Ceapro Reports Full-Year 2013 Financial and Operating Results
28 4월 2014 - 10:00PM
Marketwired
Ceapro Reports Full-Year 2013 Financial and Operating Results
- Highest full year revenue in Ceapro's history: Total sales
increased by 26.3% or $1,359,000 over the year ended December 31,
2012
- Income from operations before extraordinary items of $447,000
compared to a loss of $515,000 in 2012
- Net Profit of $176,000 compared to a net loss of $538,000 in
2012
EDMONTON, ALBERTA--(Marketwired - Apr 28, 2014) - Ceapro Inc.
(TSX-VENTURE:CZO) ("Ceapro" or the Company") today announced its
financial results and operational highlights for the year ended
December 31, 2013.
"Year 2013 will be remembered as the most solid year ever in the
history of Ceapro. Not only did we achieve a net profit and the
best sales results with a 26.3% increase over 2012, but we did it
during a year of major investments for the acquisition of equipment
and the construction of a new facility. Our dedicated employees
deployed tremendous efforts to respond to the growing demand while
working diligently to plan and implement our new state of the art
bioprocessing facility" said Gilles Gagnon, President and CEO.
"Also, this major achievement would have not been possible without
the unconditional support and vote of confidence from our major
long term partners, Symrise AG, Alberta Financial Services
Corporation and AI Bio Solutions" he added.
FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2013
- Total sales of $6,524,000 compared to $5,165,000 in 2012, an
increase of 26.3%. This sales increase is mostly attributed to a
28% increase for flagship product, avenanthramides
- Net Profit of $176,000 compared to a net loss of $538,000 in
2012
- Research and Development investments of $731,000 compared to
$856,000 in 2012
- General and Administration expenses of $1,709,000 compared to
$1,795,000 in 2012
- Sales and Marketing expenses of $85,000 compared to $199,000 in
2012
- The Company has Cash and cash equivalents of $1,953,000 as of
December 31, 2013 as compared to $273,000 as of December 31,
2012
2013 KEY OPERATIONAL HIGHLIGHTS
- Signing of a long term license and distribution agreement with
German-based multinational, Symrise AG, a leading provider of
active ingredients for personal care
- Signing of two loan agreements at attractive interest rates,
which is demonstration of confidence in Ceapro
- Completed non-dilutive financing for the acquisition of
customized equipment and construction of the state-of-the-art
facility in Edmonton, Alberta
- Signed an Agri-Processing Automation and Efficiency Grant
Agreement with Alberta Agriculture and Rural Development for a
contribution up to $673,000
- Successful development of dry formulations for beta glucan and
avenanthramides
- Obtained key patents for beta glucan in Europe and Japan and
for avenanthramides in the USA
"2013 has been marked by significant strategic achievements as
we continued to move our products through pipeline and materially
strengthened our cash position. With these conditions combined with
our current strong order book and upcoming strategic initiatives,
we are well positioned to pursue our focused pipeline development
strategy with dry formulations. This is an exciting time for all of
us at Ceapro, as well as for our partners and shareholders " added
Mr. Gagnon.
The complete financial statements are available for review on
SEDAR at http://sedar.com/Ceapro and on the Company's website at
www.ceapro.com.
About Ceapro Inc.
Ceapro Inc. is a Canadian growth-stage biotechnology company.
Primary business activities relate to the development and
commercialization of active ingredients for personal care and
cosmetic industries using proprietary technology and natural,
renewable resources. To learn more about Ceapro, visit
www.ceapro.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CEAPRO INC. |
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Consolidated Statements of Net Income (Loss) and
Comprehensive Income (Loss) |
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Year Ended December 31 |
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2013 |
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2012 |
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$ |
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$ |
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Revenue (note 13) |
6,524,062 |
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5,165,276 |
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Cost of goods sold |
3,425,248 |
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2,716,605 |
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Gross margin |
3,098,814 |
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2,448,671 |
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Research and product development |
731,174 |
|
856,191 |
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General and administration |
1,709,053 |
|
1,795,476 |
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Sales and marketing |
84,897 |
|
198,650 |
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Finance costs (note 16) |
126,663 |
|
112,900 |
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Income (loss) from operations |
447,027 |
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(514,546 |
) |
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Other operating loss (note 15) |
(271,219 |
) |
(23,807 |
) |
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Net income (loss) for the year |
175,808 |
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(538,353 |
) |
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Other comprehensive loss |
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Actuarial loss on employee future benefit obligation
(note 10) |
(16,916 |
) |
- |
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Total comprehensive income (loss) for the year |
158,892 |
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(538,353 |
) |
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Net income (loss) per common share (note 25): |
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Basic |
0.00 |
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(0.01 |
) |
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Diluted |
0.00 |
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(0.01 |
) |
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Weighted average number of common shares
outstanding |
60,278,948 |
|
60,278,948 |
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Branko JankovicVice President and CFOCeapro Inc.T (Edmonton):
780.917.8376E: bjankovic@ceapro.com
Ceapro (TSXV:CZO)
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