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Share Name | Share Symbol | Market | Type |
---|---|---|---|
RiceBran Technologies | NASDAQ:RIBT | 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% | 0.35 | 0.3675 | 0.37 | 0 | 01:00:00 |
THE WOODLANDS, Texas, Nov. 6, 2018 /PRNewswire/ -- RiceBran Technologies (NASDAQ: RIBT) (NASDAQ: RIBTW) (the "Company" or "RBT"), a global leader in the production and marketing of value-added products derived from rice bran, announced today the Company's financial results for the third quarter ended September 30, 2018.
"Our third quarter saw progress on many fronts, including acquiring an option to purchase the assets of Golden Ridge Rice Mills and our successful support of customers despite supply disruptions from a key mill partner," said Brent Rystrom, President and Chief Executive Officer. "We are well positioned and excited by our growth prospects as we are starting to realize important new customer wins, expect to soon acquire and integrate Golden Ridge into our operations, which should improve the reliability of our rice bran supply, continue to see an improved balance sheet, and successfully complete our certification efforts."
Business Highlights:
Highlights for the 2018 third quarter include:
"Our balance sheet has strengthened considerably thus far in 2018, with warrant exercises significantly increasing our cash position as well as shareholders' equity," said Dennis Dykes, Chief Financial Officer. "With a majority of our certification capital expenditures behind us and the expected addition of Golden Ridge's operations in the fourth quarter, we believe we are in a solid financial position to execute our growth plan to build value for stockholders as we head into 2019."
Guidance Updates:
Conference Call Information
RiceBran Technologies will host a conference call today, Tuesday, November 6, at 4:30 p.m. Eastern Time to discuss these results. The conference call information is as follows:
This call is being webcast by ViaVid and can be accessed at http://public.viavid.com/index.php?id=131889.
The call will also be available for replay by accessing http://public.viavid.com/index.php?id=131889.
About RiceBran Technologies
RiceBran Technologies is a specialty ingredient company servicing the food, animal nutrition and specialty ingredient products markets. We utilize our proprietary and patented intellectual property to convert rice bran, one of the world's most underutilized food sources, into a number of highly nutritious and clean label ingredient products. The global target markets for our products include food and animal nutrition manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers. More information can be found in the Company's filings with the SEC and by visiting our website.
Forward-Looking Statements
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding the sufficiency of its cash position to pursue its plans through 2019, the completion of its purchase of Golden Ridge's milling operations and any resulting benefits to RBT of acquiring Golden Ridge, the rice production volumes in California, Louisiana and Arkansas, the price of rice bran, the rice milling volumes in the Delta region and the impact of these volumes on its financial performance, and its business plans, future growth, revenue and adjusted EBITDA. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties, including the risks that RBT does not complete the acquisition of Golden Ridge Rice Mills or receive the resulting benefit from this acquisition. RiceBran Technologies does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in RiceBran Technologies' filings with the Securities and Exchange Commission, including its most recent periodic reports.
