Ranaz Corporation (TSX-V: RNZ), a company specializing in the manufacturing and marketing of protein and dietary supplements, reported its results today for the fourth quarter and year ended December 31, 2007.
"We are very proud to have achieved our main objective for 2007, which was to deploy our new ProtiLife product line with retailers representing more than 4,000 sales outlets in Canada," stated Jean Bourassa-Marineau, President and founder of Ranaz. "We have since moved our focus to the US market, particularly to prepare for the launch of ProtiLife, as well as the growth of Bar Tech sales, which have exceeded our initial targets."
"Launching ProtiLife on the US market is a major move for the Company in terms of investment and sales growth potential, as it will enable us to rapidly quadruple our number of sales outlets. In light of this, and given the current slowdown in the American economy, we want to maximize our chances of success by launching ProtiLife on the US market at the most appropriate time, and by taking advantage of better manufacturing costs for our nutritional bars. We also plan to increase Bar Tech's manufacturing capacity this summer and transfer our bar manufacturing business to them, which will generate considerable savings. This being said, we are currently in discussion with major American retail chains, including the four largest pharmacy chains, in preparation for the ProtiLife launch," added Mr. Bourassa-Marineau.
Sales for the year ended December 31, 2007, rose 34% to $12.8 million from $9.6 million in 2006, primarily due to the launch of the new ProtiLife product line and growth in Protidiet product sales in the United States and Europe, somewhat offset by the higher Canadian dollar. Sales for the fourth quarter of 2007 were 48% higher than for the same period last year, at $3.1 million compared to $2.1 million.
The net loss for the year was $4.3 million or $0.139 per share, compared to a net loss of $0.3 million or $0.015 per share last year. For the fourth quarter, the Company posted a net loss of $1.6 million or $0.045 per share, compared to a net loss of $0.3 million or $0.017 per share a year ago. The higher loss was mainly due to costs associated with the launch of the ProtiLife product line in Canada, many of which are non-recurring. -- www.cnxmarketlink.com
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