Alliance One International Reports Fiscal Year 2018 First Quarter Results

Mr. Sikkel, concluded, "Our customers are focused on enhancing global supply chain sustainability and driving positive change in nicotine consumption habits with reduced risk products. Alliance One is well positioned to continue to meet customer requirements for traditional products with directed agronomy investments in systems and people. Such investments, as well as others, uniquely position our Company as a key supplier for new products our customers are developing and we will continue to invest where appropriate returns should be achievable. We will also pursue additional growth opportunities and take further steps to strengthen our preferred supplier position across our customers' multiple product requirements. Our focus remains on execution with a well measured approach to best position our company for success in the future and to improve shareholder value."  

Performance Summary for the Fiscal Quarter Ended June 30, 2017

Total sales and other operating revenues increased 6.1% to $277.0 million primarily due to a 4.8% increase in average sales price due to product mix that more heavily favored lamina sales this year when compared to last year's quarter. Volumes were unchanged at 61.2 million kilos when compared to the prior year mainly due to the timing of shipments. 

Gross profit decreased 15.9% to $28.6 million, mainly due to higher prior crop conversion costs in North America and the impact of currency exchange rates. Increased conversion costs and currency movement impacted costs per kilo, resulting in lower gross profit as a percentage of sales at 10.3% this year compared to 13.0% last year.  Excluding the impact of currency movement in Other Regions, gross profit would have otherwise been consistent with the prior year. 

SG&A decreased 12.8% to $33.8 million primarily from reduced professional fees and lower incentive compensation costs. Other income increased $4.8 million primarily related to sales of intrastate trade tax credits in South America. With the lower gross profit offset by improved SG&A and other income, operating loss improved $4.4 million, to $0.9 million, from the prior year.

During the three months ended June 30, 2017, we purchased $28.6 million of our existing senior secured second lien notes due 2021 at a discount resulting in debt retirement income of $3.0 million. 

Interest expense increased 11.4% to $34.1 million from the prior-year period, primarily due to increased interest rates and higher average borrowings related to increased tobacco purchases for anticipated sales.

Cash income taxes paid decreased from $3.7 million to $0.9 million and the effective tax rate was (2.1)% this year compared to 11.3% last year. The variance in the effective tax rate between this year and last year is the result of many factors including the differences in forecasted income for the respective years; differences in year-to-date income for the quarters; certain losses for which no tax benefit is recorded; and, differences in valuation allowances, net exchanges losses on income tax accounts and net exchange gains related to liabilities for unrecognized tax benefits.

Earnings Per Share

For the first quarter ended June 30, 2017, the Company reported a net loss of $32.5 million, or $3.63 per basic share, compared to a net loss for the first fiscal quarter last year of $31.5 million, or $3.54 per basic share. Included in net loss this year was $1.6 million of legal and professional fees for the Kenya matter and $1.1 million of loss mainly related to Kenya storage costs. After adjusting for tax, the net impact of these items negatively impacted earnings per basic share by $0.26 this year. Included in net loss last year was $3.6 million of legal and professional fees for the Kenya matter and $1.6 million of loss related to Kenya green leaf sourcing mainly for storage as the operation continued to wind down. After adjusting for tax, the net impact of these items last year negatively impacted earnings per basic share by $0.53.

Liquidity and Capital Resources

As of June 30, 2017, available credit lines and cash were $573.3 million, comprised of $264.4 million in cash and $308.9 million of credit lines, consisting of $60.0 million available under the U.S. ABL facility for general corporate purposes (subject to limitations on borrowing if unrestricted cash and cash equivalents exceed $180.0 million), $241.7 million of notes payable to banks and $7.2 million of availability exclusively for letters of credit. In the future, the Company may elect to redeem, repay, make open market purchases, retire or cancel indebtedness prior to stated maturity under its various global bank facilities and outstanding public notes, as they may permit.