RiceBran Technologies | ||||||||||
Condensed Consolidated Statements of Operations | ||||||||||
Three and Nine Months Ended September 30, 2018 and 2017 | ||||||||||
(Unaudited) (in thousands, except share and per share amounts) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
2018 | 2017 | 2018 | 2017 | |||||||
Revenues, net | $ 3,463 | $ 3,445 | $ 10,213 | $ 10,206 | ||||||
Cost of goods sold | 2,709 | 2,305 | 7,842 | 7,081 | ||||||
Gross profit | 754 | 1,140 | 2,371 | 3,125 | ||||||
Selling, general and administrative expenses | 2,419 | 2,495 | 8,102 | 7,428 | ||||||
Loss from continuing operations before other income | (1,665) | (1,355) | (5,731) | (4,303) | ||||||
Other income (expense): | ||||||||||
Interest expense | (2) | (86) | (5) | (1,616) | ||||||
Change in fair value of derivative warrant liabilities | - | (313) | - | 808 | ||||||
Loss on extinguishment of debt | - | (6,610) | - | (8,290) | ||||||
Other income | 52 | 157 | 61 | 194 | ||||||
Other expense | (12) | (113) | (25) | (213) | ||||||
Total other income (expense) | 38 | (6,965) | 31 | (9,117) | ||||||
Loss from continuing operations before income taxes | (1,627) | (8,320) | (5,700) | (13,420) | ||||||
Income tax benefit | - | 4,121 | - | 5,033 | ||||||
Loss from continuing operations | (1,627) | (4,199) | (5,700) | (8,387) | ||||||
Income from discontinued operations, net of tax | - | 6,706 | - | 6,823 | ||||||
Net income (loss) | (1,627) | 2,507 | (5,700) | (1,564) | ||||||
Less - Net loss attributable to noncontrolling interest | ||||||||||
in discontinued operations | - | (792) | - | (1,359) | ||||||
Net income (loss) attributable to RiceBran Technologies | (1,627) | 3,299 | (5,700) | (205) | ||||||
Less - Dividends on preferred stock, beneficial | - | - | - | 778 | ||||||
Net income (loss) attributable to RiceBran Technologies | $ (1,627) | $ 3,299 | $ (5,700) | $ (983) | ||||||
Basic earnings (loss) per common share: | ||||||||||
Continuing operations | $ (0.07) | $ (0.38) | $ (0.28) | $ (0.86) | ||||||
Discontinued operations | - | 0.68 | - | 0.77 | ||||||
Basic loss per common share - RiceBran | $ (0.07) | $ 0.30 | $ (0.28) | $ (0.09) | ||||||
Diluted earnings (loss) per common share: | ||||||||||
Continuing operations | $ (0.07) | $ (0.38) | $ (0.28) | $ (0.86) | ||||||
Discontinued operations | - | 0.68 | - | 0.77 | ||||||
Diluted loss per common share - RiceBran | $ (0.07) | $ 0.30 | $ (0.28) | $ (0.09) | ||||||
Weighted average number of shares outstanding: | ||||||||||
Basic | 24,092,172 | 11,129,781 | 20,538,309 | 10,644,372 | ||||||
Diluted | 24,092,172 | 11,129,781 | 20,538,309 | 10,644,372 | ||||||
RiceBran Technologies | |||||||||
Condensed Consolidated Balance Sheets | |||||||||
September 30, 2018 and December 31, 2017 | |||||||||
(Unaudited) (in thousands, except share amounts) | |||||||||
September 30 | December 31 | ||||||||
2018 | 2017 | ||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ 10,299 | $ 6,203 | |||||||
Restricted cash | 225 | 775 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $14 and $8 | 1,509 | 1,273 | |||||||
Notes receivable | 565 | - | |||||||
Inventories - Finished goods | 524 | 564 | |||||||
Inventories - Packaging | 113 | 114 | |||||||
Deposits and other current assets | 475 | 519 | |||||||
Total current assets | 13,710 | 9,448 | |||||||
Property and equipment, net | 9,300 | 7,850 | |||||||
Other long-term assets, net | 18 | 63 | |||||||
Total assets | $ 23,028 | $ 17,361 | |||||||
LIABILITIES AND EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ 276 | $ 765 | |||||||
Accrued salary, wages and benefits | 698 | 773 | |||||||
Accrued expenses | 1,044 | 741 | |||||||
Unearned revenue | 25 | 75 | |||||||
Escrow liability | 259 | 258 | |||||||
Current maturities of long-term debt | 4 | 4 | |||||||
Total current liabilities | 2,306 | 2,616 | |||||||
Long-term debt, less current portion | 9 | 12 | |||||||
