NutraCea hires c.e.o, restates annual reports

by Jeff Gelski
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PHOENIX – NutraCea on Oct. 23 announced it had hired a new chief executive officer and also that it has completed the restatement of its financial results for the fiscal years 2006 and 2007 and the first three quarters of 2008. The company has filed the restatements with the Securities and Exchange Commission.

The board of directors named W. John Short, company president, as c.e.o. to replace James C. Lintzenich, who was serving as interim c.e.o.

The financial reports were restated to correct errors and irregularities found in an investigation led by the audit committee of the company’s board of directors.

For the year ended Dec. 31, 2006, revenue originally reported as $18.1 million was restated to $16.5 million, and a net loss of $1.6 million was restated to net income of $302,000. In fiscal year 2007, revenue originally reported as $22.2 million was restated to $12.7 million, and a net loss originally reported as $11.9 million was restated to a net loss of $18 million.

Net revenues for the year ended Dec. 31, 2008, were $35.2 million. The company reported a net loss of $64.5 million in 2008. NutraCea, involved in stabilized rice bran, nutrient research and technology, expects to file its results for the quarter ended March 31, 2009, in November 2009. It then will file forms for the quarters ended June 30, 2009, and Sept. 30, 2009.

"We are pleased to have completed our review and the filing of our restated financials," Mr. Lintzenich said. "During our investigation we identified several material weaknesses in the company’s internal controls over financial reporting 2008. We have taken and intend to continue to take appropriate actions to remediate these weaknesses."

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