NutraCea, which through its subsidiary RiceX manufactures and distributes products and food ingredients made from Rice Bran, has posted a reduced net loss for the final quarter of 2005 of US$153,000, against a net loss of $2.23m in the corresponding period in 2004.
Gross revenues for the fourth quarter of 2005 surged by 700% to US$4.5m. The improved revenues and financial performance for the quarter was attributed to the company’s merger with RiceX and the successful launch of its products into the infomercial market segment.
In addition to the reduced net loss, NutraCea also reported positive earnings before interest, taxes, depreciation and amortisation (EBITDA) of $379,000 for the fourth quarter of 2005 compared to a negative EBITDA of $2.24m in the fourth quarter of 2004.
Revenues for the full year 2005 rose 355% to $5.56m, buoyed by a revenue contribution of $1.1m from the RiceX merger. NutraCea reported a loss of $3.88m for the year, against a loss of $23.58m in 2004.
Brad Edson, president and CEO of NutraCea, said: “The dramatic improvement in revenues and operating results in the fourth quarter 2005 is attributed to the growing acceptance of NutraCea’s products made from our proprietary stabilised rice bran technology and successful launch and distribution of several of our proprietary products that are made using NutraCea’s exclusive all natural two-stage manufacturing process.”