Aug. 9, 2010, Vancouver – Village Farms International, Inc. had a strong second quarter and first six months despite a sluggish economy. The company announced results for the six months ended and second quarter ended June 30, 2010.
Aug. 9, 2010, Vancouver – Village Farms International, Inc. had a strong second quarter and first six months despite a sluggish economy. The company announced results for the six months ended and second quarter ended June 30, 2010.
“We are pleased with the results of our second quarter,” said CEO Michael A DeGiglio. “As we continue to operate in a soft economy, the entire enterprise is focused on execution to deliver results. We remain resolute in exceeding our customer expectations, continuing our research and development, and implementing our growth strategy.”
Second Quarter 2010 Operating Results Summary:
- Revenues increased 8.7 per cent to $46.5 million (all amounts US) compared to second quarter 2009 revenue of $42.8 million.
- Earnings per share of $0.03 versus a loss of ($0.01) per share during the second quarter of 2009.
- Net income after tax of $1.3 million versus a net loss of ($0.4) million in the second quarter of 2009.
- EBITDA of $4.6 million versus $0.2 million in the second quarter of 2009.
Operational Summary for the Quarter:
Revenue for the quarter ended June 30, 2010 increased $3,703,000, or nine per cent, to $46,476,000 from $42,773,000 for the quarter ended June 30, 2009. The increase in revenue was due to a 22 per cent increase in tomato pricing as compared to the same period in 2009. Revenues from the company’s production were up $2,926 from the comparable period in 2009 due to higher pricing during the second quarter 2010 versus the 2009 period.
Gross profit for the quarter increased $4,699,000, or 303 per cent, to $6,252,000 from $1,553,000 for the quarter ended June 30, 2009. The increase in gross profit was directly due to higher pricing. Cost of sales for the company’s production was two per cent lower than the cost of sales during the second quarter of 2009.
Operational Summary for the six months ended June 30, 2010:
- Revenues increased 21 per cent to $77.6 million compared to revenues of $64.2 million for the six months ended June 30, 2009.
- Earnings per share of $0.14 versus $0.01 per share for the six months ended June 30, 2009.
- Net income after tax of $5.5 million versus $0.3 million for the six months ended June 30, 2009.
- EBITDA of $13.4 million versus $3.7 million for the six months ended June 30, 2009.
Revenue for the six-month period ended increased $13,362,000, or 21 per cent, to $77,578,000 from $64,216,000 for the six months ended June 30, 2009. The increase in revenue was primarily due to higher pricing during the first six months of 2010 versus the first six months of 2009 and increased production during the 2010 period. The comparable period pricing for the company’s tomato products was 30 per cent higher in 2010 versus 2009, and production was three per cent higher during the first six months of 2010 versus the first six months 2009.
Gross profit for the six months ended June 30, 2010 increased $10,065,000, or 157 per cent, to $16,488,000 from $6,423,000 for the six months ended June 30, 2009. The increase in gross profit was directly due to higher pricing and higher production volume of the company’s own produce. The cost of sales for the company’s own facility production was five per cent higher during the first six months of 2010 than in the 2009 period, mostly due to the increase in production.
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