Financial Results Investor Call

The Company will hold a conference call to report financial results for its fiscal quarter ended June 30, 2017, on Thursday, August 3, 2017 at 5:30 P.M. ET. The dial in number for the call is (888) 395-3237 or outside the U.S. (719) 785-1764 and conference ID 9646563. Those seeking to listen to the call may access a live broadcast on the Alliance One website. Please visit www.aointl.com 15 minutes in advance to register.

For those who are unable to listen to the live event, a replay will be available by telephone from 8:30 P.M. ET, August 3^rd through 8:30 P.M. ET August 8^th. To access the replay, dial (888) 203-1112 within the U.S., or (719) 457-0820 outside the U.S., and enter access code 9646563. Any replay, rebroadcast, transcript or other reproduction of this conference call, other than the replay accessible by calling the number above, has not been authorized by Alliance One and is strictly prohibited.  Investors should be aware that any unauthorized reproduction of this conference call may not be an accurate reflection of its contents.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about future financial and operating results, plans, objectives, expectations and intentions and other statements that are not historical facts.  Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties.  If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results may differ materially from those currently anticipated expected or projected. The following factors, among others, could cause actual results to differ from those expressed or implied by the forward-looking statements:  changes in the timing of anticipated shipments, changes in anticipated geographic product sourcing, political instability, currency and interest rate fluctuations, shifts in the global supply and demand position for tobacco products, changes in tax laws and regulations or the interpretation of tax laws and regulations, resolution of tax matters, adverse weather conditions, changes in costs incurred in supplying tobacco and related services and the impact of regulation and litigation. Additional factors that could cause the Company's results to differ materially from those expressed or implied by forward-looking statements can be found in the Company's most recent Annual Report on Form 10-K and the other filings with the Securities and Exchange Commission (the "SEC") which are available at the SEC's Internet site (http://www.sec.gov).

Non-GAAP Financial Information

This press release contains financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP").  They include EBITDA, Adjusted EBITDA and Adjusted Net Debt. Tables showing the reconciliation of these non-GAAP financial measures are attached to the release.  Adjusted EBITDA anticipated for fiscal year 2018 is calculated in a manner consistent with the presentation of Adjusted EBITDA in the attached tables.  Because of the forward-looking nature of this estimate of Adjusted EBITDA, it is impractical to present a quantitative reconciliation of such measure to a comparable GAAP measure, and accordingly no such GAAP measure is being presented.

About Alliance One International, Inc.

Alliance One is a leading global independent leaf merchant. For more information on Alliance One, visit the Company's website at www.aointl.com.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended
		June 30
(in thousands, except per share data)		2017		2016
Sales and other operating revenues		$        276,993		$      261,101
Cost of goods and services sold		248,358		227,050
Gross profit		28,635		34,051
Selling, general and administrative expenses		33,843		38,805
Other income (expense)		4,304		(481)
Restructuring and asset impairment charges		-		41
Operating loss		(904)		(5,276)
Debt retirement expense (income)		(2,975)		-
Interest expense		34,101		30,602
Interest income		968		1,838
Loss before income taxes and other items		(31,062)		(34,040)
Income tax expense (benefit)		646		(3,830)
Equity in net income (loss) of investee companies		(925)		(1,329)
Net loss		(32,633)		(31,539)
	Less:  Net loss attributable to noncontrolling interests	(90)		(34)
Net loss attributable to Alliance One International, Inc.		$        (32,543)		$      (31,505)
Loss per share:
	Basic	$            (3.63)		$          (3.54)
	Diluted	$            (3.63)		$          (3.54)
Weighted average number of shares outstanding:
	Basic	8,964		8,904
	Diluted	8,964		8,904 Werbung Mehr Nachrichten zur Alliance One International Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:08 - PR Newswire Cohen & Steers Capital Management - Form 8.3 - Tritax Big Box REIT plc 08:28 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Mattioli Woods plc 02:00 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Total Voting Rights Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59