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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 ingredient systems for industrial and food applications, today reported that consolidated sales for the quarter ended February 29, 2012 increased 16% to $86.2 million from $74.3 million a year ago. Gross margin expanded 37% to $9.4 million. The Company reported a second quarter net loss of $0.3 million or $0.03 per diluted share compared with a net loss of $1.6 million or $0.13 per diluted share last year.
A table summarizing quarterly financial results is shown below:
Penford Corporation – Financial Highlights (In thousands) Q2 FY 12 Q1 FY 12 Q4 FY 11 Q3 FY11 Q2 FY11 Food Ingredients: Sales $ 24,904 $ 25,924 $ 22,554 $ 23,637 $ 17,713 Gross margin 7,626 8,221 6,766 7,808 5,385 Operating income 5,247 5,959 4,135 5,517 3,576 Depreciation and amortization 498 505 486 510 553 Industrial Ingredients: Sales $ 61,284 $ 64,822 $ 61,085 $ 61,596 $ 56,591 Gross margin 1,775 3,586 552 2,609 1,458 Operating income (loss) (985) 743 (3,023) (734) (1,103) Depreciation and amortization 2,697 2,629 2,691 2,712 2,696 Consolidated: Sales $ 86,188 $ 90,746 $ 83,638 $ 85,233 $ 74,304 Gross margin 9,401 11,808 7,317 10,418 6,843 Operating income (loss) 1,650 4,359 (1,518) 2,506 488 Depreciation and amortization 3,574 3,512 3,556 3,598 3,618Food Ingredients
Industrial Ingredients
Consolidated Results
Redemption of Preferred Stock
Acquisition of Carolina Starches
Conference Call
Penford will host a conference call to discuss second quarter results today, April 9, 2012 at 1:00 p.m. Mountain Time (3:00 p.m. Eastern Time). Access information for the call and webcast can be found at www.penx.com. To participate in the call on April 9, 2012, please phone 1-877-407-9205 at 12:50 p.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 and preferred stock instruments; 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 with the Securities and Exchange Commission.
Penford CorporationFinancial Highlights
Three months ended
Six months ended
(In thousands except per share data)February29, 2012
February28, 2011
February29, 2012
February28, 2011
(unaudited) (unaudited) Consolidated Results Sales $ 86,188 $ 74,304 $ 176,934 $ 146,570 Income from operations $ 1,650 $ 488 $ 6,009 $ 3,456 Net income (loss) $ (340) $ (1,575) $ 252 $ (1,239) Income (loss) per share, diluted $ (0.03) $ (0.13) $ 0.02 $ (0.10) Cash Flows Cash flow provided by (used in) operations: Operating activities $ (3,146) $ (6,626) $ 9,036 $ (1,959) Investing activities (11,928) (1,718) (14,375) (3,403) Financing activities 15,405 8,320 5,653 5,339 Total cash provided by (used in ) operations $ 331 $ (24) $ 314 $ (23) Balance Sheets February 29, August 31, 2012 2011 (unaudited) Current assets $ 81,054 $ 74,077 Property, plant and equipment, net 111,134 107,372 Other assets 30,110 30,965 Total assets 222,298 212,414 Current liabilities 28,883 30,155 Long-term debt 32,210 23,802 Redeemable preferred stock 41,564 38,982 Other liabilities 34,582 34,010 Shareholders’ equity 85,059 85,465 Total liabilities and equity $ 222,298 $ 212,414 Penford CorporationConsolidated Statements of Operations
Three months ended
Six months ended
(In thousands except per share data)February29, 2012
February28,2011
February29, 2012
February28,2011
(unaudited) (unaudited) Sales $ 86,188 $ 74,304 $ 176,934 $ 146,570 Cost of sales 76,787 67,461 155,725 130,470 Gross margin 9,401 6,843 21,209 16,100 Operating expenses 6,434 5,235 12,543 10,430 Research and development expenses 1,317 1,120 2,657 2,214 Income from operations 1,650 488 6,009 3,456 Interest expense 2,430 2,303 4,827 4,572 Non-operating income (expense), net 216 (1 ) 236 88 Income (loss) before income taxes (564 ) (1,816 ) 1,418 (1,028 ) Income tax expense (benefit) (224 ) (241 ) 1,166 211 Net income (loss) $ (340 ) $ (1,575 ) $ 252 $ (1,239 ) Weighted average common shares and equivalents outstanding, diluted 12,300 12,257 12,327 12,239 Income (loss) per share, diluted $ (0.03 ) $ (0.13 ) $ 0.02 $ (0.10 )
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