ASKER, NORWAY--(Marketwired - Aug 27, 2013) - Hofseth BioCare had operating revenues of NOK 7,928 thousand (NOK 6,564 thousand) in the second quarter of 2013. Total operating expenses amounted to NOK 18,630 thousand in the period compared to NOK 16,753 thousand in the second quarter 2012. Non recurring costs in the quarter amounted to NOK 1,000.
Operating profit (EBIT) for the second quarter 2013 was negative NOK 13,848 thousand (NOK minus 12,054 thousand). Depreciations amounted to NOK 3,146 thousand in the quarter. Ordinary depreciations for the corresponding period last year were NOK 1,865 thousand.
Net financial items in the second quarter were negative NOK 3,532 thousand (NOK minus 1,525 thousand). Results before tax ended at negative NOK 17,380 thousand in the period compared to a loss of NOK 13,579 thousand during second quarter 2012.
Cash flow from operations during the second quarter was negative by NOK 14,536 thousand compared to NOK negative 10,411 thousand in the same quarter last year. Cash flow from the financing activities amounts to NOK 23,283 thousand in the second quarter of 2013, compared to NOK 8,756 thousand in the second quarter of 2012.
Highlights from the second quarter:
- Improving quality and maintaining high yield after complete process evaluation. Further investments made to the Midsund production plant.
- First production and sales of encapsulated fresh salmon oil to the consumer market in the USA.
- The Danish Veterinary and Food Administration (DVFA), gives the company's Calcium from Salmon (Calgo) non-novel food status if the product is used in dietary supplements in the European Union.
- Completed private placement of NOK 22,56.
- Recurring sales of capsulated salmon oil resulted in positive EBITDA in June and a strong trend.
Please find the full report for the second quarter 2013 enclosed.
About Hofseth BioCare:
Hofseth BioCare is a Norwegian biomarine company with the key objective to provide high value added biomarine ingredients for human applications. The Company is founded on the core value of sustainability and optimal use of natural resources. Through innovative production technology and logistics, Hofseth BioCare is able to preserve the quality of protein, calcium and oil extracted from fish off-cuts. Products that previously could only be used as animal feed are now been made suitable for human consumption. HBCs objective is thus to contribute to efficient use of marine resources and entering the higher profit market of quality ingredients for human applications.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
HBC Second Quarter results 2013: http://hugin.info/149237/R/1725205/575242.pdf