EL DORADO HILLS, Calif., April 2, 2007 /PRNewswire-FirstCall via COMTEX/ -- NutraCea (NTRZ) , a world leader in stabilized rice bran research and technology, announced today another record quarter and record profits for the twelve months ended December 31, 2006, marking the fourth consecutive quarter of record results.
Total revenues for the three months ended December 31, 2006 were $5,196,000, compared to total revenues of $4,504,000 for the fourth quarter of 2005. The improved revenues and financial performance on a quarterly comparative basis have primarily resulted from the continued strength of the direct-to-consumer marketing of its nutraceutical products through the quarter ended December 31, 2006. The Company continued to experience growth from its expanded product lines and increased demand of its value-added ingredients for the functional food industry and animal markets.
Total revenues for the twelve months ended December 31, 2006 were $18,090,000, compared to total revenues of $5,564,000 for the twelve months ended December 31, 2005, an increase of over 225%. The significant improvement in revenues and financial performance for the twelve months ended December 31, 2006 is the result of the culmination of the merger with RiceX, direct marketing of its expanding line of products and sales of its core products into the functional food industry and animal markets and continued growth in sales of nutraceutical products through its licensing program. (A Consolidated Statement of Operations and Consolidated Balance Sheet are set forth below.)
NutraCea reported net income of $778,000 or $0.01 per share for the fourth quarter of 2006 based on weighted average shares outstanding of 76,696,000, compared to a net loss of $(161,000), or $(0.00) per share in 2005 based on 38,815,000 weighted average shares outstanding. NutraCea had a net income of $1,585,000 or $0.02 per share for the twelve months ended December 31, 2006 based on weighted average shares outstanding of 76,696,000 compared to a net loss of $(3,872,000), or $(0.10) per share in 2005 based on 38,615,000 weighted average shares outstanding.
Mr. Brad Edson, President and CEO of NutraCea commented, "We are pleased to report our fourth consecutive record quarter and a record year, notably our first full year of profitability. This significant turnaround within just the last 15 months is a major achievement for the Company.
"During the fourth quarter we accomplished many significant milestones, including the expansion of our production capacity in our Dillon, Montana facility, the signing of several new distribution agreements for our products, and the achievement of recognizing the second consecutive quarter of licensing revenue from our patented formulations. We believe there will be additional plant expansions, strategic agreements and licensing opportunities during 2007 and beyond. In the ensuing quarters, based on initiatives already underway, we continue to anticipate sustainable positive financial results," continued Mr. Edson.
Mr. Edson concluded, "We are diligently focusing on opportunities to extend our production capability within the United States, and to further reach into other parts of the world to duplicate our U.S. success elsewhere. Our bolstered balance sheet, now carrying more than $60 million in cash and no debt, will assist us in such expansion and positions us, perhaps for the first time in the Company's history, to be able to take advantage of more significant world wide opportunities that up until now have been unobtainable. We look forward to sharing these achievements with shareholders as they may arise."
NutraCea is the world leader in production and utilization of stabilized rice bran. NutraCea holds many patents for stabilized rice bran production technology and proprietary nutraceutical formulas ranging from arthritis, chronic bowel conditions, and effective diabetes control to cardiovascular disease treatment protocols. NutraCea's proprietary technology enables the creation of food and nutrition products to be unlocked from rice bran, normally a waste by-product of standard rice processing. Committed to helping the underfed, NutraCea's heavily involved in providing product and technology for developing countries through its RiceAde feeding program. 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 .
Forward Looking Statements
This release contains forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to the possibility that any increased production capacity will be delayed or reduced in whole or in part, that some or all of the pending or anticipated matters and transactions considered by the Company may not proceed as contemplated or may not occur, and by all other matters specified 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.