LAVAL, QC, Jan. 14 /CNW Telbec/ - Neptune Technologies & Bioressources
Inc. ("Neptune") (NASDAQ.NEPT - TSX.V.NTB) today announced operational and
financial results for the fiscal 2008 second quarter and six-month period
ended November 30, 2007. The Company reviewed recent corporate highlights.
Total revenue for the three-month period ended November 30, 2007 was
$2,169,000 compared to $1,947,000 for the same period in the preceding fiscal
year, representing an increase of 11%.
In the second quarter ended November 30, 2007, the Company recorded an
EBITDA of $70,000 compared to $546,000 for the second quarter ended November
30, 2006 generating a loss of $1,563,000, compared to a loss of $448,000 for
the same period of last year. This increased loss is mainly due to the
American dollar devaluation and Sarbanes-Oxley compliance costs, as well as
communications and investor relations expenses following the recent NASDAQ
listing. Excluding non-monetary stock-based compensation expenses, Neptune
would have realized a loss of $366,000 in the second quarter ended
November 30, 2007.
Total revenue for the six-month period ended November 30, 2007 was
$4,254,000, compared to $3,499,000 for the same period ended November 30,
2006, representing an increase of 22%. For the same period, EBITDA decreased
to $402,000 compared to $849,000 in the corresponding six-month period of the
preceding fiscal year generating a loss of $2,615,000 for the six-month period
ended November 30, 2007. Excluding non-monetary stock-based compensation
expenses, Neptune would have realized a loss of $344,000 for this period.
"Sales have grown 11% in the second quarter and 22% in the first six
months demonstrating sustained growth. Indeed, Neptune increased its sales
volume beyond that to an estimated 28 % for the second quarter and 36% for the
first six months compared to the same periods last year. The increased sales
volume is not fully reflected in the increase in total revenues, because of
the effect of the recent devaluation in the American dollar on Canadian
exporters such as Neptune," stated André Godin, VP, Finance and Administration
of Neptune. "The non-monetary stock-based compensation expenses accounted for
are inversely aligned with the actual benefit to the holder. Furthermore, most
of the expenses generating the additional loss should be non-recurring," he
"Neptune continues to execute its business strategy in the growing health
and wellness market as evidenced by the following Corporate Highlights. One of
our main objectives is to continue to build and increase our presence in the
functional and medical food market in collaboration with leading international
partners," stated Henri Harland, President and Chief Executive Officer of
Neptune. "On the pharmaceutical side, we aim to fully exploit the
pharmaceutical applications of our products, and we are actively pursuing our
action plan, which will lead Neptune, likely with a partner, to its next
During the first half of fiscal year 2008, Neptune has reported following
Signed exclusive distribution agreement with AZPA International Inc. for
Australia and New Zealand
The nationwide product launch of Neptune Krill Oil (NKO(R)) in Australia
and New Zealand, emphasizing the product's cardiovascular and joint health
benefits, is scheduled for February 2008. AZPA International, a leading
supplier to the pharmaceutical, nutritional health and cosmetics industries,
has joined forces with PharmaLink, a leading provider of complementary and
over-the-counter medicines in the Asia-Pacific region.
Complementary Medicine approval in Australia for NKO(R) obtained
The Therapeutic Goods Administration (TGA) in Australia provided
notification that Neptune Krill Oil (NKO(R)) has obtained approval as a
complementary medicine allowing immediate commercialization in Australia,
hence New Zealand.
Agreement entered with Salt Lake City based Schiff Nutrition
Schiff Nutrition is distributing Neptune Krill Oil under the brand name
Schiff(R) MegaRed(TM) promoting cardiovascular and joint health. Schiff(R)
MegaRed(TM) is currently available in a 300 mg dosage form at Costco in the
Appointment of a New Scientific Advisory Board with Renowned Scientists
Neptune appointed a new Scientific Advisory Board to guide the company in
its pharmaceutical development efforts. Dr. Steven Nissen, the Chairman of the
Cleveland Clinic Department of Cardiovascular Medicine, and Immediate Past
President, American College of Cardiology joined this Board to provide his
expertise and pharmaceutical guidance, particularly with regard to the HDL
("good cholesterol") clinical benefits of Neptune's products.
Research Collaboration with Nestlé Announced
Neptune and Nestlé are jointly researching the clinical benefits of
Neptune Krill Oil in undisclosed chronic conditions affecting the worldwide
adult population. The clinical research and product development efforts are
progressing as expected.
Strategic Alliance with Yoplait International
Neptune entered into a strategic partnership with Yoplait, a worldwide
leader in the dairy industry to develop new functional fresh dairy products
for worldwide commercialization. Product development and clinical study are
progressing as planned.
About Neptune Technologies & Bioressources Inc.
Neptune researches and develops proprietary bioactive ingredients and
products with nutraceutical, medical food and pharmaceutical applications.
Through clinical research, Neptune is showing the clinical benefits of its
products in various therapeutic indications with a focus on cardiovascular and
cognitive health. The Company has been successful in patenting and protecting
its intellectual property, and will continue to protect its innovations.
Neptune has already obtained regulatory approvals allowing commercialization
of its products and has filed for and is expecting additional approvals.
Important risk factors for cardiovascular disease are abnormal levels of
lipids such as triglycerides and cholesterol. Increased levels of low density
lipoprotein (LDL - "bad cholesterol") and decreased levels of high density
lipoprotein (HDL - "good cholesterol") promote plaque formation and
atherosclerosis potentially leading to heart attacks. Statins are commonly
used as the standard of care to decrease LDL. The $30 billion statin market
includes medications such as Lipitor(R), Zocor(R) and Crestor(R). However,
statins do not effectively address the unmet treatment need of raising HDL
resulting in a significant market opportunity for effective and safe regimens
such as offered by Neptune products.
Neither NASDAQ nor TSX venture exchange accepts responsibility for the
adequacy or accuracy of this press 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.
For further information:
For further information: Toni Rinow, Ph.D., MBA, Corporate Development &
Investor Relations, (450) 687-2262, firstname.lastname@example.org,
www.neptunebiotech.com; Source: Neptune Technologies & Bioressources Inc.