Bioplastics manufacturer Cereplast has announced a strong set of financial results showing robust growth in 2011. Its annual shareholder review detailed strong growth, fueled in part by the signing of several large distribution agreements, establishment of operations in Europe, and knock-on benefits from the worldwide green legislation movement toward the ban of plastic bags.
The year was also fruitful in terms of technology, with several new bioplastic resin grades introduced. In addition, the company announced in December the Din-Certco certification of three new resins for applications in blown film bags to better answer the demand of the European market for trash and shopping bags. In 2011, the US Patent Office granted also the Company an additional patent on nano-materials in bioplastics.
Revenue, which increased from $2.7 million in 2009 to $6.3 million in 2010, maintained an upward course: by the end of the third quarter of 2011, Cereplast had generated more than $20 million in revenue while improving its gross profit margin. With the support of Lazard Capital, Cereplast strengthened its balance sheet, raising $17.3 million in equity and $12.5 million in debt under favorable terms, which allowed the company to grow its core customer base from two to 12. ...