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.
- 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).
- Consolidated gross profit was $1.2 million for Q1 2015, compared to gross loss of ($2.1) million in Q1 2014.
- Consolidated EBITDA was negative ($1.8) million for Q1 2015, compared to negative EBITDA of ($4.1) million in Q1 2014.
- 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.
- 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.
- For Q1 2015, Ceres received a dividend of $187,500 for its 25% interest in the Stewart Southern Railway (“SSR”).
- Continued classification of Riverland Ag’s Savage, MN facility as an asset held for sale with a carry value of $11.0 million.
- 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