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Neptune Reports Third Quarter Results And Confirms First Insurance Payment

Consolidated Results

  • Revenues increased by 55% to $21,273,000 for the nine-month period ended November 30, 2012, up from $13,756,000 achieved during the corresponding period ended November 30, 2011.
  • Adjusted consolidated EBITDA for the nine-month period ended November 30, 2012 increased by 35% to ($1,190,000), up from ($1,818,000) obtained during the corresponding period ended November 30, 2011.
  • Net loss reached $18,815,000 for the nine-month period ended November 30, 2012, compared to a net loss of $4,459,000 for the corresponding period ended November 30, 2011.

Three month ended November 30, 2012 Financial Results

Nutraceutical Business Results
  • Nutraceutical revenues increased by 29% to $6,603,000 for the three-month period ended November 30, 2012, up from $5,120,000 achieved during the corresponding period ended November 30, 2011.
  • Adjusted EBITDA from nutraceutical business for the three-month period ended November 30, 2012 decreased to $432,000, down from $1,081,000 obtained during the corresponding period ended November 30, 2011.
  • Net loss from nutraceutical business reached $10,883,000 for the three-month period ended November 30, 2012, compared to a net income of $869,000 for the corresponding period ended November 30, 2011.

Consolidated Results
  • Revenues increased by 37% to $7,027,000 for the three-month period ended November 30, 2012, up from $5,120,000 achieved during the corresponding period ended November 30, 2011.
  • Adjusted consolidated EBITDA for the three-month period ended November 30, 2012 was ($629,000), compared to ($743,000) obtained during the corresponding period ended November 30, 2011.
  • Earnings for the three-month period ended November 30, 2012 resulted into a net loss of $12,437,000, compared to a net loss of $1,433,000 for the corresponding period ended November 30, 2011.

Insurance Coverage

As previously disclosed, Neptune has insurance coverage in place covering among other things property damage, business interruption and general liability up to specified amounts and subject to limited deductibles and certain exclusions. Neptune has received confirmation from its insurer that it will receive a first interim payment of $6 million further to the explosion that destroyed Neptune's production plant.

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