Neptune Technologies & Bioressources Inc. ("Neptune")
(Nasdaq:NEPT) (TSX-V:NTB) today reports its consolidated financial
results for the fiscal year ended February 28, 2010, announces the
implementation of a shareholder rights plan and provides fiscal
year highlights.
Fiscal year ended February 28, 2010 Financial
Results
Consolidated Results
- Revenues increased by 8% to $12,664,000 for the fiscal year
ended February 28, 2010, up from $11,724,000 achieved during the
corresponding period ended February 28, 2009.
- Consolidated EBITDA for the fiscal year ended February 28, 2010
was negative $1,190,000, compared to $598,000 obtained during the
corresponding period ended February 28, 2009.
- Net loss decreased by 52% to $1,535,000, or $0.04 per share for
the fiscal year ended February 28, 2010, compared to $3,167,000, or
$0.08 per share, for the corresponding period ended February 28,
2009.
Nutraceutical Business Results
- Nutraceutical revenues increased by 8% to $12,605,000, for the
fiscal year ended February 28, 2010, up from $11,648,000 achieved
during the corresponding period ended February 28, 2009.
- EBITDA from nutraceutical business for the fiscal year ended
February 28, 2010 was $688,000, compared to $1,508,000 obtained
during the corresponding period ended February 29, 2009.
- Earnings from nutraceutical business improved by $2,619,000 and
reached a net income of $340,000 for the fiscal year ended February
28, 2010, compared to a net loss of $2,279,000, for the
corresponding period ended February 28, 2009.
Three-Month Period ended February 28, 2010 Financial
Results
Consolidated Results
- Revenues for the three-month period ended February 28, 2010
totalled a record $4,657,000, compared to $3,772,000 for the
three-month period ended February 28, 2009.
- EBITDA for the three-month period ended February 28, 2010
reached $288,000, compared to $879,000 achieved during the
three-month period ended February 28, 2009.
- Earnings for the three-month period ended February 28, 2010
resulted into a net loss of $39,000 or $0.001 per share, compared
to a profit of $73,000 or $0.002 per share, for the three-month
period ended February 28, 2009.
Nutraceutical Business Results
- Nutraceutical revenues for the three-month period ended
February 28, 2010 totalled $4,640,000, compared to $3,776,000 for
the three-month period ended February 28, 2009.
- EBITDA from nutraceutical business for the three-month period
ended February 28, 2010 reached $775,000, compared to $1,257,000
achieved during the three-month period ended February 28,
2009.
- Earnings from nutraceutical business for the three-month period
ended February 28, 2010 resulted into a net income of $432,000,
compared to a net income of $418,000, for the three-month period
ended February 28, 2009.
"Revenues reached a record level of $12.6 million despite the
impact of the plant shut down on the second quarter results.
The plant shutdown and increased research and development
investments, reduced EBITDA levels for the fiscal year." stated
Andre Godin, Vice-President, Administration and Finance. "We
expect growth in revenue and improved Neptune operating
profitability during the next fiscal year," he added.
Shareholder's Right Plan
Neptune is pleased to announce the establishment of a
Shareholder Rights Plan (the "Plan"), effective May 26, 2010. The
Plan will provide the Board of Directors (the "Board") and the
shareholders with time to fully consider any unsolicited takeover
bid for the Company without undue pressure, and to allow the Board
to pursue, if appropriate, other alternatives to maximize
shareholder value and to allow additional time for competing bids
to emerge.
The Plan is intended to discourage coercive or unfair take-over
bids and has not been adopted in response to, or in contemplation
of, any specific proposal to acquire control of the Company. The
Board believes that the recent economic uncertainty and its
consequences on the stock markets may have created an environment
where an opportunistic take-over offer could be made for Neptune.
Such an offer may not be in the best interest of all shareholders.
The Plan is designed to ensure that all shareholders receive equal
treatment and to maximize shareholder value in the event of a
take-over bid or other acquisition that could lead to a change in
control of the Company. It is not intended to deter take-over
proposals.
The Plan must be ratified by the shareholders at Neptune's next
Annual Meeting, which is scheduled to take place on June 22, 2010.
If the Plan is not approved at the meeting, it will terminate at
the end of the meeting.
The Company believes that the Plan is similar to those adopted
by other Canadian companies, is consistent with Canadian corporate
practice and addresses guidelines for such plans set out by
institutional investors. A complete copy of the Shareholder Rights
Plan will be available shortly on SEDAR at www.sedar.com.
Debenture Warrants and Call-Option Exercise
As of their expiration date of April 30, 2010, 1,098,000
Debenture Warrants and 1,086,400 Debenture Call-Options on Acasti
shares were exercised, representing total proceeds of
$1,644,100.
Fiscal Year Highlights
Production Plant
Increasing demand for Neptune's product NKO® led to a production
plant capacity increase during the first quarter of fiscal
2010. Production capacity increase of 50% required a shutdown
of the plant and was completed on schedule. However, the ramp
up of the production took more time than initially expected and
impacted Neptune second quarter financial results. Yearly
production capacity of NKO® is currently above 100,000
kg. Neptune is continuously working to improve its production
process and plans to increase yearly production capacity of NKO® to
between 120,000 and 130,000 kg during the year. This new
increase is expected to take place without production interruption
and represents a minor investment financed by cash on
hand. Neptune is also looking at different options in order to
further increase production capacity and expect to announce its
plan during the year. It is Neptune policy not to allocate
equity money to real estate investments. Therefore, this
further expansion should be financed primarily through grants,
loans and/or partnerships.
