Neptune Reports Second Quarter Results
October 13 2011 - 3:00PM
Neptune Technologies & Bioressources Inc. ("Neptune")
(Nasdaq:NEPT) (TSX-V:NTB) today reports its consolidated financial
results for the three-month period ended August May 31, 2011.
Three-month Ended August 31, 2011 Financial
Results
Consolidated Results
- Revenue increased by 6% to $4,353,000 for the three-month
period ended August 31, 2011, up from $4,114,000 achieved during
the corresponding period ended August 31, 2010.
- Consolidated EBITDA for the three-month period ended August 31,
2011 amounted to a negative $908,000, compared to $836,000 obtained
during the corresponding period ended August 31, 2010.
- Net earnings decreased to for a net loss of $1,768,000 or
$0.036 per share for the three-month period ended August 31, 2011,
compared to a net income of $523,000 or $0.013 per share, for the
corresponding period ended August 31, 2010.
Revenue increased by 6% in dollar and more than 50% in
quantities, EKOTM representing 31%. EBITDA negative because of
significant progress in R&D activities in the subsidiaries and
more specifically Acasti's Medical Food, OnemiaTM, commercial
strategy in the USA. Net loss because of significant progress in
the R&D activities in the subsidiaries including Acasti's Phase
II study.
Nutraceutical Business Results
- Nutraceutical revenue increased by 7% to $4,353,000, for the
three-month period ended August 31, 2011, up from $4,088,000
achieved during the corresponding period ended August 31,
2010.
- EBITDA from nutraceutical business for the three-month period
ended August 31, 2011 was $650,000, compared to $1,290,000 obtained
during the corresponding period ended August 31, 2010.
- Net income from nutraceutical business reached $206,000 for the
three-month period ended August 31, 2011, compared to a net income
of $1,079,000, for the corresponding period ended August 31,
2010.
Revenue increased by 7% in dollar and more than 50% in
quantities, EKOTM representing 31%. EBITDA positive because Neptune
stand alone activities are profitable. Net income positive because
Neptune stand alone activities are profitable.
Six-month Ended August 31, 2011 Financial
Results
Consolidated Results
- Revenue increased by 4% to $8,645,000 for the six-month period
ended August 31, 2011, up from $8,276,000 achieved during the
corresponding period ended August 31, 2010.
- Consolidated EBITDA for the six-month period ended August 31,
2011 amounted to a negative $1,075,000, compared to $1,501,000
obtained during the corresponding period ended August 31,
2010.
- Net earnings decreased to for a net loss of $3,026,000 or
$0.065 per share for the six-month period ended August 31, 2011,
compared to a net income of $1,017,000 or $0.025 per share, for the
corresponding period ended August 31, 2010.
Revenue increased by 4% in dollar and more than 50% in
quantities, EKOTM representing 31%. EBITDA negative because of
significant progress in R&D activities in the subsidiaries and
more specifically Acasti's Medical Food, OnemiaTM, commercial
strategy in the USA. Net loss because of significant progress in
the R&D activities in the subsidiaries including Acasti's Phase
II study.
Nutraceutical Business Results
- Nutraceutical revenue increased by 5% to $8,636,000, for the
six-month period ended August 31, 2011, up from $8,232,000 achieved
during the corresponding period ended August 31, 2010.
- EBITDA from nutraceutical business for the six-month period
ended August 31, 2011 was $1,424,000, compared to $2,361,000
obtained during the corresponding period ended August 31,
2010.
- Net income from nutraceutical business reached $136,000 for the
three-month period ended August 31, 2011, compared to a net income
of $2,009,000, for the corresponding period ended August 31,
2010.
Revenue increased by 5% in dollar and more than 50% in
quantities, EKOTM representing 31%. EBITDA positive because Neptune
stand alone activities are profitable. Net income positive because
Neptune stand alone activities are profitable.
"The Company's revenue growth is attributable to the further
penetration of the American and European markets due to the
increasing awareness and recognition of NKO® and EKO™ superiority.
Despite market increased competitiveness, the Company has managed
to maintain growth in its revenues," stated André Godin, Chief
Financial Officer. "The Company recorded its more significant
market penetration while increasing its NKO® and EKOTM volume sold
by more than 50%," he added.
"The nutraceutical net profit demonstrates once again that
Neptune neutraceutical business is a profitable operation despite
the competition pressure on pricing. The composition of matter
patent recently granted, on which basis Neptune filed action
against competition, should provide further pricing flexibility,"
stated Frédéric Harland, Director Finance. "It's also important to
point out that the consolidated results accounts for the increased
research & development expenses in Acasti, due to its phase II
clinical trial," he added.
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:
Dave Burwell
(888) 221-0915
bob@howardgroupinc.com
www.howardgroupinc.com
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