Epicore BioNetworks Inc. Reports Quarter One Fiscal Year 2013

Epicore BioNetworks Inc. Reports Quarter One Fiscal Year 2013 PR Newswire CALGARY, Alberta, November 19, 2012 CALGARY, Alberta, November 19, 2012 /PRNewswire/ -- - for the period ended 30 September 2012, in US dollars Gross profit grew 6% in quarter one (Q1) and revenue at $1.1 million was only 2% lower than last year's record Q1. Demand for shrimp and shrimp prices have remained high, which increase the demand for Epicore's productivity enhancing products. However, Early Mortality Syndrome in Asia has caused farm closures that have hurt Epicore sales throughout 2012. The severe US Midwest drought drove up spot prices of agricultural commodities and reduced availability. This event caused a shortage of critical raw materials for Epicore's dry feed products and produced finished feed stock-outs. A significant volume of orders were missed in Q1 that will be filled in Q2. Epicore continued a major initiative to increase its science resources, which will position the Company for significant future growth and increase the reliability of its manufacturing operations. Some Q1 highlights were: Decrease in revenue of 2% over last year's record Q1 Increase in gross profit of 6% over Q1 last year Increase in operating expenses of 14% over Q1 last year Decrease in net income of 73% versus last year's Q1 Decrease in EBITDA of 42% versus last year's Q1 Increase in cash of $0.2 million from prior quarter Achieved basic and diluted earnings per share of $0.001, down from $0.