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LAVAL, Quebec, Jan. 15, 2013 (GLOBE NEWSWIRE) -- Neptune Technologies & Bioressources Inc. ("Neptune" or the "Corporation") (Nasdaq:NEPT) (TSX:NTB) yesterday reported its consolidated financial results for the three and nine-month periods ended November 30, 2012 and announces that it will receive a first insurance payment.
Nine months ended November 30, 2012 Financial Results
Nutraceutical Business Results
Nutraceutical revenues increased by 50% to $20,598,000 for the nine-month period ended November 30, 2012, up from $13,756,000 achieved during the corresponding period ended November 30, 2011.
Adjusted EBITDA from nutraceutical business for the nine-month period ended November 30, 2012 decreased by 11% to $2,225,000, down from $2,505,000 obtained during the corresponding period ended November 30, 2011.
Net loss from nutraceutical business reached $13,632,000 for the nine-month period ended November 30, 2012, compared to a net profit of $1,004,000 for the corresponding period ended November 30, 2011.
The nutraceutical loss is mainly attributable to the write-offs required by accounting principles under the International Financial Reporting Standards ("IFRS") and is composed of estimated impairment losses and costs related to the explosion that destroyed the Corporation's production plant on November 8, 2012, for an amount $8,465,000, and the derecognizing of the deferred tax asset in the amount of $1,000,000 and of the long-term investment tax credit recoverable in the amount of $1,200,000 at November 30, 2012. According to the same IFRS accounting principles, the realization of these assets will depend on the successful implementation of the Corporation's action plan to resume operations and the ability of the Corporation to generate future taxable income in this segment. Additional details are available in the consolidated interim financial statements of the Corporation for the three and nine-month periods ended November 30, 2012 and accompanying management's discussion and analysis, available on SEDAR at
"Due to the circumstances, those write-offs were imperative and negatively affected our bottom line. From now on, amounts received from the insurance will offset the impairment losses," stated André Godin, CFO.