Hofseth BioCare ASA had operating revenues of MNOK 25.5 in the third quarter of 2013 compared to MNOK 11.5 in the same period in 2012. Total operating expenses amounted to MNOK 29.1 (18) in the third quarter of 2013. Gross margin on sales ended at 58 per cent in the quarter.
Operating profit (EBIT) for the third quarter 2013 was negative MNOK 6.9 (MNOK minus 8.4). Depreciations amounted to MNOK 3.2 in the quarter. Ordinary depreciations for the corresponding period last year were MNOK 2.
EBITDA in the third quarter corrected for non-recurring costs was positive MNOK 3.3. Non-recurring costs of MNOK 6.9 was related to advisory and legal, inventory adjustments and closing agreements with former employees.
Total assets in Hofseth BioCare were MNOK 204.9 at the end of September 2013 (MNOK 178.5). Total equity amounted to MNOK 70.7 (MNOK 92.3) giving an equity ratio of 34 per cent (52 per cent).
- The third quarter has been exciting and we have reached all the goals we set ourselves before summer. Towards the end of the quarter, we have shown that high profitability in HBC is possible and the trend shows high margins on our products. The quarter is characterized by large non-recurring costs in connection with agreements entered into with former employees. Excluding these charges HBC delivered a positive EBITDA in the third quarter was NOK 3.3 million, says CEO of Hofseth BioCare, Jon Olav Ødegård.
For further information please contact:
Jon Olav Ødegård, CEO Hofseth BioCare ASA
Tel +47 936 32 966
E-mail: joo@h-bc.no
Øystein Omvik, CFO Hofseth BioCare ASA
Tel: +47 936 99 400
E-mail: oystein.omvik@h-bc.no
About Hofseth BioCare
Hofseth BioCare 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, Hofseth BioCare is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. HBCs 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.
