Aqua Bio Technology: Stable revenues, results affected by U.S. lawsuit
August 17 2016 - 2:09AM
Aqua Bio Technology ASA posted
strong revenues in the second quarter 2016, while the Company's
financial results were adversely affected by non-recurring costs
related to a lawsuit against ABT in the United States. A federal
court in New York has stayed the case against the Company, and
dismissed Access Business Group International LLC's demands for a
Temporary Restraining Order as well as the demands for a
Preliminary Injunction.
ABT had revenues of NOK 12.5 million in the second
quarter, up from NOK 9.0 million in the corresponding quarter of
last year. The first two quarters of 2016 saw the highest revenues
in company history.
EBITDA for the second quarter ended at NOK 0.6
million, down from last year's NOK 4.7 million. Earnings before
taxes came in at NOK -0.9 million against NOK 3.2 million last
year. The reduced profits were caused by costs related to the
lawsuit.
For the first half of 2016, ABT posted revenues of
NOK 25.1 million, up from NOK 18.1 million last year. EBITDA ended
at NOK 6.7 million against NOK 10.0 million for the first six
months of 2015. Earnings before taxes for the first half were NOK
3.7 million against NOK 7.3 million last year.
The legal complaint against ABT was filed by a
U.S. customer claiming breach of contract. The demand for action
against ABT was in two instances rejected by the court, which
referred the case to arbitration in London, as stipulated in the
original contract. Arbitration has been initiated. The contract
between the parties expired on 1 January 2016.
Aqua Bio Technology is currently preparing the
launch of several new ingredients for skin care products based on
third party technology. Safety and efficacy studies of the new
products are expected to be completed in the third quarter,
followed by market launches in the fourth quarter. ABT expects to
see revenues from the new products in 2017.
For further information, please
call Arvid Lindberg, CEO, telephone +47 9824 5410
Aqua Bio
Technology (ABT) has launched several cosmetic ingredients used in
skin care products globally. Skin care is the fastest growing
segment in the cosmetics industry, where ABT's ingredients have
established a foothold. In addition to ingredients from its own
technology, ABT also commercializes novel technologies/ingredients
for partners, for use in skin care products. Aqua Bio Technology is
listed on the Axess market of the Oslo Stock Exchange.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
Press release ABT Q2 2016
Presentation ABT Q2 2016
ABT report Q2 2016 in Norwegian
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aqua Bio Technology via Globenewswire
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