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CRAiLAR begins generating revenue Q2 onwards
09
Aug '13
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber - The Friendliest Fiber On The Planet, reported sales of $0.2 million and a net loss of $3.0 million or $0.07 per share for the second quarter ended June 29, 2013.

This compares with no sales and a net loss of $1.4 million or $0.03 per share for Q2 2012. This quarter's loss includes expenses not present last year, such as interest of $0.5 million, depreciation of $0.3 million and an impairment loss of $0.5 million.  Absent these expenses, the Company's net loss would have been $1.7 million.

The Company's Adjusted EBITDA for the quarter was a loss of $1.3 million compared with a loss of $0.7 million for Q2 2012. For further information regarding Adjusted EBITDA, including a reconcilition of Adjusted EBITDA to net loss, see "Non-GAAP Financial Measures" below.

"Q2 2013 was another important milestone for the Company as we transitioned from a pre-revenue company to a revenue generating company," stated Ken Barker, CEO of CRAiLAR.  "We started shipping CRAiLAR Flax as our customers began integrating our fibers into their supply chain and we expect customer orders to accelerate in the coming quarters." Barker continued, "While we are pleased that revenues are starting to flow, we remain focused on improving our efficiency internally and managing third party resources effectively so that we can drive down production costs until we commission a fully integrated production facility."

Cash and cash equivalents at June 29, 2013 were $0.6 million, down from $2.9 million at December 31, 2012. The changes in cash equivalents resulted from $4.4 million of cash used in operations and $2.5 million of cash invested in property and equipment partially offset by $3.9 million of cash from financing activities through the issuance of $4.2 million of convertible debentures (net $3.7 million after expenses) and $0.2 million of common stock and exchange gains of $0.7 million.

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CRAiLAR Technologies

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