The company, which saw sales dip slightly during the first quarter to C$3.3 million from C$3.4 million the prior year, said that if existing sales contracts and forecasted supply requirements are borne out, revenue for the year should reach C$15.6 million, up 10.6 per cent on 2003.
Forbes is expecting to receive European regulatory approval for use of its non-GM sterols in foods in the near future and will then have significant advantage over suppliers of soy-derived sterols in the European marketplace.
It is currently expanding its facility, which makes sterols from forestry by-products, from 1000 to 1500 metric tonnes in anticipation of such demand.
Costs remained relatively level with the previous year's quarter, although a change to accounting policy related to employee stock options to include the recognition of compensation expense has been applied retroactively, adding a cost of C$1 million to the balance sheet.
R&D costs also went up, contributing to a 47 per cent increase in total expenses for the quarter. This in turn led to losses of C$1.7 million.
However recent equity financing worth C$10.75 million has improved working capital since the prior quarter and the company has also been informed that it will be added to the Nasdaq biotechnology index.