(United States Of America)
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 $2.6 million or $0.05 per share for the first quarter ended March 29, 2014 which includes a non-cash derivative liability expense of $0.3 million or $0.01 per share and facility commissioning costs of $0.3 million or $0.01 per share.
First Quarter Highlights:
-Commences production at acquired European production facility
-Shipped flax fiber to key customers
-Produced and shipped trial hemp quantities
-Adjusted EBITDA for Q1 was a loss of $1.3 million
This compares with nil sales and a net loss of $3.2 million or $0.08 per share for the first quarter of 2013 that includes a non-cash inventory impairment charge of $0.4 million. The Company's Adjusted EBITDA for the quarter was a loss of $1.3 million, a reduction of $0.4 million from first quarter 2013's Adjusted EBITDA loss of $1.7 million. For further information regarding Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to net loss, see non-GAAP Financial Measures below.
During the First Quarter, the Company began optimizing its European production facility purchased in December 2013 as it commenced production and shipped high quality CRAiLAR Flax fiber. The Company incurred $0.3 million of incremental costs to outsource certain production steps and to train new employees to boost the number of shifts. The Company also experienced production inefficiencies while the plant was undergoing modification.
The additional outsourcing costs were viewed as an investment to satisfy initial customer demand. The necessary equipment to bring the CRAiLAR process in-house is expected to be operational by the end of the second quarter. Once installed and ramped up, this equipment is expected to eliminate outsourcing costs. Additional equipment to provide energy, chemical and labor savings is scheduled to be installed and operational by the end of the third quarter.
"The first quarter was an exciting period for CRAiLAR as we began filling customer orders with the best fiber we have ever produced," stated Kenneth C. Barker, Chief Executive Officer. "Customer feedback continues to be very positive; our customers are increasing the blend levels of CRAiLAR in their products; and we are receiving 2015 order forecasts in excess of our current capacity. We are also excited by the hemp opportunity, a great fiber for denim and durable fabric applications."
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(United States Of America)
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