Ceapro Reports Full-Year 2012 Financial and Operating Results
19 4월 2013 - 10:00PM
Marketwired Canada
Ceapro Inc. (TSX VENTURE:CZO) ("Ceapro" or the Company") today announced its
financial results and operational highlights for the year ended December 31,
2012.
FINANCIAL RESULTS FOR THE FULL YEAR ENDED DECEMBER 31, 2012
-- Total sales of $5,165,000 compared to $5,786,000 in 2011, a decrease of
11%
-- Loss from operations of $507,000 compared to income of $585,000 in 2011
-- Net loss of $538,000 compared to a net income of $576,000 for 2011
"Two specific events impacted our earnings and cash flow in the fourth quarter,
which reduced our financial results for 2012; however, they are not expected to
impact our 2013 plans," said Gilles Gagnon, President and CEO. "First, revenues
were negatively impacted by a 40% decrease in beta glucan sales due to a severe
economic downturn in many European countries and secondly, two significant
orders, one for veterinary shampoo products destined for Japan and one for
personal care in North America, had to be rescheduled to January 2013. We were
disappointed with the 2012 financial results; however, we do not see this as a
negative trend and preliminary results indicate that Q1 2013 will be a record
revenue quarter for Ceapro."
"From an investment perspective, we continued to focus our research activities
on the successful development of new formulations and potential new indications
for our value drivers, avenanthramides and beta glucan. Additionally, we have
assessed new marketing strategies and spent considerable efforts and resources
in planning for the establishment of a new state-of-the-art manufacturing
facility for Ceapro. At this new site, we expect cost reductions through
increased extraction efficiencies and the integration of all our employees under
one roof. In all, we expect to improve our margins on existing products and to
be able to produce the new products that are the focus of today's research
activities," he added.
2012 KEY OPERATIONAL HIGHLIGHTS
-- Successful scale up of supercritical fluid drying technology to produce
pilot scale batches of beta glucan dried formulations
-- Signing of two licensing agreements for technologies from Agriculture
and Agri-Food Canada to improve the yield of Ceapro's flagship product,
Avenanthramides
-- Successful development of lupin peptide powders
-- Completion of in vitro performance testing at NRC-PEI with favourable
data to support Ceapro's product claims in cosmetics applications
-- Successful initiation of new facility development
-- Signing of agreements with distributors in Europe and Australia
"Based on our current strong order book and upcoming initiatives, we remain very
positive for the year 2013," said Mr. Gagnon. "We are also attracting serious
interest in our innovative technology platforms and products from major players
in new market sectors such as nutraceuticals. In addition, the construction
project for the new facility is on track for completion in the fourth quarter of
2013. Over and above these initiatives and, in line with our-long term strategy,
we continue to evaluate additional opportunities for growth including contract
manufacturing opportunities. Our vision is to be recognized as the Canadian
leader in botanical actives and a center of excellence in bioprocessing by
2015," added Mr. Gagnon.
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.
CEAPRO INC.
Consolidated Statements of Net (Loss) Income and Comprehensive (Loss) Income
Year Ended December 31,
2012 2011
$ $
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Revenue (note 12) 5,165,276 5,786,174
Cost of goods sold 2,716,605 2,538,347
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Gross margin 2,448,671 3,247,827
Research and product development 856,191 996,719
General and administration 1,795,476 1,374,030
Sales and marketing 198,650 111,359
Finance costs (note 15) 112,900 180,808
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(Loss) income from operations (514,546) 584,911
Other operating loss (note 14) (23,807) (7,338)
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Net (loss) income and comprehensive (loss)
income for the year (538,353) 577,573
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Net (loss) income per common share (note 24):
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Basic (0.01) 0.01
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Diluted (0.01) 0.01
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Weighted average number of common shares
outstanding 60,278,948 56,561,513
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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
Ceapro (TSXV:CZO)
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