The RiceX Company (OTCBB:RICX) announced today that the year 2000 audit and annual report to Shareholders confirms a significant increase in Shareholder Equity on December 31, 2000.
RiceX reported a reduction in corporate debt from $11.2 million in 1998 to zero by the end of the year 2000. Concurrently, Shareholder equity improved from a negative $4.8 million in 1998 to a positive $2.5 million by 2000 year end.
Other notable improvements in the reports were: the reduction in S, G & A expenses from $5.1 million in 1998 to $2.1 million in 2000; and an increase in cash from operations from a negative $2.5 million to a positive $1.9 million during the same period.
Dan McPeak, Sr., Chairman and CEO of The RiceX Company, commented, “The overall improvement in our financial condition is a direct result of our emphasis on increasing our operating margins and reducing overhead expense. RiceX is now operating from a debt-free foundation, and has the opportunity to focus on our strategic plan for business development.”
Building on its success in 2000, the RiceX Company is now aggressively building business alliances in Central America, the U.S. premium pet food and animal feed sectors. The company expects to nearly double sales in 2001, and again in 2002.
The RiceX Company manufactures and distributes nutritionally dense foods and food ingredients made from its stabilized rice bran that add significant nutritional benefits to food and consumer products. The company believes it is the only company in the world that can deliver rice bran products derived from rice bran with the shelf life and nutritional profile demanded by most commercial users.
‘Safe harbor’ statements under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission.