LAVAL, QC, Oct. 10 /PRNewswire-FirstCall/ - Neptune Technologies & Bioressources Inc. ("Neptune") (NASDAQ.NEPT - TSX.V.NTB) today announced financial results for the fiscal 2009 first quarter ended August 31, 2008.
Total revenue for the three-month period ended August 31, 2008 was $2,366,000 compared to $2,085,000 for the first quarter ended August 31, 2007, representing an increase of 13.5%.
The Company substantially decreased its net loss by 43% to $599,000, or $0.016 per share, for the three-month period ended August 31, 2008, compared to a net loss of $1,051,000, or $0.029 per share, for the three-month period ended August 31, 2007. Excluding non-monetary items, stock option based compensation and amortization, Neptune would have generated a profit of $344,000 for the three-month period ended August 31, 2008.
Neptune continues to generate positive cash flow during the three months ended August 31, 2008 and the Company's cash, cash equivalents and short-term deposits amounted to $2,151,000 on August 31, 2008. In addition, the Company announced recently that it successfully completed a $2,750,000 debenture financing to be used to support the achievement of several value-creating development and commercialization milestones of Acasti Pharma, its pharmaceutical subsidiary.
Neptune researches and develops proprietary bioactive ingredients and
products for nutraceutical and pharmaceutical applications and is carrying
out clinical research to show the therapeutic benefits in various medical
indications. The Company patents and protects its innovations and
continuously expands its intellectual property portfolio. Neptune has
already obtained many regulatory approvals allowing commercialization of
its products in various geographic markets and has filed for and is
expecting additional approvals. Neptune continues to strongly support its
strategic development plan to form partnership with worldwide leaders in
|SOURCE NEPTUNE TECHNOLOGIES & BIORESSOURCES INC.|
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