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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 food and industrial markets, today reported fourth quarter and fiscal year 2014 results.
Fiscal 2014 net income improved 94% over 2013 to $7.8 million. Diluted earnings per share for the fiscal year ended August 31, 2014, increased to $0.60 from $0.32 a year ago. Gross margin expanded by over 20% to $54.3 million for the year, benefiting from higher profitability in both divisions. Consolidated sales for the year were $443.9 million compared with $467.3 million in the last fiscal year, primarily reflecting lower corn prices that were passed through to customers and reduced industrial starch and by-product revenues.
Fourth quarter net income increased to $3.0 million, or $0.23 per diluted share, from a loss in last year’s comparable quarter. Gross margin in the fourth quarter rose to $16.6 million, more than double last year’s result. Quarterly consolidated sales were $109.1 million compared to $117.4 million in fourth quarter 2013.
Penford Corporation - Financial Highlights:
3 Months Ended August 31
Year Ended August 31
(In thousands)2014
2013
Change
2014
2013
Change
Food Ingredients: Sales $ 32,343 $ 28,441 13.7 % $ 126,590 $ 111,234 13.8 % Gross Margin 9,982 9,111 9.6 % 37,641 34,399 9.4 % EBITDA* 6,589 6,678 (1.3 )% 26,602 25,326 5.0 % Industrial Ingredients: Sales $ 76,744 $ 88,986 (13.8 )% $ 317,283 $ 356,016 (10.9 )% Gross Margin 6,580 (1,515 ) N/A 16,666 10,648 56.5 % EBITDA* 4,121 (2,114 ) N/A 12,838 7,721 66.3 % Consolidated: Sales $ 109,086 $ 117,427 (7.1 )% $ 443,873 $ 467,250 (5.0 %) Gross Margin 16,561 7,597 118.0 % 54,307 45,047 20.6 % EBITDA* 7,692 1,784 331.2 % 27,871 22,805 22.2 % Net income(loss) 2,954 (949 ) N/A 7,753 4,007 93.5 %* See the Reconciliation Table below.
Highlights for the quarter and the year are as follows:
Food Ingredients Division
Industrial Ingredients Division
Credit Facility
Merger Details
As a result of the announcement of the definitive merger agreement with Ingredion Incorporated, Penford Corporation will not host a conference call to discuss the results of the fourth quarter and full fiscal year 2014.
About Penford Corporation
Penford Corporation develops, manufactures and markets specialty ingredient systems for a variety of food and industrial products. Penford operates six manufacturing facilities and three research and development centers 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; impairment of the Company’s long-lived assets that could result in a noncash charge to reported earnings; 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 Corporation
Financial Highlights
Three months endedAugust 31
Year ended August 31
(In thousands, except per share data)2014
2013
2014
2013
(unaudited) Consolidated Results Sales $ 109,086 $ 117,427 $ 443,873 $ 467,250 Income (loss) from operations $ 5,814 $ (1,421 ) $ 15,291 $ 9,404 Net income (loss) $ 2,954 $ (949 ) $ 7,753 $ 4,007 Earnings (loss) per share, diluted $ 0.23 $ (0.08 ) $ 0.60 $ 0.32 Cash Flows Cash flow provided by (used in) operations: Operating activities $ 6,717 $ 10,069 $ 18,054 $ 24,649 Investing activities (4,909 ) (5,861 ) (22,325 ) (12,062 ) Financing activities (2,002 ) (4,244 ) 4,239 (12,520 ) Total cash provided by (used in ) operations $ (194 ) $ (36 ) $ (32 ) $ 67 Balance Sheets August 31,2014 August 31,2013 Current assets $ 98,444 $ 90,114 Property, plant and equipment, net 114,804 112,141 Other assets 25,942 22,363 Total assets 239,190 224,618 Current liabilities 39,015 35,640 Long-term debt 76,665 72,739 Other liabilities 31,377 33,346 Shareholders’ equity 92,133 82,893 Total liabilities and equity $ 239,190 $ 224,618Penford Corporation
Consolidated Statements of Operations
Three months ended August 31, Year ended August 31,(Unaudited)
(In thousands, except per share data) 2014 2013 2014 2013 Sales $ 109,086 $ 117,427 $ 443,873 $ 467,250 Cost of sales 92,525 109,830 389,566 422,203 Gross margin 16,561 7,597 54,307 45,047 Operating expenses 9,088 7,504 33,407 29,773 Research and development expenses 1,659 1,514 5,609 5,870 Income (loss) from operations 5,814 (1,421 ) 15,291 9,404 Interest expense 1,019 927 3,583 3,989 Other non-operating income (expense), net (262 ) 7 766 75 Income (loss) before income taxes 4,533 (2,341 ) 12,474 5,490 Income tax expense (benefit) 1,579 (1,392 ) 4,721 1,483 Net income (loss) $ 2,954 $ (949 ) $ 7,753 $ 4,007 Weighted average common shares and equivalents outstanding, diluted 12,895 12,431 12,858 12,618 Earnings (loss) per common share, diluted $ 0.23 $ (0.08 ) $ 0.60 $ 0.32Penford CorporationReconciliation of Non-GAAP Measure
To supplement the segment and consolidated financial results prepared in accordance with generally accepted accounting principles (“GAAP”), the Company utilizes a non-GAAP financial measure-net income (loss) before interest, taxes, depreciation and amortization expense (“EBITDA”). The Company uses EBITDA to evaluate performance and establish goals. The Company believes that this measure is valuable to investors in assessing the Company’s operating results when viewed in conjunction with GAAP results. This non-GAAP measure is not a substitute for, or an alternative to, the corresponding measure calculated in accordance with GAAP.
Reconciliation of non-GAAP EBITDA to GAAP Operating Income (Loss)
(In thousands)Three months ended August 31, 2014
Year ended August 31, 2014
Food
Ingredients
IndustrialIngredients
Consolidated
Food
Ingredients
IndustrialIngredients
Consolidated
Operating income $ 5,996 $ 2,659 $ 5,814 $ 24,345 $ 2,587 $ 15,291 Depreciation and amortization 594 1,458 2,140 2,260 9,219 11,814 Iowa loan forgiveness - - - - 1,000 1,000 Loss on early extinguishment of debt - - (265 ) - - (265 ) Other non-operating income (loss) (1 ) 4 3 (3 ) 32 31 EBITDA $ 6,589 $ 4,121 $ 7,692 $ 26,602 $ 12,838 $ 27,871Three months ended August 31, 2013
Year ended August 31, 2013
Food
Ingredients
Industrial Ingredients
Consolidated
Food
Ingredients
Industrial Ingredients
Consolidated
Operating income (loss) $ 6,168 $ (4,738 ) $ (1,421 ) $ 23,265 $ (3,238 ) $ 9,404 Depreciation and amortization 510 2,607 3,198 2,061 10,933 13,326 Other non-operating income - 17 7 - 26 75 EBITDA $ 6,678 $ (2,114 ) $ 1,784 $ 25,326 $ 7,721 $ 22,805
Penford CorporationEllen G. Grinde, 630-590-0707Director, Investor Relations and Communicationsegrinde@penx.com
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