Mera loss widened in quarter
Mera Pharmaceuticals Inc.
posted a slightly wider loss in its fiscal second quarter but saw its revenue rise 12.5 percent from the year-ago period due to restarting a revised and newly extended technical service agreement with Hawaii-based HRBioPetroleum
during December 2007.
The Kona-based producer of microalgae from nutritional products said it expects revenue to continue to rise at a 10 percent to 15 percent rate over the last two quarters of its fiscal year and forecast full-year revenue to rise 20 percent over last year's $470,000, according to a recent filing with the Securities and Exchange Commission.
Revenue rose to $152,057 from $135,169 in the quarter ended April 30.
Mera had a net loss of $72,614 versus a net loss of $63,664 a year ago. The company had an operating loss from continuing operations of just $2,069 last quarter.
Since emerging from bankruptcy in September 2002, Mera has lost $6.2 million.