Total liabilities | 2,315 | 2,628 | |||||||
Commitments and contingencies | |||||||||
Shareholders' Equity: | |||||||||
Equity attributable to RiceBran Technologies shareholders: | |||||||||
Preferred stock, 20,000,000 shares authorized: | |||||||||
Series G, convertible, 3,000 shares authorized, 630 shares issued and | 313 | 313 | |||||||
Common stock, no par value, 50,000,000 shares authorized, | |||||||||
27,093,093 and 18,046,731 shares issued and outstanding | 291,228 | 279,548 | |||||||
Accumulated deficit | (270,828) | (265,128) | |||||||
Total shareholders' equity attributable to RiceBran Technologies | 20,713 | 14,733 | |||||||
Total liabilities and shareholders' equity | $ 23,028 | $ 17,361 | |||||||
USE OF NON-GAAP FINANCIAL INFORMATION
We utilize "Adjusted EBITDA" as a supplemental measure in our ongoing analysis of short term and long term cash requirement and liquidity needs. Adjusted EBITDA does not represent cash flows from operations as defined by generally accepted accounting principles ("GAAP"), is not a measure derived in accordance with GAAP and should not be considered as an alternative to net income (the most comparable GAAP financial measure to EBITDA). Management uses Adjusted EBITDA as an indicator of our current financial performance. By eliminating the impact of all material non-cash charges as well as items that do not regularly occur, we believe that Adjusted EBITDA provides a more accurate and informative indicator of our cash requirements.
The table below contains a reconciliation of net income (GAAP) and Adjusted EBITDA (Non-GAAP) for the three and nine months ended September 30, 2018 and September 30, 2017. We do not provide a reconciliation of forward-looking net income (GAAP) to Adjusted EBITDA (non-GAAP). Due to the nature of certain reconciling items, it is not possible to predict with any reliability what future outcomes may be with regard to the expense or income that may ultimately be recognized in future periods. Any forward-looking Adjusted EBITDA information that we may provide from time to time consistently excludes the same items from projected net income that are excluded from actual net income in the table below.
RiceBran Technologies | ||||
Adjusted EBITDA Reconciliation | ||||
For the three months ended September 30 (in thousands) | ||||
2018 | 2017 | |||
Net income (loss) | $ (1,627) | $ (8,320) | ||
Interest expense | 2 | 86 | ||
Depreciation & amortization | 173 | 157 | ||
Unadjusted EBITDA | $ (1,452) | $ (8,077) | ||
Add Back Other Items: | ||||
Change in fair value of derivative liabilities | - | 313 | ||
Loss on extinguishment of debt | - | 6,610 | ||
Other income/expense | (43) | (129) | ||
Share-based compensation | 186 | 250 | ||
Corporate relocation associated expenses | - | 26 | ||
Other | - | 85 | ||
Adjusted EBITDA | $ (1,309) | $ (922) |
RiceBran Technologies | ||||
Adjusted EBITDA Reconciliation | ||||
For the nine months ended September 30 (in thousands) | ||||
2018 | 2017 | |||
Net income (loss) | $ (5,700) | $ (13,420) | ||
Interest expense | 5 | 1,616 | ||
Depreciation & amortization | 544 | 571 | ||
Unadjusted EBITDA | $ (5,151) | $ (11,233) | ||
Add Back Other Items: | ||||
Change in fair value of derivative liabilities | - | (808) | ||
Loss on extinguishment of debt | - | 8,290 | ||
Other income/expense | (36) | (66) | ||
Share-based compensation | 617 | 904 | ||
Corporate relocation associated expenses | - | 101 | ||
Other | - | 92 | ||
Adjusted EBITDA | $ (4,570) | $ (2,720) |
Investor Contact:
Ascendant Partners, LLC
Richard Galterio
(732) 410-9810
rich@ascendantpartnersllc.com
View original content:http://www.prnewswire.com/news-releases/ricebran-technologies-reports-q3-2018-financial-results-and-provides-business-updates-300745049.html
SOURCE RiceBran Technologies
Copyright 2018 PR Newswire
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