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Village Farms revenue up 10.9% in 2011


March 8, 2011
By Dave Harrison

March 8, 2011, Vancouver – Village Farms International, Inc. saw a 10.9
per cent revenue increase for the year ended and quarter ended December
31, 2010.

March 8, 2011, Vancouver – Village Farms International, Inc. saw a 10.9 per cent revenue increase for the year ended and quarter ended December 31, 2010.

The revenues increased to $144.8 million US for the calendar year 2010, compared to $130.5 million the previous year.

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Other highlights include:

• Earnings per share of $0.14 in 2010 versus $0.17 per share in 2009.

• Net income after tax of $5.6 million in 2010 versus $6.7 million in 2009.

• Cash flow from operations increased 158 per cent to $13.4 million in 2010 versus $5.2 million in 2009.

• EBITDA increased 66 per cent to $15.1 million for 2010 compared to $9.1 million in 2009.

“Overall we had a much stronger year in 2010 as compared to 2009, measured by increased revenues, operating profit and cash flow,” said CEO Michael DeGiglio. “These increases were primarily driven by improved pricing in 2010 over 2009, as well as a continued focus by the company on increasing and improving its direct to retail customer base.
 
“That said, after completing the first three strong quarters of 2010, the market lost momentum in the fourth quarter of 2010 with weaker pricing as compared to 2009 levels, as well as a production setback at one of the company’s four Texas greenhouses.”

The company expects its financial performance to be in line with 2010, “although the timing of our results is expected to differ with stronger results in the third and fourth quarters of 2011, as compared with the comparable periods during 2010, due to the higher costs of goods during the first half of 2011 versus 2010.”

Current pricing has improved significantly over poor January pricing, as compared to January 2010, due to the impact of record low temperatures on Mexican crops.

Village Farms is in the final stages of site selection to expand based on its new greenhouse technology (GATES) and intends to announce its plans in May of this year.

ABOUT VILLAGE FARMS

Village Farms is one of the largest producers, marketers and distributors of premium-quality, greenhouse-grown tomatoes, bell peppers and cucumbers in North America. It has greenhouse facilities in British Columbia and Texas.


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