Functional Technologies Announces Fiscal Year End 2011 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/29/11 -- Functional Technologies Corp. (TSX VENTURE: FEB) (the "Company") today reported operational and financial results for the year ended August 31, 2011 ("FY2011"). Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles ("Canadian GAAP").
Mr. Howard Louie, Functional Technologies' CEO and Chairman, said, "Functional Technologies has accomplished significant achievements in the past year, particularly in building technical and commercial value for our proprietary acrylamide-preventing ("AP") yeast platform. This extends from demonstrating compelling efficacy data, to the cultivation of strategic relationships with multiple tier one and tier two yeast producers as well as an increasing range of food processing end users. Our corporate goal to drive technologies from bench to commercialization is being realized with our H2S-preventing wine yeasts, achieving increasing market presence through significant growth in the number of wineries purchasing introductory quantities of our product with results that reflect a strong market interest across several new regional markets. Meanwhile, our technical research and development team continue to improve and increase the quality and breadth of our wine yeast product offering to fulfill our goals to develop and increase market share while establishing the business model of our technology as a platform."
FY2011 Operating Highlights
Acrylamide-Preventing (AP) Yeast Program:
Hydrogen Sulphide (H2S)-Preventing Wine Yeast Program:
Other Developments:
Operating Highlights Subsequent to Year-End
Fiscal Year 2011 Financial Results
The Company incurred a net loss of $4.8 million for the 12 months ended August 31, 2011, compared to a net loss of $3.4 million for the 12 months ended August 31, 2010 ("FY2010"), representing an increase of $1.4 million due primarily to an increase in operating expenses, inventory write-off, and a decrease in government assistance.
Revenues for FY2011 were $0.2 million, compared to $0.05 million, in the year prior. The increase of $0.15 million reflects an increase in the number of wineries purchasing introductory quantities of the Company's proprietary H2S-preventing wine yeasts in the U.S., as well as in Europe and Chile where 2011 represented the first year of commercial availability of these wine yeasts. The Company believes that getting product into use at a large number of wineries, is key to establishing demand for its wine yeast platform and products.
Operating expenses, excluding stock-based compensation expenses, for FY2011 were $4.4 million, compared to $3.6 million in FY2010. The increase in operating expenses was attributed primarily to increases in salaries and wages, amortization of capital assets, and travel expenses associated in part with elevated product development, business development, and marketing activities. Government funding in FY2011 decreased by $0.4 million from $0.8 million in FY2010 due to reduced R&D activities conducted by the Company's subsidiary Phyterra Bio Inc.
Liquidity and Outstanding Share Capital
As at August 31, 2011, the Company had cash and short-term investments of $4.2 million compared to $0.9 million as at August 31, 2010. As at August 31, 2011, the Company had working capital of $3.9 million compared to $1.4 million as at August 31, 2010.
As at December 29, 2011, Functional Technologies had 49,396,895 common shares issued and outstanding.
Additional Information
This news release should be read in conjunction with the Company's consolidated financial statements for the quarter ended August 31, 2011 and the notes thereto, together with the MD&A for the corresponding period, which are available on the Company's website and on SEDAR at .
Forward-Looking Information
This news release contains forward-looking information (within the meaning of Canadian securities legislation) about Functional Technologies Inc. and its future plans. Forward-looking information relate to future events or future performance and reflect management's expectations or beliefs regarding future events rather than historical facts, and in this news release include the statements (the "forward-looking statements") regarding: (1) the expectation for additional key developments related to the Company's AP-yeasts; (2) the expectation that collaborating with leading multinational firms in the food processing and ingredients sectors will provide key opportunities to gain rapid access to global production capacity and distribution networks; and (3) the Company's expectation for volume and revenue growth in the upcoming winemaking seasons, including expansion in the U.S., Europe and South America. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. These risks, uncertainties and other factors include, without limitation, uncertainty as to the Company's ability to achieve the goals and satisfy the assumptions of management; uncertainty as to the demand for the Company's products and the Company's ability to meet such demand; and general economic factors and other factors that may be beyond the control of the Company. Forward-looking statements are based on the opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those opinions or expectations, or other circumstances, should change. Reference to the section entitled "Risks and Uncertainties" commencing on page 18 of the Company's management's discussion and analysis relating to the fiscal year ended August 31, 2011, which is available on SEDAR at .
About Functional Technologies Corp.
Functional Technologies develops and commercializes proprietary, advanced yeast-based solutions to significant challenges in the food, beverage and healthcare industries. The Company's platform improves the performance of innate yeast functions, and prevents the formation of naturally occurring toxins and contaminants that either affect final product quality or are classified by the World Health Organization as probable human carcinogens. Functional Technologies' lead technologies include yeasts that prevent and reduce the formation of the foul-smelling hydrogen sulphide (H2S) and the carcinogens acrylamide and ethyl carbamate (more commonly known as urethane), by-products of food and beverage processing. These contaminants are found in many commonly consumed items, such as fermented food products and alcoholic beverages, and baked and fried foods. With a head office in Vancouver, Functional Technologies Corp. has R&D operations in Prince Edward Island and Europe, as well as a U.S. sales office in Napa Valley, California. For more information, please visit our website at .
Neither the 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.
Contacts:
Functional Technologies Corp.
Connie Chen, PhD
VP, Corporate Development and Communications
+1.647.282.5038
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Datum: 29.12.2011 - 14:30 Uhr
Sprache: Deutsch
News-ID 100169
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Biotech
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