Neptune Reports First Quarter Results
August 16 2011 - 7:00AM
Neptune Technologies & Bioressources Inc. ("Neptune")
(Nasdaq:NEPT) (TSX-V:NTB) today reports its consolidated financial
results for the three-month period ended May 31, 2011 and
reappoints Howard Group as its IR Firm.
Neptune reports for the first time under International Financial
Reporting Standards (''IFRS''). ''The IFRS adjustments had a
negative impact on the three-month period ended May 31, 2011. In
the mid to long term, those negative adjustments should be
regulated, as it is foreseen by the Standards,'' stated André
Godin, Chief Financial Officer.
Three-month Ended May 31, 2011 Financial
Results
Consolidated Results
- Revenue increased by 3.1% to $4,292,000 for the three-month
period ended May 31, 2011, up from $4,162,000 achieved during the
corresponding period ended May 31, 2010.
- Consolidated EBITDA for the three-month period ended May 31,
2011 amounted to a negative $168,000, compared to $664,000 obtained
during the corresponding period ended May 31, 2010.
- Net earnings decreased by $1,753,000 for a net loss of
$1,259,000 or $0.028 per share for the three-month period ended May
31, 2011, compared to a net income of $494,000 or $0.01 per share,
for the corresponding period ended May 31, 2010.
Nutraceutical Business Results
- Nutraceutical revenue increased by 3.2% to $4,283,000, for the
three-month period ended May 31, 2011, up from $4,145,000 achieved
during the corresponding period ended May 31, 2010.
- EBITDA from nutraceutical business for the three-month period
ended May 31, 2011 was $774,000, compared to $1,084,000 obtained
during the corresponding period ended May 31, 2010.
- Earnings from nutraceutical business decreased by $956,000 and
reached a net loss of $70,000 for the three-month period ended May
31, 2011, compared to a net income of $886,000, for the
corresponding period ended May 31, 2010.
''This increase in the Company's revenue is mainly attributable
to the aggressive penetration of the American, European and
Asian/Australian markets due to the increasing awareness and
recognition of NKO® and EKO™. Despite the increased
competitiveness in the market especially in the pricing and the
devaluation of the US currency, the Company has managed to maintain
growth in its revenues and usual gross margin levels,'' stated
André Godin, Chief Financial Officer.
''The deficit in the three-month period ended May 31, 2011 was
mainly due to an important decrease in the average USD/CND exchange
rate during the three-month period ended May 31, 2011 as well
as the IFRS adjustments made to stock-based compensation and to the
selling price reduction due to increased competition. The
Company is focusing on improving productivity by looking in
multiple areas of the production. The expansion program that
will take place in the next 12 months will also contribute to it,''
stated Frédéric Harland, Director Finance.
Neptune Reappoints The Howard Group ("HG") as Investor
Relation ("IR") Firm for Canada
Neptune has reentered into an IR agreement with HG to develop
and implement a capital markets program for Canada (the
"Agreement"). The Agreement and the options granted are
subject to the board of directors and TSX-Venture approvals.
Traditional and new online initiatives will be directed at the
investment community and investing public to increase the following
and participation of the market in Neptune.
Since 1988, HG has provided comprehensive investor and capital
markets programs, business development solutions, strategic
planning and financing services to public companies.
The term of the IR Agreement is for a period of 12 months. In
addition to a fee of $4,000 per month, HG has been granted options
to purchase an aggregate total of 50,000 common shares of Neptune
at a price of $4.00 per share. The options will vest in equal
amounts at the rate of 16.67% per quarter and have a three-year
term expiring on August 10, 2014.
In addition, HG will provide IR services to Neptune's
subsidiary, Acasti Pharma Inc. (''Acasti''). The term of the IR
Agreement is for a period of 12 months. In addition to a fee of
$4,000 per month, HG has been granted options to purchase an
aggregate total of 100,000 common shares of Acasti at a price of
$1.80 per share. The options will vest in equal amounts at the rate
of 16.67% per quarter and have a three-year term expiring on August
10, 2014.
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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