quarterly

Quarterly Overview
 Cash flow from operations for the year improved
significantly over the prior year with a cash outflow from
operations of $650,258 compared to a cash outflow from
operations of $1,575,984 for the prior year.
 While the company had a cash outflow from operations
for the year, the net working capital position improved
significantly. Accounts Receivable increased by $749,878,
Inventory decreased by $347,939 and Creditors and
Accruals decreased by $278,073 from the prior year.
 The increase in Accounts Receivable was due to significant
offshore ZinClearTM sales being achieved in the month of
June 2014 and the continuing growth of AlusionTM sales to
Merck KGaA. The receipt of the Accounts Receivable will
assist cash flow into the 2015 Financial Year.
 One of the key initiatives Antaria is pursuing in
conjunction with its distribution partners to further
promote ZinClearTM is the provision of high quality sample
formulations
to leading global brand owners.
 To support this initiative, Antaria has strengthened its
Product Development team with the appointment of a
specialist cosmetic formulator.
 Antaria expects to appoint a new Canadian distributor in
September 2014.
 The company’s cash balance at the end of the quarter was
$539,408 (unaudited) and was $597,036 (unaudited) as at
25 July 2014.