- Record monthly throughput of 20.1 million equivalent standard 12-ounce cans
- Second highest Can Decorating throughput, a 54% increase over Q1 monthly average
- Second highest Sleeve Printing throughput, a 244% increase over Q1 monthly average
- Can Filling throughput was in line with Q1 monthly average
- Can Filling and Decorating yields maintained above 90%
- 115 total sales orders, 16 new customer conversions
- Plant utilization of 23% in July, a 47% increase over the Q1 plant utilization
- Contracted first multi-year printed can customer to supply more than 50 million cans per year
VANCOUVER, BC / ACCESSWIRE / August 16, 2022 / Wildpack Beverage Inc. (TSXV:CANS) (OTCQB:WLDPF) ("Wildpack" or the "Company"), a U.S. national beverage co-packer and packaging supplier focused on the aluminum can format, announces July 2022 production.
Mitch Barnard, Chief Executive Officer commented "When we purchased Land & Sea, we saw the segment as a much-needed complement to our existing co-pack, fill and decorate business. Can and package brokering presents the least capital intensive, highest scalability segment of our complementary business and we are seeing sustainable demand. We continue to work towards optimal domestic can supply contracts, which will elevate that business even further and enhance our vertically integrated value proposition of co-pack, fill, decorate, broker and logistics as we importantly continue to meet and exceed customer needs."
In July 2022, Wildpack achieved a record for equivalent standard 12-ounce can throughput of 20.1 million cans. This represented a 7.6% month-over-month ("MoM") increase. Wildpack's throughput results, which include cans and can equivalents, are trending towards profitability and positive cashflow. In the month, can decorating, can filling, sleeve printing, and brokering operations all had throughputs above Wildpack's reported first quarter throughput. Can decorating achieved 3.9 million units, the second highest throughput in the Company's history. Can filling achieved 865 thousand units, in line with first quarter monthly averages. Printing operations achieved 2.8 million units produced, the second highest monthly throughput since the initiation of printing services in December 2021. Can brokering increased 18% MoM while the add-on business of packaging sales increased 4.7% MoM. Wildpack's total sales orders for the month of July were 115, with 16 new customer conversions.
As reported in Wildpack's first quarter 2022 financials, plant utilization was 15.8%, while July increased 47% over these first quarter averages, to 23.3%, as part of the trend toward our medium-term operational goals. Production line yields have remained above 90% for the duration of the month despite the increase in utilization. Wildpack's brokering division secured its first multi-year contract to supply more than 50 million printed cans and can ends to a single customer on an annual basis.
Second Quarter Earnings Call
Wildpack also announces that it expects to release financial results for the second quarter ended June 30, 2022, after the market closes on August 29, 2022. Wildpack will host a webcast to discuss financial results for the quarter, with CEO, Mitch Barnard, CFO, Ryan Mason, and CGO, Thomas Walker. You can register for the webinar below:
Date: Aug 29, 2022
Time: 5pm EDT (2pm PST)
Registration: Online Registration
HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form or by email: firstname.lastname@example.org.
Per: "Mitch Barnard"
Chief Executive Officer and Director
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Wildpack is engaged in beverage manufacturing and packaging operating in the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, sleeve/label printing services, and logistics to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of six facilities in Baltimore, Maryland, Grand Rapids, Michigan, Atlanta, Georgia, Longmont, Colorado, Sacramento, California and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021, and on the OTCQB® Venture Market under the symbol "WLDPF" on February 23, 2022.
Cautionary Statement on Forward Looking Information
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to Wildpack's plans, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of integration. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws in light of the current COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wildpack Beverage Inc.
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