Cereplast reports $30 million loss for fiscal 2012

In California, Cereplast reported a net loss of $30.16 million for ended December 31, 2012. Mr. Frederic Scheer, Cereplast Chairman and CEO, explained, “Amidst the challenges we faced during the year, we improved the positioning of the Company for 2013. Despite the 2012 financial pressures, our focus has been on putting the adversity we have faced behind us as we move toward a brighter future.  About the future, Scheer noted that in Italy, due to requirements that  merchants shift from single use plastic bags to bioplastic bags, “… we conservatively estimate that the total addressable market in Italy for bioplastic blown film resin exceeds $500 million annually. Cereplast is poised to capture approximately 10% or $50 million of that with our Cereplast Compostables blown film resins per year.”