BioNeutra Global Corporation Announces Financial Results for Ten-Month Period Ended December 31, 2014
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 04/30/15 -- BioNeutra Global Corporation ("BioNeutra" or the "Company") (CSE: BGA) is pleased to announce today its audited financial results for the ten- month period ended December 31, 2014. BioNeutra is a functional and health food ingredient manufacturer that uses its patented process to produce isomalto-oligosaccharide ("IMO") which it sells under its trademark VitaFiber™.
Highlights for the Ten-Month Period Ended December 31, 2014
Subsequent Events
Financial Summary for the Ten-Month Period Ended December 31, 2014
Revenue
Total sales for the ten-month period ended December 31, 2014 were $13,060,336, a 72% increase over sales of $7,577,334 for the twelve-month period ended February 28, 2014. This increase in revenue was a result of growing sales of VitaFiber™ to major functional and health food manufacturers who in turn experienced significant growth in their own global sales.
Gross Profit
The Company''s gross profit for the ten-month period ended December 31, 2014 was $5,891,181 on gross margins of 45%. This represents an increase of $2,314,292 from gross profit of $3,576,889 for the twelve-month period ended February 28, 2014.
Net Income
Increased sales combined with a steady gross margin percentage resulted in net income of $4,258,670 or $0.18 per share for the ten-month period ended December 31, 2014. This represents a greater than five-fold increase from net income of $678,856 for the twelve-month period ended February 28, 2014.
Financial Condition & Liquidity
At December 31, 2014, the Company had a cash balance of $2,084,687 and working capital of $3,976,934, as compared with $1,190,600 and $350,477 at February 28, 2014. The Company also has access to a $500,000 credit facility to assist with working capital needs; however, the Company had not drawn on this credit facility as of December 31, 2014.
Income Tax Recovery
As at December 31, 2014, the Company had Canadian tax losses with a tax benefit of $1,574,015. These losses may be carried forward and expire beginning in 2030. Deferred income tax assets have been recognized from the amalgamation of the Company''s subsidiaries which has provided loss carryforwards that the Company may use to offset taxable income in the future.
About BioNeutra
BioNeutra is in the business of research and development, production and commercialization of ingredients for nutraceutical, functional and mainstream foods and beverages, with a focus on oligosaccharides.
The Company''s lead commercial product, VitaFiber™, is an advanced functional and health food ingredient scientifically made from natural agricultural products. VitaFiber™ is naturally sweet and lower in calories than regular sugar. VitaFiber™ is also a natural source of dietary fiber as it provides low calorie soluble prebiotic fiber for human digestive health.
The Company produces VitaFiber™ using its patented process that naturally transforms starch molecules from local agriculture cereal crops including corn, wheat, barley, potato, and tapioca into the functional health molecules of isomalto-oligosaccharide ("IMO"). The VitaFiber™ manufacturing process is based upon a natural enzymatic conversion of starch molecules without any chemical modification involved, making VitaFiber™ a natural food ingredient. VitaFiber™ is also non-GMO, vegan-friendly, gluten-free, Kosher and Halal certified and available as certified organic.
The Company''s customers include a mix of small and medium enterprises (SMEs) and a number of high-profile food manufacturers in Canada, the United States, Europe, the United Kingdom, and Mexico. VitaFiber™ is also available for retail purchase across the globe through Amazon.com and other direct-to-consumer retailers. VitaFiber™ is FDA (GRAS) and European Food Safety Authority and Health Canada approved.
Further information about BioNeutra is available on the Company''s website at , the SEDAR website at and on the CSE website at .
Forward-Looking Information
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of BioNeutra. Forward-looking information is based on certain key expectations and assumptions made by the management of BioNeutra. Although BioNeutra believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because BioNeutra can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. BioNeutra disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable securities laws or any state of the United States and may not be offered or sold in the United States or to the account or benefit of a person in the United States absent an exemption from the registration requirements.
Contacts:
BioNeutra Global Corporation
Mr. Bill Smith
Chairman & Senior Vice President
(780) 466-1481 (Ext. 117)
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Datum: 30.04.2015 - 15:36 Uhr
Sprache: Deutsch
News-ID 1355645
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