26th Apr 2012 07:00
PuriCore plc
Q1 2012 Interim Management Statement
Strong Revenue Growth Drives Profitability and Operational Cash FlowPuriCore (LSE: PURI), the water-based clean technology company, today issues its Interim Management Statement covering the period 1 January 2012 to 26 April 2012.
Q1 Financial Highlights (unaudited)
·; Sales up 29.2% (30.4% at constant currency) to $14.3 million (Q1 2011: $11.1 million)
§ Supermarket Retail sales up 60% to $7.4 million (Q1 2011: $4.6 million)
§ Endoscopy sales up 3% (5% at constant currency) to $6.6 million (Q1 2011: $6.4 million)
§ Wound Care sales up 218% to $0.4 million (Q1 2011: $0.1 million)
·; Operating expenses decreased 15%
·; EBITDA profitable across the company including in all business units
·; Strong operating cash flow positive
·; Cash as at 31 March 2012 of $6.3 million
Q1 Operational Highlights
·; Supermarket Retail: sales of approximately 420 Sterilox Fresh and FloraFresh Systems from existing and new customers
·; Endoscopy: recurring revenues up 12%, accounting for 70% of revenues; growth driven by increase spending by UK NHS
·; Wound Care: strong organic and distribution sales
·; R&D: received confirmation from the US EPA for Aqualox System to treat frac water; the University of Oxford received a £500,000 grant to study PuriCore's ActiVita Agricultural Solution from the Biotechnology and Biological Sciences Research Council (BBSRC)
Greg Bosch, Chief Executive Office, said:
"PuriCore delivered a robust sales performance and EBITDA profitability across the business and in each major division, which drove the Company to be operational cash flow positive for the second quarter in a row. This performance resulted from the strong order book for the US Supermarket Retail business at the start of the year, and the increased spending by the UK NHS during the quarter, typically the heaviest as it ends its fiscal year, and strong sales in Wound Care."
Business Report
Sales for the Company increased 29.2% to $14.2 million in the first quarter of 2012 (Q1 2011: $11.1 million), driving EBITDA profitability of each business unit. Continued robust Supermarket Retail sales drove revenues up 60%, including sales of 422 Sterilox Fresh and FloraFresh Systems in leading US national and regional retailers. The Company has installed more than 5,700 Systems in approximately 20% of the target market stores in the US and Canada. In the UK, increased NHS spending in its final fiscal quarter drove Q1 sales for this business up 3% (5% at constant currency). The strategy to increase recurring revenues, including rentals, chemistry, and consumables, continues to be successful with a 12% increase, accounting now for 70% of division sales. In the Wound Care business, sales, including distribution sales, significantly increased 218%.
PuriCore's continued its R&D investment in promising new applications and markets. Agriculture R&D continues for PuriCore's reformulated solution as a broad-spectrum fungicide, the Biotechnology and Biological Sciences Research Council (BBSRC) awarded a £500,000 research grant to The University of Oxford for the study of PuriCore's ActiVita Agricultural Solution. In addition, the US EPA confirmed the Aqualox System as an on-site generator of an oil and gas biocide to treat hydraulic fracturing (or frac) water.
PuriCore will host a conference call for investors and analysts today at 2.00 pm BST, and a recording will be available.
Enquiries:
FTI Consulting | +44 (0) 20 7831 3113 |
Susan Quigley / Victoria Foster Mitchell |
About PuriCore
PuriCore plc (LSE: PURI) is a water-based clean technology company focused on developing and commercialising proprietary green solutions that safely, effectively and naturally kill infectious pathogens without causing harm to human health or the environment. The Company's products are used in a broad range of markets that depend upon controlling contamination, including supermarket retail and foodservice, medical device disinfection, and wound care. The Company's technologies are proven to be safe, environmentally friendly, and fast acting against a broad range of infectious pathogens, including major public health threats of C.difficile, E.coli, HIV, Human and Animal Influenza (including H1N1 and H5N1), Legionella, MRSA, M.tuberculosis, Norovirus, and Salmonella. PuriCore is headquartered in Malvern, Pennsylvania, with operations in Stafford and Clevedon, UK.
To receive additional information on PuriCore, please visit our website at www.puricore.com, which does not form part of this press release.
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
All 2012 financials are unaudited.
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