Neptune Technologies & Bioressources Inc. ("Neptune" or the
"Corporation") (Nasdaq:NEPT) (TSX-V:NTB) today reports its
consolidated financial results for the fiscal year ended February
28, 2011 and provides fiscal year highlights.
Fiscal year ended February 28, 2011 Financial
Results
Consolidated Results
- Revenues increased by 32% to $16,685,000 for the fiscal year
ended February 28, 2011, up from $12,664,000 achieved during the
corresponding period ended February 28, 2010.
- Consolidated EBITDA for the fiscal year ended February 28, 2011
was $271,000, compared to negative $1,190,000 obtained during
the corresponding period ended February 28, 2010.
- Neptune generated net income of $516,000 or $0.012 per share
for the fiscal year ended February 28, 2011, compared to net loss
of $1,535,000 or $0.040 obtained during the corresponding period
ended February 28, 2010.
Nutraceutical Business Results
- Nutraceutical revenues increased by 33% to $16,734,000, for the
fiscal year ended February 28, 2011, up from $12,605,000 achieved
during the corresponding period ended February 28, 2010.
- EBITDA from nutraceutical business for the fiscal year ended
February 28, 2011 increased by 326% to 2,934,000, up from $688,000
obtained during the corresponding period ended February 29,
2010.
- Net income from nutraceutical business improved by 513% and
reached a net income of $2,083,000 for the fiscal year ended
February 28, 2011, compared to a net income of $340,000 for the
corresponding period ended February 28, 2010.
Three-Month Period ended February 28, 2011 Financial
Results
Consolidated Results
- Revenues for the three-month period ended February 28, 2011
totalled $4,120,000 compared to a record $4,657,000 for the
three-month period ended February 28, 2010.
- EBITDA for the three-month period ended February 28, 2011
reached negative $1,272,000, compared to $288,000 achieved during
the three-month period ended February 28, 2010.
- Earnings for the three-month period ended February 28, 2011
resulted into a net loss of $2,036,000 or $0.0480 per share,
compared to a net loss of $39,000 or $0.0001 per share, for the
three-month period ended February 28, 2010.
Nutraceutical Business Results
- Nutraceutical revenues for the three-month period ended
February 28, 2011 totalled $4,146,000, compared to $4,640,000 for
the three-month period ended February 28, 2010.
- EBITDA from nutraceutical business for the three-month period
ended February 28, 2011 reached negative $135,000, compared to
$775,000 achieved during the three-month period ended
February 28, 2010.
- Earnings from nutraceutical business for the three-month period
ended February 28, 2011 resulted into a net loss of $986,000
compared to a net income of $432,000, for the three-month period
ended February 28, 2010.
"Revenues reached a record level of $16.6 million despite the
impact of the increasing competitiveness of the market and the
negative impact on revenue from the strength of the Canadian dollar
versus the US dollar. Nevertheless, we increased our revenues by
more than 30%, which represents our best performance in the past
five years," stated Frédéric Harland, Director
Finance.
"We are extremely pleased with the fiscal year outstanding
results, in spite of the Nutraceutical business results for the
three-month period ended February 28, 2011 that were negatively
affected by non-recurring professional expenses. Which expenses
were mainly related to legal fees for ongoing litigations," stated
André Godin, CFO.
"This year's consolidated profitability is a major achievement
considering the Research & Development expenses incurred
by Neptune, NeuroBioPharm and principally by Acasti with the
development of its drug candidate, CaPre,'' added André Godin,
CFO.
Fiscal Year Highlights
Production Plant
Facing a steadily increasing demand for its products, the
Company managed to increase its original plant expansion from a
maximum of 100,000 kilograms per year to a maximum of 130,000
kilograms per year, simply by optimizing the actual manufacturing
process. Neptune's additional industrial plant project discussions
are on schedule, with the target for the initiation of an increase
in production capacity to take place during the course of fiscal
2012. Therefore, this further expansion should be financed
primarily through grants, loans and/or partnerships.
Nutraceutical Business Development
Neptune launched its new product, ECO Krill Oil- EKOTM to its
clientele at Health Ingredient Europe 2010 in Madrid. The launch
was well received by the market. EKOTM is a product similar to
NKO® with slightly lower specifications and a lower selling
price. Moreover, EKOTM sells at a lower price than other krill
oil products and presents better specifications than competitive
products.
