Hofseth Biocare ASA: Fourth Quarter 2016 Financial Report

Hofseth BioCare had operating revenues of NOK 3.1m in the fourth quarter of 2016, compared to NOK 26.7m in the same quarter of 2015, whereas NOK 23m was gained from an insurance settlement in 2015. Total operating expenses amounted to NOK 21.6m (NOK 66.6m) in the period.
Operational profit (EBITDA) for the fourth quarter 2016 was negative by NOK 12.9m, compared to negative NOK 33.4m in 2015.
Total equity amounted to NOK 61.0m (NOK 32.5m) giving an equity ratio of 37.0% (16.8 %) for the group.
After completion of the recent Turnaround project, the Midsund plant has been reconstructed and is ramping up production with the new technology. The project included also significant cost reduction initiatives and recapitalization activities to build a stronger balance sheet and capital for the increased activity.
Please find HBC's fourth quarter financial report attached.
For further information, please contact:
Tor Erik Andersen, CEO of Hofseth BioCare ASA
Mob: +47 911 79 854
E-mail: tea@hofsethbiocare.no
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no
About Hofseth BioCare ASA:
HBC is a Norwegian biotech company that offers high-value ingredients and finished products for humans and pets. The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. HBC's objective is to contribute to the efficient use of marine resources and deliver quality products for ingredients and finished consumer products in the nutrition market.
Hofseth BioCare's headquarters are located in Ålesund, Norway with branches in Oslo, Chicago, Mumbai and Tokyo. HBC is listed on Oslo Stock Exchange Axess list with ticker "HBC". More information about Hofseth BioCare at www.hofsethbiocare.com and www.facebook.com/hofsethbiocare
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Q4 2016 Financial Report

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Source: Hofseth Biocare ASA via GlobeNewswire