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 Sep. 17, 2012 Source: Ridley Inc. news release For complete report, click here. Ridley Inc. (TSX: RCL) today reported its financial results for the three and twelve months ended June 30, 2012. All currency amounts are stated in U.S. dollars unless otherwise noted. For the three months ended June 30, 2012, Ridley's earnings before interest, taxes, depreciation, amortization, and exceptions (EBITDA) were $4.8 million compared to $3.9 million last year. EBITDA for the twelve months of fiscal 2012 was $27.1 million compared to $25.8 million for the same period last year. Net earnings after income taxes for the fourth quarter of 2012 were $0.3 million (3 cents per share) compared to a loss in the fourth quarter last year of $0.5 million (loss of 4 cents per share). Net earnings for the twelve months of fiscal 2012 were $9.0 million (70 cents per share) compared to $9.5 million (74 cents per share) last year. Ridley's tonnage volumes in the fourth quarter of fiscal 2012 were lower from the same period last year by 2.6% as a result of lower complete feed volumes. Volumes of higher value-added feed supplements and premixes increased in the period. For the twelve months of fiscal 2012 tonnage volumes were flat in comparison to last year. Rising feed ingredient prices resulted in higher average unit selling prices over last year, which accounted for a $62.0 million increase in revenues in fiscal 2012 over the prior year. Gross profits in the fourth quarter increased over last by $2.2 million due to the continuing shift in Ridley's product mix toward higher value-added products and the result of gains from rising feed ingredients prices. Gross profit of $75.3 million for fiscal 2012 was $3.4 million ahead of the prior year due to improved product mix and lower manufacturing overheads. Operating expenses in the fourth quarter of fiscal 2012 were higher than the prior year by $1.4 million as a result of less favourable foreign currency gains, less favourable pension adjustments, reclassification of certain plant management expenses, and restructuring costs. Excluding exceptions, operating expenses for the full year increased by $2.5 million over last year. Included in operating expenses this year was $2.5 million recorded for asset impairments, loss on sale of facilities and other restructuring charges on the discontinuation of operations and loss on sale of a facility. Distributions made by Ridley's U.S. subsidiary to its Canadian parent entity are subject to withholding tax assessments. Included in income tax expense were withholding taxes of $1.3 million and $1.5 million in the fourth quarters of fiscal 2012 and fiscal 2011, respectively. A special dividend of $25.3 million was paid in the fourth quarter of fiscal 2012. Ridley utilized cash flows from operations and borrowings to fund the dividend payment. Debt increased from $1.5 million as at June 30, 2011 to $11.0 million at June 30, 2012. Ridley's audited consolidated financial statements and MD&A for the year ended June 30, 2012 will be filed with SEDAR and mailed to shareholders on September 28, 2012. Both documents will be contained in Ridley's 2012 annual report, which will also be available on the Company's website at www.ridleyinc.com or at www.sedar.com. Tweet |
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