Neptune second quarter revenue increases 200% to $4,114,000

Neptune Technologies & Bioressources Inc. ("Neptune") (Nasdaq:NEPT) (TSX-V:NTB) today reports its consolidated financial results for the three and six-month periods ended August 31, 2010.

Three-month Period Ended May 31, 2010 Financial Results

Consolidated Results

• Revenue increased by 200% to $4,114,000 for the three-month period ended August 31, 2010, up from $1,371,000 achieved during the corresponding period ended August 31, 2009.
• Consolidated EBITDA for the three-month period ended August 31, 2010 amounted to $732,000, compared to negative $(1,634,000) obtained during the corresponding period ended August 31, 2009.
• Net earnings increased by $2,386,000 and net income reached $274,000, or $0.01 per share for the three-month period ended August 31, 2010, compared to a net loss of $(2,112,000), or $(0.06) per share, for the corresponding period ended August 31, 2009.

Nutraceutical Business Results

• Nutraceutical revenue increased by 204% to $4,109,000, for the three-month period ended August 31, 2010, up from $1,352,000 achieved during the corresponding period ended August 31, 2009.
• EBITDA from nutraceutical business for the three-month period ended August 31, 2010 amounted to $1,207,000, compared to a negative $(997,000) obtained during the corresponding period ended August 31, 2009.
• Earnings from nutraceutical business increased by $2,285,000 net income reached $794,000 for the three-month period ended August 31, 2010, compared to a net loss of $(1,491,000), for the corresponding period ended August 31, 2009.

Six-month Period Ended August 31, 2010 Financial Results

Consolidated Results

• Revenue increased by 95% to $8,276,000 for the six-month period ended August 31, 2010, up from $4,248,000 achieved during the corresponding period ended August 31, 2009.
• Consolidated EBITDA for the six-month period ended August 31, 2010 amounted to $1,408,000, compared to a negative $(1,917,000) obtained during the corresponding period ended August 31, 2009.
• Net earnings increased by $4,269,000 and net income reached $750,000, or $0.02 per share for the six-month period ended August 31, 2010, compared to a net loss of $(3,519,000), or $(0.09) per share, for the corresponding period ended August 31, 2009.

Nutraceutical Business Results

• Nutraceutical revenue increased by 96% to $8,266,000, for the six-month period ended August 31, 2010, up from $4,211,000 achieved during the corresponding period ended August 31, 2009.
• EBITDA from nutraceutical business for the six-month period ended August 31, 2010 was $2,303,000, compared to a negative $(962,000) obtained during the corresponding period ended August 31, 2010.
•  Earnings from nutraceutical business improved by $4,246,000 and net income reached $1,692,000 for the six-month period ended August 31, 2010, compared to a net loss of $(2,554,000), for the corresponding period ended August 31, 2009.

"We are extremely pleased with the profitability level reached during the first two quarters of the year and the progress we made in productivity since the plant capacity increase. However, we need to be careful when comparing this quarter results to last year corresponding figures while the production plant was ramping up from a plant shut down for the increase of its capacity," stated Xavier Harland, Director, Finance.

"Revenue growth and increased cash flow generated through our profitability represent another of Neptune's latest achievement which has contributed to amplified Neptune's recognition in the investment community," stated Andre Godin, Vice-President, Finance & Administration.

Update on Private Placement and Stock Options

Pursuant to its press release dated October 13, 2010, the Company confirms having met all final requirements of the TSX Venture Exchange (the "Exchange") in relation with the closing of a $2,646,500 non-brokered private placement realized through the offering of Neptune common shares at a price of $1.85 per share. 

The Company wants to precise that 27,027 options out of the 54,527 options previously announced, in partial payment to some intermediaries, will be issued at an exercise price of $2.15 per option, whereas the remaining 27,500 will be issued at an exercise price of $2.50 per option, each option expiring on the first anniversary date of their issuance.

Unless permitted under securities legislation and Exchange policies, each holder of securities issued thereof cannot trade its security before 4 months and a day after the distribution date of such security.

The Company also wants to inform its shareholders that the maximal number of options available for grant under the Company Stock Option Plan was reduced to 6,025,912 following its last shareholders' meeting, representing 15% of the 40,172,744 common shares issued and outstanding on the date the amended and restated Stock Option Plan was approved by its shareholders during at the Company's last shareholders meeting held on June 22, 2010.