PR Newswire
SACRAMENTO, California, May 8, 2018
SACRAMENTO, California, May 8, 2018 /PRNewswire/ -- RiceBran Technologies (NASDAQ: RIBT and RIBTW) (the "Company" or "RBT"), a global leader in the production and marketing of value added products derived from rice bran, announced today the Company's financial results for the first quarter ended March 31, 2018.
Business Highlights:
"The first quarter essentially met our expectations for both revenue and adjusted EBITDA loss," said Dr. Robert Smith, CEO and President. "We are gaining confidence that our growth plans will result in accelerating revenue growth as 2018 unfolds, especially in the third and fourth quarters."
Highlights for the 2018 first quarter include:
"Early expectations for the 2018 rice crop are encouraging and suggest a larger crop and with that likely lower bran prices on and after harvest; this would help RBT drive accelerating growth and better margins, especially in the second half of 2018," Rystrom continued. "We are also actively working to increase our bran supply through existing and new mill relationships to mitigate future issues associated with mill production and look forward to updating our progress in these efforts."
Guidance Updates:
Conference Call Information
RiceBran Technologies will host a conference call today, Tuesday, May 8, at 4:30 p.m. Eastern Time to discuss these results. The conference call information is as follows:
This call is being webcast by ViaVid and can be accessed at http://public.viavid.com/index.php?id=129647.
The call will also be available for replay by accessing http://public.viavid.com/index.php?id=129647.
About RiceBran Technologies
RiceBran Technologies is a food, animal nutrition, and specialty ingredient company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. RiceBran Technologies has proprietary and patented intellectual property that allows us to convert rice bran, one of the world's most underutilized food sources, into a number of highly nutritious food, animal nutrition and specialty ingredient products. Our global target markets are food and animal nutrition manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers. More information can be found in the Company's filings with the SEC and by visiting our website at http://www.ricebrantech.com.
Forward-Looking Statements
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding the sufficiency of its cash position to pursue its plans in 2018, the rice milling volumes in the Delta region and the impact of these volumes on its financial performance, and its business plans, future growth, revenue and adjusted EBITDA. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties. RiceBran Technologies does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in RiceBran Technologies' filings with the Securities and Exchange Commission, including its most recent periodic reports.
Investor Contact:
Ascendant Partners, LLC
Richard Galterio
(732) 410-9810
[email protected]
RiceBran Technologies | ||||||
Condensed Consolidated Statements of Operations | ||||||
Three Months Ended March 31, 2018 and 2017 | ||||||
(Unaudited) (in thousands, except share and per share amounts) | ||||||
Three Months Ended | ||||||
2018 |
2017 | |||||
Revenues, net |
$ 3,552 |
$ 3,615 | ||||
Cost of goods sold |
2,598 |
2,428 | ||||
Gross profit |
954 |
1,187 | ||||
Selling, general and administrative expenses |
2,853 |
2,266 | ||||
Loss from continuing operations before other income (expense) |
(1,899) |
(1,079) | ||||
Other (expense) income: |
||||||
Interest expense |
(1) |
(1,055) | ||||
Change in fair value of derivative warrant liabilities |
- |
1,099 | ||||
Loss on extinguishment of debt |
- |
(1,680) | ||||
Other income |
- |
5 | ||||
Other expense |
(13) |
(100) | ||||
Total other (expense) |
(14) |
(1,731) | ||||
Loss from continuing operations before income taxes |
(1,913) |
(2,810) | ||||
Income tax benefit |
- |
397 | ||||
Loss from continuing operations |
(1,913) |
(2,413) | ||||
Loss from discontinued operations, net of tax |
- |
(188) | ||||
Net loss |
(1,913) |
(2,601) | ||||
Less - Net loss attributable to noncontrolling interest |
||||||
in discontinued operations |
- |
(319) | ||||
Net loss attributable to RiceBran Technologies shareholders |
(1,913) |
(2,282) | ||||
Less - Dividends on preferred stock, beneficial conversion feature |
- |
778 | ||||
Net loss attributable to RiceBran Technologies common shareholders |
$ (1,913) |
$ (3,060) | ||||
Basic earnings (loss) per common share: |
||||||
Continuing operations |
$ (0.11) |
$ (0.33) | ||||
Discontinued operations |
- |
0.01 | ||||
Basic loss per common share - RiceBran Technologies |
$ (0.11) |
$ (0.32) | ||||
Diluted earnings (loss) per common share: |
||||||
Continuing operations |
$ (0.11) |
$ (0.33) | ||||
Discontinued operations |
- |
