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November 23, 2015

United States

New Jersey—Epicore First Quarter 2016 Results

 

In the quarter ending September 30, 2015, Epicore BioNetworks, which designs, develops and manufactures innovative and environmentally responsible biotechnology products and animal feeds for shrimp farmers, revenues dropped to $2.1 million, 12% lower than the same period in 2014, ended a string of consecutive quarterly records. Early Mortality Syndrome (EMS) continues to afflict several shrimp producing regions, especially Southeast Asia.  The fear of EMS has made shrimp farmers highly cautious about stocking ponds, resulting in reduced sales for Epicore.

 

Financial highlights versus the prior year quarter:

 

• Revenue decreased 12% to $2.1 million from $2.3 million in last year’s Q1

• Gross profit decreased 10% to $1.2 million from $1.4 million

• Operating expenses increased by 10% to $0.9 million from $0.8 million

• Income before taxes decreased 37% to $0.4 million from $0.6 million

• Net income decreased 42% to $0.2 million from $0.4 million

• Shareholders’ equity increased 3% in the quarter to $8.4 million from $8.1 million

• Cash increased 22% in the quarter to $2.8 million from $2.3 million

• Cash flow from operations contributed $0.7 million in the quarter

• Gross profit decreased along with the decrease in revenues.

 

Information: William P. Long, Chief Executive Officer (phone 1-609-267-9118, email investors@epicorebionetworks.com, webpage http://epicorebionetworks.com).

 

Source: Nasdaq GlobeNewswire.  Epicore BioNetworks Inc. Reports Results for Quarter One Fiscal Year 2016/For the Quarter Ended 30 September 2015, in US Dollars.  November 12, 2015.

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