Neptune's nutraceutical net income up 136 percent

Canadian phospholipid company comments on banner year, anounces corporate reorganization.

Neptune Technologies & Bioressources Inc. reports its consolidated financial results for the fiscal year ended February 29, 2012, announces corporate reorganization and the holding of an earning call.

Fiscal year ended February 29, 2012 financial results

Nutraceutical business results

  • Nutraceutical revenues increased by 15 percent to a record $19,113,000, for the fiscal year ended February 29, 2012, up from $16,583,000 achieved during the corresponding period ended February 28, 2011.
  • Net income from nutraceutical business improved by 136 percent and reached a net income of $2,384,000 for the fiscal year ended February 29, 2012, compared to a net income of $1,010,000 for the corresponding period ended February 28, 2011.
  • EBITDA from nutraceutical business for the fiscal year ended February 29, 2012 reached $2,690,000, compared to$2,818,000 obtained during the corresponding period ended February 28, 2011.

Consolidated results

  • Revenues increased by 15 percent to $19,124,000 for the fiscal year ended February 29, 2012, up from $16,583,000 achieved during the corresponding period ended February 28, 2011.
  • Earnings for the year ended February 29, 2012 resulted into a net loss of ($4,593,000) compared to a net loss of ($1,693,000), for the corresponding period ended February 28, 2011.
  • Consolidated EBITDA for the fiscal year ended February 29, 2012 was ($2,593,000), compared to $258,000 obtained during the corresponding period ended February 28, 2011.

Three-month period ended February 29, 2012 financial results

Nutraceutical business results

  • Nutraceutical revenues for the three-month period ended February 29, 2012 increased by 31 percent to a record $5,357,000, compared to $4,078,000 for the three-month period ended February 28, 2011.
  • Earnings from nutraceutical business for the three-month period ended February 29, 2012 resulted into a net profit of $1,379,000 compared to a net loss of ($985,000), for the three-month period ended February 28, 2011.
  • EBITDA from nutraceutical business for the three-month period ended February 29, 2012 reached $185,000, compared to a negative ($188,000) achieved during the three-month period ended February 28, 2011.

Consolidated results

  • Revenues for the three-month period ended February 29, 2012 totalled $5,368,000 compared to $4,078,000 for the three-month period ended February 28, 2011.
  • Earnings for the three-month period ended February 29, 2012 resulted into a net loss of ($134,000) or ($0.01) per share, compared to a net loss of ($2,212,000) or ($0.04) per share, for the three-month period ended February 28, 2011.
  • EBITDA for the three-month period ended February 29, 2012 reached ($775,000), compared to ($1,304,000) achieved during the three-month period ended February 28, 2011.
  • “Revenues reached a record level of $19.1M directly attributable to Neptune’s operational, nutraceutical business segment and complementary marketing strategies. Reaching record revenues year in and year out strongly reflects the kind of company Neptune is along with effective marketing efforts and creativity” stated Frédéric Harland, Director of Finance.
  • “We are extremely pleased with Neptune’s latest fiscal year outstanding results and profitability, and building on this momentum for fiscal year 2013 where revenues growth will be Neptune’s primary focus” stated André Godin, Chief Financial Officer.

Corporate reorganization

Neptune also announces a series of management changes and restructuring initiatives designed to strengthen the Corporation and position it for long-term success.

‘‘The actions we are announcing today will provide the organizational structure and leadership needed to execute our strategic plan and fulfill the enormous promise of this company," said Henri Harland, President and Chief Executive Officer.

Key components of the management changes and restructuring initiatives include:

  • Harland Waksal’s nomination on the Board of Directors,
  • Dr. Tina Sampalis’ nomination as Chief Global Strategic Officer (CGSO) of Neptune, Acasti and NeuroBiopharm,
  • Wael Massrieh’s promotion to Vice President Scientific Affairs; he will oversee Neptune’s R&D program,
  • Eric Simard’s promotion to Vice President Science & Development; he will oversee all innovation of manufacturing process as well as clinical research.
  • Michel Timperio’s promoted to Vice President Global Sales; he will oversee sales & business development.

‘‘These changes to date bring together an outstanding group of seasoned leaders, with a broad range of talents and abilities and a proven history of delivering results and achieving objectives," said Henri Harland. "The Corporation and all its stakeholders stand to benefit considerably from their collective knowledge, experience and expertise. These changes were, in part, designed to put greater emphasis on stimulating sales growth, assessing our business portfolio opportunities and expanding operating profit margins" he added.

 

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