First quarter results 2004

27.04.2004 - Nutri Pharma ASA (OSE: NUT) today announced that its loss for the first 3 months of 2004 was NOK 3.2 million compared to a profit of NOK 3.1 million in the first quarter of 2003. ....

Oslo, April 27, 2004

Nutri Pharma ASA (OSE: NUT) today announced that its loss for the first 3 months of 2004 was NOK 3.2 million compared to a profit of NOK 3.1 million in the first quarter of 2003. Revenues declined from NOK 6.7 million in the first quarter of 2003 to NOK 1.3 million in the first quarter of 2004. The decline in revenues is mainly due to an upfront payment related to a new licence agreement with Nycomed in Q1 2003, lower sales of Scan Diet™ in the US and the discontinuation of Nutriplan™ in Australia/New Zealand.

All figures in NOK 1000

 

 

 

 

INCOME STATEMENT

Q1 2004

Q1 2003

2003

2002

 

Total revenue

1 306

6 745

10 999

51263

Total operating expenses

4 690

7 468

31 867

132 155

Results of operations

-3 384

-723

-20 868

-80 892

Total financial income and expenses

160

3 834

10 348

14 307

Ordinary profit before taxes

-3 224

3 111

-10 520

-66 586

Tax on ordinary results

 

 

 

 

Results of the year

-3 224
-0.04

3 111
0.04

-10 520
-0.15

-66 586
-0.93



 

 

 

 

BALANCE SHEET

31.03.2004

31.12.2003

31.12.2002

 

 

Total long term assets

10 774

11 569

26 051

 

Total current assets

24 622

26 635

234 251

 

Total assets

35 396

38 204

260 301

 

Total equity

31 790

34 635

242 171

 

Total liabilities

3 606

3 569

18 130

 

Total equity and liabilities

35 396

38 204

260 301

 

 

As reported on June 25 2003, the Nutrition Partners joint venture was dissolved as of Jan 1 2003. The Q1 2003 financial reported announced on April 25 2003 have been restated to reflect this.



 

 

 

 

FIRST QUARTER 2004 ACCOUNTSNutri Pharma had total revenues of NOK 1.3 million in Q1 2004, down from NOK 6.7 million the previous year. The significant reduction in revenues is mainly due to an upfront payment related to a new licence agreement with Nycomed and lower sales of Scan Diet™ in the US and the discontinuation of Nutriplan™ in Australia/New Zealand. Royalty revenues declined from NOK 2.6 million in Q1 2003 to NOK 1.2 million in Q1 2004.Operating expenses were reduced from NOK 7.5 million to NOK 4.7 million. The operating result declined from a loss of NOK –0.7 million in Q1 2003 to a loss of NOK –3.4 million in Q1 2004. Interest income declined from NOK 3.8 million to NOK 0.2 million mainly as a result of the repayment of NOK 197.6 million to shareholders in December 2003. The net loss for Q1 2004 was NOK -3.2 million compared to a profit of NOK 3.1 million in Q1 2003.Cash and other liquid assets were NOK 23 million as of March 31 2004 compared to NOK 25.2 million as of December 31 2003.


COMMERCIAL UPDATENordic - Nutrilett®
Sales of Nutrilett® in the Nordic countries during Q1 2004 amounted to NOK 24.5 million compared to NOK 20 million in Q1 2003, an increase of 23%. As previously announced, Ferd Private Equity acquired the consumer health division of Nycomed, Collett Pharma AS, where Nutrilett is one of the core brands, in December 2003.Norway – Vita Hjertego
In September the Norwegian consumer goods company Mills DA (part of the Agra Group which is partly owned by Unilever) launched two new patés under its Vita brand containing plant oils, one of which also contains Abacor. The Vita brand is positioned as an active part of a cholesterol conscious diet. While sales are performing well, the product is a niche product in the small Norwegian market and has only generated limited royalty revenue for Nutri Pharma in Q1.UK – Burgen Cholessterol
In January 2004 Nutri Pharma entered into a 5 year licence agreement with Allied Bakeries, the leading bread manufacturer in the UK, for the use of Abacor® in its Burgen bread brand. The launch on January 28 included a cholesterol-lowering bread based on Nutri Pharma’s patented technology. The agreement with Allied Bakeries is the result of several years of product development work whereby Allied Bakeries and Nutri Pharma have worked together to solve taste, process and technological issues related to Abacor® in bread. As Burgen Cholessterol has only recently been made available in all major retailers in the UK, it is too early to comment on likelihood of success and long term sales volumes. However, as previously announced, the short term revenue impact for Nutri Pharma will be limited.US - Scan Diet™
Sales of Scan Diet™ amounted to USD 0.3 million in Q1, down from USD 1.1 million in Q1 2003. As the future for Scan Diet is uncertain, Nutri Pharma is exploring alternative strategies in the US market.


OUTLOOKNutri Pharma is working to capitalize on the recent commercial agreements and technological developments by actively pursuing additional commercial and strategic opportunities in the areas of cholesterol reduction (functional foods and dietary supplements), weight management and soy protein technology. In addition Nutri Pharma is also exploring the possibility of becoming involved in more parts of the value chain by delivering finished goods, including pursuing alternative sales channels such as direct marketing.The quarterly report is based on the same accounting principles as the latest published annual accounts and is in accordance with the Norwegian Accounting Standard for interim financial reporting.Oslo April 27, 2004


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Juyly 23, 2004  Presentation of Q2 2004
  
  
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