Nutraceutical Business Development
Neptune added several new partners to its already extensive list
of customers during the fiscal year. One of the most
significant additions is Bayer Healthcare, which started
commercialization of NKO® in the United States.1 Also, Neptune
expect to penetrate the European market due to European Food Safety
Authority ("EFSA") officially signing its approval of NKO® as a
Novel Food and PARNUTS for commercialization in the European
Union.2
Pharmaceutical Business
Acasti Pharma Inc. ("Acasti") announced promising pre-clinical
results during the fiscal year, which have been presented and well
received at prestigious international conferences.3 4 5 6
7 Acasti continued its progress on its pharmaceutical program
for the development of CaPreTM and received positive feedback from
pre-investigational new drug ("IND") and pre-clinical trial
application ("CTA"), respectively, from the Food & Drug
Administration ("FDA") in the United States and from Health
Canada. Acasti is currently working on filling both IND and
CTA submission.
Intellectual Property and Litigation
Neptune obtained a patent for prevention and/or treatment of
cardiovascular diseases with krill oil in Europe without
opposition.8 In accordance with Neptune's policy of defending
its intellectual property, Neptune filed a suit against Aker
Biomarine ASA for patent infringement in the United States.9
About Neptune Technologies & Bioressources
Inc.
Neptune is an industry-recognized leader in the innovation,
production and formulation of science-based and clinically proven
novel phospholipid products for the nutraceutical and
pharmaceutical markets. The Company focuses on growing consumer
health markets including cardiovascular, inflammatory and
neurological diseases driven by consumers taking a more proactive
approach to managing health and preventing disease. The Company
sponsors clinical trials aimed to demonstrate its product health
benefits and to obtain regulatory approval for label health claims.
Neptune is continuously expanding its intellectual property
portfolio as well as clinical studies and regulatory approvals.
Neptune's products are marketed and distributed in over 20
countries worldwide.
About Acasti Pharma Inc.
Acasti Pharma is developing a product portfolio of proprietary
novel long-chain omega-3 phospholipids. Phospholipids are the
major component of cell membranes and are essential for all vital
cell processes. They are one of the principal constituents of High
Density Lipoprotein (good cholesterol) and, as such, play an
important role in modulating cholesterol efflux. Acasti Pharma's
proprietary novel phospholipids carry and functionalize the
polyunsaturated omega-3 fatty acids EPA and DHA, which have been
shown to have substantial health benefits and which are stabilized
by potent antioxidants. Acasti Pharma is focusing initially on
treatments for chronic cardiovascular conditions within the
over-the-counter, medical food and prescription drug markets.
About NeuroBioPharm Inc.
NeuroBioPharm is pursuing pharmaceutical neurological
applications, and a clinical study for a medical food product with
a multinational partner is already initiated. The development of a
prescription drug candidate is currently in progress. Advanced
clinical development and commercialization is planned to be carried
out with multinational partners.
"Neither Nasdaq nor the 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."
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995 and Canadian securities laws. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the
actual results of the Company to be materially different from
historical results or from any future results expressed or
implied by such forward-looking statements. In addition to
statements which explicitly describe such risks and uncertainties,
readers are urged to consider statements labeled with the
terms "believes," "belief," "expects," "intends," "anticipates,"
"will," or "plans" to be uncertain and forward-looking. The
forward-looking statements contained herein are also subject
generally to other risks and uncertainties that are described
from time to time in the Company's reports filed with the
Securities and Exchange Commission and the Canadian
securities commissions.
1
http://www.neptunebiotech.com/corporate/press-releases/188-neptune-products-to-be-commercialized-by-bayer-healthcare
2
http://www.neptunebiotech.com/corporate/press-releases/181-novel-food-and-parnuts-approval-granted-for-nkor
3
http://www.neptunebiotech.com/corporate/press-releases/220-acasti-pharma-inc-to-showcase-at-the-cambridge-healthtech-institute-and-the-biopharmaceutical-strategy-series
4
http://www.neptunebiotech.com/corporate/press-releases/218-neptune-and-acasti-announce-the-acceptance-for-presentation-of-preclinical-study-results
5
http://www.neptunebiotech.com/corporate/press-releases/215-neptune-reports-on-additional-preclinical-research-results-of-drug-candidate-capre-improvement-of-glucose-tolerance
6
http://www.neptunebiotech.com/corporate/press-releases/210-neptune-reports-on-active-pharmaceutical-ingredient-api-preclinical-research-significant-hdl-increase-confirmed
7
http://www.neptunebiotech.com/corporate/press-releases/200-neptune-reports-on-active-pharmaceutical-ingredient-preclinical-research
8
http://www.neptunebiotech.com/corporate/press-releases/199-neptune-is-granted-method-of-use-patent-for-cardiovascular-disease-applications-in-europe
9 http://www.neptunebiotech.com/corporate/press-releases/212-neptune-has-filed-a-patent-infringement-lawsuit-against-aker-biomarine-asa-jedwards-international-inc-and-virgin-antarctic-llc
CONTACT: Neptune Technologies & Bioressources Inc.
Andre Godin, V.P. Administration and Finance
+1 450.687.2262
a.godin@neptunebiotech.com
www.neptunebiotech.com
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