EL DORADO HILLS, Calif., May 10, 2005 /PRNewswire-FirstCall via COMTEX/ -- NutraCea(R) (NTRZ) announced that, for the first quarter of 2005, the Company reported a 276% increase in gross revenue and a reduction in loss per share, when compared to the first quarter of 2004.
Gross revenue increased to $337,245 in the first quarter of 2005 compared to $122,069 from the same quarter of 2004.
For the first quarter of 2005, the net loss was reduced to $864,693 compared to a net loss of $17,802,612 for the same quarter of 2004. The first quarter of 2004 included a significant amount of expenses associated with the issuance of stock and options to consultants and employees during that quarter. The amount of charges associated with stock and warrants was very substantially reduced in the first quarter of 2005. Based on weighted average shares outstanding of 36,170,129 for the first quarter of 2005, the net loss per share was $0.02. Comparable amounts for the first quarter ended 2004 were weighted average shares outstanding of 13,860,551 and a net loss per share of $1.29.
"This improvement in operating results is partially reflective of the Company's current focus on cost containment measures combined with sales initiatives based on strategic marketing and partnership relationships. We look forward to continued strong comparative progress in the quarters to come," said Brad Edson, President of NutraCea.
NutraCea is a leader in stabilized rice bran nutrient research and dietary supplement development. The Company has developed intellectual property to create a range of proprietary product formulations, delivery systems and whole food nutrition products. NutraCea's proprietary technology enables the creation of food and nutrition products from rice bran, normally a waste by- product of standard rice processing. In addition to its whole foods products, NutraCea develops families of health-promoting "nutraceuticals," including natural arthritic relief and cholesterol-lowering products, and all-natural "cosmeceutical" beauty aids. More information can be found in the company's filings with the SEC, and you can visit the NutraCea web site http://www.NutraCea.com .
This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of the competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in the Company's filings with the Securities and Exchange Commission, including the company's most recent periodic report.