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NINE MONTHS: S&W SEEDS' SALES UP 29%, NET INCOME UP 84%
Source: S&W Seeds news release

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S&W Seed Company (Nasdaq: SANW) today announced financial results for its third quarter of fiscal 2014 ended March 31, 2014.

For the third fiscal quarter ended March 31, 2014, S&W reported revenues of $8.1 million versus $4.2 million in the comparable period of the prior year. Revenues during the quarter were above the company's stated expectations and primarily driven by an increase in domestic orders.

Gross margins improved to 20.3% during the third quarter compared to adjusted gross margins of 8.8% in last year's third quarter, which excluded a $1.8 million inventory valuation charge for stevia recorded in the third quarter of the prior year. Gross margins improved for the fourth consecutive quarter as a result of the company's success in maximizing value of its seed inventory through a series of initiatives, including its optimization program.

Selling, general and administrative expenses ("SG&A") for the third quarter totaled $1.7 million compared to $1.3 million for the comparable period of the prior year. The increase in SG&A expense versus the prior year was primarily due to the acquisition of SGI which closed on April 1, 2013 and therefore was not included in the third quarter results in the comparable period of the prior year.

Also, included in SG&A last year was $133,000 of acquisition related expenses. Non-cash stock-based compensation totaled $215,000 in the current quarter versus $179,000 in the comparable period in the prior year.

Net loss for the third quarter of fiscal 2014 was $(399,000), or $(0.03) per basic and diluted common share, compared to a net loss of $(1,872,000), or $(0.21) per basic and diluted common share during the third quarter of last year.

Excluding the effects of the $1.8 million inventory valuation charge for stevia and a $133,000 impact on SG&A due to acquisition related expenses last year (see adjusted statement of operations), net loss would have been $(640,000), or $(0.07) during the third quarter of fiscal 2013.

Adjusted EBITDA, a non-GAAP metric, for the third quarter of fiscal 2014 improved by $648,000 to $(20,000), compared to the third quarter of last year of $(668,000).


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