![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
(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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.98 | 0 | 01:00:00 |
Penford Corporation (Nasdaq: PENX), a leader in renewable ingredient systems for industrial and food applications, today reported that consolidated sales for the quarter ended November 30, 2011 increased 25.6% to $90.7 million from $72.3 million a year ago. Gross margin expanded $2.6 million from last year. Consolidated net income rose 76% to $0.6 million, or $0.05 per diluted share, from $0.3 million, or $0.03 per diluted share last year.
A table summarizing quarterly financial results is shown below:
Penford Corporation – Financial Highlights (In thousands) Q1 FY 12 Q4 FY 11 Q3 FY11 Q2 FY11 Q1 FY11 Food Ingredients: Sales $ 25,924 $ 22,554 $ 23,637 $ 17,713 $ 18,336 Gross margin 8,221 6,766 7,808 5,385 6,353 Operating income 5,959 4,135 5,517 3,576 4,808 Depreciation and amortization 505 486 510 553 561 Industrial Ingredients: Sales $ 64,822 $ 61,085 $ 61,596 $ 56,591 $ 53,930 Gross margin 3,586 552 2,609 1,458 2,904 Operating income (loss) 743 (3,023) (734) (1,103) 142 Depreciation and amortization 2,629 2,691 2,712 2,696 2,713 Consolidated: Sales $ 90,746 $ 83,638 $ 85,233 $ 74,304 $ 72,266 Gross margin 11,808 7,317 10,418 6,843 9,257 Operating income (loss) 4,359 (1,518) 2,506 488 2,969 Depreciation and amortization 3,512 3,556 3,598 3,618 3,643Food Ingredients
Industrial Ingredients
Industrial Ingredients (continued)
Consolidated Results
Carolina Starches Acquisition
Conference Call
Penford will host a conference call to discuss first quarter fiscal 2012 financial and operational results today, January 9, 2012 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 January 9, 2012, 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 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; 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 ended
November 30
(In thousands except per share data)2011 2010 (unaudited) Consolidated Results Sales $ 90,746 $ 72,266 Income from operations $ 4,359 $ 2,969 Net income $ 592 $ 336 Earnings per share, diluted $ 0.05 $ 0.03 Cash Flows Cash flow provided by (used in): Operating activities $ 12,182 $ 4,667 Investing activities (2,447) (1,685) Financing activities (9,752) (2,981) Total cash provided (used in) $ (17) $ 1 Balance Sheets November 30, August 31, 2011 2011 (unaudited) Current assets $ 69,811 $ 74,077 Property, plant and equipment, net 106,705 107,372 Other assets 29,201 30,965 Total assets 205,717 212,414 Current liabilities 28,549 30,155 Long-term debt 17,691 23,802 Redeemable preferred stock 40,260 38,982 Other liabilities 34,175 34,010 Shareholders’ equity 85,042 85,465 Total liabilities and equity $ 205,717 $ 212,414 Penford Corporation
Consolidated Statements of Operations
Three months ended
November 30
(In thousands except per share data) 2011 2010 (unaudited) Sales $ 90,746 $ 72,266 Cost of sales 78,938 63,009 Gross margin 11,808 9,257 Operating expenses 6,109 5,194 Research and development expenses 1,340 1,094 Income from operations 4,359 2,969 Interest expense (2,397 ) (2,270 ) Other non-operating income, net 20 89 Income before income taxes 1,982 788 Income tax expense 1,390 452 Net income $ 592 $ 336 Weighted average common shares and equivalents outstanding, diluted 12,330 12,339 Earnings per share, diluted $ 0.05 $ 0.03
1 Year (MM) Chart |
1 Month (MM) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions