, Asia;
    Appointment of Eric Dahlberg to the board of directors;
    Expansion of Sunora's portfolio of canola products into China;
    Agreement with major Asian trading partner for Sunora's portfolio of food oil products.

    FINANCIAL HIGHLIGHTS
    Period ending Dec. 31, 2015

    Sales $10,815,959
    Gross margin $1,157,932
    Income before taxes $661,082
    Net income $502,182
    Earnings per share $0.012
    © 2016 Canjex Publishing Ltd. All rights reserved.

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    New company presentation out today: http://www.sunora.com/assets/docs/pp...0429102019.pdf

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    Sunora Foods Inc. Year End Results (December 31, 2015)

    Price: $0.12
    Common Shares: 42,254,332
    Insider Holdings: 31 million (73% as per Sedi)
    April 2016 Presentation: http://www.sunora.com/assets/docs/pp...0429102019.pdf
    February 2016 Radio interview: http://thestockradio.com/tsr-audio-i...-snf-2630.html
    Financials

    Assets
    Cash: $2,620,566 (2014 - $1,784,147)
    Accounts Receivable: $920,001
    Inventory: $497,798
    Prepaid Expenses: $32,826
    Deferred Tax Asset: $147,974
    Total Assets: $4,219,165 (2014 - $4,139,409)

    Liabilities
    Accounts Payable: $468,226
    Income Tax: $66,638
    Customer Deposits: $13,066
    Total Liabilities: $547,930 (2014 - $1,072,936)

    2015 Sales
    Revenue: $10,815,959
    Gross Margin: $1,157,932
    Net Income: $502,182

    MD&A Highlights

    The $502,182 of net income and comprehensive income in the year ended December 31, 2015 compared to $189,073 for the previous year – an increase of 166%, was due to an increase in the average gross margin of 3.7% despite a drop in sales of 18%. These stronger gross margins can be attributed to a higher percentage of sales in packaged products which have higher value added. Another factor that contributed positively to the net income and comprehensive income was foreign exchange gains associated with a weaker Canadian dollar.

    Sunora's current assets consist of cash, term deposits, accounts receivable, prepaid expenses and inventory. Cash is held for working capital requirements and to fund expansion costs for new markets and customers. A policy of conserving cash is rigorously followed by management in order to sustain operations and not hamper its marketing strategies. Accounts receivable was reduced due to reduced sales and continuing efforts by management to improve the Company’s collections. The decrease in inventories was due to changes in customer demand and stronger controls.
    Sunora maintains strong relationships with strategically located customersin North America and overseas. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on the economies in Asia, with a view to meet this increased demand for Canadian manufactured food oil products. Sunora’s operations are impacted by geopolitical situations that may hold up deliveries as was experienced in the fourth quarter of 2015. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.
    Management is actively identifying and analyzing operations that might increase gross margins for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management. Specific focus is currently on packagers with operations in Canada that are looking for a strategic partner to expand international operations.
    The financial position of the Company is strong relative to its financial requirements and commitments. Management maintains a conservative approach to day-to-day operations, monitoring the timing of its inventory turnover and meeting its obligations to suppliers within their credit facilities. Collections from customers were stringently managed as that substantially all receivables at December 31, 2015 were less than 60 days old. Sunora's Current Ratio (Current Assets divided by Current Liabilities) target as set by management is 2.0:1. Including its cash balance of $2,620,566 at December 31, 2015, Sunora's Current Ratio at December 31, 2015 was 7.4:1. The Company has continued to have a strong working capital position. Additionally, the Company has neither debt nor any financial obligations other than to fund its operations.

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    Sunora Q1 summary news release below. It was a profitable quarter, but as I was told by management after year end, Q4/Q1 was affected by some issues in China. However, this has been resolved and as mentioned in the news below, Q2 will be better for sure. Cash & equivalents still went up $360,000 since December 2015 which is huge. I will be posting the breakdown shortly.

