Strong performance by Village Farms

August 15, 2011
Written by
Aug. 8, 2011, Vancouver — Village Farms International, Inc. recorded a strong first half of its current fiscal year, which ended June 30. (Note – amounts are in U.S. dollars.)

• Revenues increased 11 per cent to $86 million, compared to revenues of $77.6 million for the six months ended June 30, 2010.

• Earnings per share increased 62 per cent to $0.13 versus $0.08 for the six months ended June 30, 2010.

• Net income increased by 62 per cent, or $2 million, to $5.1 million versus $3.1 million for the six months ended June 30, 2010.

• EBITDA decreased 20 per cent to $10.8 million versus $13.5 million for the six months ended June 30, 2010.

“We were pleased with our second quarter results supporting strong growth in revenues and income despite a remaining production issue during our last crop cycle that impacted our cost of production in one of our Texas greenhouses,” said CEO Michael A. DeGiglio.

“We are pleased with the way we managed through the issue and that crop has been completed. Our Canadian crop is performing well and we have commenced initial harvesting from our new Texas crops. Pricing remains ahead of our forecast and prior year and we continue to increase our marketing partner relationships and capacity throughout North America.”

The company has begun construction on its new greenhouse utilizing the company’s GATES(TM) technology in Monahans, Texas. The project is on track for year-end completion. “Additionally, we continue to make investments in our current greenhouses, to drive future improvements in our cost of goods,” adds DeGiglio.

“We are enhancing our distribution platform and marketing/branding initiatives coupled with developing other prospects to drive incremental market share and long term results.”

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