Last $13.14 USD
Change Today -0.37 / -2.74%
Volume 6.8K
PENX On Other Exchanges
Symbol
Exchange
NASDAQ GM
As of 8:10 PM 08/27/14 All times are local (Market data is delayed by at least 15 minutes).

penford corp (PENX) Snapshot

Open
$13.38
Previous Close
$13.51
Day High
$13.38
Day Low
$13.14
52 Week High
10/15/13 - $15.18
52 Week Low
06/24/14 - $10.71
Market Cap
167.0M
Average Volume 10 Days
32.1K
EPS TTM
$0.30
Shares Outstanding
12.7M
EX-Date
04/17/09
P/E TM
44.5x
Dividend
--
Dividend Yield
--
Current Stock Chart for PENFORD CORP (PENX)

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penford corp (PENX) Details

Penford Corporation, together with its subsidiaries, develops, manufactures, and markets specialty natural-based ingredient systems for food and industrial applications primarily in the United States. It develops and manufactures ingredients with starch as a base primarily from corn and potatoes, which are used primarily as binders and coatings in paper, packaging, and food production, as well as an ingredient in fuel. The company operates in two segments, Industrial Ingredients and Food Ingredients. The Industrial Ingredients segment provides chemically modified specialty starches to the paper, packaging, and other industries in ethylated, oxidized, and cationic forms. Its ethylated and oxidized starches are used in coatings and as binders, providing printability to fine white, magazine, and catalog paper; and cationic and other liquid starches are used in the paper-forming process in paper production, providing the bonding of paper fibers and other ingredients. This segment also produces and sells fuel grade ethanol; and by-products from its corn wet milling operations, including corn gluten feed and corn gluten meal to various market participants for use in animal feed, as well as corn germ to producers of corn oil. The Food Ingredients segment offers specialty starches and dextrins to the food manufacturing and food service industries. Its specialty starches are used in coatings for products, such as French fries sold in restaurants; to reduce fat levels, increase fiber content, modify texture, and improve color and consistency in various foods, such as canned products, sauces, whole and processed meats, dry powdered mixes, and bakery products; and as moisture binders and in companion pet products comprising dog treats and chews. Penford Corporation sells its products through direct sales and distributor agreements. The company was founded in 1894 and is headquartered in Centennial, Colorado.

403 Employees
Last Reported Date: 11/14/13
Founded in 1894

penford corp (PENX) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $900.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $490.0K
Vice President and President of Penford Food ...
Total Annual Compensation: $380.0K
Vice President and President Penford Industri...
Total Annual Compensation: $365.0K
Vice President of Human Resources, General Co...
Total Annual Compensation: $344.0K
Compensation as of Fiscal Year 2013.

