Hofseth Biocare ASA: HBC Second Quarter 2017 Financial report

Hofseth BioCare ASA (HBC) had operating revenues of NOK 64.2m (13.5m) in the first half of 2017 and EBITDA of NOK 23.4m (negative 64.4m). Equity ratio was 43.5% (negative 14.9%).
In the second quarter, HBC had operating revenues of NOK 5.5m (8.2m) and total operating expenses amounted to NOK 23.9m (55.6m). Operational profit (EBITDA) for the second quarter 2017 was negative NOK 13.3m (negative NOK 43.2m).
During the second quarter of 2017, HBC published a new study together with the Norwegian School of Sport Sciences, called "A Randomized, Double-Blinded Cross-Over Study Comparing Increase in Blood Leucine Levels after Ingestion of Hydrolyzed Salmon and Whey Proteins in Healthy Young Men". The study shows a 15 min faster time to peak blood concentration of leucine after ingestion of ProGo(TM) compared to whey protein.
Production of the new PetGo(TM) started in the second quarter and first commercial volumes ready for shipment in the third quarter.
HBC also signed an agreement for utilizing the spray-drying capacity at the Berkåk plant. It is expected that during the third quarter, the capacity utilization will be 90 per cent.
On August 14th, Mr. Roger Hofseth elected new CEO and continues as Chairman of the Board.
Higher activity throughout summer, shows that pet food and feed contracts will increase revenues and cash flow in the second half of 2017.
For further information, please contact:
Roger Hofseth, Chairman and CEO of Hofseth BioCare ASA
Mob: +47 95147941
E-mail: rh@hofseth-as.no
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Mob: +47 93632966
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 to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
HBC - Q2 2017 Financial Report