EDMONTON, ALBERTA –November 29, 2011 – Ceapro Inc. (CZO TSX–V) (“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
- Launch of a new website reflecting Ceapro's innovation and focus on the personal care industry.
- Signing of a technical sales and distribution agreement with California based Ross Organic Specialty Sales to represent Ceapro's all natural line of products in the Western United States.
- Advancement in planning for the expansion of Ceapro's manufacturing capabilities.
Subsequent to quarter-end
- Appointment of Grant Thornton LLP as Ceapro's auditors as the partners and employees Stout & Company LLP have joined Grant Thornton.
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.
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
www.ceapro.com.
For more information contact:
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Branko Jankovic
Vice President and CFO
Ceapro Inc.
T (Edmonton): 780.917.8376
E: bjankovic@ceapro.com
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