Neptune added several new partners to its already extensive list
of customers during the fiscal year. Furthermore, in June 2010
Neptune was proud to announce that after two years of rigorous
review of NKO® safety and clinical research data, the Canadian
Minister of Health has approved exclusively for NKO® therapeutic
and risk reduction claims, corroborating aspects of Neptune's
clinical research and substantiating NKO® safety and effectiveness
on certain prevalent chronic diseases. The NKO® approved claims are
superior when compared to the already approved claims for fish oils
since not only have they been accepted at significantly much lower
doses, but they also offer more specific health benefits in
cardiovascular, joint and women health.
Intellectual Property and Litigation
In regards to its intellectual property protection, the Company
continues to follow a firm policy regarding intellectual property
rights protection including its patents, trademarks and trade
secrets, with every legal means available. Since
last year, a number of Neptune's competitors have been marketing,
advertising and selling their finished krill-based products
claiming benefits based on Neptune's research or by infringing on
patents for which Neptune has exclusive rights. Neptune is
determined to enforce its rights, and has thus taken action against
some of those companies in order to protect its intellectual
property.
Valuation Report on NeuroBioPharm Inc. ("NeuroBioPharm")
In October 2008, Neptune granted an exclusive worldwide license
to NeuroBioPharm to research and develop, validate and
commercialize new pharmaceutical products that target cognitive and
neurological pharmaceutical applications using Neptune's technology
and intellectual property. Upon transfer of the license, Neuro
granted shares to Neptune. Neptune intends on issuing a stock
dividend to its shareholders (as more fully described below under
"Reorganization, Rollover and Dividend of NeuroBioPharm Common
Shares"), and in that context, for tax purposes, Neptune engaged an
independent valuator to provide a calculation of the "En Bloc FMV"
(fair market value) of the shares of NeuroBioPharm as at February
28, 2011, prepared in conformity with the Canadian Institute of
Chartered Business Valuators Practice Standards for valuation
reports.
Based on the scope of the valuation review, subject to the
assumptions, restrictions and limitations provided therein, the En
bloc FMV of all the issued and outstanding shares of NeuroBioPharm
as at February 28, 2011 was calculated.
Reorganization, Rollover and Dividend of NeuroBioPharm Common
Shares
On February 28, 2001 NeuroBioPharm proceeded with the
reorganization of its share capital. On April 12, 2011, following
NeuroBioPharm's reorganization and rollover, there were 8,501,000
Class "A" Shares, 2,500,000 Class "B" Shares, 17,500,000 Class "G"
Shares, 26,000,000 Class H Shares, 6,000,000 Series 2001-1
Warrants, 3,450,075 Series 2011-2 Warrants and
8,050,175 Series 2011-3 Warrants issued and outstanding.
For more details on the reorganization of NeuroBioPharm, please
refer is to the Corporation's proxy circular dated May 27, 2011
available on SEDAR at www.sedar.com.
As part of NeuroBioPharm's reorganization, the company intends
on proceeding with the filing of a non-offering prospectus with the
Securities Regulatory Authorities in each province and territory of
Canada as part of its Dividend, as defined herein below, in order
to allow NeuroBioPharm to become a reporting issuer.
Upon approval of the prospectus with the Securities Regulatory
Authorities in each Canadian province and territory of Canada,
4,000,000 units (each a "Unit") will be
distributed, in the form of a dividend in kind, to registered
holders of Neptune's common shares at the close of the records
expected in June 2011 (the "NeuroBioPharm
Record Date"), in such a way that each shareholder
of Neptune's common shares on the NeuroBioPharm Record Date will
receive a Unit for approximately each lot of 12 Neptune common
shares (the "Dividend"). Each Unit will consist of
one Class A NeuroBioPharm common share and one third of a Series
2011-1 warrant, which may generate potential dilution of
approximately 7,5% of NeuroBioPharm on a fully diluted basis.
Transfer of NeuroBioPharm Warrants
The Corporation proceeded with the following transfers:
(i) July 13, 2010: 985,000 Series IV NeuroBioPharm
warrants, of which 435,000 were transferred in favour of some
employees and 550,000 in favour of some executive officers and
members of the Board of Directors of the Corporation and its
subsidiaries;
(ii) January 1st, 2011: 95,000 Series IV NeuroBioPharm warrants,
in favour of certain employees of the Corporation and its
subsidiaries;
(iii) April 12, 2011: 1,195,000 Series IV NeuroBioPharm
warrants, of which 645,000 in favour of some employees and 550,000
in favour of some executive officers and members of the Board of
Directors of the Corporation and its subsidiaries
(iv) May 25, 2011: 150,000 Series 2011-2 NeuroBioPharm warrants
favour of certain employees of the Corporation and its
subsidiaries;
Collectively the "NeuroBioPharm
Consideration".
