LAVAL, Quebec, Oct. 15, 2013 (GLOBE NEWSWIRE) -- Neptune Technologies & Bioressources Inc. ("Neptune" or the "Corporation") (Nasdaq:NEPT) (TSX:NTB) announces its consolidated financial results for the three and six-month periods ending August 31, 2013 and provides update on action plan to resume operations.
On November 8, 2012, an explosion destroyed the Corporation's sole production plant (the "incident") located in Sherbrooke, Quebec, Canada. While operations are being re-established, revenues to date have largely been generated from the sale of krill oil acquired by the Corporation through short-term temporary arrangements.áNeptune has been able to maintain a large portion of its pre-incident client base through margin concessions.áThe Corporation recently announced a renewable Manufacturing and Supply agreement with Rimfrost USA, LLC ("Rimfrost"), which significantly strengthens its on-going production capacity. In addition, Neptune will soon be able to offer customers its premium krill oil product, NKO«, with production of its Sherbrooke facility expected to resume before the end of this fiscal year.á
Financial Results: Three Months Ended August 31, 2013
Nutraceutical Business Results
Nutraceutical revenues were $5,080,000 for the three-month period ended August 31, 2013, compared to $7,860,000 for the three-month period ended August 31, 2012.•
Adjusted EBITDA was negative ($4,058,000) for the current quarter, versus $504,000 for the corresponding prior-year quarter.•
Net loss was ($1,779,000) for the current quarter, compared to net loss of ($2,797,000) for the quarter ended August 31, 2012.
The lower year over year net loss is largely due to the receipt of $5.0 million in incident related insurance recoveries during the current quarter.áThis was reduced by margin concessions on lower revenues resulting from the plant incident, higher stock based compensation expenses and additional legal fees to defend and reinforce the Corporation's intellectual property ("IP").
Consolidated revenues totalled $5,346,000 for the three-month period ended August 31, 2013, down from $8,097,000 for the quarter ended August 31, 2012.•
Adjusted EBITDA was negative ($6,027,000) for the current quarter, versus negative ($704,000) for the corresponding prior-year quarter.•
Net loss was ($5,052,000) for the current quarter, versus a net loss of ($4,684,000) in the corresponding prior-year quarter.
The higher year over year consolidated net loss is mainly explained by margin concessions on lower revenues resulting from the plant incident, higher stock based compensation expenses, additional legal fees to defend and reinforce IP and an increase in R&D expenses associated with clinical programs in the Corporation's subsidiaries.áThis was partially offset by insurance recoveries received during the current quarter.