    Sunora Foods earns $24,971 in Q1 2016

    2016-05-30 13:51 MT - News Release

    Mr. Steve Bank reports

    SUNORA FOODS ANNOUNCES QUARTER 1 FINANCIAL RESULTS

    Sunora Foods Inc. has filed its financials statements and management discussion and analysis for the fiscal period ending March 31, 2016. These filings are available for review on SEDAR and the corporation's website.

    During the fiscal period ended March 31, 2016, Sunora's highlights include the following:
    Net Income of $24,971 for the period ending March 31, 2016, versus net income of $240,236 for the comparable period ending March 31, 2015 (primarily the result of foreign exchange losses during Q1 2016 versus a foreign exchange gain during Q1 2015);
    Gross margin of 9.4 per cent for the period ending March 31, 2016, versus gross margin for the comparable period ending March 31, 2015, of 11.1 per cent;
    Revenue of $2,687,379 for Q1 2016 versus revenue of $2,743,967 for Q1 2015;
    Cash and cash equivalents of $2,981,812 for the period ending March 31, 2016, versus $2,620,566 at the end of Dec. 31, 2015.
    Continuing focus on expanding international sales with emphasis on China and Southeast Asia.
    FINANCIAL HIGHLIGHTS

    Period ending March 31, 2016

    Sales $ 2,687,379
    Gross margin 252,422
    Income before taxes 33,295
    Net income 24,971
    Earnings per share 0.00

    Sunora's Q1 2016 financial results were negatively impacted by a brief slowdown in demand from international customers due to economic restructuring, as China reorients from manufacturing to domestic consumption and from delays in shipments. International sales have trended upward in Q2, with expected additional sales during this period and beyond.

    © 2016 Canjex Publishing Ltd. All rights reserved.

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    Sunora Foods Inc. Q1 2016 Results (Ending March 31st 2016)

    NOTE: Keep in mind that Q4 2015 and Q1 2016 had some one time issues with regards to logistics, back-orders and currency fluctuations. Otherwise, as stated in the news today, Q2 results and beyond will be much better.

    Price: $0.12
    Common Shares: 42,254,332
    Insider Holdings: 72% As per SEDI

    Financial

    Assets
    Cash: $2,981,812 - $0.07c a share just in cash
    Accounts Receivable: $989,160
    Inventory: $607,523
    Prepaid Expenses: $18,419
    Deferred Tax: $147,974
    Total Assets: $4,744,888

    Liabilities
    Accounts Payable: $936,008
    Income Tax: $48,940
    Customer Deposits: $63,734
    Total Liabilities: $1,048,682

    Q1 2016 Net Income: $24,871
    2015 Total Net Income: $502,182
    2014 Total Net Income: $189,073

    Breakdown in sales distribution for Q1(in MD&A)
    USA: $2,167,415 (Last year was $1,785,591) – Increase by $381,824
    Canada: $235,713 (Last year was $275,451) – decrease by $39,738
    International: $248,251 (Last year was $682,925 – Shipping issues for the quarter caused discrepancy)

    MD&A Highlights

    The $24,971 of net income and comprehensive income in the three months ended March 31, 2016 was lower than the same quarter of 2015. This was primarily as a result of a foreign exchange loss of $82,655, as opposed to a foreign exchange gained $131,013 in the prior year. In addition, sales were slightly lower, and the gross margin declined from the prior year as a result of delivery issues with a copacker.

    Sunora's current assets consist of cash, accounts receivable, prepaid expenses and inventory. Cash is held for working capital requirements and to fund expansion costs for new markets and customers. A policy of conserving cash is rigorously followed by management in order to sustain operations and not hamper its marketing strategies. Accounts receivable is in a comparable range to that of December 31, 2015, due to continuing efforts by management to control the Company’s credit and collections. The increase in inventory is due to increased bulk oil purchases in anticipation of future sales.

    Sunora's current liabilities consist of accounts payable and accrued liabilities, income tax payable and customer deposits. Accounts payable increased by $467,782 since December 31, 2015, due to increased bulk of oil purchases at the end of this quarter. Nevertheless, Sunora is committed to its policy to manage its trade payables on a current basis and maintain its excellent credit standing.

