Ceapro Reports Record Full-Year 2011 Financial and Operating Results
EDMONTON, April 30, 2012 /CNW Telbec/ - Ceapro Inc. (TSXV: CZO) ("Ceapro" or "the Company") today released financial and operating results for the fiscal year ended December 31, 2011, its first annual financial report under IFRS .
FINANCIAL RESULTS FOR THE FULL YEAR ENDED DECEMBER 31, 2011
- Total sales of $5,786,000 compared to $5,577,000 in 2010, an increase of 4%.
- Income from operations of $585,000 compared to $191,000 in 2010
- Net income of $576,000 compared to a net income of $464,000 for 2010, the 2010 net income included a law suit recovery of $315,000.
"2011 sales and operating results are the best ever in Ceapro's history with a corresponding improvement in our financial position, and a return to positive shareholders' equity. Ceapro is amongst a very few Canadian biotech companies to have recorded a net profit in 2011, and we have demonstrated a track record of growing and sustainable operations for the last several years . This was achieved notwithstanding our commitment to significantly increase investments in Research and Development to support commercialization of new products and technologies," said Gilles Gagnon, Acting President & CEO. "Our customers, collaboration partners, and governments recognize the value of Ceapro's innovative products and technology, which covers the whole spectrum of our business "From Field to Formulation". We have completed several performance and in-vitro studies supporting strong efficacy claims for our products. With this new data and increased market penetration from new distribution and marketing partners, we expect to see increased sales for our commercial products while our increased R&D expenditures will support our pipeline being commercialized into new products in the future. We are in discussions for several important business transactions which will set Ceapro on an exciting path of growth and value creation," he added.
2011 Key Highlights
- The signing of a sales agreement with a major multi-national company to supply specified products
- Successful performance testing showing the superior hair color fastness benefits of Ceapro's CP Sweet Blue Lupin Peptide, opening this large market segment to Ceapro
- Successful second year propagation of spearmint crop and expansion to private farms showing extremely high levels of sought active ingredients
- Announcement of successful Development and Commercialization funding application with Innovation PEI and collaboration agreement with the National Research Council to develop commercial products from a unique variety of rosehips
- Amendment of University of Guelph licensing agreement for spearmint to allow for all fields of use, including food and tea applications
- Successful application to Alberta Innovates Bio- solutions to provide grant funding of up to $1.6 million towards a new processing facility
- Successful scale up of a novel drying technology from lab scale unit to pilot scale. Ceapro will be presenting a poster about this technology at the International Symposium of Supercritical fluids in San Francisco from May 13 to May 16.
- Significant increase in gross margin and net profit due to operational improvements implemented over the last year
- Successful completion of manufacturing audit by a multi-national company raising Ceapro status to top level rating
"As you can see there is a lot that has to be done to take a plant material to a product, to manufacture a product at commercial scale and at an acceptable margin, to support the product with clinical data, to meet the qualified supplier requirements of our customers, and then to do it all over again with new product candidates to ensure the Company is sustainable. Our small group of employees have bought into these challenges and have done a tremendous job to get Ceapro to this enviable position today and I wish to thank everyone for their efforts in striving to make Ceapro one of the best biotech company in Canada ", added Mr. Gagnon.
The complete audited annual report and financial statements are available for review on SEDAR at www.sedar.com 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 | |||
Year Ended December 31, | |||
2011 | 2010 | ||
$ | $ | ||
(note 3) | |||
Revenue (note 14) | 5,786,174 | 5,576,636 | |
Cost of goods sold | 2,538,347 | 3,060,204 | |
Gross margin | 3,247,827 | 2,516,432 | |
Research and product development | 996,719 | 774,059 | |
General and administration | 1,374,030 | 1,279,012 | |
Sales and marketing | 111,359 | 69,513 | |
Finance costs (note 17) | 180,808 | 202,867 | |
Income from operations | 584,911 | 190,981 | |
Other operating loss (note 16) | (7,338) | (29,964) | |
Write off of property and equipment | - | (12,278) | |
SGGF legal fees recovery (note 20b) | - | 314,983 | |
Net income and comprehensive income for the year | 577,573 | 463,722 | |
Net income per common share (note 25): | |||
Basic | 0.01 | 0.01 | |
Diluted | 0.01 | 0.01 | |
Weighted average number of common shares outstanding | 56,561,513 | 53,219,621 | |
See accompanying notes |
CEAPRO INC. | ||||||||
Consolidated Statements of Net Income and Comprehensive Income | ||||||||
Quarters Ended December 31, | Year Ended December 31, | |||||||
2011 | 2010 | 2011 | 2010 | |||||
$ | $ | |||||||
$ | $ | (note 3) | ||||||
Revenue (note 14) | 4000 | 1,551,995 | 1,695,222 | 5,786,174 | 5,576,636 | |||
Cost of goods sold | 5000 | 634,599 | 852,308 | 2,538,347 | 3,060,204 | |||
Gross margin | 917,396 | 842,914 | 3,247,827 | 2,516,432 | ||||
59% | 50% | |||||||
Research and product development | 5200 | 311,791 | 260,815 | 996,719 | 774,059 | |||
General and administration | 5100 | 5150 | 380,863 | 318,264 | 1,374,030 | 1,279,012 | ||
Sales and marketing | 5300 | 26,133 | 19,638 | 111,359 | 69,513 | |||
Finance costs (note 17) | 5800 | 6050 | 6100 | 38,316 | 43,287 | 180,808 | 202,867 | |
Income from operations | 160,293 | 200,910 | 584,911 | 190,981 | ||||
Other operating loss (note 16) | 5900 | 24,637 | (25,839) | (7,338) | (29,964) | |||
Write off of property and equipment | (1,788) | - | (12,278) | |||||
SGGF legal fees recovery (note 20b) | - | - | - | 314,983 | ||||
Net income and comprehensive income for the year | 184,930 | 173,282 | 577,573 | 463,722 | ||||
Net income per common share (note 25): | ||||||||
Basic | 0.00 | 0.00 | 0.01 | 0.01 | ||||
Diluted | 0.00 | 0.00 | 0.01 | 0.01 | ||||
Weighted average number of common shares outstanding | 56,619,165 | 54,988,039 | 56,561,513 | 53,219,621 | ||||
See accompanying notes |
Branko Jankovic
Vice President and CFO
Ceapro Inc.
Telephone (Edmonton): 780.917.8376
Email: [email protected]
Renmark Financial Communications Inc.
Laurence A. Lachance: [email protected]
Bettina Filippone: [email protected]
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com
Share this article