0.01 | ||||
Diluted loss per common share - RiceBran Technologies |
$ (0.11) |
$ (0.32) | ||||
Weighted average number of shares outstanding: |
||||||
Basic |
17,083,442 |
9,657,543 | ||||
Diluted |
17,083,442 |
9,657,543 |
RiceBran Technologies | |||||||
Condensed Consolidated Balance Sheets | |||||||
March 31, 2018 (Unaudited) and December 31, 2017 | |||||||
(in thousands, except share amounts) | |||||||
March 31 |
December 31 | ||||||
2018 |
2017 | ||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ 5,130 |
$ 6,203 | |||||
Restricted cash |
775 |
775 | |||||
Accounts receivable |
1,552 |
1,273 | |||||
Inventories - Finished goods |
677 |
564 | |||||
Inventories - Packaging |
88 |
114 | |||||
Deposits and other current assets |
439 |
519 | |||||
Total current assets |
8,661 |
9,448 | |||||
Property and equipment, net |
7,985 |
7,850 | |||||
Other long-term assets, net |
48 |
63 | |||||
Total assets |
$ 16,694 |
$ 17,361 | |||||
LIABILITIES AND EQUITY |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ 497 |
$ 765 | |||||
Accrued salary, wages and benefits |
441 |
773 | |||||
Accrued expenses |
510 |
741 | |||||
Unearned revenue |
78 |
75 | |||||
Escrow liability |
258 |
258 | |||||
Current maturities of long-term debt |
4 |
4 | |||||
Total current liabilities |
1,788 |
2,616 | |||||
Long-term debt, less current portion |
11 |
12 | |||||
Total liabilities |
1,799 |
2,628 | |||||
Commitments and contingencies |
|||||||
Shareholders' Equity: |
|||||||
Equity attributable to RiceBran Technologies shareholders: |
|||||||
Preferred stock, 20,000,000 shares authorized: |
|||||||
Series G, convertible, 3,000 shares authorized, 630 shares issued and outstanding |
313 |
313 | |||||
Common stock, no par value, 50,000,000 shares authorized, |
|||||||
19,953,107 and 18,046,731 shares issued and outstanding |
281,623 |
279,548 | |||||
Accumulated deficit |
(267,041) |
(265,128) | |||||
Total shareholders' equity attributable to RiceBran Technologies shareholders |
14,895 |
14,733 | |||||
Total liabilities and shareholders' equity |
$ 16,694 |
$ 17,361 |
USE OF NON-GAAP FINANCIAL INFORMATION
We utilize "Adjusted EBITDA" as a supplemental measure in our ongoing analysis of short term and long term cash requirement and liquidity needs. Adjusted EBITDA does not represent cash flows from operations as defined by generally accepted accounting principles ("GAAP"), is not a measure derived in accordance with GAAP and should not be considered as an alternative to net income (the most comparable GAAP financial measure to EBITDA). Management uses Adjusted EBITDA as an indicator of our current financial performance. By eliminating the impact of all material non-cash charges as well as items that do not regularly occur, we believe that Adjusted EBITDA provides a more accurate and informative indicator of our cash requirements.
The table below contains a reconciliation of net income (GAAP) and Adjusted EBITDA (Non-GAAP) for the three months ended March 31, 2018 and 2017. We do not provide a reconciliation of forward-looking net income (GAAP) to Adjusted EBITDA (non-GAAP). Due to the nature of certain reconciling items, it is not possible to predict with any reliability what future outcomes may be with regard to the expense or income that may ultimately be recognized in future periods. Any forward-looking Adjusted EBITDA information that we may provide from time to time consistently excludes the same items from projected net income that are excluded from actual net income in the table below.
RiceBran Technologies | ||||
Adjusted EBITDA Reconciliation | ||||
For the three months ended March 31 (in thousands) | ||||
2018 |
2017 | |||
Net income (loss) |
$ (1,913) |
$ (2,810) | ||
Interest expense |
1 |
1,055 | ||
Depreciation & amortization |
199 |
233 | ||
Unadjusted EBITDA |
$ (1,713) |
$ (1,522) | ||
Add Back Other Items: |
||||
Change in fair value of derivative liabilities |
- |
(1,099) | ||
Loss on extinguishment of debt |
- |
1,680 | ||
Other income/expense |
13 |
95 | ||
Share-based compensation |
260 |
293 | ||
Corporate relocation associated expenses |
- |
45 | ||
Adjusted EBITDA |
$ (1,440) |
$ (508) |
Investor Contact:
Ascendant Partners, LLC
Richard Galterio
(732) 410-9810
[email protected]
View original content:http://www.prnewswire.com/news-releases/ricebran-technologies-reports-q1-2018-financial-results-and-provides-business-updates-300644775.html
SOURCE RiceBran Technologies
We use cookies to tailor your experience, measure site performance and present relevant offers and advertisements. By clicking ‘Accept’ or any content on this site, you agree that cookies can be placed on your browser. You can view our privacy policy to learn more.
If you would like to get more data, alerts and access to Real Vision videos, join us as an Insider Tracking Advantage Ultra member