    The Company's target Working Capital Ratio (Current Assets divided by Current Liabilities, which is an indicator of its ability to finance its on-going operations) is 2:1. Current Assets comprise cash, accounts receivable, prepaid expenses and inventory; current liabilities include accounts payable, accrued liabilities and income taxes payable. The amounts of accounts receivable, inventory and accounts payable and accrued liabilities at a point in time are the direct result of sales and purchases and how the Company manages collections, supplier credit and inventory levels, which in turn is manifested in the available cash. At March 31, 2016, the Working Capital Ratio has declined to 4.4:1 compared to 6.75:1 at December 31, 2015.The Company's business has been managed with a strong working capital position which has enabled the Company to operate without debt. Additionally, the current nature of Sunora's operations has enabled it to expand without making capital investments. Therefore, the Company believes it is in a very favourable position to expand in the future.

    The Company operates in the single segment of food oil. Competition is always a significant factor in the food oil industry. The Company determines the geographic location of revenues based on the location of its customers. The geographic categories presented are the United States, Canada and Other; other comprises various regions in South America, Africa, Asia, the Middle East, Eastern Russia, Australia and New Zealand.

    The Company had an economic dependence on one customer. During the three months ended March 31, 2016 and the three month period ended March 31, 2015, sales to this customer represented approximately 21% and 13% of the Company's total sales, respectively. Sunora's sales to the United States have recently trended higher in proportion of sales in Canada. Overseas markets are generally continuing to grow and provide greater long term stability to sales. The growth of sales in emerging markets, where awareness of healthy food choices is growing as a result of the expanding middle classes, is a positive trend for Sunora.

    Cost of sales consists of purchases of crude and refined oil, freight and custom duties. Sunora achieved a gross margin of 9.4 % in the three months ended March 31, 2016, which varied due to delivery issues with co- packers, compared to 11% in the three months ended March 31, 2015. These margins were within an expected range.

    Outlook

    Sunora maintains strong relationships with strategically located customers in North America and overseas. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on the economies in Asia, with a view to meet this increased demand for Canadian manufactured food oil products. Sunora’s operations are impacted by geopolitical situations that may hold up deliveries as was experienced in the last quarter of 2015. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.

    Management is actively identifying and analyzing operations that might increase gross margins for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management. Specific focus is currently on packagers with operations in Canada that are looking for a strategic partner to expand international operations. Management is also actively considering possible new products that may benefit from new domestic and international markets. With the continuing improvement in the United States economy and new customers being added in Asia Sunora is well placed to improve its profitability and financial position.

  11. #11
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    Some good volume this morning and SNF popped to an all time high of $0.175, highest since the IPO in 2014. Stock has been undervalued all year given it's large cash position, clean balance sheet, heavy insider ownership of 71% and world growth chart. Below is the level 2, not much for sale anymore.

    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    10,000 0.120 0.175 4,000
    25,000 0.115 0.250 5,000
    61,000 0.110 -- -- --
    25,000 0.105 -- -- --
    26,000 0.100 -- -- --
    4,000 0.085 -- -- --
    1,500 0.075 -- -- --
    5,000 0.045 -- -- --
    5,000 0.040 -- -- --
    6,000 0.035 -- -- --

  12. #12
    Zoid is a SEBI Registered Investment Advisor , the provide tips with proper planning so that your money will give you appropriate profit. We treat every customer on a priority basis and we believe in quality instead of quantity. We provide profitable calls for Investment Advisor SEBI and SEBI Registered Investment Adviser with proper stop loss.

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    Despite lack of news and Q2 results coming out in 6 weeks, Sunora has been busy promoting the brand throughout North America in a March 2016 article and June 2016 show. Keep in mind that this came out before the Chinese investor purchased 19% of the stock(April 2016) which tells me expansion in Asia has likely increased since then. The Q1 news release even stats that sales are for sure going to be higher in Q2, so only positive notes going forward.