penford corp (PENX) Key Developments

Penford Corporation Enters into $145 Million Credit Agreement with Banks

On August 1, 2014, Penford Corporation entered into a $145 million Credit Agreement among the company, certain of its subsidiary companies, and the following banks: Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., Rabobank Nederland, New York Branch (Rabobank), as Administrative Agent; KeyBank National Association, as Syndication Agent; JPMorgan Chase Bank, N.A. and The Private Bank and Trust company as Co-Documentation Agents; First Midwest Bank; GreenStone Farm Credit Services, ACA; Branch Banking and Trust Company, AgStar Financial Services PCA and Farm Credit Services of America, PCA. The New Credit Agreement replaced the company's Fourth Amended and Restated Credit Agreement dated July 9, 2012 (the Old Credit Agreement). The New Credit Agreement provides the Company with a revolving credit facility in an aggregate principal amount of up to $145 million, provided that the revolving loan commitments in the agreement may be increased under certain conditions. The New Credit Agreement also provides for the issuance of standby letters of credit and swing line loans to the extent provided therein. The maturity date for loans under the New Credit Agreement is August 1, 2019. There are no scheduled principal payments due prior to maturity. Funds drawn under the New Credit Agreement may be used, among other things, to refinance the company's existing indebtedness, for general corporate purposes, and for acquisitions and capital expenditures. Borrowings under the New Credit Agreement bear interest, at the company's option, either at a base rate or a eurodollar rate. The base rate is generally equal to the sum of the higher of the prime rate, the weighted average federal funds rate plus 1/2 of 1%, and a LIBOR index rate for a one-month maturity plus 1%, and the applicable margin. The eurodollar rate is equal to the sum of an adjusted LIBOR rate for the applicable interest period, and the applicable margin. The applicable margin varies from 1% to 2.5% for base rate loans and from 2% to 3.5% for eurodollar loans, depending on the company's leverage ratio (calculated in the manner described in the New Credit Agreement). The company is also required to pay a commitment fee that varies from 0.30% to 0.45% per annum, depending on the company's leverage ratio, on the unused committed amount. The New Credit Agreement contains customary affirmative and negative covenants and events of default generally similar to those in the Old Credit Agreement. In particular, covenants in the New Credit Agreement require the company to meet certain financial metrics and limits, including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a maximum amount of capital expenditures. The New Credit Agreement is guaranteed by each of the company's operating subsidiaries and by liens on substantially all of the company's assets. Upon an event of default, the Administrative Agent, at the request of lenders holding greater than 50% of the combined revolving credit exposure and unused committed amount, may accelerate the amounts due under the New Credit Agreement. Also on August 1, 2014, the company and its operating subsidiaries (as guarantors) entered into a $25 million Delayed Draw Term Loan Credit Agreement with Rabobank as Administrative Agent and lender. The Term Loan Agreement provides the company with a term loan facility in an aggregate principal amount up to $25 million. The term loan facility may be utilized in a series of up to six drawings until the 18-month anniversary of the date of the Term Loan Agreement. Any unused portion of the lender's commitment to make term loans under this facility will expire on the 18 month anniversary of the closing date. The maturity date for loans under the Term Loan Agreement is July 31, 2020. There are no scheduled principal payments due prior to maturity. The company's obligations under the Term Loan Agreement are secured on a second-priority basis by substantially all of the company's assets. Borrowings under the Term Loan Agreement will bear interest in a manner generally similar to borrowings under the New Credit Agreement, except that the applicable margin varies from 2% to 5% for base rate borrowings and from 4% to 7% for eurodollar borrowings, depending on the company's leverage ratio. The company is also required to pay a commitment fee that varies from 0.6% to 0.9% per annum, depending on the company's leverage ratio, on the unused committed amount. The Term Loan Agreement contains covenants, events of default and other provisions that are similar to those in the New Credit Agreement, except that certain covenants have been adjusted to provide additional flexibility and the events of default include defaults under the New Credit Agreement.

Penford Corporation Secures New $170 Million Credit Facilities

Penford Corporation closed on new $170 million credit facilities on August 1, 2014, replacing the company's prior revolving credit agreement. The facilities consist of a $145 million 5-year revolving credit agreement and a $25 million 6-year delayed draw term loan. The company intend to use these new facilities to fund additional capital investments and acquisitions that will expand its specialty businesses in food ingredients and high value industrial products. The credit facilities were arranged by Rabobank International as administrative agent, KeyBank National Association as syndication agent, and the following additional lenders participating: JPMorgan Chase Bank, The PrivateBank and Trust Company, First Midwest Bank, GreenStone Farm Credit Services, Branch Banking and Trust Company, AgStar Financial Services PCA and Farm Credit Services of America.

Penford Corporation Presents at Jefferies 2014 Global Industrials Conference, Aug-12-2014 09:00 AM

Penford Corporation Presents at Jefferies 2014 Global Industrials Conference, Aug-12-2014 09:00 AM. Venue: Grand Hyatt, 109 E. 42nd St., New York, New York, United States. Speakers: Thomas D. Malkoski, Chief Executive Officer, President and Director.

 

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PENX

Industry Average

Valuation PENX Industry Range
Price/Earnings 45.2x
Price/Sales 0.4x
Price/Book 1.9x
Price/Cash Flow 44.6x
TEV/Sales 0.2x
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