Quarterly Net Revenues Increased 59% to $18.5
Million and Annual Net Revenues Increased 72% to $65.0 Million
Quarterly Net Income Increased 57% to $3.4
Million, or $0.15 Per Share, and Annual Net Income Increased 138%
to $11.4 Million, or $0.53 per share
(Quarterly Non-GAAP Net Income Increased 146% to
$5.6 Million and Annual Non-GAAP Net Income Increased 173% to $13.8
Million)
Enzymotec Ltd. (Nasdaq:ENZY), a developer, manufacturer and
marketer of innovative bio-active lipid ingredients, today reported
financial results for the fourth quarter and full year ended
December 31, 2013.
Fourth Quarter and Full Year 2013 Financial Highlights,
Compared to the Same Periods Last Year
- Fourth quarter net revenues (equity method) increased 59.0% to
$18.5 million, and full year net revenues increased 71.6% to $65.0
million.
- Fourth quarter net revenues (proportionate consolidation
method) increased 69.5% to $24.1 million, and full year net
revenues (proportionate method) increased 74.4% to $80.6 million.
- Fourth quarter gross margin (equity method) increased 540 basis
points to 58.4%, and full year gross margin increased 290 basis
points to 50.6%.
- Fourth quarter net income increased 56.7% to $3.4 million, and
full year net income increased 138.3% to $11.4 million. Fourth
quarter net income includes approximately $2.2 million and full
year 2013 includes approximately $2.4 million of IPO-related
expenses (bonuses granted in connection to the IPO, share-based
compensation expense mainly related to the execution of the IPO and
interest expenses related to the early repayment of long-term bank
debt in the first quarter of 2014 using IPO proceeds).
- Fourth quarter non-GAAP net income increased 146.3% to $5.6
million*, and fiscal year net income increased 173.0% to $13.8
million.
- Fourth quarter adjusted EBITDA increased 144.6% to $6.3
million*, and fiscal year adjusted EBITDA increased 121.3% to $16.1
million.
- Fiscal year operating cash flow of $7.4 million.
* A reconciliation of Non-GAAP financial measures to GAAP
Financial measures is provided in the tables below.
Recent Business Highlights:
- Granted patents by the Canadian Patent and Trademark Office and
by the U.S. Patent and Trademark Office for uses of InFat®.
- Completion of the Migdal Ha'Emeq manufacturing facility
expansion and a successful operating run of the new krill oil
extraction process.
- Granted a patent by the U.S. Patent and Trademark Office for a
lipid preparation use method.
- K-REAL® krill oil received "New Food Raw Material"
certification in China.
- Signed a term sheet memorializing terms of a settlement with
Neptune Technologies & Bioressources Inc. and Acasti Pharma
Inc. The on-going U.S. International Trade Commission investigation
brought against Enzymotec by Neptune and Acasti is currently stayed
and the parties are seeking mediation in an effort to finalize the
settlement.
- Joint venture (JV) agreement was signed with Polar
Omega A/S for the commercialization of Omega PC™, a new
premium fish-based omega-3 product.
"We reported record revenues, profitability and cash flow in
2013 as our team continued to execute on our growth opportunities
within the global nutrition market," stated Dr. Ariel Katz,
Enzymotec's President and Chief Executive Officer. "Our annual
results were driven by solid gross margin expansion and robust
sales increases of 71.6% and 142.6% for our Nutrition and VAYA
Pharma segments, respectively.
"For fiscal year 2014, we believe our revenue momentum will
build sequentially throughout the year and enable us to report
another record performance," added Dr. Katz. "Looking ahead, we are
very optimistic about our long-term growth prospects based on our
competitive market position. As our product distribution
accelerates in new and existing markets, consumers globally are
increasingly using our innovative, proprietary lipid-based products
to address their health and wellness needs."
Fourth Quarter 2013 Results
Based on the proportionate consolidation method, net revenues
for the fourth quarter of 2013 increased 69.5% to $24.1 million
from $14.2 million for the fourth quarter of 2012. On a sequential
basis, net revenues increased 7.1% from $22.5 million for the third
quarter of 2013.
Based on the equity method of accounting, net revenues for the
fourth quarter of 2013 increased 59.0% to $18.5 million from $11.6
million for the fourth quarter of 2012. On a sequential basis, net
revenues increased 4.3% from $17.8 million for the third quarter of
2013.
