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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 May 31, 2011 increased 38% to $85.2 million from $61.9 million a year ago. Loss from continuing operations was $0.7 million, or $0.06 per diluted share, for the quarter ended May 31, 2011 compared with a loss from continuing operations of $5.8 million, or $0.49 per diluted share last year. Third quarter fiscal 2011 results reflect an increase in accounts receivable reserve of $0.6 million in the Industrial Ingredients business.
A table summarizing quarterly financial results is shown below:
Penford Corporation – Financial Highlights (In thousands) Q3 FY11 Q2 FY11 Q1 FY11 Q4 FY10 Q3 FY10 Industrial Ingredients: Sales $ 61,596 $ 56,591 $ 53,930 $ 45,633 $ 42,010 Gross margin 2,609 1,458 2,904 (1,907 ) (3,847 ) Operating income (loss) (734 ) (1,103 ) 142 (5,098 ) (6,847 ) Depreciation and amortization 2,712 2,696 2,713 2,716 2,709 Food Ingredients: Sales $ 23,637 $ 17,713 $ 18,336 $ 17,369 $ 19,899 Gross margin 7,808 5,385 6,353 5,406 7,112 Operating income 5,517 3,576 4,808 3,698 5,018 Depreciation and amortization 510 553 561 555 564 Consolidated: Sales $ 85,233 $ 74,304 $ 72,266 $ 63,002 $ 61,909 Gross margin 10,418 6,843 9,257 3,499 3,265 Operating income (loss) 2,506 488 2,969 (2,796 ) (4,091 ) Depreciation and amortization 3,598 3,618 3,643 3,642 3,631Food Ingredients Third Quarter Fiscal 2011 Results
Industrial Ingredients Third Quarter Fiscal 2011 Results
Consolidated Financial Third Quarter Fiscal 2011 Results
Conference Call
Penford will host a conference call to discuss third quarter fiscal 2011 financial and operational results today, July 7, 2011 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 July 7, 2011, 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 endedMay 31
Nine months endedMay 31
(In thousands except per share data) 2011 2010 2011 2010 (unaudited) (unaudited) Consolidated Results of Operations Sales $ 85,233 $ 61,909 $ 231,802 $ 191,272 Loss from continuing operations $ (709 ) $ (5,758 ) $ (1,948 ) $ (6,503 ) Income (loss) from discontinued operations, net of tax - (218 ) - 16,312 Net income (loss) $ (709 ) $ (5,976 ) $ (1,948 ) $ 9,809 Loss per share, diluted – continuing operations $ (0.06 ) $ (0.49 ) $ (0.16 ) $ (0.58 ) Income (loss) per share, diluted – discontinued operations - (0.02 ) - 1.43 Income (loss) per share, diluted $ (0.06 ) $ (0.51 ) $ (0.16 ) $ 0.85 Consolidated Cash Flows Cash flow provided by (used in) continuing operations: Operating activities $ 1,741 $ (2,054 ) $ (219 ) $ 9,560 Investing activities (2,237 ) (463 ) (5,640 ) 16,437 Financing activities 432 2,517 5,771 (31,537 ) (64 ) - (88 ) (5,540 ) Net cash flow provided by (used in) discontinued operations - - - (270 ) Total cash used $ (64 ) $ - $ (88 ) $ (5,810 ) Consolidated Balance Sheets May 31, August 31, 2011 2010 (unaudited) Current assets $ 72,501 $ 61,115 Property, plant and equipment, net 107,841 111,930 Other assets 33,711 35,363 Total assets 214,053 208,408 Current liabilities 29,237 26,000 Long-term debt 24,713 21,038 Redeemable preferred stock 37,725 34,104 Other liabilities 40,692 43,694 Shareholders’ equity 81,686 83,572 Total liabilities and equity $ 214,053 $ 208,408Penford CorporationConsolidated Statements of Operations
Three months endedMay 31
Nine months endedMay 31
(In thousands except per share data) 2011 2010 2011 2010 (unaudited) (unaudited) Sales $ 85,233 $ 61,909 $ 231,802 $ 191,272 Cost of sales 74,815 58,644 205,285 171,317 Gross margin 10,418 3,265 26,517 19,955 Operating expenses 6,664 6,312 17,093 18,854 Research and development expenses 1,248 1,044 3,462 3,165 Income (loss) from operations 2,506 (4,091 ) 5,962 (2,064 ) Interest expense 2,380 1,904 6,953 5,324 Non-operating income (expense), net (12 ) (2,606 ) 77 (1,997 ) Income (loss) before income taxes 114 (8,601 ) (914 ) (9,385 ) Income tax expense (benefit) 823 (2,843 ) 1,034 (2,882 ) Loss from continuing operations (709 ) (5,758 ) (1,948 ) (6,503 ) Income (loss) from discontinued operations, net of tax - (218 ) - 16,312 Net income (loss) $ (709 ) $ (5,976 ) $ (1,948 ) $ 9,809Weighted average common shares and equivalents outstanding, diluted
12,262 11,796 12,247 11,396 Loss per share, diluted – continuing operations $ (0.06 ) $ (0.49 ) $ (0.16 ) $ (0.58 ) Income (loss) per share, diluted – discontinued operations - (0.02 ) - 1.43 Income (loss) per share, diluted $ (0.06 ) $ (0.51 ) $ (0.16 ) $ 0.85
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