Epicore 2008 First Quarter Results



    for the period ended 30 September 2007; currency in US Dollars

    CALGARY, Nov. 30 /CNW/ - Epicore BioNetworks Inc. reports the results of
its first quarter of fiscal year 2008 operations. Epicore's business got off
to a good start in fiscal 2008 with sales increasing over a record prior year
quarter one. Although Epicore's first fiscal quarter one historically has been
its weakest, the last two years have bucked this trend because of strong
southern hemisphere sales. Revenues increased 5% over prior year ($615,600
versus $587,000). Gross profit decreased slightly ($398,700 versus $422,700).
Expenses at $346,100 were 5% above prior year quarter one as the Company
increased marketing expenses. The Company recorded net income of $39,800
versus $93,600 in prior year quarter one. Net income per share for the current
quarter was $0.002 versus $0.004 in prior year quarter one. Cash reserves
increased $0.26 million over fiscal 2007 year-end as prior period sales were
collected.
    Epicore sales revenue increased $28,600 over prior year quarter one,
which previously was the strongest quarter one in Company history. Quarterly
sales reflected the Company's commitment to aquaculture and its strong
position in the world shrimp aquaculture markets. Aquaculture represented over
97% of sales. Latin America was the largest sales region with the non-Ecuador
hatchery sector substantially ahead of prior year. Ecuador remained our
largest sales country despite lower sales in the farm sector due to intense
competition. Our EPICIN-in-feed farm program continued to offer Ecuadorian
farmers the best performance for the money but lower unit-priced probiotics
took market share. Our Ecuadorian hatchery sales benefited from new products,
such as our low cost EPILITE liquid feeds and new EPICIN-G2 probiotic. Sales
grew in Central and the rest of South America as our EPIFEED-MBF maturation
feed gained popularity and as Brazil began to cope with IMNV virus.
    Sales increased in Asia as major hatcheries employed Epicore products in
their switch from Penaeus monodon to Penaeus vannamei. Epicore's experience
and contacts in Latin America opened doors with these Asian groups. The region
represents 80% of world shrimp aquaculture potential and now contributes a
significant percentage of Epicore sales. Recent Asian success shows that the
Company's years of effort and investments were well worth it.
    Non-aquaculture sales grew strongly because of the RootX municipal
distribution deal signed last year.
    Quarterly operating expenses were slightly higher than prior period
($0.35 versus $0.33 million) due to increased marketing efforts and higher
corporate expenses.
    Cash at the end of September was $0.50 million versus $0.16 million in
prior year. Operating activities, including changes in non-cash working
capital balances, produced $0.3 million of cash during quarter one versus
prior year when these activities consumed $0.2 million of cash. While market
conditions remain difficult in several regions, the Company has positioned
itself well to succeed in the important markets. Long-term prospects for
Epicore technology remain attractive.

    The financial statements of the Company have been prepared in accordance
with Canadian GAAP. Epicore BioNetworks Inc. is a public corporation with a
registered office in Calgary, Alberta, Canada and with shares listed on the
TSX Venture Exchange (symbol EBN). (The TSX Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
release.)

    This press release contains forward-looking statements that involve
significant risks and uncertainties. The actual results, performance or
achievements of the Company might differ materially from the results,
performance or achievements of the Company expressed or implied by such
forward-looking statements. Such forward-looking statements include, without
limitation, those regarding the development plans of the Company and the
expected timing and results of such development. We can provide no assurance
that such development will proceed as currently anticipated or that the
expected timing or results of such development will be realized. We are
subject to various risks, including the uncertainties of product development,
markets for our products and regulatory review, our need for additional
capital to fund our operations, our reliance on collaborative partners, our
history of losses, and other risks inherent in the biotechnology industry.





For further information:

For further information: Mr. William P. Long (Chief Executive Officer),
USA, Tel: (609) 267-9118, Eastampton, NJ 08060


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