Neptune Technologies (NEPT) Reports Q3 EPS of $12.3M, Up 122%

Neptune Technologies (NASDAQ: NEPT) reported Q3 revenue for the quarter came in at $12.3 million, up 122% from the $5.5 million reported last year.

• EBITDA(2) of $1.3 million compared to a non-IFRS operating loss(2) of $0.6 million last year, an improvement of $1.9 million
• Net income of $11.2 million which includes a one-time royalty payment net of related legal fees

Jim Hamilton, Neptune's President and CEO commented, "For the third quarter, we're excited to announce our best quarter ever. This quarter also marked significant year over year, as well as sequential, revenue growth. Additionally, we are pleased to have reported a settlement agreement during the quarter ending all litigation with Aker Biomarine, proceeds from which we will see over the next 12 months."

The specialty ingredients and Biodroga turnkey solutions businesses both performed well with more than 20% organic growth. In the specialty ingredients business, the addition of new customers and repeat sales at higher volumes from our existing customer base occurred. In the turnkey solutions business, an operational study has been completed and a new structure and operating processes to capitalize on great potential demand is now being implemented. Our objective is to grow this area by an average of 20% annually moving forward. Moreover, new revenues from NKA, our feed ingredient product, as well as from MaxSimil were recorded.

"To reflect the change in our fiscal year-end, which will be comprised of 13 months, we now anticipate Fiscal 2017 revenues, excluding the settlement royalty with Aker Biomarine of $13.1 million, at approximately $48 million (from prior guidance of $45 million) and continue to anticipate double-digit Adjusted EBITDA margin," concluded Mr. Hamilton.

For earnings history and earnings-related data on Neptune Technologies (NEPT) click here.

You May Also Be Interested In

• Google (GOOGL) Makes Structural Changes to AI Teams to Quicken Progress: CEO
• Iridium Communications (IRDM) Reports In-Line Q1 EPS; offers outlook
• Marsh & McLennan (MMC) Tops Q1 EPS by 9c