- Key product sales up in fourth quarter
- Very significant $3 million year-end net loss decrease over year
- Private placement capital totalling $1.7 million during the year
- Consolidation of nutritional bar production in St-Eustache
MONTREAL, March 31 /CNW Telbec/ - Ranaz Corporation ("Ranaz") (TSX-V: RNZ), a company specializing in the manufacturing and marketing of protein and dietary supplements, reported its results today for the fourth quarter and fiscal year ended December 31th, 2009.
Sales were $4.5 million for the fourth quarter and $19.1 million for 2009, compared to $4.9 million and $20.8 million for the same periods in 2008. Sales for Protidiet increased compared to the same quarter of 2008 due to higher demand in United States. Sales for ProtiLife also rose, compared to the same quarter of 2008. BarTech sales decreased subsequent to the interruption of production at the Grand Rapid plant during the transfer of its activities to the St-Eustache plant in mid-February with the ensuing delay in reaching optimal productivity levels.
Gross profit totalled $1.1million for the fourth quarter and $5.0 million for the year, compared to $1.2 million and $5.2 million for the same periods in 2008. Gross profit in the last quarter of 2009 represented 24.8% of sales vs 24.2% for the same quarter in 2008 and 26.0% in 2009 vs 24.9% in 2008.
Net loss totalled $251K, ($0.007 per share), for the fourth quarter compared to $1.3 million ($0.034 per share) for the same quarter in 2008 and, for the year ended December 31st 2009, $773K ($0.015 per share) compared to $3.8 million, ($0.099 per share) for the same periods in 2008.
"Notwithstanding the recessionary climate which severely affected all our markets, we increased sales of two key products and further concentrated production activities, enabling us to achieve greater manufacturing efficiencies. Moreover, the improvement generated by tightened cost control measures contributed to reducing the 2008 loss by more than $3M. This very significant improvement in this difficult period bodes well for the company's return to profitability as the economy improves and demand for our products rises. Also, our capacity to attract more than $1.7 million in private placement capital during the year which enhanced working capital attests to the company's strong financial situation and growth potential", stated Jean Bourassa-Marineau, President and founder of Ranaz.
"We are confident for 2010. Sales of Protidiet and ProtiLife continue to trend upwards while we expect the consolidation of BarTech production in our St-Eustache plant along with standing cost-cutting measures will increase productivity levels, while continuing to improve overall results for the current year", concluded Mr. Bourassa-Marineau.
About Ranaz Corporation
Ranaz is a corporation specializing in the manufacture and sale of protein and dietary supplements. Its mission is to create, develop and market nutritional, protein and dietary supplements under its own corporate brands, such as Protidiet and ProtiLife, as well as under private labels.
Full information, including the management discussion and analysis and the financial statements and notes thereto, will be available on SEDAR at www.sedar.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.
SOURCE Ranaz Corporation
For further information: For further information: Sylvain Picard, CMA, Financial Chief Officer, Ranaz Corporation, (450) 491-7106, poste 264, email@example.com; Jean Bourassa Marineau, President, Ranaz Corporation, (450) 491-7106, poste 217