Ceres Global Ag Corp. Announces 2014 Year end results
TORONTO, ON, (June 17, 2014) – Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) today announced its financial results for the three‐month and twelve‐month periods ending March 31, 2014.
- Consolidated revenue was $33.5 million for the fourth quarter ended March 31, 2014 (Q4 2014), compared to revenue of $60.4 million for the three‐month period ending March 31, 2013 (Q4 2013).
- Consolidated gross profit was $3.7 million for Q4 2014, compared to gross profit of $2.0 million in Q4 2013.
- Consolidated EBITDA was $3.1 million for Q4 2014, compared to EBITDA of $(2.5) million in Q4 2013.
- Consolidated net income was $0.4 million, or fully diluted income per share of $0.03 for Q4 2014, compared to net income of $0.8 million and diluted income per share of $0.06 in Q4 2013.
- The Corporation terminated its arrangement with The Scoular Company (Scoular) with respect to the development and construction of Northgate. Ceres will now independently manage construction and development for the Northgate project. Scoular is seeking injunctive relief and unspecified damages relating to the development and construction of a grain facility at Northgate. Having now had the opportunity to review the complaint, the Corporation does not believe that it has any merit. The Corporation therefore intends to defend the complaint vigorously and is currently examining all of its procedural and substantive options.
- Arrangements were made with U.S. Customs and Border Protection and the Canada Border Services Agency to connect Ceres’ commodity logistics hub at Northgate to the Burlington Northern Santa Fe (BNSF) Railway. This will enable cross‐border shipments to begin later in 2014.
- The Corporation received gross proceeds of $11.6 million from sales of non‐core assets, including the Manitowoc facility, during the year and subsequent to year end.
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