PanGeo Pharma Inc. a manufacturer of specialty nutraceuticals, this week reported an increase in revenues for the third quarter ending October 31, 2001.
Third quarter revenues increased to $17.5 million (€19.5m)from $13.0 million (€14.5m) from the previous year. Operating Income (EBITDA) was $2.8 million (€3.1m) compared to the same quarter results of $1.1 million (€1.2m) last year. Net income grew to $2.0 million (€2.2m) compared to last year $253,000 (€281,000). When compared to the previous nine months (ending October 31, 2001), net income grew to $3.7 million (€4.1m) compared to $169, 000 (€188,000m).
Earlier this year, PanGeo purchased Herbal Health Inc., a US branded liquid herbal company.
In November 2001, PanGeo announced that its Canapharm private label division had concluded a deal to supply acetaminophen products to Wal-Mart Canada. The announcement precipitated a rise in PanGeo stock.