Gross margin (equity method) for the fourth quarter of 2013
increased 540 basis points to 58.4% from 53.0% for the fourth
quarter of 2012, primarily due to an increase in the volume of
sales of higher margin products, as well as improvements in
production efficiency and the leveraging of fixed production
costs.
General and administrative expenses increased to $3.8 million
from $1.0 million in the fourth quarter of 2012, and from $2.2
million in the third quarter of 2013, primarily due to
patent-related legal expenses and due to the bonuses granted to
certain Company employees in connection with Enzymotec's initial
public offering in October 2013, as well as share-based
compensation expenses mainly related to the IPO.
Net income for the fourth quarter of 2013 increased 56.7% to
$3.4 million, or $0.15 per diluted share, based on a weighted
average of 23.4 million shares from $2.2 million, or $0.09 per
diluted share, based on a weighted average of 4.8 million shares
for the fourth quarter last year. The weighted average number of
shares in the fourth quarter of 2013 includes 18.4 million ordinary
shares issued in the beginning of October 2013 as a result of: (i)
the conversion- of all previously outstanding preferred shares into
ordinary shares, (ii) ordinary shares issued following the exercise
of preferred share warrants and subsequent conversion; and (iii)
ordinary shares issued in the IPO (including the underwriters'
option to purchase additional shares).
Net income includes approximately $2.2 million of IPO-related
expenses. Excluding these items, net income would have been
$5.6 million, or $0.24 per diluted share.
Adjusted EBITDA for the fourth quarter of 2013 increased 144.6%
to $6.3 million from adjusted EBITDA of $2.6 million for the fourth
quarter of 2012. On a sequential basis, adjusted EBITDA was up
62.6% from $3.9 million in the third quarter of 2013. A
reconciliation of adjusted EBITDA to GAAP net income is set forth
below.
Below is segment information for the three months ended December
31, 2013 and December 31, 2012:
|
Three months
ended December 31, 2013 |
|
Nutrition
Segment |
VAYA Pharma
Segment |
Total Segment Results of
Operations |
Elimination(1) |
Consolidated Results of
Operations |
|
(in
thousands) |
Net revenues |
$ 22,720 |
$ 1,351 |
$ 24,071 |
$ (5,559) |
$ 18,512 |
Cost of revenues(2) |
12,596 |
356 |
12,952 |
(5,265) |
7,687 |
Gross profit(2) |
10,124 |
995 |
11,119 |
(294) |
10,825 |
Operating expenses(3) |
3,671 |
1,570 |
5,241 |
— |
5,241 |
Depreciation and amortization |
364 |
34 |
398 |
|
|
Adjusted EBITDA(4) |
$ 6,817 |
$ (541) |
$ 6,276 |
|
|
|
|
|
|
|
|
|
Three months
ended December 31, 2012 |
|
Nutrition
Segment |
VAYA Pharma
Segment |
Total Segment Results of
Operations |
Elimination(1) |
Consolidated Results of
Operations |
|
(in
thousands) |
Net revenues |
$ 13,535 |
$ 662 |
$ 14,197 |
$ (2,553) |
$ 11,644 |
Cost of revenues(2) |
8,183 |
199 |
8,382 |
(2,916) |
5,466 |
Gross profit(2) |
5,352 |
463 |
5,815 |
363 |
6,178 |
Operating expenses(3) |
2,226 |
1,392 |
3,618 |
— |
3,618 |
Depreciation and amortization |
337 |
32 |
369 |
|
|
Adjusted EBITDA(4) |
$ 3,463 |
$ (897) |
$ 2,566 |
|
|
|
|
|
|
|
|
____________________ |
|
|
|
|
|
(1) Represents the change from
proportionate consolidation to the equity method of
accounting. |
(2) Includes depreciation and
amortization, but excludes share-based compensation expense. |
(3) Includes depreciation and
amortization, but excludes share-based compensation expense and
IPO-related bonuses. |
(4) Adjusted EBITDA is a non-GAAP
financial measure. For a definition and a reconciliation of
adjusted EBITDA to our net income, see "— Non-GAAP Financial
Measures" below. |
Full Year 2013 Results
Based on the proportionate consolidation method, net revenues
for the year ended December 31, 2013 increased 74.4% to $80.6
million from $46.2 million for the for the year ended December 31,
2012.
