NutraCea, a global leader in the production and marketing of value added products derived from rice bran, has announced its financial results for the second quarter and six month period ended June 30, 2011.
Financial Highlights for the Second Quarter Ended June 30, 2011:
- Consolidated Revenues increased 28.6% to $9.6 million;
- Bio-Refining revenues increased 62.3%;
- SRB segment revenues increased 13.1% after excluding 2010 revenues from our discontinued infant cereal product line;
- Gross profit increased 75.5% to $2.6 million; gross profit percentage improved to 26.8% versus 19.6% a year ago;
- Operating expenses decreased by 12.2%;
- Loss from operations improved by 46.9% and;
- Net loss attributable to NutraCea shareholders was $21,000.
W. John Short, Chief Executive Officer of NutraCea, stated, "During the first half of 2011 we continued our emphasis on increasing profitable sales and improving both gross profit dollars and gross profit margin while maintaining our focus on reducing operating expenses and driving the business toward positive cash flow and profitability in all business segments.
"Our decision in early 2010 to exit the low margin infant cereal business has also paid off. Sales of rice bran for human ingredient applications and animal feed have increased, though at a slower pace than Bio-Refining and not as fast as planned, and margins in the SRB segment continue to improve.
Consolidated revenues for the three months ended June 30, 2011 totalled $9.6 million, an increase of $2.1 million, or 28.6%, as compared to $7.5 million for the three months ended June 30, 2010.
Bio-Refining segment revenues increased 62.3% or $2.6 million to $6.8 million for the second quarter of 2011 as compared to $4.2 million for the same period in the previous year.