s&w seed co (SANW) Key Developments
S&W Terminantes The Acquisition Talks
Oct 15 14
S&W Seed Company (NasdaqCM:SANW) terminated the acquisition discussions to acquire a seed company. S&W Seed Company said in a statement that there is a decline in the company stock price and acquisition would have required a significant financing, having equity as a component. The company may revisit this or other strategic acquisitions at some point in the future, without further notice.
S&W Seed Company Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2014; Provides Revenue Guidance for the First Quarter Ended September 30, 2014 and Fiscal Year 2015
Sep 29 14
S&W Seed Company reported consolidated earnings results for the fourth quarter and full year ended June 30, 2014. For the quarter, the company reported revenue of $19.564 million compared to $12.723 a year ago. Income from operations was $1.098 million compared to loss from operations of $0.816 million a year ago. Income before income tax expense was $0.889 million compared to loss before income tax expense of $1.276 million a year ago. Net income was $0.620 million or $0.05 per basic and diluted share compared to net loss of $0.879 million or $0.08 per basic and diluted share a year ago. Non-GAAP adjusted EBITDA was $1.642 million compared to $0.188 million a year ago. Revenue during the quarter was driven by increases in Northern Africa and the Middle East, offset by decreases in sales to the United States compared to the year ago period. Excluding the effects of the $192,000 inventory charge for stevia and a $301,000 impact on SG&A due to acquisition-related expenses last year, net loss in the fourth quarter of last year would have been $539,000, or $0.05) per basic and diluted share.
For the year, the company reported revenue of $51.533 million compared to $37.338 a year ago. Income from operations was $1.050 million compared to loss from operations of $3.368 million a year ago. Income before income tax expense was $0.460 million compared to loss before income tax expense of $3.859 million a year ago. Net income was $0.373 million or $0.03 per basic and diluted share compared to net loss of $2.516 million or $0.29 per basic and diluted share a year ago. Non-GAAP Adjusted EBITDA was $3.200 million compared to non-GAAP adjusted LBITDA $1.619 million a year ago. Net cash used in operating activities was $17.867 million compared to $4.978 million a year ago. Additions to property, plant and equipment were $0.434 million compared to $7.738 million a year ago. Excluding the stevia charge and non-recurring acquisition-related expenses, adjusted net loss was $678,000 or $0.08 per basic diluted share, for fiscal 2013.
For the first quarter ended September 30, 2014, the company expects revenue of $7.5 million.
For the fiscal year 2015, the company expects to reach its goal of approximately 10% organic revenue growth.
S&W Seed Mulls Acquisitions
Sep 29 14
S&W Seed Company (NasdaqCM:SANW) is seeking acquisitions. Matthew Szot, Chief Financial Officer of S&W Seed Company said, "We remain committed to looking for acquisitions that can be accretive to our operations both in the near-term, as well as the long run."
S&W Seed Enters into Distribution Agreement with Maxim in Pakistan
Sep 25 14
S&W Seed Company has entered into a distribution agreement with Maxim International (Private) Limited. Maxim, as S&W's exclusive distributor in Pakistan, will stock and supply S&W's elite alfalfa seed brands in Pakistan As part of the agreement, initial purchase quantities of various S&W brands, including its leading salt tolerant capabilities, will be made. Over the following three years, Maxim is committed to purchasing escalating minimum quantities of various alfalfa seed brands, with the option to purchase larger quantities as demand dictates.
S&W Seed Company to Report Fiscal Year 2014 Results on Sep 30, 2014
Sep 22 14
S&W Seed Company announced that they will report fiscal year 2014 results at 5:00 PM, Eastern Standard Time on Sep 30, 2014