Enzymotec Q1 Profit Rises

(RTTNews) - Enzymotec Ltd. (ENZY) said that its net income for the first quarter of 2014 increased to $5.1 million or $0.22 per share, from $2.3 million or $0.12 per share for the first quarter last year.

Non-GAAP net income for the first quarter rose to $5.6 million or $0.24 per share from $2.4 million, or $0.12 per share last year.

Based on the equity method of accounting, net revenues for the first quarter of 2014 increased 29.1% to $17.9 million from $13.8 million for the first quarter of 2013. Based on the proportionate consolidation method, net revenues for the first quarter increased 43.5% to $23.7 million from $16.5 million last year.

Net revenues, based on the equity method of accounting, of $68 million to $85 million, an increase of 5% to 31% over fiscal year 2013. Net revenues, based on the proportionate consolidation method, of $90 million to $110 million, an increase of 12% to 36% over fiscal year 2013.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share and revenues of $19.40 million for the quarter. Analysts' estimates typically exclude special items.

The company expects second quarter net revenues and earnings to be equal to or lower than the second quarter of 2013.

For the full fiscal year 2014 the Company updates its guidance. The company now expects annual Non-GAAP earnings to be in the range of $0.64 to $0.94. Non-GAAP net income is expected to be in the range of $15 million to $22 million, an increase of 9% to 60% over fiscal year 2013.

Street currently is looking for fiscal year 2014 earnings of $0.86 per share on annual revenues of $92.95 million.