After market hours on Thursday, January 17th, Neptune Technologies held an investor conference call to provide investors with a corporate update.
The call was hosted by Henri Harland, President & CEO of Neptune Technologies, Andre Godin, CFO & Michel Timperio, VP Global Sales.
Key highlights from the call include:
- More than $224,000 has been invested in the Neptune victim’s fund put in place in order to cover the payments of the affected employees’ salary during the period of November 8 to November 21, 2012, to answer some of the most urgent requests addressed by the victims’ family, including transportation to the hospitals and help for funeral expenses, and also to respond to certain long-term demands from the employees in need and their family.
- Announcement of Mr. Dominic Lebel, who recently joined our Company as Director, Industrialization. Mr. Lebel is an engineer cumulating more than 30 years of industrial experience. His appointment will further strengthen Neptune’s ability to execute its action plan and manage the reconstruction process.
- Currently expect reconstruction of the Sherbrooke plant to begin in March 2013. In the past, Neptune stated a general expectation that the new plant may be operational within a range of six to nine months from the announcement of our action plan, and at this point the company views a period of nine months as a more realistic timeframe.
- Neptune is actively pursuing partnerships with one or more strategic partners for the outsourcing of production for Neptune Krill Oil® products. Neptune has met and entered into confidentiality agreements with a few potential strategic partners and are considering various alternatives.
- As at November 30, 2012, Neptune’s working capital is $42.5 million and the cash on hand is slightly over $34 million.
- Neptune has received confirmation from its insurer that it will receive a first interim insurance payment of $6 million.
- To achieve the Company’s goals, immediately following the incident Neptune moved to secure as much krill oil products as possible. This was done partly from the limited inventory of krill oil products the company already had produced and stock that had been returned. The Company has also taken interim measures to meet clients’ demands in the short term through temporary arrangements that have allowed us to rebuild some inventory of krill oil products.
Neptune shares have begun trending higher during the past two weeks following a brief sell-off period. Investor sentiment in the company appears to have greatly improved as the company moves forward, beyond the explosion that crippled manufacturing operations in Canada.
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