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Village Farms revenues up in first quarter


May 18, 2011
By Dave Harrison

May 18, Vancouver — Village Farms International's first quarter revenues (ended March 31) increased four per cent.

May 18, Vancouver — Village Farms International's first quarter revenues (ended March 31) increased four per cent.

Revenues increased to $32.3 million (all figures U.S.) for the first quarter of 2011, compared to $31.1 million for the first quarter of 2010.

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Other report highlights:

• Earnings per share of $0.12 for the first quarter of 2011 versus $0.12 for the first quarter of 2010.

• Net income decreased to $4.5 million in the first quarter of 2011, versus $4.8 million in the first quarter of 2010.

• EBITDA decreased 45 per cent to $4.9 million in the first quarter of 2011, compared to $8.9 million in the first quarter of 2010.

“After a sluggish start to the quarter,” said CEO Michael DeGiglio, “we saw improved pricing as the quarter progressed, although it must be remembered that pricing was exceptionally strong in January 2010 as a result of the devastating impact of a freeze on the Florida field crop.”

Current pricing is in line with the company forecast and prior year pricing.

“We overcame the fourth quarter production setback at one of our Texas greenhouses by delivering almost the exact amount of pounds in the first quarter of 2011 as we did in the first quarter of 2010, but our cost of goods was still negatively impacted, as this crop is still being harvested. We are focused on improving our cost of goods as we plant the new Texas crops in the second and third quarter.”

The Canadian crop, he added, “is performing well.”

Village Farms is also concluding “final details on one particular development project and are confident that we will have an announcement with the project details shortly.”


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