Krill oil company Neptune Technologies & Bioressources saw its revenues increase by 65% to $14,252,000 for the six-month period ended August 31, 2012, with EBITDA (earnings before interest, taxes, depreciation and amortisation) at ($562,000) compared to ($1,076,000) for the year ago period.
Earnings for the six-month period ended August 31, 2012 resulted in a net loss of ($6,379,000) compared to a net loss of ($3,026,000), for the corresponding period ended August 31, 2011.
For the three-month period ended August 31, 2012, revenues increased by 86% to $8,099,000, up from $4,353,000 achieved during the corresponding period ended August 31, 2011.
Consolidated EBITDA for the three-month period ended August 31, 2012 was ($704,000), compared to ($908,000) obtained during the corresponding period ended August 31, 2011.
Earnings for the three-month period ended August 31, 2012 resulted in a net loss of ($4,684,000) compared to a net loss of ($1,768,000), for the corresponding period ended August 31, 2011.
“The good progression of our stock price during Q2 2013 had its good and bad sides,” said Frédéric Harland, Director Finance. “Our stock price increased by approximately 20%, which had a direct impact on our stock-based compensation expenses. Because of IFRS standards, stock-option granted to consultants have to be reevaluated every quarter, impacting directly the bottom line. This is a blessing in disguise, because stock price appreciation benefits everyone.’’
“Neptune had a strong and record-breaking fiscal year 2012 and the momentum has kept on in the first and second quarter of fiscal 2013,” said André Godin, CFO. “Our aggressive policy of volume discount combined with some product reprocessing has contributed to slightly reduce our gross margin percentage for this quarter. This one-time approach has still produced an overall increase in the gross margin in dollars and was mainly put in place to secure market share.”
Neptune has been in a protracted and bitter patent dispute with competitor Aker Biomarine.
