Crailar Technologies Inc. incurred losses in the fourth quarter and year ended Dec. 31 as it geared up to begin commercial operations.
Crailar, which produces and markets its own branded flax fiber, reported a net loss for the fourth quarter of $3.1 million or 7 cents a share, compared with a net loss of $2.6 million or 5 cents a share a year earlier. This quarter’s loss included a $600,000 write-off of the company’s pilot scale decortication facility that was deemed not commercially viable. The company’s adjusted EBITDA for the quarter was a loss of $1.8 million, compared to a loss of $1.6 million in the year-ago period, resulting from increased compensation spending in preparation for commissioning the first large scale Crailar flax production facility.
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