Village Farms International, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2016
May 10, 2016 at 06:45 pm EDT
Share
Village Farms International, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company announced sales of USD 31,708,000 compared to USD 27,747,000 for the same period a year ago. Loss from operations was USD 199,000 compared to USD 944,000 for the same period a year ago. Loss before income taxes was USD 776,000 compared to USD 1,603,000 for the same period a year ago. Net loss was USD 241,000 compared to USD 928,000 for the same period a year ago. Basic and diluted loss per share was USD 0.01 compared to USD 0.02 for the same period a year ago. Net cash used in operating activities was USD 1,335,000 compared to USD 3,108,000 for the same period a year ago. Purchases of property, plant and equipment was USD 646,000 compared to USD 528,000 for the same period a year ago. Increase in sales is primarily due to a 34% increase in supply partner revenue, an increase in the company's tomato and cucumber production of 8% and 12%, respectively, and increases in the average selling price of tomatoes, cucumber and peppers. Loss from operations decreased result of an increase in sales offset by an increase selling, general and administrative expenses and a decrease in change in biological asset. Net loss decrease was the result of an increase in sales offset by an increase in selling, general and administrative expenses and a decrease in the change in biological asset. EBITDA was USD 3,710,000 compared to USD 2,020,000 for the same period a year ago.
The company provided earnings guidance for the full year of fiscal 2016. The company announced that it is confidence in achieving 2016 guidance of at least 15% year over year growth in both of the company's revenues and EBITDA.
Village Farms International, Inc. is a vertically integrated supplier of plant-based consumer packaged goods in the cannabis and cannabidiol (CBD) categories in North America and selected markets internationally. The Companyâs segments include Produce, Cannabis Canada, Cannabis United States and Energy. The Produce segment produces, markets, and sells quality tomatoes, bell peppers and cucumbers. The Cannabis Canada segment produces and supplies cannabis products to be sold to other licensed providers and provincial governments across Canada and internationally. The Cannabis United States segment develops and sells CBD-based health and wellness products, including ingestible, edible and topical applications. The Energy segment produces power that it sells per a long-term contract to its customers. Its subsidiaries include Village Farms Canada LP, Village Farms LP, Pure Sunfarms Corp, Balanced Health Botanicals, LLC, and Rose LifeScience Inc.
Village Farms International, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2016