NutraCea suffers $6.8 million loss
May 13, 2008
by Eric Schroeder
PHOENIX — NutraCea sustained a loss of $6,752,000 in the first quarter ended March 31, which compared with a loss of $247,000 in the same period a year ago.
Net sales totaled $5,111,000, up 155% from $1,997,000 in the first quarter of fiscal 2007. NutraCea attributed the rise in sales to an $860,000 increase in sales of products made in the United States, an increase of $17,000 in royalty revenues and $2.2 million in sales from the company’s Irgovel subsidiary in Brazil for the period Feb. 19 to March 31.
"The revenues that we reported for our first quarter were significantly higher year-over-year and slightly lower than we anticipated over the fourth quarter of 2007 as we purposely began to build inventory for product roll outs for new and existing customers that are expected to occur late in our third quarter and build into our fourth quarter," said Brad Edson, president and chief executive officer.
NutraCea said research and development expenses increased to $5,178,000 from $2,293,000.