NEPT PR this morning. Business better than expected and money coming in the door.
"Neptune Technologies provides a business update, stating it continues to see strength in business fundamentals (NEPT) :
•Neptune anticipates a positive net operating cash flow position for the third quarter ending November 30, 2015. The quarter-end nutraceutical cash balance is expected to be approximately $4.5 - $5.0 million, up from $3.4 million at the end of the second quarter ended August 31, 2015.
•The higher cash balance is due to the recent receipt of $1.3 million in Quebec Investment Tax Credits, along with $0.5 million in business interruption insurance recovery relating to the 2012 Sherbrooke plant incident.
•The Quebec Investment Tax Credits are for equipment purchased for manufacturing and processing at the Corporation's Sherbrooke plant in 2014. An additional $1.0 million investment tax credit is expected to be received in 2016.
•For the six-month period ending February 29, 2016 the Corporation anticipates to be in no less than a neutral cash flow position. This compares to a cash burn of $5.8 million for the six-month period ending August 31, 2015.
•Neptune's Sherbrooke plant has proven it can outperform the Corporation's internal target of 150 metric tons annually. For the months of September and October, the plant's output was equivalent to an annualized rate of 160 metric tons."
