The Conversation (0)
Ceapro released their financial report for the first quarter of 2017 and gave a corporate update to shareholders.
Ceapro (TSXV:CZO) released their financial report for the first quarter of 2017 and gave a corporate update to shareholders.
As quoted in the press release:
Financial Highlights for the First Quarter 2017
- Total sales of $3,183,000 for the quarter ended March 31, 2017 compared to $4,064,000 in Q1 2016;
- Gross margin of $1,711,000 for the quarter ended March 31, 2017 compared to $2,834,000 in Q1 2016;
- Income from operations of $193,000 for the quarter ended March 31, 2017 compared to $1,910,000 in Q1 2016;
- Net profit after tax of $18,000 for the quarter ended March 31, 2017 compared to a net profit after taxes of $1,213,000 for Q1 2016; and
- Strong balance sheet including an equity position of $23,138,000 as of March 31, 2017 compared to $9,156,000 for the same period in 2016.
“The results from the first quarter in 2017 were achieved during the peak of a transitional period to a new production facility. Now that the transition is near completion and all required permits have been obtained from various jurisdictions, we can implement our vision to expand into the nutraceuticals and pharmaceuticals sectors. I believe that our non-traditional business model for a biotech company, consisting of a de-risked profitable biomanufacturing platform, combined with our strong cash position resulting from the latest financing, will enable us to significantly invest into the development of our two value drivers, beta glucan and avenanthramides, as a cholesterol reducer and anti-inflammatory respectively,” stated Gilles Gagnon, M.Sc., MBA, President and CEO of Ceapro.
Click here to read the full press release.
Source: www.marketwired.com