| | | Ceapro earns $4.92-million in 2015
Ceapro Inc (C:CZO)
Shares Issued 62,635,821
Last Close 4/13/2016 $0.55
Thursday April 14 2016 - News Release
Mr. Gilles Gagnon reports
CEAPRO INC. REPORTS 2015 FINANCIAL RESULTS, BEST FINANCIAL YEAR IN COMPANY'S HISTORY
Ceapro Inc. has released its financial results for the 12 months ended Dec. 31, 2015. The Company's 2015 Financial Results reveal the best year in Ceapro's history.
Financial Highlights for the Full Year 2015
-- Highest full year revenue in Company's history; all main financial indicators exceeded the previous records set in 2014; -- Total sales of $10,667,000 for the full year 2015 compared to $8,890,000 in 2014, an increase of 20% year-over-year revenue performance; -- Record income from operations of $3,630,000 for the full year 2015 compared to $2,000,000 in 2014; -- Tax adjusted net profit of $4,922,000 or $0.08 per share for the full year 2015 compared to a net profit of $1,594,000 or $0.03 per share for 2014; and -- Cash flows generated from operations for the year ended December 31, 2015 of $3,982,000 compared to $2,135,000 in 2014.
"The continued year-over-year revenue performance of our high-value, de-risked base business in cosmeceuticals represents a significant achievement for Ceapro. In 2015, we delivered the best financial results, by a substantial margin, in Ceapro's history for a second year in a row, underscoring the effectiveness of our business strategy and enhanced unique competitive position," Gilles Gagnon, M.Sc., MBA, President and CEO of Ceapro, stated.
2015 Key Financial Highlights
-- Closed a non-brokered private placement of $960,000 under the form of convertible debenture; -- Signed a financing agreement with Agriculture Financial Services Corporation for a commercial financing of up to $900,000; -- Received a funding contribution of $800,000 from Alberta Innovates Bio Solutions for the scale-up of the PGX Technology at the commercial and demonstration level; -- Awarded a research grant from the National Research Council of Canada- Industrial Research Assistance Program (NRC-IRAP) for non-repayable funding contribution of up to a maximum of $350,000 for the design, implementation and testing of a demonstration skid for its proprietary PGX platform technology; and -- Strengthened the Company's balance sheet pursuant to debt settlement agreements with each Director and issued 273,540 common shares to fully settle the debt.
"We are enormously proud of ending the year with these results, despite a challenging economic environment, and credit it to our remarkable team who continues to rise to the challenge, the strength of our highly innovative projects and our gradual expansion into personal care markets worldwide," added Mr. Gagnon. "The success of our two pharmaceutical grade active ingredients, beta glucan and avenanthramides, affords us the opportunity to expand development into nutraceutical and pharmaceutical formulations and brings us another step closer to advance our long-term strategic vision and unlock shareholder value in both the near and long-term."
Financial Results for Twelve Month Period Ended December 31, 2015
-- Total revenue of $10,667,000 for the twelve-months ended December 31, 2015 respectively compared to $8,890,000 for the twelve-month period ended December 31, 2014, an increase of 20% primarily as a result of higher sales volumes of beta glucan in Asia. Total revenues were also positively impacted by a stronger U.S. dollar relative to the Canadian dollar. -- Net income before tax was $3,834,000 for the twelve months ended December 31, 2015 compared to a net income of $1,594,000 for the same period in 2014. -- Tax adjusted net profit amounts to $4,922,000 or $0.08 per share in 2015 compared to $1,594,000 or $0.03 per share in 2014. -- Research and Development investments of $625,000 for the twelve-month period ended December 31, 2015 compared to $578,000 in the 2014 period. -- General and Administration expenses of $2,519,000 for the twelve-months ended December 31, 2015 compared to $1,984,000 for the same period in 2014. The increase in G&A in 2015 compared to 2014 is mostly due to higher depreciation expense and higher share based compensation costs due to the granting of options to all employees at a time when the Company's share price was higher. Share based expense is an accounting charge that does not impact cash flows as no actual payment is made. Although it decreases net profit, it also increases the Company's equity component. -- Sales and Marketing expenses for the twelve-months ending December 31, 2015 of only $8,000 compared to $14,000 in 2014, due to the Company's sales strategy to sell mostly through a distribution network. -- As of December 31, 2015, the Company had cash and cash equivalents of $1,681,125 as compared to $272,845 as of December 31, 2014. |
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