Aqua Bio Technology ASA (Oslo Axess: ABT) today announced the third quarter
2014 financial results. The Company improved both revenues and profitability
compared to last year.
Aqua Bio Technology had revenues of NOK 6.7 million in the third quarter, which
is an increase from last year's NOK 4.8 million.The Company's EBITDA doubled
from NOK 1.8 million to NOK 3.6 million in this year's third quarter. This
corresponds to an EBITDA margin of 54 per cent.
Non-recurring costs related to a lawsuit in the U.S. affected the operating
costs also in the third quarter. However, other operating costs were reduced,
placing overall operating costs at par with last year's third quarter. ABT's net
profit ended at NOK 2.1 million in the third quarter compared to NOK 0.6 million
in the corresponding quarter last year.
For the first nine months of 2014, ABT had revenues of NOK 17.3 million, against
NOK 19.0 last year. Net profit for the first nine months ended slightly in the
black (NOK 0.0 million), while net profit in the corresponding period last year
was NOK 4.9 million.
The financial results have throughout 2014 been significantly affected by the
legal dispute in the U.S. where ABT's exclusivity partner Restorsea filed a
complaint against the Company. The matter was irrevocably settled in the third
quarter. The settlement included a continued cooperation between Restorsea and
ABT, and a continuation of the previously agreed payments from Restorsea until
2017.
ABT's existing contracts secure a significant and predictable revenue stream
going forward. The Company expects the cooperation with its partners in the
cosmetics industry to generate profitability. ABT is also looking to in-license
technologies from third parties as well as to explore the possibilities of
developing ingredients for medical use.
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 ingredient, based on the Company's unique, marine
technology and other technologies, have documented 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#1874364]
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