Based on the equity method of accounting, net revenues for the
year ended December 31, 2013 increased 71.6% to $65.0 million from
$37.9 million for the year ended December 31, 2012. This increase
was primarily due to a significant increase in the Company's
Nutrition Segment sales volume.
Gross margin (equity method) for the year ended December 31,
2013 increased 290 basis points to 50.6% from 47.7% for the year
ended December 31, 2012.
General and administrative expenses for the year ended December
31, 2013 increased to $8.4 million from $2.9 million for the year
ended December 31, 2012, primarily due to patent-related legal
expenses and due to the bonuses granted to certain Company
employees in connection with Enzymotec's initial public offering in
October 2013, as well as share-based compensation expenses mainly
related to the IPO.
Net income for the year ended December 31, 2013 was $11.4
million, or $0.53 per diluted share, based on a weighted average of
9.3 million shares, compared to net income of $4.8 million, or
$0.28 per diluted share, based on a weighted average of 3.5 million
shares for the year ended December 31, 2012, an increase of 138.3%.
The weighted average number of shares in the year ended December
31, 2013 is impacted by the 18.4 million ordinary shares issued in
the beginning of October 2013 as a result of: (i) the conversion of
all the preferred shares into ordinary shares, (ii) ordinary shares
issued following the exercise of preferred share warrants and
subsequent conversion; and (iii) ordinary shares issued in the IPO
(including the underwriters' option to purchase additional
shares).
Net income includes approximately $2.4 million of IPO-related
expenses. Excluding these items, net income would have been
$13.8 million, or $0.79 per diluted share.
Adjusted EBITDA for the year ended December 31, 2013 was $16.1
million, compared to adjusted EBITDA of $7.3 million for the year
ended December 31, 2012. A reconciliation of adjusted EBITDA
to GAAP net income is set forth below.
Below is segment information for the years ended December 31,
2013 and December 31, 2012:
|
Year ended
December 31, 2013 |
|
Nutrition
Segment |
VAYA Pharma
Segment |
Total Segment Results of
Operations |
Elimination(1) |
Consolidated Results of
Operations |
|
(in
thousands) |
Net revenues |
$ 76,167 |
$ 4,444 |
$ 80,611 |
$ (15,636) |
$64,975 |
Cost of revenues(2) |
45,804 |
1,255 |
47,059 |
(14,981) |
32,078 |
Gross profit(2) |
30,363 |
3,189 |
33,552 |
(655) |
32,897 |
Operating expenses(3) |
13,009 |
6,020 |
19,029 |
— |
19,029 |
Depreciation and amortization |
1,415 |
136 |
1,551 |
|
|
Adjusted EBITDA(4) |
$ 18,769 |
$ (2,695) |
$ 16,074 |
|
|
|
|
|
Year ended
December 31, 2012 |
|
Nutrition
Segment |
VAYA Pharma
Segment |
Total Segment Results of
Operations |
Elimination(1) |
Consolidated Results of
Operations |
|
(in
thousands) |
Net revenues |
$ 44,380 |
$ 1,832 |
$ 46,212 |
$ (8,345) |
$ 37,867 |
Cost of revenues(2) |
27,297 |
588 |
27,885 |
(8,087) |
19,798 |
Gross profit(2) |
17,083 |
1,244 |
18,327 |
(258) |
18,069 |
Operating expenses(2) |
7,850 |
4,637 |
12,487 |
— |
12,487 |
Depreciation and amortization |
1,304 |
118 |
1,422 |
|
|
Adjusted EBITDA(4) |
$ 10,537 |
$ (3,275) |
$ 7,262 |
|
|
____________________ |
|
|
|
|
|
(1) Represents the change from
proportionate consolidation to the equity method of
accounting. |
(2) Includes depreciation and
amortization, but excludes share-based compensation expense. |
(3) Includes depreciation and
amortization, but excludes share-based compensation expense and
IPO-related bonuses. |
(4) Adjusted EBITDA is a non-GAAP
financial measure. For a definition and a reconciliation of
adjusted EBITDA to our net income, see "— Non-GAAP Financial
Measures" below. |
Joint Venture Accounting
Under U.S. GAAP, the company is required to account for the
results of operation of Advanced Lipids AB (AL), the Company's
50%-owned joint venture, using the equity method, meaning that the
Company recognizes its share in the net results of AL as a share of
profits of an equity investee. Accordingly, the revenues recognized
from the arrangement are the amounts the Company charges to its
joint venture partner, or the Company's direct costs of production
plus its share of the joint venture's profits. For the three-month
periods ended December 31, 2013 and 2012, sales of the Company
through this joint collaboration amounted to $5.6 million and $3.4
million, respectively, and for the years ended December 31, 2013
and 2012, sales of the Company through this joint collaboration
amounted to $16.7 million and $8.2 million, respectively.
