Ceres Global Ag Corp. Announces Results for the First Quarter
TORONTO, ON, (August 13, 2013) – Ceres Global Ag Corp. (“Ceres” or the “Corporation”) is announcing it has released its financial results for the quarter ended June 30, 2013.
Commenting on the Company’s quarterly results, Ceres’ President Michael Detlefsen said, “Ceres continues to diligently execute its strategies to deliver value for shareholders. Results for the quarter were in line with expectations, despite ongoing challenges at Riverland Ag, and we are pleased with the continued growth of the SSR, which has the potential to play a more important role in Saskatchewan commodity logistics as it seeks to move into other key areas beyond grain and crude oil by rail. In addition, the Northgate Commodity Logistics Hub continues to progress on schedule.
Mr. Detlefsen added, “We continue to work closely with Barclays to harvest or joint venture many of our grain storage and handling assets, as we assemble and grow a compelling mix of commodity logistics assets, all to create maximum value for Ceres shareholders.”
The following summarizes the financial results for the fiscal quarter ended June 30, 2013, and certain figures reporting the financial position as at that date, for Ceres on a consolidated basis, and for its operating subsidiaries Riverland Ag Corp. and Riverland Agriculture, Ltd. (collectively referred to as “Riverland Ag”). Figures for 2012 are for the quarter ended June 30, 2012, as applicable:
- Consolidated and Riverland Ag revenues for the quarter ended June 30, 2013 were $69.7 million (2012: $42.9 million).
- Gross profit (loss):
- Consolidated and Riverland Ag gross profit for the quarter was a loss of $2.1 million (2012: gross profit of $1.4 million).
- Consolidated EBITDA for the quarter was a loss of $4.1 million (2012: loss of $2.6 million). o Riverland Ag EBITDA for the quarter was a loss of $2.6 million (2012: EBITDA income of $1.1 million).
- Net loss:
- Consolidated net loss for the quarter was $5.8 million, representing basic and fully diluted loss per share of $0.41 (2012: net loss of $4.0 million, basic and diluted loss per share of $0.28).
- Riverland Ag’s net loss for the quarter was $4.4 million, representing basic and fully diluted loss per share of $0.31 (2012: net loss of $0.4 million, basic and fully diluted loss per share of $0.03).
- Cash and portfolio investment assets (consolidated):
- As at June 30, 2013, cash and portfolio investments totalled $24.1 million, representing $1.68 per common share (March 31, 2013: $26.9 million, $1.88 per share; June 30, 2012: $35.4 million, $2.45 per share).
- Shareholders’ equity per common share (consolidated):
- As at June 30, 2013, consolidated shareholders’ equity per common share was $9.96 (March 31, 2013: $10.11; December 31, 2012: $9.89; September 30, 2012: $10.29; June 30, 2012: $10.61).
“Ceres continues to enjoy a strong balance sheet, which allows it to pursue both the recently announced Normal Course Issuer Bid and the Northgate opportunity” said Jason Gould, Chief Financial Officer of Ceres. Mr. Gould continued “As we roll out the Riverland Ag strategy, we expect that this should further increase our strong flexibility, which should further strengthen our ability to fund these initiatives going forward.”