Portfolio Update: NutraCea

NutraCea (OTCBB: NTRZ), a health sciences firm with a proprietary technique to stabilize rice bran and preserve the integrity of its rich nutrients, announced in an April 2 press release the results of its operations for the fourth quarter and full year 2006 ended Dec. 31, 2006.

Revenues for the fourth quarter totaled $5.2 million, an increase of 15.4% from revenues of $4.5 million in the fourth quarter of 2005. The press release notes, “The improved revenues and financial performance on a quarterly comparative basis have primarily resulted from the continued strength of the direct-to-consumer marketing of its nutraceutical products through the quarter ended Dec. 31, 2006. The Company continued to experience growth from its expanded product lines and increased demand of its value-added ingredients for the functional food industry and animal markets.” Net income in the quarter totaled $0.8 million, or $0.01 per share, based on weighted average shares outstanding of 76,696,000, compared with a net loss of $0.2 million, or $0.00 per share, in 2005 based on 38,815,000 weighted average shares outstanding.

For the full year 2006, revenues were $18.1 million, compared with $5.6 million for the twelve months ended Dec. 31, 2005, an increase of more than 225%. The press release notes, “The significant improvement in revenues and financial performance for the twelve months ended Dec. 31, 2006 is the result of the culmination of the merger with RiceX, direct marketing of its expanding line of products and sales of its core products into the functional food industry and animal markets and continued growth in sales of nutraceutical products through its licensing program.”  For the year, NutraCea had net income of $1.6 million, or $0.02 per share, based on weighted average shares outstanding of 76,696,000, compared with a net loss of $3.9 million, or $0.10 per share, in 2005 based on 38,615,000 weighted average shares outstanding.

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