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Share Name | Share Symbol | Market | Type |
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(MM) | NASDAQ:PENX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 18.98 | 0 | 01:00:00 |
Penford Corporation (Nasdaq: PENX), a leader in renewable, natural-based ingredient systems for industrial and food applications, today reported that consolidated sales for the quarter ended February 28, 2010 were $62.3 million compared with $63.9 million a year ago. Diluted income per share, including discontinued operations, was $0.99. Net loss from continuing operations was $1.8 million, or $0.17 per diluted share, compared to a net loss of $4.2 million, or $0.38 per diluted share last year. A table summarizing second quarter results from continuing operations is shown below:
Penford Corporation – Financial Highlights Quarter Ended (In thousands except per share data) 2/28/10 2/28/09 % Change Industrial Ingredients: Sales $ 46,065 $ 47,315 (3)% Gross margin 1,229 (7,410) NA Operating loss (1,721) (6,651)(1)
74% Food Ingredients: Sales $ 16,228 $ 16,623 (2)% Gross margin 4,833 4,829 - Operating income 2,848 2,813 1% Consolidated: Sales $ 62,293 $ 63,939 (3)% Gross margin 6,062 (2,580) NA Operating loss (1,116) (6,069)(1)
82% Net Loss from continuing operations (1,801) (4,205) 57% Diluted loss per share – continuing operations $ (0.17) $ (0.38) 55% Diluted income per share – discontinued operations $ 1.16 $ (1.61) NA Diluted income (loss) per share $ 0.99 $ (1.99) NA(1) Includes $3.8 million of net insurance recoveries in the quarter ended 2/28/09
Second Fiscal Quarter Consolidated Financial Results
Industrial Ingredients Second Quarter Results
Food Ingredients Second Quarter Results
Preferred Stock
Revolving Credit Facility
Strategic Process
Conference Call
Penford will host a conference call to discuss second quarter financial and operational results today, April 8, 2010 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time). Access information for the call and webcast can be found at www.penx.com. To participate in the call on April 8, 2010, please phone 1-877-407-9205 at 8:50 a.m. Mountain Time. A replay will be available at www.penx.com.
About Penford Corporation
Penford Corporation develops, manufactures and markets specialty, natural-based ingredient systems for a variety of industrial and food applications. Penford has five manufacturing and/or research locations in the United States.
The statements contained in this release that are not historical facts are forward-looking statements that represent management’s beliefs and assumptions based on currently available information. Forward-looking statements can be identified by the use of words such as “believes,” “may,” “will,” “looks,” “should,” “could,” “anticipates,” “expects,” or comparable terminology or by discussions of strategies or trends. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly affect expected results. Actual future results could differ materially from those described in such forward-looking statements, and the Company does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that could cause actual results to differ materially are the risks and uncertainties discussed in this release and those described from time to time in other filings with the Securities and Exchange Commission which include, but are not limited to: competition; the possibility of interruption of business activities due to equipment problems, accidents, strikes, weather or other factors; product development risk; changes in corn and other raw material prices and availability; the amount and timing of flood insurance recoveries; the Company’s inability to comply with the terms of instruments governing the Company’s debt; the effects of the current economic recession as well as other changes in general economic conditions or developments with respect to specific industries or customers affecting demand for the Company’s products, including unfavorable shifts in product mix; unanticipated costs, expenses or third party claims; interest rate, chemical and energy cost volatility; foreign currency exchange rate fluctuations; changes in returns on pension plan assets and/or assumptions used for determining employee benefit expense and obligations; unforeseen developments in the industries in which Penford operates; and other factors described in the “Risk Factors” section in reports filed by the Company with the Securities and Exchange Commission.
Penford CorporationFinancial Highlights
Three months endedFebruary 28
Six months endedFebruary 28
(In thousands except per share data) 2010 2009 2010 2009 (unaudited) Consolidated Results Sales $ 62,293 $ 63,939 $ 129,363 $ 123,522 Loss from continuing operations (1,801 ) (4,205 ) (745 ) (3,642 )Income (loss) from discontinued operations
13,048 (17,973 ) 16,531 (18,905 ) Net income (loss) $ 11,247 $ (22,178 ) $ 15,786 $ (22,547 ) Loss per share, diluted – continuing operations $ (0.17 ) $ (0.38 ) $ (0.08 ) $ (0.33 ) Income (loss) per share, diluted – discontinued operations $ 1.16 $ (1.61 ) $ 1.48 $ (1.69 ) Income (loss) per share, diluted $ 0.99 $ (1.99 ) $ 1.40 $ (2.02 ) Cash Flows Cash flow provided by (used in) continuing operations: Operating activities $ 10,631 $ (8,532 ) $ 31,465 $ (16,751 ) Investing activities (1,873 ) 1,304 (2,950 ) 6 Financing activities (28,136 ) 7,228 (34,055 ) 16,745 (19,378 ) - (5,540 ) - Net cash flow provided (used in) by discontinued operations (5,249 ) (1,649 ) 620 (495 ) Total cash used $ (24,627 ) $ (1,649 ) $ (4,920 ) (495 ) Balance Sheets February 28, August 31, 2010 2009 (unaudited) Current assets $ 58,685 $ 68,336 Current assets of discontinued operations 3,673 38,486 Property, plant and equipment, net 115,350 119,049 Other assets 30,019 28,147 Non-current assets of discontinued operations - 4,227 Total assets 207,727 258,245 Current liabilities 24,850 44,958 Current liabilities of discontinued operations 451 16,028 Long-term debt 55,530 71,141 Other liabilities 42,663 43,908 Non-current liabilities of discontinued operations - 2,851 Shareholders’ equity 84,233 79,359 Total liabilities and equity $ 207,727 $ 258,245Penford Corporation
Consolidated Statements of Operations
Three months endedFebruary 28
Six months endedFebruary 28
(In thousands except per share data) 2010 2009 2010 2009 (unaudited) Sales $ 62,293 $ 63,939 $ 129,363 $ 123,522 Cost of sales 56,231 66,519 112,673 120,698 Gross margin 6,062 (2,580 ) 16,690 2,824 Operating expenses 6,054 6,121 12,542 12,164 Research and development expenses 1,124 1,168 2,121 2,291 Flood related costs, net of insurance recoveries - (3,800 ) - (8,034 ) Income (loss) from operations (1,116 ) (6,069 ) 2,027 (3,597 ) Non-operating income, net (27 ) 1,554 609 948 Interest expense 1,621 1,177 3,420 2,447 Loss before income taxes (2,764 ) (5,692 ) (784 ) (5,096 ) Income tax benefit (963 ) (1,487 ) (39 ) (1,454 ) Loss from continuing operations (1,801 ) (4,205 ) (745 ) (3,642 ) Income (loss) from discontinued operations, net of tax 13,048 (17,973 ) 16,531 (18,905 ) Net income (loss) $ 11,247 $ (22,178 ) $ 15,786 $ (22,547 )Weighted average common shares and equivalents outstanding, diluted
11,204 11,174 11,193 11,165 Loss per share, diluted – continuing operations $ (0.17 ) $ (0.38 ) $ (0.08 ) $ (0.33 ) Income (loss) per share, diluted – discontinued operations $ 1.16 $ (1.61 ) $ 1.48 $ (1.69 ) Income (loss) per share, diluted $ 0.99 $ (1.99 ) $ 1.40 $ (2.02 ) Dividends declared per common share $ - $ 0.06 $ - $ 0.12
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