Ceres Global Ag Reports Financial Results for q3 FY2017 Volumes up 72% and EBITDA of $1.6 million
Minneapolis, MN, (May 11, 2017) – Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) today announced its financial and operational results for the three- and nine-month periods ended March 31, 2017. All amounts are in U.S. currency unless otherwise noted.
“Despite seasonal weather limiting the number of bushels handled through our network of facilities as a result of freezing in the Great Lakes and Mississippi River, we continued to improve across key financial and operational metrics in Q3 vs. a year ago,” said Robert Day, President and CEO of Ceres “Most notably, we achieved gross profits of $3.0 million, EBITDA of $1.6 million and we increased the total number of bushels handled and merchandized by 72%, putting us on track to meet our target of 110 million bushels for the year. It is also worth noting that the comparative quarter from a year ago included a one-time commission from the prior sale of an asset of $1.5 million that was not part of the day to day operations. Removing that, our gross profit more than doubled vs. the same quarter a year ago.”
Mr. Day added, “Consistent with our strategy to optimize our network of facilities, we recorded an asset impairment charge of $7.7 million forthe idled Buffalo and Duluth-Lakeport facilities, negatively impacting our bottom-line performance. This will lower costs on a go forward basis by approximately $1.2 million per annum, which strengthens our competitive positioning.”