To provide investors with a better understanding of the
Company's performance and for purposes of segment reporting under
U.S. GAAP, which requires presentation on the same basis provided
to and utilized by management to analyze the relevant segment's
results of operations, the Company accounts for the results of
operations of AL using the proportionate consolidation method. The
financial information included in the tables above under the
heading "Nutrition segment" includes, inter alia, the results of
operations of AL, using the proportionate consolidation method.
Under the proportionate consolidation method, the Company
recognizes its proportionate share of the gross revenues of AL and
records its proportionate share of the joint venture's costs of
production in its statement of operations.
Balance Sheet and Liquidity Data
As of December 31, 2013, Enzymotec had $74.4 million in cash and
cash equivalents, $20.7 million in other working capital items and
$4.2 million in debt. The Company also generated $7.4 million in
cash from operating activities during the year ended December 31,
2013.
On October 2, 2013, the Company closed its initial public
offering in the United States and listing on the NASDAQ Global
Select Market. After deducting the underwriting discount and the
offering expenses, the net proceeds from the offering amounted to
$62.8 million.
Outlook for 2014
For the full fiscal year 2014 the Company provides the following
guidance ranges:
- Net revenues, based on the equity method of accounting, of $88
million to $95 million, an increase of 35% to 46%
- Net revenues, based on the proportionate consolidation method,
of $110 million to $120 million, an increase of 36% to 49%
- Non-GAAP net income of $18 million to $22 million, an increase
of 31% to 60%
- Non-GAAP diluted EPS of $0.77 to $0.94
The Company expects net revenues to continue to grow on a
sequential basis throughout the year; however, the second half of
the year will contribute the majority of the growth in revenues as
new manufacturing capacity becomes available.
Non-GAAP net income represents net income excluding (i)
share-based compensation expense and (ii) other unusual income or
expenses. Non-GAAP diluted EPS is diluted EPS based on Non-GAAP net
income.
Conference Call Details
Enzymotec will host a conference call today at 8:30 a.m. eastern
time to discuss its fourth quarter and fiscal year 2013 financial
results. Listeners in North America may dial +1-718-971-5738 and
international listeners may dial +44(0)20-3427-1907 along with
confirmation code 2605859 to access the live call. A telephonic
playback will be available after the call through Thursday,
February 27, 2014. Participants in North America may dial
347-366-9565 and international participants may dial
+44(0)20-3427-0598 along with the confirmation code 2605859 to hear
the playback.
The call will also be broadcast live over the Internet,
hosted at the Investors section of Enzymotec's website at
http://ir.enzymotec.com, and will be archived online within one
hour of its completion through February 27, 2014.
Forward-Looking Statements
This release may contain forward-looking statements, which
express the current beliefs and expectations of Company management.
Such statements involve a number of known and unknown risks and
uncertainties that could cause our future results, performance or
achievements to differ significantly from the results, performance
or achievements expressed or implied by such forward-looking
statements. Important factors that could cause or contribute to
such differences include the following risks: we depend on
third parties to obtain raw materials, in particular krill,
necessary for the production of our products; a high proportion of
the sales of our InFat product is sold to end users by a single
company in China; we are subject to a degree of customer
concentration and our customers do not enter into long-term
purchase commitments with us; we are currently subject to
litigation, which may subject us to monetary damages or prevent us
from selling certain of our krill products in the United States,
and in the future we may become subject to additional litigation
regarding intellectual property rights; our offering of products as
''medical foods'' in the United States may be challenged by
regulatory authorities; we rely on our Swedish joint venture
partner to manufacture InFat, and certain matters related to the
joint venture are the subject of disagreement; we are dependent on
a single facility that houses the majority of our operations; we
may not be able to expand our production or processing capabilities
or satisfy growing demand; our gross profits may be adversely
affected if we are only able to obtain lower quality krill meal;
our ability to obtain krill may be affected by conservation
regulation or initiatives; our product development cycle is lengthy
and uncertain, and our development or commercialization efforts for
our products may be unsuccessful; we are subject to significant and
increasing government regulations regarding the sale and marketing
of our products; we may not be able to protect our proprietary
technology or prevent its unauthorized use by third parties; and
other factors discussed under the heading "Risk Factors" in the
Company's Form 20-F filed with the Securities and Exchange
Commission on February 13, 2014. Forward-looking statements in this
release are made pursuant to the safe harbor provisions contained
in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made only as of the date hereof, and
the Company undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
About Enzymotec Ltd.
