11/02/2018 | Press release | Distributed by Public on 11/02/2018 01:09
Hofseth BioCare had operating revenues of NOK 16.9m (27.9m) in the third quarter of 2018. Sales revenues for the first nine months of 2018 amounted to NOK 46.3m (39.8m).
Cost of Goods Sold (CoGS) amounted to NOK 14.3m (20.9m) in the period. Operational profit (EBITDA) for the third quarter 2018 was negative NOK 14.7m (6.3m).
Cash and cash equivalents increased by NOK 47.5m during the quarter, leaving total holding of cash and cash equivalents at NOK 58.0m by the end of the period.
In the third quarter of 2018, 932 tons of finished goods in total were manufactured at all HBC plants, including the capacity lease volumes, compared to 1,027 tons in the second quarter of 2018. HBC Berkåk produced 321 tons of finished products in the third quarter, including the capacity lease manufactured products, compared to 322.3 tons in the previous quarter.
HIGHLIGHTS IN THE THIRD QUARTER 2018
· Further improved yields and quality on CalGo® after installing a new processing line at the Midsund plant.
· Started product launch discussions for ProGo® and CalGo® finished products in the US. Product development started during summer and is ongoing together with customer.
· Increased customer activities after summer, resulting in high marketing and sales activities in USA and Asia
· HBC finalized the private placement and the subsequent offering and raised a total of approx. NOK 138m.
Please find the Third Quarter 2018 Financial Report attached.
For further information, please contact:
Roger Hofseth, CEO of Hofseth BioCare ASA
Mob: +47 95147941
E-mail: [email protected]
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Mob: +47 93632966
E-mail: [email protected]
About Hofseth BioCare ASA:
HBC is a Norwegian biotech company that offers high-value ingredients and finished products for humans and pets. The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. HBC's objective is to contribute to the efficient use of marine resources and deliver quality products for ingredients and finished consumer products in the nutrition market.
Hofseth BioCare's headquarters are located in Ålesund, Norway with branches in Oslo, Chicago, Mumbai and Tokyo. HBC is listed on Oslo Stock Exchange Axess list with ticker 'HBC'. More information about Hofseth BioCare at www.hofsethbiocare.com and www.facebook.com/hofsethbiocare
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.