Probiotec Limited Announces Audited Consolidated Earnings Results for the Half Year Ended December 31, 2011; Provides Earnings Guidance for the Second Half and First Year of 2012
February 23, 2012 at 10:07 pm
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Probiotec Limited announced audited consolidated earnings results for the half year ended December 31, 2011. For the half year, the company reported sales revenue from continuing operations of AUD 34,134,069 against AUD 35,054,882 for the same period a year ago. Profit from continuing activities before income tax expense was AUD 3,841,845 against AUD 2,239,311 for the same period a year ago. Profit for the period attributable to members of the parent entity from continuing activities was AUD 3,035,915 or 5.74 cents basic and diluted per share against AUD 2,176,727 or 4.11 cents diluted per share for the same period a year ago. Profit for the period attributable to members of the parent entity was AUD 2,671,067 or 5.05 cents basic and diluted per share against AUD 1,018,046 or 1.92 cents diluted per share for the same period a year ago. Net cash provided by operating activities were AUD 220,921 against AUD 2,918,692 for the same period a year ago. Payments for property, plant and equipment were AUD 810,604 against AUD 1,328,457 for the same period a year ago. Earnings before interest, tax, depreciation & amortization (EBITDA) were AUD 6,597,000 against AUD 3,888,000 up 69.7%. Earnings before interest and tax (EBIT) were AUD 4,694,000 up 107.9%. EBITDA from continuing operations was AUD 4,297,000 against AUD 5,047,000 for the same period a year ago. The result for the half year was also positively influenced by the sale of the Milton brand and associated business assets as announced on December 1, 2011.
The company provides earnings guidance for the second half and first year of 2012. The board is confident that, in the second half of the current financial year to June 30, 2012, the Group will achieve a net profit after tax from continuing operations in excess of that achieved for the first half of the current financial year. Beyond the current financial year, the board expects to achieve a continued improvement in earnings driven by the full impact of the strategic review initiatives being felt together with continuing growth in the Group's established pharmaceutical ranges, growth in contract manufacturing activities and several new projects coming on line.
The re-establishment of the ADP plant is scheduled to be ready for commercial operation in the second quarter of fiscal year 2013 and, once operational, is forecast to generate EBITDA of AUD 1.8 million in its first year of full operation, increasing to AUD 4.0 million in future years.
Probiotec Limited is an Australia-based manufacturer, packer and distributor of a range of prescription and over the counter (OTC) pharmaceuticals, complementary medicines, consumer health products, and fast-moving consumer goods (FMCG). The Company owns approximately six manufacturing facilities in Australia and distributes its products both domestically and internationally. It offers full-service contract manufacturing and packing. The Company manufactures products on behalf of a range of clients, including international pharmaceutical companies. The Company services blue-chip manufacturers, multinational FMCG companies, local manufacturers and brand custodians. All types of FMCG products are packed or handled, such as canned food, alcohol, tea and coffee, dairy and frozen foods, sauces and condiments, and bottled water. Its subsidiaries include Probiotec Pharmaceuticals Pty Ltd, Probiotec Pharma Pty Ltd, Multipack-LJM Pty Ltd, LJM (NSW) Pty Ltd and HH Packaging Pty Ltd.
Probiotec Limited Announces Audited Consolidated Earnings Results for the Half Year Ended December 31, 2011; Provides Earnings Guidance for the Second Half and First Year of 2012