The RiceX Company (OTCBB:RICX) announced yesterday that the company’s revenues for the second quarter of fiscal 2001 increased 77% to $1.7 million compared to $950 thousand for the second quarter of fiscal 2000. Pre-tax income increased 217% to $340 thousand compared to a loss of $290 thousand in the prior years’ second quarter.
For the six months ended June 30, 2001, revenues advanced 56% to $2.85 million resulting in pre-tax income of $251 thousand. This compares with fiscal year 2000 six month revenues of $1.83 million and a loss of $1.05 million.
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Commenting on the company’s performance, Daniel McPeak, Sr., Chairman and CEO of The RiceX Company, said, “We’ve achieved significant milestones this quarter. Our products are expanding geographically as evidenced by our Central American shipments of Rice Solubles, and our backlog has reached an all time high of several million dollars as market acceptance for our products expand resulting in both new geographic and product line opportunities for RiceX and its customers.”
The RiceX Company manufactures and distributes worldwide nutritionally dense foods and food ingredients made from its stabilized rice bran that add significant nutritional benefits to food and consumer products. The company believes it is the only company in the world that can deliver rice bran products derived from rice bran with the shelf life and nutritional profile demanded by most commercial and individual users.
This release contains forward looking statements, within the meaning of Section 27A of The Securities Act of 1933, and Section 21E of The Securities Exchange Act of 1934, that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission.
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