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Cereplast announces first quarter 2010 Results

May 13/2010

EL SEGUNDO (Cereplast) -- Cereplast, a leading manufacturer of proprietary bio-based, sustainable plastics, today announced its financial results for the first quarter ended March 31, 2010.

 

Revenue for the first quarter ended March 31, 2010, totaled $319,217 compared to $564,383 a year ago. The sales decrease for the period was due to the temporary closure of the Company's factory as it moved its operations from California to its new production facility in Seymour, Indiana. The decrease was partially offset by an increase in order from both existing and new customers.

 

Gross profit decreased by $6,204, or 6.4%, to $91,566 for the three months ended March 31, 2010, compared to gross profit of $97,770 for the three months ended March 31, 2009. As a percentage of net sales, gross profit margin increased to 31.6% for the three months ended March 31, 2010 from 17.4% for the three months ended March 31, 2009. The increase in gross margin is attributable to lower cost of sales tied to decreases in raw materials costs, and improvements in manufacturing operations and cost savings at the Company's new facility in Seymour, Indiana.

 

Total operating expenses for the three months ended March 31, 2010 decreased by $705,627, or 31.2%, to $1,556,717 compared to total operating expenses of $2,262,344 for the three months ended March 31, 2009. The decrease for the period is largely attributable to a reduction in salary and wages and in the value of stock-based compensation as a result of a smaller workforce, as well as a decrease in marketing expenses, professional fees, rent expense, and research and development costs.

 

Net loss for the first quarter of 2010 decreased by $508,961, or 23.2% to $1,684,594 compared to a net loss of $2,193,555 for the same period a year ago. The decrease in net loss was a result of reduced operating expenses associated with downsizing of the Company's workforce and leveraging staff resources, improved processes and cost controls, and rigorous market and customer selection as well as enhanced gross profit margins.

 

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Cereplast announces first quarter 2010 Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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