BioNeutra Global Corporation Announces Financial Results for Second Quarter Ended June 30, 2015
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 08/28/15 -- BioNeutra Global Corporation ("BioNeutra" or the "Company") (CSE: BGA) is pleased to announce today its interim financial results for the three- month period ended June 30, 2015 (the "Second Quarter"). BioNeutra is a functional and health food ingredient manufacturer that uses its patented process to produce isomalto-oligosaccharide ("IMO") which is sold under its trademark VitaFiber™.
Second Quarter Highlights
Second Quarter Financial Results
Revenue
Total sales were $4,254,712 for the Second Quarter and $9,599,861 for the six-month period ended June 30, 2015, as compared with $4,467,060 for the three-month period ended June 30, 2014 and $5,623,899 for the four-month period ended June 30, 2014.
The Company's average monthly sales for the six-month period ended June 30, 2015 of $1,599,977 represent a 14% increase over average monthly sales for the four-month period ended June 30, 2014 of $1,405,975.
The Company's strong sales are a result of continually increasing VitaFiber™ sales to major functional food and beverage manufacturers who in turn continue to experience significant growth in their own sales. In addition, the Company is growing its VitaFiber™ retail customer base, both online through Amazon.com and in an expanding network of bricks-and-mortar retailers across the world.
Gross Profit
The Company posted a gross profit of $1,774,137 for the Second Quarter and $4,810,620 for the six-month period ended June 30, 2015 on gross margins of 42% and 50%, respectively. This compares with gross profits and gross margins of $2,139,218 and 48% for the three-month period ended June 30, 2014 and $2,717,553 and 48% for the four-month period ended June 30, 2014.
Net Income
The Company recorded a net loss of $96,835 in the Second Quarter and a net income of $105,136 for the six-month period ended June 30, 2015. This compares with a net income of $1,785,824 for the three-month period ended June 30, 2014 and $3,719,842 for the four-month period ended June 30, 2014.
The Company's level of net income in the most recent reporting periods is a result of having incurred several significant non-cash expenses, including:
In addition, in the Second Quarter the Company recorded a one-time professional fee expense of $591,632 related to the favorable resolution and settlement of legal matters with a third party concerning the Company's intellectual property.
The effect of these non-cash expenses is reflected in the Company's positive Adjusted EBITDA which totals $2,291,317 for the six-month period ended June 30, 2015 as compared with $1,644,486 for the four months ended June 30, 2014.
Financial Condition & Liquidity
The Company's Adjusted EBITDA has had a positive effect on the operational strength of its balance sheet. As at June 30, 2015, the Company increased its cash balance to $4,186,822 and its working capital to $6,991,546, representing significant increases over the cash balance of $2,084,687 and working capital of $3,976,934 at December 31, 2014.
The Company also has access to a $500,000 credit facility to assist with working capital needs, if necessary, but this credit facility has not been drawn on as of the date of this press release.
Income Tax Recovery
Deferred income tax assets were recognized from the amalgamation of the Company's subsidiaries which provided loss carryforwards that the Company may use to offset taxable income in the future. As at June 30, 2015, the Company had Canadian tax losses with a tax benefit of $828,808.
Change in Year End and Comparison Period
Effective October 29, 2014, the Company completed the acquisition of BioNeutra North America Inc. and BioNeutra International Limited. The acquisition of BioNeutra North America Inc. was considered a reverse acquisition for accounting purposes, with BioNeutra North America Inc. identified as the acquirer. BioNeutra North America Inc.'s year-end was February 28, and as such the required comparison periods for the purpose of the Second Quarter interim condensed consolidated financial statements and the Management's Discussion and Analysis ("MD&A") are the three-month and four-month periods ended June 30, 2014.
About BioNeutra
BioNeutra is in the business of research and development, production and commercialization of ingredients for nutraceutical, functional and mainstream foods and beverages, with a focus on IMOs.
The Company's lead product, VitaFiber™, is an advanced functional and health food ingredient scientifically made from natural agricultural products, is generally regarded as safe (GRAS) by the U.S. Food & Drug Administration, and is European Food Safety Authority and Health Canada approved. VitaFiber™ is naturally sweet and lower in calories than regular sugar and is a natural source of dietary fiber as it provides low calorie soluble prebiotic fiber for human digestive health.
The Company produces VitaFiber™ using its patented processes that naturally transforms starch molecules from agriculture cereal crops including corn, wheat, barley, potato, or tapioca into the functional health molecules of IMO. The VitaFiber™ manufacturing process is based upon a natural enzymatic conversion of starch molecules without any chemical modification involved, making VitaFiber™ a natural food ingredient. VitaFiber™ is also non-GMO, vegan-friendly, gluten-free, Kosher and Halal certified and available as certified organic.
The Company's customers include a mix of small and medium enterprises and a number of high- profile food manufacturers in Canada, the U.S., Europe, the United Kingdom, and Mexico.
VitaFiber™ is also available for retail purchase across the globe through Amazon.com and other direct-to-consumer retailers.
Further information about BioNeutra is available on the Company's website at , the SEDAR website at and on the CSE website at .
Forward-Looking Information
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of BioNeutra. Forward-looking information is based on certain key expectations and assumptions made by the management of BioNeutra. Although BioNeutra believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because BioNeutra can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. BioNeutra disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable securities laws or any state of the United States and may not be offered or sold in the United States or to the account or benefit of a person in the United States absent an exemption from the registration requirements.
Contacts:
BioNeutra Global Corporation
Mr. Bill Smith
Chairman & Senior Vice President
(780) 466-1481 (Ext. 117)
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Datum: 28.08.2015 - 20:57 Uhr
Sprache: Deutsch
News-ID 416640
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EDMONTON, ALBERTA
Kategorie:
Biotech
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