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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 ingredient systems for industrial and food applications, today reported first quarter 2013 results.
For the first quarter ended November 30, 2012 consolidated sales increased 4.5% to $94.9 million from $90.7 million a year ago. The Company reported first quarter net income of $1.7 million, or $0.14 per diluted share, compared with net income of $0.6 million or $0.05 per diluted share last year.
A table summarizing quarterly and annual financial results is shown below:
Penford Corporation – Financial Highlights (In thousands) Q1 FY 13 Q4 FY 12 Q3 FY 12 Q2 FY 12 Q1 FY 12 Food Ingredients: Sales $ 27,654 $ 25,543 $ 26,173 $ 24,904 $ 25,924 Gross margin 8,104 8,098 8,225 7,626 8,221 Operating income 5,355 5,028 5,362 5,247 5,959 Depreciation and amortization 485 473 512 498 505 Industrial Ingredients: Sales $ 67,205 $ 65,962 $ 66,751 $ 61,284 $ 64,822 Gross margin 5,154 3,149 3,229 1,775 3,586 Operating income (loss) 1,387 (767 ) 75 (985 ) 743 Depreciation and amortization 2,813 2,781 2,772 2,697 2,629 Consolidated: Sales $ 94,859 $ 91,505 $ 92,924 $ 86,188 $ 90,746 Gross margin 13,258 11,247 11,454 9,401 11,808 Operating income 4,020 476 3,573 1,650 4,359 Depreciation and amortization 3,383 3,409 3,632 3,574 3,512Highlights for the first quarter are as follows:
Food Ingredients Division
Industrial Ingredients Division
Consolidated Results
Conference Call
Penford will host a conference call to discuss fiscal 2013 first quarter results today, January 9, 2013 at 7:30 a.m. Mountain Time (9:30 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, 2013, please phone 1-877-407-9205 at 7:20 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 seven 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; changes in general economic conditions or developments with respect to specific industries or customers affecting demand for the Company’s products, including changes in government rules or incentives affecting ethanol consumption, 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 with the Securities and Exchange Commission.
Penford CorporationFinancial Highlights
Three Months EndedNovember 30
(In thousands, except per share data)
2012
2011
(unaudited) Consolidated Results Sales $ 94,859 $ 90,746 Income from operations $ 4,020 $ 4,359 Net income $ 1,707 $ 592 Earnings per share, diluted $ 0.14 $ 0.05 Cash Flows Cash flow provided by (used in): Operating activities $ 6,247 $ 12,182 Investing activities (3,425 ) (2,447 ) Financing activities (2,855 ) (9,752 ) Decrease in cash $ (33 ) $ (17 ) Balance Sheets November 30, August 31, 2012 2012 (unaudited) Current assets $ 90,210 $ 91,965 Property, plant and equipment, net 112,390 113,191 Other assets 29,853 31,023 Total assets 232,453 236,179 Current liabilities 32,250 36,138 Long-term debt 82,954 84,004 Other liabilities 47,870 47,187 Shareholders’ equity 69,379 68,850 Total liabilities and equity $ 232,453 $ 236,179Penford CorporationConsolidated Statements of Operations
Three Months EndedNovember 30,
(unaudited)(In thousands, except per share data)
2012 2011 Sales $ 94,859 $ 90,746 Cost of sales 81,601 78,938 Gross margin 13,258 11,808 Operating expenses 7,773 6,109 Research and development expenses 1,465 1,340 Income from operations 4,020 4,359 Interest expense 1,081 2,397 Other non-operating income (expense), net (163 ) 20 Income before income taxes 2,776 1,982 Income tax expense 1,069 1,390 Net income $ 1,707 $ 592 Weighted average common shares and equivalents outstanding, diluted 12,372 12,330 Earnings per common share, diluted $ 0.14 $ 0.05
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