    June 2016 Minneapolis Exhibit: http://www1.agric.gov.ab.ca/$Depart.../$FILE/2016apr_taste_of_canada_exhibitors.pdf
    (SNF on Page 14)

    March 2016 Article: http://www1.agric.gov.ab.ca/$Depart...ade11517/$FILE/export_catalogue_2016_web2.pdf
    (SNF on Page 56)

    From Q1 news release:

    Sunora's Q1 2016 financial results were negatively impacted by a brief slowdown in demand from international customers due to economic restructuring, as China reorients from manufacturing to domestic consumption and from delays in shipments. International sales have trended upward in Q2, with expected additional sales during this period and beyond.

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    Sunora Foods earns $55,615 in Q2

    2016-08-25 06:42 MT - News Release

    Mr. Dean Stuart reports

    SUNORA FOODS ANNOUNCES QUARTER 2 FINANCIAL RESULTS

    Sunora Foods Inc. has filed its financials statements and management discussion and analysis for the fiscal period ending June 30, 2016. These filings are available for review on SEDAR and the Corporation's website.

    During the fiscal period ended June 30, 2016 Sunora's highlights include the following:

    -- Net Income for the period ending June 30, 2016 of $55,615 versus net income of $110,940 for the comparable period ending June 30, 2015; partly the result of internal issues at a co-packer.
    -- Gross margin for the period ending June 30, 2016 of 7.1% versus gross margin for the comparable period ending June 30, 2015 of 9.3%; partly the result of internal issues at a co-packer.
    -- Revenue of $2,835,773 for the 2016 Q2 versus revenue of $3,233,996 for the comparable 2015 Q2.
    -- Cash and Cash Equivalents of $2,589,380 for the period ending June 30, 2016 versus $2,620,566 at the end of December 31, 2015.
    -- Inventory of $1,097,463 for the period ending June 30, 2016; due to a build-up in inventory of bulk oil for future orders.
    -- 8,028,400 common shares now held by Shanghai Hao Zhuo International Trading Ltd. of China representing 19% of the outstanding common shares. The shares were purchased from President and Chief Exective Officer Steve Bank

    Financial Highlights

    Period ending June 30, 2016
    Sales $2,835,773
    Gross Margin $200,726
    Income before Taxes $76,185
    Net Income $55,615
    Earnings Per Share $0.001


    Sunora's Q2 2016 sales were impacted by a slowing in bulk oil sales in Canada, and partially offset by increased sales to the United States and International locations including China. It is anticipated that sales may increase in the second half of 2016, and the Corporation continues to identify and develop new markets with a specific focus on China. Management is also focused on working with packagers of Canadian manufactured products that are looking for a strategic partner to expand international operations.

    About Sunora Foods

    Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands.

    © 2016 Canjex Publishing Ltd. All rights reserved.

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    Sunora Foods Q2 Financial Statements with MD&A

    Price: $0.125
    Common Shares: 42,254,332
    Insider Holdings: 71% Total - 52% held by CEO , 19% by Chinese Company

    Financials

    Assets
    Cash: $2,589,380
    Receivable: $1,097,463
    Inventory: $706,287
    Prepaid Expenses: $18,375
    Tax Recoverable: $73,804
    Deferred Tax asset: $147,974
    Total Assets: $4,633,283 (Q1 was $4,744,888)

    Liabilities
    Accounts Payable: $849,782
    Deposits: $7000
    Total Liabilities: $856,782 (Q1 was $1,048,682)

    Profit Breakdown
    Net Income in Q1/Q2 2016: $80,586
    Net Income for 2015: $502,182
    Net Income for 2014: $189,073
    Cash added over last 10 quarters: $771,841

    **NOTE** Keep in mind that a packer problem has caused issues spanning from Q4 2015 until mid Q2 2016. These have since been resolved.

    MD&A Highlights

    At June 30, 2016, the Working Capital Ratio was 5.2:1 compared to 7.4:1 at December 31, 2015. The Company's business has been consistently managed with a strong working capital position which has enabled the Company to operate without debt. Additionally, the current nature of Sunora's operations has enabled it to expand without making capital investments. Therefore, the Company believes it is in a very favourable position to expand in the future.

