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May 28, 2013

United States

New Jersey—Epicore’s Sales Take a Hit from EMS

 

Epicore BioNetworks, which supplies shrimp hatchery feeds and pond bioremediation products to shrimp farmers around the world, saw its revenues for the third quarter 2013 drop to $1.5 million, down 4% from last year’s third quarter.  The shrimp aquaculture market has had a difficult year in fiscal 2013.  Early mortality syndrome in Asia has caused farm closures that continue to negatively impact Epicore’s sales.  Expected sales from new territories were delayed because of protracted regulatory approval processes.  Latin American pond sales were weaker in 2013 because of changes in import codes in one major market.

 

Compared to last year’s third quarter:

 

Gross profit decreased 7%.

Operating expenses increased 10%.

Net income decreased 74%.

Basic and diluted earnings per share decreased from $0.008 to $0.002.

EBITDA decreased 34%.

Shareholders’ equity increased 3%.

Cash increased from $1.4 to $1.5 million.

 

Demand for shrimp and shrimp prices have remained high, a good sign for future sales and revenues.

 

Two events that occurred after the close of Epicore’s third quarter (March 31, 2013) are worth mentioning:

 

First, Epicore has met the requirements for and has been granted Tier One status by the TSX Venture Exchange in Toronto, Canada.  This move up from Tier Two status reflects the evolving maturity of Epicore’s business.

 

Second, Epicore was recognized as the New Jersey member of the year by the World Trade Center of Greater Philadelphia at the WTCGP annual dinner.  The WTCGP has provided Epicore export advice and opened doors for Epicore in China [emphasis by Shrimp News].

 

Epicore is a public corporation with a registered office in Calgary, Alberta, Canada, with shares listed on the TSX Venture Exchange (symbol EBN).

 

Epicore in Vietnam: In March 2013, Epicore presented four aquaculture technical seminars in southern Vietnam.  One was to the fourth largest shrimp farm in the Mekong Delta, Fimex. The seminars, done in conjunction with Epicore’s Vietnamese farm distributor O.P.S. Company, Ltd., directly reached over 70 farmers.  Information was presented on the latest status of early mortality syndrome and on possible alternatives to avoid the disease such as implementing a raceway model used in Mexico.

 

Information: William Long, Chief Executive Officer, Epicore BioNetworks, Inc., 4 Lina Lane, Easthampton, New Jersey 08060, USA (phone 1-609-267-9118, email information@epicorebionetworks.com, webpage http://www.epicorebionetworks.com).

 

Sources: 1. MSN/Money.  Epicore BioNetworks, Inc., Quarter Three Fiscal Year 2013.  May 24, 2013.  2. Epicore BioNetworks’ Webpage.  May 28, 2013.

 

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