Ceapro Reports Third Quarter 2013 Financial Results
13 Noviembre 2013 - 7:00AM
Marketwired Canada
November 13, 2013 - Ceapro Inc. (TSX VENTURE:CZO) ("Ceapro" or the Company")
today released its financial results for the three-month and nine-month periods
ended September 30, 2013.
-- Highest third quarter revenue in Ceapro's history: revenues increased by
56% or $714,000 over third quarter of 2012.
-- Income from operations of $198,000 compared to a loss of $114,000 in the
third quarter of 2012.
-- Net profit of $123,000 compared to a net loss of $137,000 in 2012.
-- Highest nine months revenues in Ceapro's history: revenues increased by
27% or $1,059,000 over the same period in 2012.
-- Income from operations of $446,000 compared to a loss of $265,000 for
the same period in 2012.
-- Net profit of $280,000 compared to a net loss of $301,000 in 2012
FINANCIAL RESULTS FOR THE THIRD QUARTER AND THE FIRST NINE MONTHS ENDED
SEPTEMBER 30, 2013
-- Revenues were $1,997,000 for the three-month period ended September 30,
2013, as compared to $1,283,000 for the same period in 2012. For the
first nine months, revenues were $5,022,000 in 2013 compared to
$3,963,000 for the same period in 2012.These respective increase of 56%
and 27% reflect higher sales volumes of Avenanthramides and oat oil.
-- Research and development Investments were $203,000 and $568,000 for the
three-month period and nine-month period ended September 30, 2013 as
compared to $298,000 and $726,000 for the same periods in 2012. The
decreased investment in 2013 compared to 2012 is due to grant
recognition of discounted CAAP funding and grant contributions from
Alberta Innovates Technology Future and a federal government program
offset by significant increased expenses for regulatory and patents of
$150,000 incurred during the first nine months of 2013 for the issuance
of several key patents.
-- General and Administration expenses were $393,000 and $1,266,000 for the
three-month period and nine-month period ended September 30, 2013
compared to $431,000 and $1,313,000 for the same periods in 2012. These
respective decreases of $38,000 and $47,000 in 2013 as compared to 2012
are the result of decreased consulting engineer fees related to
feasibility studies conducted in 2012 but not in 2013 and to lower legal
expenses
-- Sales and Marketing expenses were $5,000 and $74,000 for the three-month
and nine-month period ended September 30, 2013 compared to $33,000 and
$159,000 for the same periods in 2012. These decreases reflect lower
travel costs for attendance at conferences and lower consulting costs
for marketing studies
-- Income from Operations was $198,000 in the third quarter of 2013 in
comparison with a loss of $114,000 for the same period of 2012. For the
first nine months of 2013, income from operations was $446,000 compared
to a loss of $265,000 for the same period in 2012.
-- Net income/loss. For the three-month period ended September 30, 2013,
net income was $123,000 versus a net loss of $137,000 for the same
period in 2012. For the first nine-months of 2013, Net income amounted
to $280,000 compared to a net loss of $301,000 for the same period in
2012. The Company commenced in April 2013 paying rent on its new
manufacturing facility which rent has been classified as "other
operating loss" as the facility is not yet operational.
"We are very pleased with our 2013 year to date results showing an increase of
revenues of $1,059,000 or 26.7% compared to the first nine months of 2012 and
showing a net profit of $280,000 compared to a net loss of $301,000 for the same
period in 2012" said Gilles Gagnon, President and CEO. " This result, which
includes the two highest quarterly revenues in Ceapro's history, is even more
impressive considering they were achieved during a year where we are building a
new facility which requires significant investment and resources" he added.
The complete financial statements are available for review on SEDAR at
http://sedar.com/Ceapro and on the Company's website at www.ceapro.com .
About Ceapro Inc.
Ceapro Inc. is a Canadian growth-stage biotechnology company. Primary business
activities relate to the development and commercialization of active ingredients
for personal care and cosmetic industries using proprietary technology and
natural, renewable resources. To learn more about Ceapro, visit www.ceapro.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
CEAPRO INC.
Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)
Unaudited
Quarters Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
$ $ $ $
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Revenue 1,997,398 1,283,167 5,021,999 3,962,811
Cost of goods sold 1,155,535 609,261 2,551,124 1,947,172
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Gross margin 841,863 673,906 2,470,875 2,015,639
Research and product
development 203,191 297,087 567,640 726,701
General and
administration 393,163 431,064 1,266,149 1,312,557
Sales and marketing 4,850 32,649 73,773 159,083
Finance costs (note 12) 42,361 27,172 117,004 81,834
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Income (loss) from
operations 198,298 (114,066) 446,309 (264,536)
Other operating loss
(note 11) (75,115) (22,494) (166,670) (36,086)
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Net income (loss) for
the period 123,183 (136,560) 279,639 (300,622)
Other comprehensive loss
Actuarial loss on
employee future benefit
obligation (note 7) - - (16,916) -
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Total comprehensive
income (loss) for the
period 123,183 (136,560) 262,723 (300,622)
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Net income (loss) per
common share (note 18):
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Basic 0.002 (0.00) 0.005 (0.00)
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Diluted 0.00 (0.00) 0.00 (0.00)
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Weighted average number
of common shares
outstanding 60,278,948 60,278,948 60,278,948 60,278,948
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FOR FURTHER INFORMATION PLEASE CONTACT:
Branko Jankovic
Vice President and CFO
Ceapro Inc.
T (Edmonton): 780.917.8376
E: bjankovic@ceapro.com
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