Hofseth Biocare ASA: Fourth Quarter 2016 Financial Report
February 15 2017 - 10:30AM
Hofseth BioCare had
operating revenues of NOK 3.1m in the fourth quarter of 2016,
compared to NOK 26.7m in the same quarter of 2015, whereas NOK 23m
was gained from an insurance settlement in 2015. Total operating
expenses amounted to NOK 21.6m (NOK 66.6m) in the period.
Operational profit (EBITDA)
for the fourth quarter 2016 was negative by NOK 12.9m, compared to
negative NOK 33.4m in 2015.
Total equity amounted to NOK
61.0m (NOK 32.5m) giving an equity ratio of 37.0% (16.8 %) for the
group.
After completion of the
recent Turnaround project, the Midsund plant has been reconstructed
and is ramping up production with the new technology. The project
included also significant cost reduction initiatives and
recapitalization activities to build a stronger balance sheet and
capital for the increased activity.
Please find HBC's fourth
quarter financial report attached.
For further information, please contact:
Tor Erik Andersen, CEO of Hofseth BioCare ASA
Mob: +47 911 79 854
E-mail: tea@hofsethbiocare.no
Jon Olav Ødegård, CFO of
Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no
About Hofseth BioCare
ASA:
HBC 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, HBC is able to preserve the quality of
salmon oil, proteins and calcium, prepared of fresh salmon
off-cuts. HBC'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.
Hofseth BioCare's
headquarters are located in Ålesund, Norway with branches in Oslo,
Chicago, Mumbai and Tokyo. HBC is listed on Oslo Stock Exchange
Axess list with ticker "HBC". More information about Hofseth
BioCare at www.hofsethbiocare.com and
www.facebook.com/hofsethbiocare
This information is subject
of the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
Q4 2016 Financial Report
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Hofseth Biocare ASA via Globenewswire