    Sunora had lower sales for the six-month period ended June 30, 2016 than the comparative six month period. Sales were somewhat adversely impacted by lower commodity prices for food oil. The $80,586 of net income and comprehensive income in the six months ended June 30, 2016 was lower than the same period of 2015. This was partly a result of a foreign exchange loss of $53,337, as opposed to a foreign exchange gain of $102,603 in the comparative period. In addition, sales were 7.6% lower, and the gross margin declined from 10.1% to 8.2%. Gross margin was impacted by internal issues at a co-packer.

    Accounts payable increased by $381,556 since December 31, 2015, due to increased bulk oil purchases at the end of this quarter. Nevertheless, Sunora is committed to its policy to manage its trade payables on a current basis and maintain its excellent credit standing.

    Sunora's sales to the United States have recently trended higher in proportion of sales in Canada. Although overseas markets are generally continuing to grow, international sales were adversely impacted in the six months ended June 30, 2016 by short term conditions. Sales in Canada declined in this six month period compared to the same period last year due to reduced bulk oil shipments in Canada. The growth of sales in emerging markets is due to a trend in greater awareness of healthy food choices in an expanding middle class.

    Outlook

    Sunora maintains good relationships with customers in North America and overseas. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on the economies in Asia, with a view to meet this increased demand for Canadian manufactured food oil products. Sunora’s operations are impacted by geopolitical situations that may hold up deliveries as was experienced in recent quarters. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.

    Management is actively identifying and analyzing operations that might increase gross margins for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management. Specific focus is currently on packagers with operations in Canada that are looking for a strategic partner to expand international operations. Management is also actively considering possible new products that may benefit from new domestic and international markets.

    With the continuing positive momentum in the United States economy and new customers being added in Asia Sunora is well placed for the future.

  16. #16
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    CBC article with CEO Steve Bank that clearly states the company can only be positively impacted from this experience:

    http://www.cbc.ca/news/canada/calgar...erta-1.3740468

    Oil producers could benefit
    One group that could benefit from those lower prices are domestic crushers, who turn the seeds into oil.

    "If there's less seed in China for processors, and there may be somewhat less, it opens up an opportunity for those of us who are exporting canola oil itself," said Steven Bank, the CEO of Sunora Oil, whose second largest market after the U.S. is China.

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    Sunora unaffected by Chinese canola seed restriction

    2016-09-01 05:50 MT - News Release

    Mr. Steve Bank reports

    SUNORA FOODS MAINTAINS MOMENTUM IN CHINA

    Sunora Foods Inc. has provided a clarification on the potential impact on Sunora Foods of the restrictions on the export of canola seed to China. The current concern relates strictly to canola seed and is with regard to the amount of dockage, or foreign material such as weeds, other crops or detritus in the exported material. Sunora is not actively exporting canola seed and would not be impacted in China by any potential restriction on the export of this material.

    Sunora exports to China and other Asian jurisdictions are strictly related to canola oil and other food oils. Management continues to develop new sales channels and customers in China and other Southeast Asian countries. The corporation was recently interviewed by CBC News Calgary for input on the potential disruption to canola seed and meal exports.

    "If there's less seed in China for processors, and there may be somewhat less, it opens up an opportunity for those of us who are exporting canola oil itself," said Steve Bank, the chief executive officer of Sunora Foods, whose second largest market after the United States is China.

    © 2016 Canjex Publishing Ltd. All rights reserved.

  18. #18
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    SNF.V September 2016 Presentation: http://www.sunora.com/assets/docs/pp...t-sep-2016.pdf

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    Some of the many places that sell Sunora's different oil products. As stated in the last news release "Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands."

    http://www.foodfacts.com/ci/nutriti....il-16-oz/93840

    http://www.keyfood.com/pd/Sunera/Can.../770099167716/

    https://www.amazon.com/Sunera-Canola.../dp/B00C37UDPA

    http://www.fooducate.com/app#!page=p...2-FEFD45A4D471

    http://www.shopwell.com/sunera-canol...771?f=sp226958

    https://seasonskosher.com/#!/hb/c/1....nola-oil-32-oz

  20. #20
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    New production distribution partnership. Through Google searches it shows that this website was created/modified August 2016. So there should be some mention of this in the Q2 results.

