Neptune Reports Second Quarter Results

LAVAL, Quebec, Oct. 15, 2012 (GLOBE NEWSWIRE) -- Neptune Technologies & Bioressources Inc. ("Neptune" or the "Corporation") (Nasdaq:NEPT) (TSX:NTB) reports today its consolidated financial results for the three- and six-month periods ended August 31, 2012.

Six month ended August 31, 2012 Financial Results

Nutraceutical Business Results
  • Nutraceutical revenues increased by 62% to $14,001,000, for the six-month period ended August 31, 2012, up from $8,636,000 achieved during the corresponding period ended August 31, 2011.
  • EBITDA from nutraceutical business for the six-month period ended August 31, 2012 increased by 26% to $1,793,000, up from $1,424,000 obtained during the corresponding period ended August 31, 2011.
  • Net loss from nutraceutical business reached $2,749,000 for the six-month period ended August 31, 2012, compared to a net income of $136,000 for the corresponding period ended August 31, 2011.

Consolidated Results
  • Revenues increased by 65% to $14,252,000 for the six-month period ended August 31, 2012, up from $8,636,000 achieved during the corresponding period ended August 31, 2011.
  • Consolidated EBITDA for the six-month period ended August 31, 2012 was ($562,000), compared to ($1,076,000) obtained during the corresponding period ended August 31, 2011.
  • Earnings for the six-month period ended August 31, 2012 resulted into a net loss of ($6,379,000) compared to a net loss of ($3,026,000), for the corresponding period ended August 31, 2011.

"The good progression of our stock price during Q2 2013 had its good and bad sides. Our stock price increased by approximately 20%, which had a direct impact on our stock-based compensation expenses. Because of IFRS standards, stock-option granted to consultants have to be reevaluated every quarter, impacting directly the bottom line. This is a blessing in disguise, because stock price appreciation benefits everyone," said Frédéric Harland, Director Finance.

"Neptune had a strong and record-breaking fiscal year 2012 and the momentum has kept on in the first and second quarter of fiscal 2013," said André Godin, CFO. "Our aggressive policy of volume discount combined with some product reprocessing has contributed to slightly reduce our gross margin percentage for this quarter. This one-time approach has still produced an overall increase in the gross margin in dollar and was mainly put in place to secure market share," he added.

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