Ceapro Reports First Quarter 2014 Financial Results
27 5월 2014 - 10:00PM
Marketwired Canada
Ceapro Inc. (TSX VENTURE:CZO) ("Ceapro" or the "Company") today announced
financial results for the first quarter ended March 31, 2014.
"We are very pleased with these solid financial results today. The fact that
they were achieved during a period requiring high levels of non-recurrent
expenses for the construction of a new state-of-the-art manufacturing facility
and the acquisition and installation of customized equipment is even more
impressive. While the successful implementation and commissioning of the new
facility remains our top priority for the first half of 2014, we expect to
fulfill the forecasted increased demand for 2014, especially for our flagship
product, avenanthramides," said Gilles Gagnon, President & CEO of Ceapro. "Also,
we will actively pursue the development of new dry formulations, especially for
beta glucan for which we have recently licensed a new technology from the
University of Alberta. This technology should enable us to transit to other
large potential markets like functional foods, nutraceuticals and/or
pharmaceuticals," he added.
FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2014
-- Total sales of $1,954,000 compared to $2,012,000 in Q1 2013, a decrease
of 3.0%. The first quarter of 2013 included carryover orders from year
end 2012 due to orders that had been rescheduled at that time.
-- Net profit of $177,000 compared to $408,000 in Q1 2013. The lower net
profit is due to additional non-recurrent costs of $143,000 for
operating costs and rent for the new facility and foreign exchange
losses primarily on our Euro denominated long term debt, increased
financial costs of $42,000 due to higher levels of long term debt,
higher royalty costs for third party license agreements, and higher non-
cash accretion costs for the CAPP obligation, and higher R&D expenses.
-- Research and Development investments of $225,000 compared to $138,000 in
Q1 2013. The increase of 63% is due to higher recognition of government
grants in Q1 2013.
-- General and Administration expenses of $422,000 compared to $436,000 in
Q1 2013
-- Sales and Marketing expenses of $1,000 compared to $22,000 in Q1 2013
due to a change in marketing and sales strategy.
The Company has cash and cash equivalents of $1,213,000 as of March 31, 2014 as
compared to $253,000 as of March 31, 2013.
SUBSEQUENT TO FIRST QUARTER 2014
-- Signing of a licensing and development agreement with the University of
Alberta for an innovative process technology to produce dry
formulations.
-- Issuance of Canadian Patent No. 2,522,739 "Pharmaceutical Compositions
Comprising Cereal Beta (1-3) Beta (1-4) Glucan.
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 and Comprehensive Income
Unaudited
Three months Ended March 31,
2014 2013
$ $
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Revenue (note 14) 1,954,347 2,012,279
Cost of goods sold 894,303 962,385
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Gross margin 1,060,044 1,049,894
Research and product development 224,506 137,711
General and administration 422,259 436,513
Sales and marketing 1,167 22,353
Finance costs (note 13) 92,123 50,506
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Income from operations 319,989 402,811
Other operating (loss) income (note 12) (142,560) 5,360
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Net income for the period 177,429 408,171
Other comprehensive loss
Actuarial loss on employee future
benefit obligation (note 8) - (16,916)
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Total comprehensive income for the
period 177,429 391,255
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Net income per common share (note 19):
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Basic 0.00 0.01
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Diluted 0.00 0.01
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Weighted average number of common shares
outstanding 60,355,337 60,278,948
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FOR FURTHER INFORMATION PLEASE CONTACT:
Branko Jankovic
Vice President and CFO
Ceapro Inc.
(Edmonton): 780.917.8376
bjankovic@ceapro.com
Ceapro (TSXV:CZO)
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