DGAP-News: Burcon Reports Fiscal Fourth Quarter and Year 2013 Results
(firmenpresse) - DGAP-News: Burcon NutraScience Corp. / Key word(s): Quarter
Results/Final Results
Burcon Reports Fiscal Fourth Quarter and Year 2013 Results
26.06.2013 / 17:25
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Burcon Reports Fiscal Fourth Quarter and Year 2013 Results
Vancouver, British Columbia, June 25, 2013 - Burcon NutraScience
Corporation (TSX: BU, NASDAQ: BUR), a leader in functional, renewable plant
proteins, reported results for the fiscal fourth quarter and year ended
March 31, 2013.
Fiscal 2013 Operational Highlights
- Burcon's manufacturing and marketing partner for CLARISOY(TM) soy
protein, Archer Daniels Midland Company (ADM), opened and is operating
the first commercial-scale plant for CLARISOY production and reported
first commercial sales. CLARISOY is the world's first transparent and
clean-tasting plant-based protein for low pH beverages.
- CLARISOY 150 was launched at the 2012 IFT Annual Meeting&Food Expo as
the first extension to ADM's CLARISOY product line.
- Several CLARISOY-based prototype products were introduced, from Harmony
Soymilk to Orange Mango Cooler.
- CLARISOY won the 2012 InterBev 'Best Beverage Ingredient Concept'
award.
- Burcon began construction on a Peazazz(R) pea protein semi-works
production facility to provide the large quantities of Peazazz required
by customers and potential partners for evaluation and product
development, as well as to demonstrate production from scalable,
commercial-level manufacturing equipment. Construction was recently
completed and is now in the process of commissioning.
- In fiscal 2013, Burcon filed nine new inventions and received patent
grants for four U.S. patents and 38 patents from other countries.
Subsequent to the end of the fiscal year, the company was issued three
additional patents, bringing the company's patent portfolio to 241
issued patents in various countries, including 41 in the U.S., as well
as more than 425 active patent applications, including 84 additional
U.S. patent applications.
Management Commentary
'Fiscal 2013 was a transitional year for Burcon, as we began to emerge from
our development stage and enter the commercial phase of our growth,' said
Johann F. Tergesen, Burcon's president and COO. 'Several significant events
with ADM and CLARISOY have signaled this transition, particularly the
opening of ADM's first CLARISOY commercial-scale production plant and their
subsequent first commercial sales and shipments of CLARISOY.
'We are just now beginning to realize the tremendous market potential
created by the unique characteristics of CLARISOY, with this providing an
exciting outlook ahead. The industry has also begun to take notice, with
CLARISOY winning the 2012 InterBev 'Best Beverage Ingredient Concept'
award, and more recently, the 2013 Food Innovation Award from the Canadian
Institute of Food Science and Technology.
'Our simultaneous pursuit of commercializing Peazazz, our second
market-ready protein, led to the construction and recent completion of our
own semi-works plant for the pea protein. Opening this plant is truly a
watershed event for Peazazz, as well as for our other patented processes
that can produce exceptionally versatile proteins from a variety of edible
oilseeds, grains or legumes. While this semi-works plant will utilize
commercial-scale equipment, it will only be used to produce the large
quantity samples of Peazazz required for market development activities.
Producing Peazazz in multiple, non-consecutive batches will demonstrate how
this unique protein can be reliably and economically produced, and the
plant will serve as a functional model for potential manufacturing
partners.
'In fiscal 2013, we also continued to strengthen our intellectual property
portfolio around our proprietary processes with several new patents and
patent applications. The effort to protect our IP continues, as does our
pursuit of perfecting the technologies that make our proteins already so
exceptional.
'Together, the events and accomplishments in fiscal 2013 have set Burcon on
a strong course in the coming year. Our opportunities for growth are
numerous, supported by the value proposition of our unique protein
technology as well as the quality of customers and potential partners with
whom we are currently engaged.'
Fiscal Fourth Quarter and Full Year Financial Results (Dollars in Canadian)
Revenues totaled $23,500 in the fourth quarter, as compared to $7,000 in
the prior quarter, and none in the same year-ago quarter. The marginal
revenues reflect the company's development phase status during the year as
it continues to transition to the commercial stage. Revenues for the full
fiscal year totaled $30,300, compared to none in fiscal 2012. Revenues were
derived entirely from royalty payments from ADM for CLARISOY.
While ADM reported its first commercial sale of CLARISOY from its
semi-works facility in December 2012, indicating CLARISOY commercialization
will be increasing in calendar 2013, subsequent royalty revenues from
CLARISOY sales have been marginal, reportedly due to the lengthy product
development cycle typical of major brands in the food and beverage
industry.
