Enzymotec Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for 2016
For nine months, net revenues were $37,112,000 against $37,122,000 a year ago. Operating income was $966,000 against $5,039,000 a year ago. Income before taxes on income was $1,357,000 against $5,558,000 a year ago. Net income was $1,291,000 against $5,548,000 a year ago. Earnings per basic and diluted share were $0.06 against earnings of $0.24 per diluted share a year ago. Net cash provided by operating activities was $2,111,000 against $9,825,000 a year ago. Purchase of property, plant and equipment was $1,459,000 against $2,218,000 a year ago. Adjusted EBITDA was $5,592,000 against $8,293,000 a year ago. Non-GAAP net income was $3,539,000 against $6,766,000 a year ago. Non-GAAP diluted EPS was $0.15 against $0.29 a year ago.
For the full fiscal year 2016, the company provides the updates to guidance: Net revenues of between $47.5 million and $49.5 million; Net revenues, based on the proportionate consolidation method that is used for segment reporting, of between $61 million and $63 million; Non-GAAP net income of between $4 million and $4.5 million; Non-GAAP diluted earnings per share (EPS) of between $0.17 and $0.19. The revised full year guidance primarily reflects the destocking during the third quarter by wholesalers in VAYA Pharma as well as a slower than expected sales ramp in the business for the remainder of the year. In addition, the bioactive division continued to negatively impact revenue during the third quarter leading into the fourth quarter as the krill oil industry remains burdened with overcapacity that has driven heavy price competition.