The NeuroBioPharm Consideration is subject to the approval of
the TSX Venture Exchange and Neptune's disinterested shareholders
at the Corporation's next annual and special meeting to be held on
June 22, 2011.
For more details on the NeuroBioPharm Consideration, please
refer to the Corporation's proxy circular dated May 27, 2011
available on SEDAR at www.sedar.com.
Transfer of Acasti Warrants
The Corporation proceeded with the following transfers:
(i) July 13, 2010: 935,000 Series IV Acasti warrants, of which
385,000 were transferred in favour of some employees and 550,000 in
favour of some of the executive officers and the members of the
Board of Directors of the Corporation and its subsidiaries;
(ii) January 15, 2011: 50,000 Series IV Acasti warrants, in
favour of certain employees of the Corporation and its
subsidiaries;
(iii) May 25, 2011: 165,000 Series IV Acasti warrants in favour
of certain employees of the Corporation and its subsidiaries;
Collectively the "Acasti Consideration".
The Acasti Consideration is subject to the approval of the TSX
Venture Exchange and Neptune's disinterested shareholders at the
Corporation's next annual and special meeting to be held on June
22, 2011.
For more details on the Acasti Consideration, please refer to
the Corporation's proxy circular dated May 27, 2011 available on
SEDAR at www.sedar.com.
About Neptune Technologies & Bioressources
Inc.
Neptune is an industry-recognized leader in the innovation,
production and formulation of science-based and clinically proven
novel phospholipid products for the nutraceutical and
pharmaceutical markets. The Company focuses on growing consumer
health markets including cardiovascular, inflammatory and
neurological diseases driven by consumers taking a more proactive
approach to managing health and preventing disease. The Company
sponsors clinical trials aimed to demonstrate its product health
benefits and to obtain regulatory approval for label health claims.
Neptune is continuously expanding its intellectual property
portfolio as well as clinical studies and regulatory approvals.
Neptune's products are marketed and distributed in over 20
countries worldwide.
About Acasti Pharma Inc.
Acasti Pharma (TSX-V:APO) is developing a product portfolio of
proprietary novel long-chain omega-3 phospholipids. Phospholipids
are the major component of cell membranes and are essential for all
vital cell processes. They are one of the principal constituents of
High Density Lipoprotein (good cholesterol) and, as such, play an
important role in modulating cholesterol efflux. Acasti Pharma's
proprietary novel phospholipids carry and functionalize the
polyunsaturated omega-3 fatty acids EPA and DHA, which have been
shown to have substantial health benefits and which are stabilized
by astaxanthin, a potent antioxidant. Acasti Pharma is focusing
initially on treatments for chronic cardiovascular and
cardiometabolic conditions within the over-the-counter, medical
food and prescription drug markets.
About NeuroBioPharm Inc.
NeuroBioPharm is pursuing pharmaceutical neurological
applications, and a clinical study for a medical food product with
a multinational partner is already initiated. The development of a
prescription drug candidate is currently in progress. Advanced
clinical development and commercialization is planned to be carried
out with multinational partners.
"Neither Nasdaq nor the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Statements in this press release that
are not statements of historical or current fact constitute
"forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 and Canadian
securities laws. Such forward-looking statements involve known and
unknown risks, uncertainties, and other unknown factors that could
cause the actual results of the Company to be materially different
from historical results or from any future results expressed or
implied by such forward-looking statements. In addition to
statements which explicitly describe such risks and
uncertainties, readers are urged to consider statements
labeled with the terms "believes," "belief," "expects," "intends,"
"anticipates," "will," or "plans" to be uncertain and
forward-looking. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in the Company's reports filed with
the Securities and Exchange Commission and the Canadian securities
commissions.
CONTACT: Neptune Contact:
Neptune Technologies & Bioressources Inc.
Andre Godin, CFO
+1.450.687.2262
a.godin@neptunebiotech.com
www.neptunebiotech.com
CEOcast Contact:
Dan Schustack
+1 212-732-4300
dschustack@ceocast.com
www.ceocast.com
Howard Group Contact:
Bob Beaty
(888) 221-0915
bob@howardgroupinc.com
www.howardgroupinc.com
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