Epicore BioNetworks Inc. Releases Preliminary Quarter 4 Results for Fiscal Year 2017

EASTAMPTON, New Jersey, July 27, 2017 /PRNewswire/ --

for the Quarter ended 30 June 2017, in US dollars

Epicore BioNetworks Inc. (TSXV: EBN) is providing an update on fourth quarter and fiscal year results. Revenue was $3.1 million and net income was $0.55 million or $0.02 per share for the quarter ended June 30, 2017. 

Historically, quarter four is a weaker sales period for the Company than other quarters. In fiscal 2017, Q4 was the strongest of the fiscal year and was particularly strong when compared to Q4 fiscal 2016. 

Unaudited fourth quarter revenue was $3.1 million versus $2.3 million in Q4 2016, a 37% increase. Revenue for the 2017 fiscal year was $11.5 million, 22% higher than fiscal 2016. Quarterly net income was $0.55 million or 337% higher than prior year Q4. Annual net income at $1.9 million was $0.7 million or 67% higher than prior fiscal year. Fourth quarter earnings before tax (EBT) were $0.9 million or 134% higher than prior year Q4. Annual EBT at $3.0 million was $1.2 million or 72% higher than prior fiscal year.  Taxes for the quarter increased by $0.1 million or 28% over prior year Q4. Taxes for the year increased by $0.5 million or 80% over prior fiscal year. Cash flow provided year-end cash of $4.6 million, a 33% increase.

The shrimp industry has continued to recover throughout the fiscal year and shrimp prices have slowly increased. Early mortality syndrome (EMS) disease still affects most of Southeast Asia and some areas in the Americas but the use of improved culturing systems, like raceways, has helped farmers start to recover from disease. But, with higher and steadily increasing shrimp prices farmers are more willing to try a crop. 

Epicore sales in Q4 and the fiscal year grew in most world business sectors with the largest increase in Latin America. The Company set sales records in every quarter of fiscal 2017.  Epicore's Ecuadorian subsidiary had strong and increasing sales throughout the year with the industry reporting record shrimp exports. Sales in the rest of Latin America also were strong except for Mexico, which has been hit hard with EMS. Most Asian countries also booked sales increases in Q4 and fiscal 2017.  Newer areas like Australia and Madagascar contributed strongly.  Our newest product, EPI-ALGAE, made impressive early sales.