NutraCea revealed yesterday (15 May) that its first quarter revenues declined by US$1.8m, or 47%, dropping to $2m.
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The company attributed the revenue shortfall to approximately $2.6m of purchases from three new customers that were not recognised during the reporting period due to timing of deliveries and product labelling issues.
Brad Edson, NutraCea president and CEO, said: “The first quarter timing issue was unfortunate, although not indicative of any shortage of demand for our product. In fact, we are seeing tremendous demand for our products from the large food companies and others that eagerly await the availability of supply of stabilised rice bran from our future plants to satisfy the burgeoning demand.”
NutraCea said that it expects to recognise this revenue in the second quarter.
Gross margin in the first quarter was $884,000, or 44%, compared to $1,682,000, or 45%, during the first quarter of last year.
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By GlobalDataFor the three months ended March 31, 2007, the company’s net loss was $247,000, compared to a net loss of $233,000 posted during the same period last year.
