ANI sees sales rise in 2001
ended September 30, 2001 and receipt of a $250,000 loan
Advanced Nutraceuticals Inc has announced its results for the year ended September 30, 2001 and receipt of a $250,000 loan.
Net sales for the year ended September 30, 2001 increased to $17.6 million, a $1.5 million increase over the 2000 sales of $16.1 million.
ANI's Bactolac Pharmaceutical subsidiary is a private label contract manufacturer of vitamins and supplements, while the ANI Pharmaceuticals unit is a contract and private label manufacturer of over-the-counter liquid and powder pharmaceutical products, primarily liquid stomach remedies.
Bactolac continued to show solid growth and profits, as new high-tech lab equipment, high speed manufacturing equipment, in-house thin film coating equipment and flexible packaging equipment resulted infaster product turn around times and greater control of the quality and production processes.
Such investments are also anticipated to enhanceBactolac's profitability in 2002 through expanded revenue opportunities and reduced reliance on out-sourced services.
ANI reported a net loss from continuing operations ofapproximately $(1.1) million compared to a net loss of approximately $(34,000) in 2000. Consolidated net income for the year totalled $165,000 compared to losses of $(4.1) million in 2000.
ANI also confirmed that it has received a $250,000 loan from a company, Cambridge Holdings, Ltd., that is affiliated with ANI's chairman, Greg Pusey. The note matures in one year,is convertible at the option of the holder into shares of ANI common stock at approximately $1.00 per share, and also includes a warrant to allow the holder to acquire 50,000 shares of ANI common stock at approximately $1.00 per share,through June 2004.
ANI anticipates using the proceeds of the loan asadditional working capital.