PHOENIX, May 12 /PRNewswire-FirstCall/ -- NutraCea (OTC Bulletin Board: NTRZ), a world leader in stabilized rice bran (SRB), nutrient research and technology, today announced financial results for its first quarter ended March 31, 2008. Consolidated net revenues rose 155% to $5.1 million for the first quarter of 2008, compared to consolidated net revenues of $2.0 million for the first quarter of 2007. The $3.1 million increase was primarily due to a $860,000 increase in sales of products produced 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 February 19, 2008 through March 31, 2008.
The Company reported a net loss of $(6.8) million, or $(0.05) per share, compared to a net loss of $(247,000), or $0.00 per share for first quarter 2007. The loss was primarily due to a $4.5 million increase in operating expenses and a net decrease in Other Income and Expenses (net) of $1.4 million.
Sales, General and Administrative (SG&A) expenses were $5.2 million,
compared to SG&A of $2.3 million for the first quarter of 2007. This
increase was primarily due to expanded investment in personnel,
infrastructure and sales and marketing activities to meet anticipated
future demands. In the quarter we wrote down $390,000 in connection with a
doubtful note receivable. The Company's professional fees were $2.0 million
compared to $459,000 for the same quarter last year. These expenses were
primarily due to consulting and legal fees of approximately $621,000 in
connection with marketing and business development, SOX 404 activities, the
acquisition of Irgovel and our investment in PT Panganmas Inti Nusantara,
an Indonesian Company (PIN), made through our Medan LLC subsidiary. We also
incurred a $750,000 broker fee which included the estimated value of an
option to be issued related to our investment PIN. Of the $5.2 million in
SG&A during the quarter, approximately $
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