Annual Report - Chairman's Letter

  • 30 June 2012

    Highlights

    • Annual loss improved to ($1.89M) in FY12 from ($2.18M) loss in FY11. The FY12 second-half loss improved to ($0.58m) compared to ($1.31M) in the first-half of FY12.
    • Cash balance as at 30 June 2012 of $3.70M (FY11 $2.34M).

    Strategic Direction

    During the past six months, the Board of Antaria Limited ("Board") has refocused the activities of the company around two major product lines, ZinClear-IM® and Alusion®, in order to provide a sustainable and profitable business model going forward. As a consequence of this refocusing, the Board restructured the organization by:

    • Creating four (4) business groups: Sales, Product Engineering, Fulfillment, and Administration.
    • Reducing the overhead cost base to more closely correspond with current revenue streams. Through a combination of redundancies and resignations, Antaria significantly reduced staffing levels resulting in an annualized overhead saving of $800,000 per annum.
    • Successfully recruiting an experienced sales and marketing executive with a strong cosmetics exposure to spearhead the Sales business unit. Presently based in Europe, the appointee has extensive experience in marketing of specialty cosmetic products to leading OEM contract manufacturers and international brand owners.

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