During the third quarter, Hofseth BioCare shipped the first containers of salmon oil to China according to the breakthrough agreement with Zhejiang Holley International. The company also reached important commercial milestones in other markets.
Hofseth BioCare ASA had operating revenues of NOK 16.6 million in the third quarter of 2015, compared to 1.7 million in the third quarter of 2014. EBITDA adjusted for one-off costs in the quarter was negative MNOK 8.4. Operating profit (EBIT) was negative NOK 15.7 million, compared to negative 13.9 million in the same quarter last year.
Cash flow from operations was negative NOK 8.0 million, compared to negative 4.3 million in the corresponding quarter last year.
"As witnessed by our financial numbers, we are now moving to a new phase. The major breakthrough in the quarter was commercial shipments to China. Our story about high-quality, pure products from cool, clear waters is truly resonating in China. The response has been overwhelming and is a great motivation for the entire team," said Jon Olav Ødegård, CEO of Hofseth BioCare ASA.
Hofseth BioCare also took important steps in other geographical markets:
The launch of Hofseth BioCare's fresh salmon oil with added vitamin K2, MenaQ7, from NattoPharma ASA, has been well received in the US market. The first customer to launch the combination product in the US is Purity Products.
HBC in August signed a contract with Fraser Cameron Healthcare for HBC's salmon protein ProGo. The contract covers the UK, extends over three years and is entered into via HBC's distributor, Aceto Health Ingredients.
Hofseth BioCare's partner in Finland, BioCare Finland, has successfully launched its product range in the biggest store chain in Finland.
Please see HBC's Q3 2015 report attached.
For further information, please contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: jon.olav.odegard@hofsethbiocare.no
Øystein Omvik, CFO of Hofseth BioCare ASA
Phone: +47 936 99 400
E-mail: oystein.omvik@hofsethbiocare.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. Hofseth BioCare`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.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
