The RiceX Company, a manufacturer of food ingredients from stabilised rice bran, has reported a 64 per cent increase in revenues for 2001 to US$6.3 million (€7.17m) compared to $3.8 million in fiscal year 2000.
Pre-tax income increased to nearly $1.1 million compared to a loss of $2.5 million in the prior year, the company said.
Dan McPeak, executive vice president of The RiceX Company, said: "RiceX became profitable in 2001 as we concentrated on implementing our 'Proof-of-Concept' international business model in Guatemala. Our Guatemalan experience dramatically improved RiceX revenues and net income while, at the same time, improved the nutritional well being of thousands of school-aged children.
"Domestically, we continued to expand our core business at a rapid pace and we will show significant revenue growth in each product category for 2001. Looking forward, we expect to grow both international and domestic revenues in excess of 25 per cent during the year 2002."
The RiceX Company manufactures and distributes nutritionally dense foods and food ingredients made from stabilised rice bran which it claims add significant nutritional benefits to food and consumer products. The company believes it is the only company in the world that can deliver rice bran products derived from rice bran with the shelf life and nutritional profile demanded by most commercial users.