    http://www.prairiecommodities-arcv.com/

    Parent Company - http://www.arc-ventures.com/home

  21. #21
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    Here are two radio interviews with Steve Banks. They both talk about expansion into Asia, how the strong US dollar helps the company and other good notes.

    http://marketradio.ca/audio/MRCA13/20140604_sunora.mp3

    http://thestockradio.com/tsr-audio-i...-snf-2630.html

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    Sunora Foods Q3 Financial Statement with MD&A (Ending September 30th 2016)

    Price: $0.16
    Common Shares: 42,254,332
    Insider/Institutional Holdings: 71% total, as per information circular. CEO holds 52%

    Financials:

    Assets
    Cash: $3,091,780
    Accounts Receivable: $1,233,869
    Inventory: $687,014
    Prepaid Expenses: $3,911
    Income Tax Installments: $74,503
    Deferred Tax: $147,974
    Total Assets: $5,239,051

    Liabilities
    Accounts Payable: $1,232,809
    Customer Deposits: $99,613
    Total Liabilities: $1,332,422

    Note: Sales in Q4 2015, Q1/Q2 2016 were affected by a co-packer issue. This meant that Sunora Foods were required to find other means of distribution, hence hurting sales and margins during those 9 months. This is now resolved, see MD&A below. As well, sales are up year over year even after co-packer setback.

    Q3 Sales - $3,281,156 ($2,451,477 in 2015)
    9 Month Sales - $8,804,308 ($8,452,570 in 2015)

    Q3 2016 Net Income - $122,872
    Q2 2016 Net Income - $55,615
    Q1 2016 Net Income - $24,971
    Net Income for 2015 - $502,182 (Q4 was a loss of $54,000 due to start of co-packer issue)
    Net Income for 2014 - $189,073
    (Company was private until 2014)

    MD&A Highlights
    In the third quarter of 2016, sales increased 15.7% due to an increase in bulk oil sales in comparison to the second quarter. In the second quarter of 2016, sales had increased 5.5% due to some increase in bulk oil sales in comparison to the first quarter. Sales for the first quarter of 2016 were 12.6% higher than the fourth quarter of 2015. Sales for the fourth quarter of 2015 were 2.6% lower than the third quarter of 2015 due to a decrease in overseas sales. 2015 third quarter sales were 24% lower than the second quarter of 2015; second quarter 5 sales were 18% higher than first quarter of 2015.

    Sunora's sales to the United States have recently trended higher in proportion to sales in Canada. Overseas markets are generally continuing to grow, although international sales were adversely impacted in the first six months by short term conditions. Sales in Canada declined in this nine month period compared to the same period last year due to reduced bulk oil shipments in Canada. The growth of sales in emerging markets is due to a trend in greater awareness of healthy food choices in an expanding middle class. Overseas sales are continuing to grow.
    Sunora had 4.2% higher sales for the nine-month period ended September 30, 2016 than the comparative nine month period. Sales were somewhat adversely impacted by delivery issues with a key co-packer. The $203,458 of net income and comprehensive income in the nine months ended September 30, 2016 was 63% lower than the same period of 2015. This was primarily a result of a foreign exchange loss of $45,823, as opposed to a foreign exchange gain of $165,229 in the comparative period. Gross margin declined from 11.2% to 8.9% at least partly because of delivery issues with a co-packer.

    Cost of sales consists of purchases of crude and refined oil, packaging, freight and custom duties. Sunora achieved a gross margin of 10% in the three months ended September 30, 2016, compared to 12.9% in the three months ended September 30, 2015. Gross margin for the nine months ended September 30, 2016 were 8.9% compared to 11.2% for the nine months ended September 30, 2015. These margins were impacted by delivery issues with a co-packer.

