VANCOUVER, BC, April 24, 2024 /CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSXV:SBBC) (OTCQB:SBBCF) today reported its audited financial results for the year ended December 31, 2023. All amounts are expressed in United States dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, are non-International Financial Reporting Standards ("IFRS") measures, see "Non-IFRS Measures" below. Selected financial and operating information are outlined below and should be read with the Company's consolidated financial statements and related management's discussion and analysis for the year ended December 31, 2023, which are available under the Corporation's profile on SEDAR+ at www.sedarplus.ca. SBBC generated revenue of $79.9 million in fiscal 2023, a 22% increase over the prior year, gross profit of $46.9 million, and an adjusted EBITDA loss of $2.7 million. The primary driver of the adjusted EBITDA loss was the performance of the Purekana subsidiary which commenced bankruptcy proceedings earlier this month following completion by SBBC of a comprehensive review of strategic alternatives for the business. "Our 2023 performance was highlighted by the continued robust growth of TRUBARTM which further expanded its distribution footprint across North America and delivered year over year revenue growth of 133%," said SBBC Interim Chief Executive Officer and Chairman, Kingsley Ward. "With our exit of Purekana now complete, we are putting additional resources and investment behind TRUBARTM and we are well positioned for continued TRUBARTM revenue growth, driving further profit improvement, and debt reduction for SBBC in 2024." 2023 YEAR KEY COMMERCIAL HIGHLIGHTS TRUBARTM Protein Bar: TRUBARTM revenue was $24.7 million in 2023 compared to $10.6 million in 2022, an increase of $14.1 million. Growth of the brand in 2023 was driven by continued multi-channel distribution expansion to a growing list of major retailers in convenience, grocery, ecommerce and club channels led by Costco.. To support its retail expansion, TRUBARTM signed a strategic agreement with Acosta, a full-service sales agency with deep CPG brand experience and added a second manufacturing facility to its supply chain to meet growing product demand. No B.S. Skincare: Following its online launch and exclusive sale at livenobs.com and Amazon, the No B.S. brand became available at retail in TJ Maxx locations in Q2 2023 followed by a national launch into Walgreen's in Q4 2023 across 3,400 locations.  FINANCIAL HIGHLIGHTS FOR YEAR ENDED DECEMBER 31, 2023 For the twelve months ended December 31, 2023, the Company generated revenue of $79.9 million with a gross profit of $46.9 million (59%) compared to $65.4 million with a gross profit of $44.6 million (68%) during the twelve months ended December 31, 2022.  Revenue increased by $14.5 million (22% increase) over the prior year's revenues. Operating costs for the twelve months ended December 31, 2023, were $57.6 million, an increase of $3.1 million (6%), compared to $54.3 million for the twelve months ended December 31, 2022. During the twelve months ended December 31, 2023, the Company recorded a net loss of $24.3 million compared to a net loss of $12.3 million for the twelve months ended December 31, 2022.   Non-cash charges including goodwill impairment, intangible asset impairment, amortization expense and stock-based compensation were $18.1 million.  Finance charges accounted for $2.3 million.   The impairment charges in 2023 were largely related to the Company's hemp-based businesses and the operating loss was driven by Purekana during 2023.  Purekana filed for Chapter 7 bankruptcy on April 3, 2024 after the completion by SBBC of a comprehensive review of strategic alternatives for the business.    For the three months ended December 31, 2023, the Company generated revenue of $12.3 million with a gross profit of $6.7 million (54%) compared to $23.0 million with a gross profit of $16.1 million (70%) during the three months ended December 31, 2022.  Operating costs for the three months ended December 31, 2023, were $10.0 million, a decrease of $9.9 million (50%), compared to $19.9 million for the three months ended December 31, 2022. During the three months ended December 31, 2023, the Company recorded a net loss of $14.6 million compared to a net loss of $5.4 million for the three months ended December 31, 2022.   Non-cash charges including goodwill impairment, intangible asset impairment, amortization expense and stock-based compensation were $12.9 million.  Finance charges accounted for $0.6 million.  Non-IFRS Measures (EBITDA and Adjusted EBITDA) EBITDA and Adjusted EBITDA are non-IFRS measures used by management that are not defined by IFRS. EBITDA and Adjusted EBITDA do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that EBITDA and Adjusted EBITDA provide meaningful and useful financial information as these measures demonstrate the operating performance of the business excluding non-cash charges. "EBITDA" is calculated as earnings before interest, taxes, depreciation, depletion and amortization. "Adjusted EBITDA" is calculated as EBITDA adjusted for non-cash, extraordinary, non-recurring and other items unrelated to the Company's core operating activities. The most directly comparable measure to EBITDA and Adjusted EBITDA calculated in accordance with IFRS is net loss. The following table presents the EBITDA and Adjusted EBITDA for the twelve months ending December 31, 2023, and 2022, and a reconciliation of same to net income (loss): For the years ended December 31, 2023 December 31, 2022 Change in $ $ $ % Net loss (24.30) (12.30) (12.00) 49 % Amortization 3.80 4.70 (0.90) (24 %) Depreciation - 0.10 (0.10) 100 % Finance costs 2.30 1.40 0.90 39 % Income tax recovery - (1.00) 1.00 100 % EBITDA (18.20) (7.10) (11.10) Acquisition-related costs - 0.20 (0.20) 100 % Acquisition costs paid by common shares -