Neptune Technologies & Bioressources Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2014. For the quarter, the company reported net income of $74,000, versus a net loss of $10.4 million in the year ago quarter. Revenues were $4.7 million, up 4% from $4.5 million reported for the same period last year. Adjusted EBITDA was negative $4,315,000 for the current quarter, versus negative $5,912,000 in the prior year. The quarterly net income for the current quarter was derived by the nutraceutical gains, along with an increase in finance income attributable to the re-evaluation of the warrant liabilities related to Acasti's December 2013 public offering. Net loss attributable to the owners of the corporation was $1.33 million against $8.8 million a year ago. Basic and diluted loss per share was $0.02 against $0.14 a year ago. Revenues for the quarter were slightly higher than last year given that Neptune restarted its plant operations in the previous quarter, and despite being in a ramp-up period for most of the quarter, Neptune managed to complete the quarter at full capacity allowing the corporation to proceed with NKO shipments mainly towards the second half of the quarter. Loss from operating activities was $5.83 million against $10 million a year ago. Income before income taxes was $0.073 million against loss of $10.44 million a year ago. Cash flow used in operating activities was $8.89 million against $8.09 million a year ago. Acquisition of property, plant and equipment was $1.83 million against $4.27 million a year ago. Acquisition of intangible assets was $6,673 against negative of $66,843 a year ago.

For the nine months, the company reported revenues of $11,049,000 compared to $15,906,000 for the corresponding prior-year period. Adjusted EBITDA was negative $22,962,000 for the nine-month period ended November 30, 2014, versus negative $15,951,000 for the corresponding prior-year period. Net loss was $19,143,000 for the nine-month period ended November 30, 2014, versus a net loss of $20,910,000 in the corresponding prior-year period. Net loss attributable to the owners of the corporation was $18.74 million against $16.83 million a year ago. Basic and diluted loss per share was $0.25 against $0.28 a year ago. During the nine-month periods ended November 30, 2014, the operating activities generated a decrease in liquidities of $15,262, compared to a decrease of $15,293 for the corresponding nine-month period ended November 30, 2013. Cash flow used in operating activities was $15.71 million against $15.29 million a year ago. Acquisition of property, plant and equipment was $16.38 million against $7.53 million a year ago. Acquisition of intangible assets was $88,924 against $247,924 a year ago. The decrease in the cash flows from the operating activities for the nine-month period ended November 30, 2014 is mainly attributable to the higher loss from operating activities offset by the changes in non-cash operating working capital items, primarily by a large decrease in trade and other receivables of $11,015 offset by an increase in inventories of $6,225. Loss from operating activities was $28.29 million against $20.58 million a year ago. Loss before income taxes was $18.9 million against loss of $20.91 million a year ago.