News
Neptune reports results after "transformational transaction"
17 Aug 2017Neptune revenues for the first quarter reached $6.5 million, down from $11.8 million last year. Adjusted EBITDA was $0.6 million compared to $1.1 million in the prior year.
Neptune revenues for the first quarter reached $6.5 million, down from $11.8 million last year. Adjusted EBITDA was $0.6 million compared to $1.1 million in the prior year. The company reported a net loss of $1.2 million versus net income of $1.3 million in the prior year.
"Last week, we completed a significant and transformational transaction which will allow us to reposition the company into larger and higher growth industry segments,” said Jim Hamilton, President and Chief Executive Officer of Neptune. “The proceeds of US$34 million will be used for acquisitions, invested into innovative growth projects such as unique high value extraction and debt reduction. We continue to see the Solutions Business as an important platform for future growth based on a solid backlog and double digit growth prospects. We remain fully committed to our acquisition program with our areas of focus being specialty ingredients, brands and the solutions business." "With regards to our revenue for the quarter, it reflects the decline in revenue primarily from the krill oil business tied in large part to one large customer. We however envision at this point that our overall Solutions Business sales for this year will grow double digit vs prior year.”