Hofseth BioCare had operating revenues of NOK 1,562 thousand in the first quarter 2012, an increase from about NOK 434 thousand in the corresponding period last year. The revenues are mainly from sale of animal feed. The company has carried out testing and adjustments of the production equipment during the quarter, activities which have affected the production and sales volumes.
The company reports an EBITDA of NOK -13,763 thousand, compared to NOK -4,474 thousand in the first quarter of 2011. There was not commercial production in the first quarter 2011.
During the quarter, Hofseth BioCare reached an important milestone when the company successfully proved its ability to full scale manufacture human nutrition quality SPH (Soluble Protein Hydrolisates).
The company received its first US order for the delivery of the branded omega-3 oil platform for human consumption; "omeGo", based on an agreement with the US company MRM.
Further, the company entered into a distribution agreement with the Chinese company Novosana in the end of February. The agreement gives Novosana an exclusive right to distribute Hofseth BioCare's products to the dietary supplement and human nutrition market in China.
In the end of March, Hofseth BioCare entered into an agreement to acquire Tine's spray dryer at Beråk. Drying is a critical part of the production process and the acquisition is therefore crucial to give Hofseth BioCare full control of protein production process.
Please find the full quarterly report enclosed.
For further information please contact:
Sjur Jenssen, CEO Hofseth BioCare ASA
Telephone: +47 9155 3514
E-post: sj@h-bc.no
About Hofseth BioCare:
Hofseth BioCare is a Norwegian biomarine company with the key objective to provide high value added biomarine ingredients for human applications. The Company is founded on the core value of sustainability and optimal use of natural resources. Through innovative production technology and logistics, Hofseth BioCare is able to preserve the quality of protein, calcium and oil extracted from fish off-cuts. Products that previously could only be used as animal feed can now be made suitable for human consumption. HBCs objective is thus to contribute to efficient use of marine resources and entering the higher profit market of quality ingredients for human applications.