Village Farms International, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Outlook for the Year 2016
March 22, 2016 at 08:23 pm EDT
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Village Farms International, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported sales of $35,121,000 against $34,766,000 a year ago. Income from operations was $2,600,000 against $1,592,000 a year ago. Income before income taxes was $1,706,000 against $98,000 a year ago. Net income was $2,486,000 or $0.06 per share basic and diluted against $2,320,000 or $0.06 per share basic and diluted a year ago. Net cash provided by operating activities was $1,857,000 against $3,296,000 a year ago. Purchases of property, plant and equipment was $538,000 against $1,491,000 a year ago.
For the year, the company reported sales of $141,934,000 against $136,615,000 a year ago. Income from operations was $3,632,000 against $379,000 a year ago. Income before income taxes was $933,000 against loss before income taxes of $3,369,000 a year ago. Net income was $2,094,000 or $0.05 per share basic and diluted against $107,000 or $0.00 per share basic and diluted a year ago. Net cash provided by operating activities was $7,355,000 against $5,095,000 a year ago. Purchases of property, plant and equipment was $2,075,000 against $8,791,000 a year ago. EBITDA increased 18% to $10.2 million in 2015 compared to $8.7 million in 2014. Net debt at year-end stood at $44 million.
The company is estimating a 15% year-on-year growth in both the revenues and EBITDA for 2016.
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. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Outlook for the Year 2016