13 Oct 2008 07:00
PuriCore plc Interim Management Statement
Third Quarter sales up 120%
MALVERN, PENNSYLVANIA, AND STAFFORD, UK, 13 October 2008 - PuriCore plc (LSE: PURI), the life sciences company focused on developing and commercialising proprietary, green solutions that safely, effectively, and naturally kill infectious pathogens, today issues an Interim Management Statement covering the three-month and nine-month periods ending 30 September 2008.
Financial Results
Q3 sales of $8.4 million (2007: $3.8 million), an increase of 120% (123% increase at constant currency)
Sales for the nine months ended 30 September of $27.9 million (2007: $13.8 million), an increase of 103% (104% increase at constant currency)
Q3 Operational Highlights
$8.6 million contract extension awarded from largest existing Sterilox Food Safety customer, a top-five US supermarket (announced 2 July)
$2.5 million contract extension awarded from another major Sterilox Food Safety customer (announced 30 July)
£8.4 million equity (gross) raised in a Placing and an Open Offer (announced 30 July and 22 August)
$9.7 million raised through issuance of debt (announced 1 October)
Outlook
PuriCore remains on track for significant top-line organic growth in 2008 and continuing improvement in margins. Additionally with tight operating expense controls in place, the Company anticipates operational leverage with costs being maintained below prior year levels for the full year.
Greg Bosch, Chief Executive of PuriCore, said:
"PuriCore continues its strong performance with record revenues in both our US Food Safety and UK Endoscopy businesses. Our focus on increasing revenue and controlling operating expenses combined with our recent successful equity and debt fund raisings strengthens our balance sheet and leaves us well-positioned to deliver our business plan."
| Enquiries: | |
| Ben Brewerton | Greg Bosch, CEO |
| Susan Quigley | Darren Weiss, VP Finance |
| Financial Dynamics | PuriCore |
| +44 (0) 20 7831 3113 | +1 484 321 2700 |
About PuriCore
PuriCore plc (LSE: PURI) is a life sciences company focused on developing and commercialising proprietary green solutions that safely, effectively, and naturally kill infectious pathogens without causing harm to human health or the environment. PuriCore targets markets that depend upon controlling contamination, including food safety in retail and foodservice, medical device disinfection, and wound therapy. The Company's patented, proprietary technology mimics the human body's production of the natural antimicrobial hypochlorous acid, which is highly effective in killing bacteria, viruses, and fungal spores, simply from water, common salt, and electricity. Hypochlorous acid is proven to be safe, environmentally friendly, and fast acting against a broad range of infectious pathogens, including major public health threats of M. tuberculosis, MRSA, E.coli, Norovirus, H5N1 Avian Influenza, HIV, Salmonella, Polio Virus, Helicobater pylori, and Legionella. PuriCore is headquartered in Malvern, Pennsylvania, with offices in Stafford, UK.
To receive additional information on PuriCore, please visit our website at www.puricore.com, which does not form part of this press release.
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
All 2008 financials are unaudited.