Enzymotec is a leading global supplier of specialty lipid-based
products and solutions. The Company develops, manufactures and
markets innovative bio-active lipid ingredients, as well as final
products, based on sophisticated processes and
technologies.
Non-GAAP Financial Measures
Adjusted EBITDA and non-GAAP net income are metrics used by
management to measure operating performance. Adjusted EBITDA
represents net income excluding (a) financial expenses, net, (b)
taxes on income, (c) depreciation and amortization, (d) share-based
compensation expense and (e) other unusual income or expenses, and
after giving effect to the change from the equity method of
accounting for our joint venture to the proportionate consolidation
method. Non-GAAP net income represents net income excluding
(i) share-based compensation expense and (ii) other unusual income
or expenses.
The Company presents adjusted EBITDA as a supplemental
performance measure because it believes it facilitates operating
performance comparisons from period to period and company to
company by backing out potential differences caused by variations
in capital structures (affecting interest expenses, net), changes
in foreign exchange rates that impact financial asset and
liabilities denominated in currencies other than our functional
currency (affecting financial expenses, net), tax positions (such
as the impact on periods or companies of changes in effective tax
rates) and the age and book depreciation of fixed assets (affecting
relative depreciation expense). In addition, both adjusted
EBITDA and non-GAAP net income exclude the non-cash impact of
share-based compensation and a number of unusual items that the
Company does not believe reflect the underlying performance of our
business. Because adjusted EBITDA and Non-GAAP net income
facilitate internal comparisons of operating performance on a more
consistent basis, the Company also uses adjusted EBITDA and
non-GAAP net income in measuring our performance relative to that
of our competitors. Adjusted EBITDA and non-GAAP net income
are not measures of our financial performance under GAAP and should
not be considered as alternatives to net income, operating income
or any other performance measures derived in accordance with GAAP
or as alternatives to cash flow from operating activities as
measures of the Company's profitability or liquidity.
Adjusted EBITDA and non-GAAP net income have limitations as an
analytical tool, and you should not consider it in isolation or as
a substitute for analysis of the company's results as reported
under U.S. GAAP as the excluded items may have significant effects
on the Company's operating results and financial condition. When
evaluating the Company's performance, you should consider adjusted
EBITDA alongside other financial performance measures, including
cash flow metrics, net income, Operating income (loss) and the
Company's other U.S. GAAP results.
The following table presents a reconciliation of adjusted EBITDA
to net income for each of the periods indicated:
|
Three months
ended December 31, |
Year ended
December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(in
thousands) |
Reconciliation of adjusted EBITDA to
net income: |
|
|
|
|
Adjusted EBITDA |
$6,276 |
$2,566 |
$16,074 |
$7,262 |
Accounting for joint venture |
(294) |
363 |
(655) |
(258) |
Depreciation and amortization |
(398) |
(369) |
(1,551) |
(1,422) |
IPO-related bonuses |
(1,000) |
|
(1,000) |
|
Share-based compensation expenses |
(887) |
(81) |
(1,109) |
(267) |
Operating income |
3,697 |
