PR Newswire
SACRAMENTO, California, Aug. 10, 2017
SACRAMENTO, California, Aug. 10, 2017 /PRNewswire/ -- RiceBran Technologies (NASDAQ: RIBT; RIBTW) (the "Company" or "RBT"), a global leader in the production and marketing of value added products derived from rice bran, announced today the Company's financial results for the second quarter ended June 30, 2017.
Business Highlights
Robert Smith, CEO commented, "Our second quarter results continue to demonstrate the substantial progress we are making with our strategic initiatives to reduce costs, strengthen our balance sheet and focus the Company's efforts on our core ingredient business. With the sale of Healthy Natural, we now have the cash and additional financial flexibility to fuel our strategic growth plans. As we move through the second half of 2017, we are now fully focused on generating revenue growth and capitalizing on the substantial value of our proprietary technology for the benefit of our stockholders."
Q2 Financial Highlights – (For reporting purposes both Healthy Natural and Nutra, SA are presented as discontinued operations in the financial statements.)
Revenues: Revenues in Q2 2017 were $3.1 million compared to $3.2 million in Q2 2016. Animal Nutrition product revenues increased 17% over prior year levels driven by the supply and cooperation agreement with Kentucky Equine Research (KER). Food product revenues decreased 13% quarter over quarter, primarily attributable to decreased buying from one of our largest contract manufacturing accounts.
Gross Profit: Q2 2017 gross profit was $798,000 million compared to gross profit of $802,000 in Q2 2016. Gross profit percentage was 25% in Q2 2017, consistent with the comparable period in 2016. Raw rice bran prices were also relatively similar in both quarters.
Operating Expenses: Q2 2017 operating expenses were $2.7 million, a decrease of $1.0 million or 27.4% compared to operating expenses of $3.7 in Q2 2016. The decrease in operating expenses was primarily due to additional expenses incurred in Q2 2016 as a result of the proxy contest in connection with the 2016 Annual Shareholder Meeting as well as the Company's corporate-wide strategic effort to manage costs and expenses. In Q2 2017 the Company made further progress in our cost cutting efforts, including substantial reductions in marketing, payroll, and travel and entertainment expenses.
Operating Loss: Q2 2017 operating loss was $(1.9 million), a $1.0 million improvement compared to a consolidated operating loss of $(2.9 million) in Q2 2016. The decrease in operating loss was a direct result of the decrease in operating expenses stated above.
Net Loss: The Company recorded a Q2 2017 net loss from continuing operations of $(1.8 million) compared to a net loss from continuing operations of $(4.5 million) recorded in Q2 2016. Q2 2017 net loss attributable to common stockholders from continuing operations was $(0.18) per share on 9.8 million shares compared to $(0.48) per share on 9.2 million shares. The $2.7 million quarter over quarter decrease in net loss from continuing operations was attributable to $1.7 million of other expense in Q2 2016 related to a change in the fair value of derivative securities coupled with a $1.0 million reduction in operating expenses in Q2 2017.
Adjusted EBITDA: For Q2 2017, the Company recorded an Adjusted EBITDA loss of $(1.29 million) compared to an Adjusted EBITDA loss of $(1.34 million) in Q2 2016. Adjusted EBITDA is a non-GAAP measure management believes provides important insight into the Company's operating results (see reconciliation of non-GAAP measures below).
Balance Sheet and Liquidity: As of June 30, 2017, cash and cash equivalents was $3.2 million and shareholders' equity was $6.9 million. This compares to cash and cash equivalents of $342,000 and shareholders' equity of $(632,000) on December 31, 2016. The significant improvement in liquidity and equity was a result of the completion of an $8.0 million financing in February 2017 coupled with the termination of roll-up rights held by the minority partner in Nutra, SA.. The Company expects further significant improvement in its balance sheet resulting from the $18.3 million sale of its Healthy Natural subsidiary to be reflected in Q3 2017.
Brent Rystrom, CFO commented, "We have made significant strides in improving shareholder equity and liquidity in order to position RBT for future success. In addition to the substantial reductions we have made to our cost structure, the sale of Healthy Natural has enabled us to repay all of our recourse debt and eliminate all associated interest expense moving forward. As a result, we enter the second half of 2017 with a much stronger balance sheet and sufficient working capital to move forward with our aggressive long term growth plans to deliver substantial value for our stockholders."
Additional information will be set forth in the Company's Form 10-Q for the quarter ended June 30, 2017.
Conference Call
The Company will hold a conference call to discuss its Q2 2017 results on August 10, 2017 at 4:30 PM EDT. Call-in information is as follows:
This call is being webcast by ViaVid and can be accessed at http://public.viavid.com/index.php?id=125875.
The call will also be available for replay by accessing http://public.viavid.com/index.php?id=125875.
About RiceBran Technologies
RiceBran Technologies is a food, animal nutrition, and specialty ingredient company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. RiceBran Technologies has proprietary and patented intellectual property that allows us to convert rice bran, one of the world's most underutilized food sources, into a number of highly nutritious food, animal nutrition and specialty ingredient products. Our global target markets are food and animal nutrition manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers. More information can be found in the Company's filings with the SEC and by visiting our website at http://www.ricebrantech.com.
Forward-Looking Statements
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding the sufficiency of its cash position and working capital, its use of cash, the addition of sales personnel, the divestment of its investment in Nutra SA, its business plans and its future growth. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties. RiceBran Technologies does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in RiceBran Technologies' filings with the Securities and Exchange Commission, including its most recent periodic reports.
Investor Contact:
Ascendant Partners, LLC
Richard Galterio
(732) 410-9810
rich@ascendantpartnersllc.com
| ||||||||||
RiceBran Technologies | ||||||||||
Condensed Consolidated Statements of Operations | ||||||||||
Three and Six Months Ended June 30, 2017 and 2016 | ||||||||||
(Unaudited) (in thousands, except share and per share amounts) | ||||||||||
| | | | | | | ||||
| | | | Three Months Ended | | Six Months Ended | ||||
| | | | 2017 | | 2016 | | 2017 | | 2016 |
| | | | | | | | | | |
Revenues | | $ 3,146 | | $ 3,233 | | $ 6,761 | | $ 6,499 | ||
Cost of goods sold | | 2,348 | | 2,431 | | 4,776 | | 4,765 | ||
Gross profit | | 798 | | 802 | | 1,985 | | 1,734 | ||
Selling, general and administrative expenses | | 2,667 | | 3,676 | | 4,933 | | 6,288 | ||
Loss from operations | | (1,869) | | (2,874) | | (2,948) | | (4,554) | ||
Other income (expense): | | | | | | | | | ||
| Interest expense | | (475) | | (454) | | (1,530) | | (1,132) | |
| Change in fair value of derivative warrant liabilities | | 22 | | (1,663) | | 1,121 | | (852) | |
| Loss on extinguishment of debt | | - | | - | | (1,680) | | - | |
| Gain on resolution of Irgovel purchase litigation | | - | | - | | - | | 1,598 | |
| Other income | | 37 | | - | | 37 | | - | |
| Other expense | | (4) | | - | | (100) | | - | |
| | Total other income (expense) | | (420) | | (2,117) | | (2,152) | | (386) |
Loss before income taxes | | (2,289) | | (4,991) | | (5,100) Werbung Mehr Nachrichten zur Ricebran Technologies 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 |