Aqua Bio Technology ASA (Oslo Axess: ABT) today announced the second quarter
2014 financial results. Revenues were in line with the previous quarters, while
costs related to the legal dispute with the Company's US based partner Restorsea
had an adverse affect on the financial results.
"The dispute with Restorsea has been a strain on ABT. The case was irrevocably
settled in July. We are pleased that we now can move forward, and also
strengthen our partnership with Restorsea," said CEO Arvid Lindberg.
Aqua Bio Technology had revenues of NOK 5.2 million in the second quarter, which
is at par with the previous quarter, but down from the NOK 6.9 million revenue
of last year's second quarter. Operating costs were extraordinarily high in the
quarter, caused by costs related to the legal process. EBITDA ended at NOK -0.2
million, compared to NOK 2.8 million in the second quarter last year. ABT's net
result for the quarter was NOK -1.7 million, against NOK 1.5 million last year.
For the first half of 2014, ABT had revenues of NOK10.6 million, while revenues
in the first half last year were NOK 14.2 million. EBITDA came in at NOK 1.0
million for the first six months, against NOK 6.7 million last year. Net result
for the first half was NOK -2.1 million, against NOK 4.2 million in the first
half of 2013.
Aqua Bio Technology has adjusted its strategy. Going forward, the Company will
pursue a three-track strategy: support its two exclusivity partners in the
cosmetics industry, contributing to their commercial success. Secondly, in-
license and commercialize third party technologies. The final and new element in
the strategy is that ABT on the basis of its proprietary technology will explore
opportunities for developing ingredients for medical use.
Existing contracts provide ABT with a transparent revenue picture going forward.
As operating costs return to a normal level, the Company expects operations to
be profitable again. Technology in-licensing and sales of ingredients for
medical use hold income potentials in the longer term.
For further information, please call Arvid Lindberg, CEO, telephone
+47 9824 5410
Aqua Bio Technology (ABT) has launched several cosmetic ingredients used in skin
care products globally. The ingredients are based on the Company's unique,
marine technology with documented highly positive effects on the skin. Skin care
is the fastest growing segment in the cosmetics industry, where ABT's
ingredients have established a foothold. In addition to ingredients from its own
technology, ABT also commercializes technologies/ingredients for partners, for
use in novel skin care products. Aqua Bio Technology is listed on the Axess
market of the Oslo Stock Exchange.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1849889]
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