2,479 |
11,759 |
5,315 |
Financial expenses, net |
(362) |
57 |
(531) |
(539) |
Income before taxes on income |
3,335 |
2,536 |
11,228 |
4,776 |
Taxes on income |
(100) |
(70) |
(324) |
(180) |
Share in profits (losses) of equity
investee |
210 |
(268) |
491 |
186 |
Net income |
$3,445 |
$2,198 |
$11,395 |
$4,782 |
|
|
|
|
|
|
|
|
|
|
|
Three months
ended December 31, |
Year ended
December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(in
thousands) |
Reconciliation of Non-GAAP net income to GAAP Net
income: |
|
|
Non-GAAP net income |
$5,614 |
$2,279 |
$13,786 |
$5,049 |
Interest expense related to repayment of
long-term debt |
(282) |
|
(282) |
|
IPO-related bonuses |
(1,000) |
|
(1,000) |
|
Share-based compensation expenses |
(887) |
(81) |
(1,109) |
(267) |
Net income |
$3,445 |
$2,198 |
$11,395 |
$4,782 |
|
|
|
|
|
|
|
|
|
|
ENZYMOTEC
LTD. |
CONDENSED CONSOLIDATED
UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME |
|
|
|
|
|
|
Three months
ended December 31, |
Year ended
December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
U.S. dollars in
thousands (except per share data) |
NET REVENUES |
$18,512 |
$11,644 |
$64,975 |
$37,867 |
|
|
|
|
|
COST OF REVENUES * |
7,706 |
5,472 |
32,110 |
19,815 |
|
|
|
|
|
GROSS PROFIT |
10,806 |
6,172 |
32,865 |
18,052 |
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
Research and development – net
* |
1,565 |
1,197 |
5,947 |
4,611 |
Selling and marketing * |
1,753 |
1,470 |
6,725 |
5,191 |
General and administrative
* |
3,791 |
1,026 |
8,434 |
2,935 |
T o t a l operating expenses |
7,109 |
3,693 |
21,106 |
12,737 |
|
|
|
|
|
OPERATING INCOME |
3,697 |
2,479 |
11,759 |
5,315 |
|
|
|
|
|
FINANCIAL EXPENSES –
net |
(362) |
57 |
(531) |
(539) |
|
|
|
|
|
INCOME BEFORE TAXES ON
INCOME |
3,335 |
2,536 |
11,228 |
4,776 |
|
|
|
|
|
TAXES ON INCOME |
(100) |
(70) |
(324) |
(180) |
|
|
|
|
|
SHARE IN PROFITS (LOSSES) OF EQUITY
INVESTEE |
210 |
(268) |
491 |
186 |
|
|
|
|
|
NET INCOME |
$3,445 |
$2,198 |
$11,395 |
$4,782 |
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME: |
|
|
|
|
Currency translation
adjustments |
2 |
(13) |
11 |
14 |
Cash flow hedge |
72 |
35 |
171 |
92 |
T o t a l comprehensive income |
$3,519 |
$2,220 |
$11,577 |
$4,888 |
|
|
|
|
|
EARNINGS PER SHARE: |
|
|
|
|
Basic |
$0.16 |
$0.15 |
$0.66 |
$0.33 |
Diluted |
$0.15 |
$0.09 |
$0.53 |
$0.28 |
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF ORDINARY
SHARES: |
|
|
|
|
USED IN COMPUTATION OF EARNINGS PER
SHARE: |
|
|
|
|
Basic |
21,552,868 |
2,996,624 |
7,544,387 |
2,996,624 |
Diluted |
23,380,202 |
4,822,954 |
9,286,456 |
3,461,877 |
|
|
|
|
|
* The above items are inclusive
of the following share-based compensation expense: |
|
|
|
|
|
|
|
|
|
Cost of revenues |
$19 |
$6 |
$32 |
$17 |
Research and
development net |
26 |
15 |
56 |
60 |
Selling and marketing |
41 |
8 |
77 |
40 |
General and administrative |
801 |
52 |
944 |
150 |
|
$887 |
$81 |
$1,109 |
$267 |
|
|
|
|
|
|
ENZYMOTEC
LTD. |
CONDENSED CONSOLIDATED
AUDITED BALANCE SHEETS |
|
|
|
|
December
31 |
|
2013 |
2012 |
|
U.S. dollars in
thousands |
A s s e t s |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$74,430 |
$2,729 |
Accounts receivable: |
|
|
Trade |
18,788 |
11,204 |
Other |
2,738 |
3,357 |
Inventories |
11,943 |
9,359 |
T O T A L CURRENT
ASSETS |
107,899 |
26,649 |
|
|
|
NON-CURRENT
ASSETS: |
|
|
Investment in equity
investee |
809 |
307 |
Long-term deposits and
other |
111 |
170 |
Funds in respect of retirement
benefits obligation |
1,190 |
880 |
|
2,110 |
1,357 |
PROPERTY, PLANT AND
EQUIPMENT: |
