NEWS

Ceres Global Ag Corp. Announces Q1 2015 Results and Appointment of New Director

TORONTO, ON, (August 12, 2014) – Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Company”) today announced its financial results for the three-month period ending June 30, 2014. The Company is also pleased to announce the appointment of a new member to its Board of Directors, Mr. Harold Wolkin.

Highlights:

  1. Consolidated revenue was $51.5 million for the first quarter ended June 30, 2014 (Q1 2015), compared to revenue of $69.7 million for the three-month period ending June 30, 2013 (Q1 2014).
  2. Consolidated gross profit was $1.2 million for Q1 2015, compared to gross loss of ($2.1) million in Q1 2014.
  3. Consolidated EBITDA was negative ($1.8) million for Q1 2015, compared to negative EBITDA of ($4.1) million in Q1 2014.
  4. Consolidated net loss was ($2.1) million, or fully diluted loss per share of ($0.15) for Q1 2015, compared to net loss of ($5.8) million and diluted loss per share of ($0.41) in Q1 2014.
  5. As of end Q1 2015, Ceres capitalized costs totaling $19.9 million (March 31, 2014 – $14.8 million) for the Canadian portion of the Northgate facility (“Northgate” or “NCLC”). This includes land acquisition, environmental, mass grading and site preparation, and initial rail costs.
  6. For Q1 2015, Ceres received a dividend of $187,500 for its 25% interest in the Stewart Southern Railway (“SSR”).
  7. Continued classification of Riverland Ag’s Savage, MN facility as an asset held for sale with a carry value of $11.0 million.
  8. The Company received gross proceeds of US$6.2 million from the sale of its Manitowoc, WI grain facility. The proceeds are to be used in funding the construction at Northgate

 

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