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NutraCea Announces Third Quarter 2008 Financial Results
Date:11/7/2008

the end of first quarter 2009 which would give us a total annual capacity of 115,000 tons. Based on existing results this would produce a corresponding increase in gross and net revenue of at least 60%. We also anticipate that our proprietary and new patent filed technology will have been installed and operating when this additional capacity comes on line. When fully operational, we believe this could additionally more than double the estimated level of profitability of Irgovel for each quarter going forward. Further, we are moving forward with another planned expansion which is currently estimated to increase the Irgovel annual capacity to over 200,000 tons by the first quarter 2010. "

Nine Month Results

For the first nine months of 2008 the Company's net revenues increased 60% to $26.5 million compared with revenues of $16.5 million for the first nine months of 2007. This $10.0 million increase is attributable to $16.2 million in sales contributed by our Irgovel segment, offset by a $2.7 million decline in product sales and a net decline of $5.0 million of license fee revenues by our NutraCea segment.

The Company's net loss for the first nine months of 2008 totaled $17.4 million, or ($0.12) per share, compared with a net loss of $3.0 million, or ($0.02) per share, in the same period of 2007. The $14.4 million net loss increase for the nine month period was primarily due to the $4.2 million decrease in gross profits, a $6.5 million increase in operating expenses and a $3.7 million net increase in other expenses and income taxes.

Sales, General and Administrative expenses for the first nine months of 2008 were $17.5 million, compared to SG&A expenses of $12.5 million for the first nine months of 2007. This increase is due to a $2.5 million, or 20%, increase in our NutraCea segment to expand investment in personnel, infrastructure, and sales and marketing activities to meet anticipated future demands and $2.5 million of SG&A from our Irgov
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SOURCE NutraCea
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