NutraCea, a US-based company focused in the production and marketing of value added products derived from rice bran, has reported a net loss of $9.37m for the Q1 2012, compared to $4.08m in the corresponding quarter of fiscal 2011.
The company's consolidated revenues for the first quarter of fiscal 2012 were $9.74m, an increase of $1.1m, or 12.7%, as compared to $8.6m last year.
NutraCea has attributed the increase in revenue to rise in both operating segments of the business.
The revenues of ingredient company's US segment for Q1 2012 rose by 31% year-over-year to $3.4m.
The unit's human nutrition product revenues for the quarter increased $0.2m due to the impact of price increases and higher volume, while the company's Brazil segment noted a consolidated revenue increase of 4.8% year-over-year to $6.3m.
For the three-month period ended 31 March 2012, the US company posted a consolidated gross profit of $1.7m, a decrease from $2.2m for the first three months of fiscal 2012, contributed by higher raw bran costs.
The company's operating expenses for the quarter of 2012 were $4.1m, an increase of $0.6m from operating expenses of $3.5m for the first quarter of fiscal 2011.
NutraCea chief executive officer W. John Short said that the increased sales performance in both operating segments was offset by rise in the prices of raw rice bran resulting from the effects of unusually high prices for traded alternative grains such as corn and soybeans.
"The price increase implemented in the fourth quarter of 2011 in the USA segment in response to increased raw rice bran prices was partially reflected in our revenues in the first quarter of this year, but was not sufficient to completely offset higher raw material costs. We are closely monitoring raw bran cost and will consider further price adjustments as necessary," Short added.
NutraCea is engaged in the processing and distribution of stabilised rice bran and other proprietary, rice bran-based ingredients and formulations.