    The Company's target Working Capital Ratio (Current Assets divided by Current Liabilities, which is an indicator of its ability to finance its on-going operations) is 2:1. Current Assets comprise cash, accounts receivable, inventory, prepaid expenses and income tax recoverable; Current Liabilities include accounts payable, accrued liabilities and income taxes payable. The amounts of accounts receivable, inventory and accounts payable and accrued liabilities at a point in time are the direct result of sales and purchases and how the Company manages collections, supplier credit and inventory levels, which in turn is manifested in the available cash. At September 30, 2016, the Working Capital Ratio was 3.8:1 compared to 7.4:1 at December 31, 2015. The Company's business has been consistently managed with a strong working capital position which has enabled the Company to operate without debt. Additionally, the current nature of Sunora's operations has enabled it to expand without making capital investments. Therefore, the Company believes it is in a very favourable position to expand in the future.

    Outlook

    Sunora maintains good relationships with customers in North America and overseas. These relationships continue to drive demand for food oil products from Canada, with Sunora well positioned to meet existing and additional demand. Management has focused on increasing visibility in emerging markets, with a specific focus on the economies in Asia, with a view to meet this increased demand for Canadian manufactured food oil products. Sunora’s operations are impacted by geopolitical situations that may hold up deliveries as was experienced in some recent quarters. As the middle class in these emerging economies demands higher quality and healthier foods, Sunora is well positioned to meet additional demand.

    Management is actively identifying and analyzing operations that might increase gross margins for the Company. Prospective businesses considered include packagers and suppliers in the food oil industry. With each operation identified, a detailed review and analysis is undertaken by management. Specific focus is currently on packagers with operations in Canada that are looking for a strategic partner to expand international operations. Management is also actively considering possible new products that may benefit from new domestic and international markets. With the continuing positive momentum in the United States economy and new customers being added in Asia, Sunora is well placed for the future.

  23. #23
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    Sunora Foods earns $122,103 in Q3

    2016-11-28 06:10 MT - News Release

    Mr. Steve Bank reports

    SUNORA FOODS ANNOUNCES QUARTER 3 FINANCIAL RESULTS

    Sunora Foods Inc. has filed its financial statements and management discussion and analysis for the fiscal period ending Sept. 30, 2016. These filings are available for review on SEDAR and the Corporation's website.

    During the fiscal period ended September 30, 2016 Sunora's highlights include the following:

    -Net Income for the period ending September 30, 2016 of $122,103, the 4 th consecutive quarter of increasing net income.
    -Gross margin for the period ending September 30, 2016 of $328,982 or 10.0% on sales of $3,281,156.
    -Revenue of $3,281,156 for the 2016 Q3 versus revenue of $2,451,477 for the comparable 2015 Q3.
    -Cash and Cash Equivalents of $3,091,780 for the period ending September 30, 2016 versus $2,620,566 at the end of December 31, 2015.
    -Inventory of $687,014 for the period ending September 30, 2016; due to inventory of bulk oil for future orders.
    -Continued development of sales channels in China and Southeast Asia with international sales of $850,414, the highest in the Corporation's history.

    Financial Highlights

    Period ending September 30, 2016
    Sales $3,281,156
    Gross Margin $328,982
    Income before Taxes$173,103
    Net Income $122,103
    Earnings Per Share $0.003
    About Sunora Foods

    Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands.

    © 2016 Canjex Publishing Ltd. All rights reserved.

  24. #24
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    December 2016 company presentation. Keep in mind that SNF has over $3 million in cash with an asset/debt ratio of 4:1 and 71% insider holdings - http://www.sunora.com/assets/docs/pp...t-dec-2016.pdf

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    http://www.boardmarker.net/fact%20sh...ct%20Sheet.pdf

    SNF Janusry 2017 Fact Sheet. Does not include insider ownership which is 71%

  26. #26
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    Did another Google search on Sunora Foods and there seems to be a new company based in China that is specifically selling Sunora's Canola oil. Their website was updated on December 20th 2016.

    www.nthwell.com

    Hebei Northville International Trade Co., Ltd. is advocating the import of health food, leading the kitchen revolution of the professional importers, the company has an experienced professional management team. To provide consumers with natural, safe, green, nutrition, health food and energy saving, environmental protection, fashion kitchen appliances, to create "product traceability, quality excellence, healthy living" consumption concept. Allowing you to simultaneously enjoy the world's high-quality health of a new life.

