EDMONTON, May 30, 2006 /PRNewswire-FirstCall via COMTEX/ -- PLANET ORGANIC HEALTH CORP (TSX Venture Exchange - POH) Canada's leading natural and organic foods supermarket chain presented their financial results for the quarter ending March 31, 2006. Net income before tax increased to $785,438 versus $391,300 for the same period last year; an increase of $394,138 or 100.8%. Sales increased by $2.0 million to $10.1 million for the period; an increase of 26.1%. These increases were driven by further acquisitions and store expansions completed in fiscal 2005 and the first quarter of 2006 as well as same-store sales growth in the current quarter.
"This is our fifth consecutive profitable quarter," reported Darren Krissie, CFO of Planet Organic Health Corp. "With more locations on the horizon, we are continuing to drive the top-line and bottom-line growth of the Company.
"The 14 locations, which were added in the first quarter through the acquisition of Newfound Health, will continue to expand growth for the Sangster division of Planet Organic Health Corp," said Roy Sangster, President of the franchise division.
Driven by same store sales, the company's Planet Organic Market division saw revenues increase by 34.7% over last year. "Our impressive same store sales growth reinforces our plan to open additional stores in 2006," says Mark Craft, President of Planet Organic Markets. Craft said that the company continues to seek out further growth opportunities in British Columbia, Alberta and Ontario.
Planet Organic Market announced the signing of an offer to lease a second location in Calgary, Alberta in the first quarter in addition to their most recent addition in Port Credit Ontario. Both locations will be open by fall of this year.
EBITDA reported above is a non-GAAP measure and is earnings before interest, taxes, depreciation, amortization and stock-based compensation. System sales reported above is also a non-GAAP measure and is calculated by adding net sales from all franchise stores to net revenue.
For further financial information and a copy of our third quarter financials, please visit our website at www.planetorganichealthcorp.com
ABOUT PLANET ORGANIC
Planet Organic Health Corp (POHC) is a natural products industry company, comprising manufacturing, distribution and retail. It operates natural food supermarkets in Edmonton, Victoria, Calgary, Port Coquitlam and Halifax under the Planet Organic Market banner. In addition the company operates 48 natural health outlets under the Sangster's Health Centre banner. Another POHC company, Trophic Canada is the country's leading manufacturer of natural supplements. Planet Organic's retail stores provide its customers with the convenience of one-stop shopping by offering a broad product selection in all merchandise categories. POHC's objective is to consolidate the fragmented natural and organic foods industry in Canada via acquisitions, mergers and new retail operations. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information. Actual results may vary significantly from estimates.