Enzymotec Ltd. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016
Enzymotec Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, net revenues increased 23.6% to $14.0 million from $11.3 million for the first quarter of 2015. The increase was primarily due to an increase of $1.4 million in InFat sales (proportionate consolidation method), an increase of $1.0 million in sales of VAYA Pharma products and increase of $0.7 million in sales of PS products, partially offset by decreased sales of krill products of $0.3 million. Adjusted EBITDA increased 2.2% to $2.74 million from $2.68 million for the first quarter of 2015. The increase was driven by an increase in the Adjusted EBITDA of the Nutrition segment of $1.2 million (as a result of increased revenues and increased gross profit margin) partially offset by a decrease in the Adjusted EBITDA of the VAYA Pharma segment of $1.1 million (as a result of increased operating expenses partially offset by increased revenues). Net income decreased to $1.4 million, or $0.06 per diluted share, from $1.7 million, or $0.08 per diluted share, for the first quarter last year. The decrease was primarily as a result of increased selling and marketing expenses and an increase in research and development expenses mainly in the VAYA Pharma segment as well as an increase of $0.3 million in share- based compensation expense, partially offset by the increase in net revenues and gross profit margin in both segments. Non-GAAP net income totaled $2.1 million, or $0.09 per diluted share, equal to the first quarter of 2015. Operating income was $1,349,000 against $1,651,000 a year ago. Income before taxes on income was $1,503,000 against $1,750,000 a year ago. Net cash provided by operating activities was $3,344,000 against $3,148,000 a year ago. Purchase of property, plant and equipment was $683,000 against $818,000 a year ago.