    http://nthwell.com/en/supply_chain.html
    SAFE AND RELIABLE SUPPLY CHAIN

    Nothwell owns professional imported elite team and lots of overseas branches, from the inspection of place of origin, signing the contract, product quality inspection, overseas transportation, to the strict control of domestic storage, to ensure that each step can be carefully, quickly, and efficiently completed.
    Sunora Foods Ltd is a Canadian listed company specializing in production of canola oil.
    Besler Foods & Chemicals Corp.is a Turkish sunflower oil production enterprises with 60 years history .

    http://nthwell.com/product/canola_oil/productpage.html

  27. #27
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    SNF Yearly Revenue/Profit Comparison From 2014-2016
    M=Million K=Thousands

    2014: Revenue - $13.2M & Net Income - $189K
    2015: Revenue - $10.8M & Net Income - $502K (Co-packer issue started in Q4 2015 that hurt sales)
    2016: Revenue - $12.3M & Net Income - $350K ( Co-packer issue did not end until Q3 2016)
    (Note – 2016 is an estimate based on Q3 results, added with the news release announced today)

    2014: Cash - $1.78M – Total Assets - $4.14M – Total Liabilities - $1.07M
    2015: Cash - $2.62M – Total Assets - $4.22M – Total Liabilities - $548K
    2016: Cash - $3.1M – Total Assets - $5.24M – Total Liabilities - $1.3M (These are Q3 results, not including Q4)

    Keep in mind that the CEO owns 52% of the common shares. A Chinese investment group owns 19% of the common shares, so that leaves 29% or 12,253,756 shares held by retail investors.

  28. #28
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    Sunora Foods estimates Q4 2016 sales of $3.44-million



    2017-02-08 07:33 MT - News Release


    Mr. Steve Bank reports

    SUNORA FOODS ANNOUNCES QUARTER 4 SALES AND CHANGE OF AUDITOR

    Sunora Foods Inc. has released unaudited, preliminary fourth quarter sales for the period ending Dec. 31, 2016.

    For the three-month period ending Dec. 31, 2016, the corporation had unaudited sales of $3,444,559 versus sales for the fourth quarter 2015 of $2,394,656. Sales were broken down as shown in the attached table.

    FOURTH QUARTER 2016 SALES

    United States $2,034,864
    Canada $427,002
    Overseas $982,692
    The corporation also announces it has changed its auditor from Collins Barrow Calgary LLP to Calvista LLP Chartered Professional Accountants of Calgary, Alta.

    At the request of the corporation, the former auditor tendered its resignation as auditor of the corporation, effective on Jan. 24, 2017, and the board of directors of the corporation appointed the successor auditor as the corporation's auditor, effective Jan. 24, 2017, until the next annual general meeting of the corporation.

    There were no reservations in the former auditor's reports in connection with the most recently completed fiscal year (2015) or for any period subsequent to the most recently completed period for which an audit report was issued preceding the date of the former auditor's resignation. There are no reportable events (as that term is defined in National Instrument 51-102, continuous disclosure obligations) between the corporation and the former auditor.

    In accordance with National Instrument 51-102, the notice of change of auditor, together with the required letters from the former auditor and the successor auditor, has been reviewed by the audit committee and the board of directors, and has been filed on SEDAR.

    About Sunora Foods Inc.

    Sunora Foods is a food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil and specialty oils in Canada and internationally.

    © 2017 Canjex Publishing Ltd. All rights reserved.

  29. #29
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    With the approval of CETA today (Trade agreement between Canada and the European Union), Sunora Foods will no longer have any obstacles entering any of the European countries if they so choose to. Management has been opposed to Europe for years because of the very high tariffs and other trade barriers. These will soon cease to exist, thus giving the company more potential customers around the world.

    https://www.thestar.com/business/201...th-canada.html

    http://cafta.org/wp-content/uploads/...ng-note_EN.pdf

    On Page 1:
    Canada’s agricultural exports to the EU totalled an annual average of $2.5 billion between 2011 and 2013, led by wheat, soybeans and other oilseeds, canola oil, frozen fruits and maple syrup. Canadian agricultural exports to the EU currently face high tariff rates, with average EU agricultural tariffs of 13.9 percent.

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