|
|
Cost |
33,385 |
28,468 |
L e s s - accumulated
depreciation and amortization |
7,021 |
5,504 |
|
26,364 |
22,964 |
|
$136,373 |
$50,970 |
|
|
|
Liabilities and shareholders'
equity |
|
|
CURRENT LIABILITIES: |
|
|
Short-term loans and current
maturity of long-term loans |
$4,200 |
$1,700 |
Accounts payable and
accruals: |
|
|
Trade |
6,418 |
6,764 |
Other |
6,378 |
3,082 |
T O T A L CURRENT
LIABILITIES |
16,996 |
11,546 |
NON-CURRENT
LIABILITIES: |
|
|
Retirement benefits
obligation |
1,474 |
1,043 |
Long-term loans, net of current
maturity |
— |
4,200 |
T O T A
L LONG-TERM LIABILITIES |
1,474 |
5,243 |
T O T A
L LIABILITIES |
18,470 |
16,789 |
|
|
|
SHAREHOLDERS'
EQUITY: |
|
|
Ordinary shares |
55 |
8 |
A Preferred shares |
— |
* |
B Preferred shares |
— |
* |
B1 Preferred shares |
— |
* |
B2 Preferred shares |
— |
* |
Additional paid-in capital |
119,547 |
47,449 |
Accumulated other comprehensive
loss |
(65) |
(247) |
Accumulated deficit |
(1,634) |
(13,029) |
T O T A L SHAREHOLDERS'
EQUITY |
117,903 |
34,181 |
T O T A
L LIABILITIES AND SHAREHOLDERS' EQUITY |
$136,373 |
$50,970 |
|
|
|
|
|
|
ENZYMOTEC
LTD. |
CONDENSED CONSOLIDATED
UNAUDITED STATEMENTS OF CASH FLOWS |
|
|
|
|
Year ended
December 31 |
|
2013 |
2012 |
|
U.S. dollars in
thousands |
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
Net Income (loss) |
$11,395 |
$4,782 |
Adjustments required to reflect
cash flows from operations: |
|
|
Depreciation and
amortization |
1,551 |
1,422 |
Change in inventories |
(2,584) |
(3,100) |
Change in accounts
receivable |
(6,965) |
(3,806) |
Change in accounts payable and
accruals |
3,052 |
3,590 |
Share in profits of equity
investee |
(491) |
(186) |
Share-based payment |
1,109 |
267 |
Gain on sale of property, plant
and equipment |
(3) |
— |
Change in other non-current
assets |
49 |
9 |
Change in retirement benefits
obligation |
277 |
45 |
Net cash provided by (used in)
operating activities |
7,390 |
3,023 |
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
Purchase of property, plant and
equipment |
(4,885) |
(1,248) |
Long-term deposits |
10 |
16 |
Proceeds from the sale of
property, plant and equipment |
6 |
— |
Change in funds in respect of
retirement benefits obligation |
(156) |
(46) |
Net cash used in investing
activities |
(5,025) |
(1,278) |
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
Change in short-term loans |
(1,000) |
(4,600) |
Repayment of long-term bank
loan |
(700) |
(700) |
Proceeds from exercise of
options by employees |
8 |
— |
Proceeds from exercise of
warrants |
1,340 |
— |
Proceeds from initial public
offering, net of issuance costs |
62,838 |
— |
Proceeds from issuance of
equity and warrants |
6,850 |
1,497 |
Net cash (used in) provided by
financing activities |
69,336 |
(3,803) |
|
|
|
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS |
71,701 |
(2,058) |
|
|
|
BALANCE OF CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR |
2,729 |
4,787 |
|
|
|
BALANCE OF CASH AND CASH EQUIVALENTS
AT END OF YEAR |
$74,430 |
$2,729 |
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION: |
|
|
Interest paid |
$385 |
$544 |
Income taxes paid, net of
refunds |
$161 |
$135 |
CONTACT: Company Contact:
Enzymotec Ltd.
Oren Bryan
Chief Financial Officer
Phone: +972747177177
ir@enzymotec.com
Investors Contact (US)
ICR
Katie Turner
646-277-1228
Katie.Turner@icrinc.com
John Mills
310-954-1105
John.Mills@icrinc.com
ENZYMOTEC LTD. (NASDAQ:ENZY)
Historical Stock Chart
From Jun 2024 to Jul 2024
ENZYMOTEC LTD. (NASDAQ:ENZY)
Historical Stock Chart
From Jul 2023 to Jul 2024