Fourth quarter net loss totaled $1.4 million or $(0.04) per basic and
diluted share, as compared to a net loss of $1.1 million or $(0.04) per
basic and diluted share in the same year-ago quarter. For the full year,
net loss totaled $5.5 million or $(0.18) per basic and diluted share, as
compared to a net loss of $6.0 million or $(0.20) per basic and diluted
share in fiscal 2012.
Research and development ('R&D') expenses increased to $621,000 in the
fourth quarter, from $308,000 in the same year-ago quarter, and on a fiscal
year basis from $1.0 million to $2.1 million. R&D expenses in the
comparative quarter do not include $192,000 of CLARISOY-related expenses
that were deferred. Similarly, CLARISOY-related development expenses of
$1.1 million were deferred in FY12, as compared to $123,000 in FY13.
General and administrative expense was up slightly in the fourth fiscal
quarter to $831,000 from $809,000, but lower for the year, decreasing to
$3.6 million from $5.1 million.
At March 31, 2013, cash and short-term investments totaled $6.7 million, as
compared to $6.2 million at March 31, 2012. Management believes it has
sufficient resources to fund its expected level of operations and working
capital requirements until at least May 2014. This estimate does not take
into account potential proceeds from outstanding convertible securities or
royalty revenues from the sale of CLARISOY soy protein.
The company's complete financial statements, along with management's more
detailed discussion and analysis, are available from the Company's
Investors section at www.burcon.ca or from www.sedar.com.
Conference Call
Burcon will host a conference call later today, Tuesday, June 25, 2013.
Company management will host the presentation, followed by a question and
answer period.
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Participant Dial-in Number: 1-416-695-7806
North American Toll-free: 1-888-789-9572
International Toll-free: 1-800-4222-8835
Conference ID#: 5844025
A replay of the call will be available after 8:00 p.m. Eastern time on the
same day through July 23, 2013.
Toll-free Relay Dial-in: 1-800-408-3053
International Replay: 1-905-694-9451
Replay Passcode: 3509230
About Burcon NutraScience Corporation
Burcon NutraScience is a leader in nutrition, health and wellness in the
field of functional plant proteins. The company has developed a portfolio
of composition, application, and process patents originating from a core
protein extraction and purification technology. Burcon's CLARISOY(TM) soy
protein offers clarity and high-quality protein nutrition for low pH
beverage systems; Peazazz(R) is a uniquely soluble and clean-tasting pea
protein; and Puratein(R), Supertein(TM) and Nutratein(R) are canola protein
isolates with unique functional and nutritional attributes. For more
information about the company, visit www.burcon.ca.
About Peazazz Pea Protein
Peazazz is 100% soluble, transparent and heat stable in low pH solutions.
Peazazz has clean flavor characteristics and is well suited for use in low
pH and neutral pH beverages as well as a variety of other healthy and great
tasting food and beverage product applications. Its valuable nutritional
and functional characteristics make Peazazz an attractive ingredient for
food and beverage companies looking to improve their formulations. For more
information about Peazazz, visit www.burcon.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
'Johann F. Tergesen'
Johann F. Tergesen
President and Chief Operating Officer
The TSX has not reviewed and does not accept responsibility for the
adequacy of the content of the information contained herein. This press
release contains forward-looking statements or forward-looking information.
Forward-looking statements or forward-looking information involve risks,
uncertainties and other factors that could cause actual results,
performances, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking statements. All statements
other than statements of historical fact included in this release are
forward-looking statements, including, without limitation, statements
regarding plans and timing for the introduction or enhancement of our
products, statements about future market conditions, supply and demand
conditions, and other expectations, intentions and plans contained in this
press release. There can be no assurance that such statements will prove to
be accurate and actual results and future events could differ materially
from those anticipated in such statements or information. Important factors
that could cause actual results to differ materially from Burcon's plans
and expectations include the actual results of marketing activities,
adverse general economic, market or business conditions, regulatory changes
and other risks and factors detailed herein and from time to time in the
filings made by Burcon with securities regulators and stock exchanges,
including in the section entitled 'Risk Factors' in Burcon's annual
information form dated June 25, 2013. Any forward-looking statement or
information only speaks as of the date on which it was made and, except as
may be required by applicable securities laws, Burcon disclaims any intent
or obligation to update any forward-looking statement, whether as a result
of new information, future events or otherwise. Although Burcon believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such.
CLARISOY is a trademark of Archer Daniels Midland Company.
Media&Industry Contact:
Michael Kirwan
Director, Corporate Development
Burcon NutraScience Corporation
Tel (604) 733-0896, Toll-free (888) 408-7960
mkirwan(at)burcon.ca
www.burcon.ca
Investor Relations Contact:
John MacLennan
Managing Director
Liolios Group Inc.
Tel (416) 644.8688
john(at)liolios.com
End of Corporate News
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