Cereplast reports Q1 2013 loss of $18 million

May 23, 2013 |

In Indiana, Cereplast reported a net loss for the three months ending March 31, 2013 was $18 million, as compared to $2.4 million in the same period in 2012. The increase in net loss was primarily driven by an increase in other income and expense related to financing transactions. Cereplast’s press release noted that while sales for the quarter were approximately $0.9 million, compared to $0.1 million in the same period in 2012. Net costs and expenses for the quarter were approximately $19 million, due in part to the unfavorable impact of debt extinguishment costs and a loss on derivative liabilities totaling $14.9 million.

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