Ceapro Reports Third Quarter 2011 Financial Results
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwire) -- 11/29/11 -- Ceapro Inc. (TSX VENTURE: CZO) ("Ceapro" or the Company") today announced its financial results for the three-month and nine-month periods ended September 30, 2011. These results are presented in accordance with the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB).
Third quarter 2011 corporate highlights
Subsequent to quarter-end
FINANCIAL RESULTS FOR THE THIRD QUARTER AND THE FIRST NINE MONTHS ENDED SEPTEMBER 30, 2011
Revenues were $1,515,000 for the three-month period ended September 30, 2011, as compared to $1,708,000 for the same period in 2010. For the first nine months, revenues were $4,234,000 in 2011 compared to $3,881,000 for the same period in 2010. This increase of sales of 9% in 2011 is attributed to higher sales volumes of avenanthramides, beta glucan and oat oil.
Research and development Investments were $$339,000 and $755,000 for the three-month period and nine-month period ended September 30, 2011 as compared to $236,000 and $513,000 for the same periods in 2010. These respective increases of 44% ($103,000) and 47% ($242,000) reflect our strong commitment to expand our pipeline and position Ceapro as a highly recognized innovative Company.
Net income/loss. For the third quarter of 2011, net loss was $108,000 versus a net profit of $98,000 for the same period in 2010. This loss is equal to the increase in R&D during the period. For the first nine-months of 2011, Net income amounted to $323,000 compared to $290,000 for the same period in 2010 which included the recovery of a one time cost of $315,000.
"While we are building a solid scientific portfolio for Ceapro and expanding our partnership network, we are very pleased with our year to date 2011 results showing profitability and continuous improvement in our balance sheet" said Gilles Gagnon, Acting CEO. As previously announced, the third quarter of 2011 clearly demonstrates that Ceapro's commitment to growth is rooted in strong innovation and robust science as evidenced by the significant increase of investments in our Research and Development program" he added.
The complete financial statements are available for review on SEDAR at and on the Company's website at .
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 .
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.
Contacts:
Ceapro Inc.
Branko Jankovic
Vice President and CFO
780.917.8376
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Datum: 29.11.2011 - 21:00 Uhr
Sprache: Deutsch
News-ID 92216
Anzahl Zeichen: 4520
contact information:
Town:
EDMONTON, ALBERTA
Kategorie:
Biotech
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