Ceres Global Ag Corp. Reports Profitable Results for the Third Quarter Ended December 31, 2014
TORONTO, ON, (February 12, 2015) – Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) announces it has released its financial results for the quarter and nine-month periods ended December 31, 2014. The following are key highlights during the quarter:
- Consolidated revenue was $69.7 million for the third quarter ended December 31, 2014 (Q3 2015), compared to $54.8 million for the quarter ended December 31, 2013 (Q3 2014).
- Consolidated gross profit was $5.4 million for Q3 2015, compared to gross profit of $0.1 million for Q3 2014. The increase was due to higher net trading margins as well as a slight increase in storage and rental income.
- Income from operations was $3.3 million for Q3 2015, compared to loss from operations of $(1.3) million for Q3 2014.
- Consolidated EBITDA was $3.8 million for Q3 2015, compared to EBITDA loss of $1.6 million for Q3 2014.
- Consolidated net income was $2.3 million for Q3 2015, compared to net loss of $(2.1) million for Q3 2014.
- Basic and fully diluted consolidated earnings per share was $0.13 for Q3 2015, compared to loss per share of $(0.15) per share for Q3 2014.
- Ceres successfully completed a fully backstopped rights offering with gross proceeds of $75 million. The proceeds will be used to Fund the construction of a high speed grain elevator as well as the potential for oil and natural gas transloading facilities at Northgate Commodities Logistics Centre (“Northgate”, “NCLC”).
- Through this date Ceres has loaded 163 railcars of grain at Northgate.
- As of end Q3 2015, Ceres capitalized costs totaling $38.9 million (March 31, 2014: $14.8 million) for the Northgate project, including land acquisition costs, environmental costs, mass grading and site preparation and completion, and rail track costs. “Our third quarter brought significant corporate and operational milestones,” stated CEO Patrick Bracken. “We have a strong balance sheet and leadership team in place and with initial operations underway at Northgate, we can continue to focus on scaling up our grain shipping capacity while also working to incorporate additional revenue streams at the facility.”