CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and a net loss of $3.2 million or $0.07 per share for the fourth quarter ended December 28, 2013, compared with nil sales and a net loss was $3.1 million or $0.07 per share for Q4 2012.
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and #
Fourth Quarter Highlights:
-Adjusted EBITDA for Q4 was a loss $1.2 million.
-Completes acquisition of European production facility.
-Receives $4.9 million funding from IKEA and Hydra Ventures (the corporate venture arm of adidas Group).
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and #
This quarter's loss included a $1.2 million write-down of feedstock inventory due to weather partially offset by a $0.4 million bargain purchase gain from the acquisition of its European production facility. Q4 2012 included a $0.6 million write-off of the Company's pilot scale decortication facility that was deemed not commercially viable and a $0.3 million write-off of seed inventory.
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and #
The Company's Adjusted EBITDA for the quarter was a loss of $1.2 million, a reduction of $0.3 million from Q4 2012's Adjusted EBITDA loss of $1.5 million. For further information regarding Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to net loss, see non-GAAP Financial Measures below.
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and #
During the fourth quarter of 2013, the Company completed the acquisition of a fiber dyeing facility in Belgium strategically located in Europe's flax growing region in a non-cash transaction through the assumption of $1.2 million of debt payable over five years.
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and #
The fiber dyeing facility currently has the necessary equipment to perform the ezymatic processing step and has the capacity to produce in excess of 280,000 pounds a week of CRAiLAR Flax fiber. Also, during the fourth quarter the Company received $4.9 million of funding from IKEA and Hydra Ventures (the corporate venture arm of the adidas Group AG.
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and #
The IKEA funding is a $3.0 million facility with a term of 30 months at a low interest rate and is designated for working capital and equipment. Along with the loan, IKEA signed a general supply agreement that provides for exclusivity in certain domestic textile categories and which requires minimum order quantities through 2022. The Hydra funding is a $1.9 million equity investment.
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and #
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and #
CRAiLAR Technologies