![](/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 May 31, 2012 increased 9% to $92.9 million from $85.2 million a year ago. Gross margin expanded 10% to $11.5 million. The Company reported a third quarter net loss of $5.5 million or $0.44 per diluted share compared with a net loss of $0.7 million or $0.06 per diluted share last year. Included in the fiscal 2012 third quarter loss were a non-cash pre-tax charge of $2.8 million related to the redemption of the Company’s 15% Series A Preferred Stock and a non-cash tax valuation allowance of $1.8 million.
A table summarizing quarterly financial results is shown below:
Penford Corporation – Financial Highlights (In thousands) Q3 FY 12 Q2 FY 12 Q1 FY 12 Q4 FY 11 Q3 FY 11 Food Ingredients: Sales $ 26,173 $ 24,904 $ 25,924 $ 22,554 $ 23,637 Gross margin 8,225 7,626 8,221 6,766 7,808 Operating income 5,362 5,247 5,959 4,135 5,517 Depreciation and amortization 512 498 505 486 510 Industrial Ingredients: Sales $ 66,751 $ 61,284 $ 64,822 $ 61,085 $ 61,596 Gross margin 3,229 1,775 3,586 552 2,609 Operating income (loss) 75 (985 ) 743 (3,023 ) (734 ) Depreciation and amortization 2,772 2,697 2,629 2,691 2,712 Consolidated: Sales $ 92,924 $ 86,188 $ 90,746 $ 83,638 $ 85,233 Gross margin 11,454 9,401 11,808 7,317 10,418 Operating income (loss) 3,573 1,650 4,359 (1,518 ) 2,506 Depreciation and amortization 3,632 3,574 3,512 3,556 3,598Food Ingredients
Industrial Ingredients
Redemption of Preferred Stock
Expanded Credit Facility
Consolidated Results
Conference Call
Penford will host a conference call to discuss third quarter results today, July 10, 2012 at 9:00 a.m. Mountain time (11:00 a.m. Eastern time). Access information for the call and web-cast can be found at www.penx.com. To participate in the call on July 10, 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 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 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 May 31
Nine months ended May 31
(In thousands except per share data)2012
2011
2012
2011
(unaudited) (unaudited) Consolidated Results Sales $ 92,924 $ 85,233 $ 269,858 $ 231,802 Income from operations $ 3,573 $ 2,506 $ 9,582 $ 5,962 Net loss $ (5,452 ) $ (709 ) $ (5,200 ) $ (1,948 ) Loss per share, diluted $ (0.44 ) $ (0.06 ) $ (0.42 ) $ (0.16 ) Cash Flows Cash flow provided by (used in) operations: Operating activities $ (1,446 ) $ 1,741 $ 7,590 $ (219 ) Investing activities (3,203 ) (2,237 ) (17,578 ) (5,640 ) Financing activities 4,713 432 10,366 5,771Total cash provided by (used in) operations
$ 64 $ (64 ) $ 378 $ (88 ) Balance Sheets May 31, August 31, 2012 2011 (unaudited) Current assets $ 83,722 $ 74,077 Property, plant and equipment, net 111,155 107,372 Other assets 25,598 30,965 Total assets 220,475 212,414 Current liabilities 33,071 30,155 Long-term debt 49,598 23,802 Redeemable preferred stock 25,201 38,982 Other liabilities 33,245 34,010 Shareholders’ equity 79,360 85,465 Total liabilities and equity $ 220,475 $ 212,414Penford CorporationConsolidated Statements of Operations
Three months ended May 31, Nine months ended May 31,(In thousands, except per share data)
2012 2011 2012 2011 Sales $ 92,924 $ 85,233 $ 269,858 $ 231,802 Cost of sales 81,470 74,815 237,195 205,285 Gross margin 11,454 10,418 32,663 26,517Operating expenses 6,340 6,664 18,883 17,093 Research and development expenses 1,541 1,248 4,198 3,462 Income from operations 3,573 2,506 9,582 5,962 Interest expense 2,335 2,380 7,162 6,953 Other non-operating income (expense), net (2,815 ) (12 ) (2,579 ) 77 Income (loss) before income taxes (1,577 ) 114 (159 ) (914 ) Income tax expense 3,875 823 5,041 1,034 Net loss $ (5,452 ) $ (709 ) $ (5,200 ) $ (1,948 )
Weighted average common shares and equivalentsoutstanding, basic and diluted
12,300 12,262 12,292 12,247 Loss per common share, diluted $ (0.44 ) $ (0.06 ) $ (0.42 ) $ (0.16 )
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