Strong first quarter for RiceX
rice bran, has posted a 20 per cent increase in first quarter
sales, in turn boosting profits by more than 400 per cent.
The RiceX Company, the US producer of nutrient-dense stabilised rice bran, has posted a 20 per cent increase in first quarter sales, in turn boosting profits by more than 400 per cent.
Sales for the first quarter were $1.418 million, a 20.7 per cent increase over the $1.175 million for the first quarter of fiscal 2001, while pre-tax profits reached $337,000 compared to losses of $90,000 a year earlier.
The figures set new first quarter revenue and net income records for the RiceX Company, and mark four consecutive years of first quarter revenue and income increases.
"Last year was a banner year for RiceX and our first quarter results point to continued success in 2002," said Daniel McPeak, chairman and CEO of the RiceX Company. "Domestically and internationally, awareness of the nutritional and health benefits of stabilised rice bran is increasing. RiceX is poised to take advantage of rapid growth in demand."
Todd Crow, chief financial officer, added that the company expected to continue to grow this year as a result of its fledgling Central American business expands.
The company announced that it had been issued two patents describing the treatment of diabetes using RiceX-produced stabilised rice bran products. A double-blind, peer-reviewed study published in the March issue of the Journal of Nutritional Bichemistry found that supplementing the diet with products derived from stabilised rice bran may help lower blood sugar levels in sufferers of Type 1 and Type 2 diabetes.
