GreenStar Agricultural Reports 50% Increase in Net Earnings for Q3 2013
21 Novembro 2013 - 11:00AM
Marketwired Canada
GreenStar Agricultural Corporation (TSX VENTURE:GRE) ("GreenStar" or the
"Corporation") today announced its financial results for the three month and
nine month periods ending September 30, 2013.
Key Financial Metrics
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In thousands
except
share data and Q3 Q3 YTD YTD
EPS 2013 2012 Change 2013 2012 Change
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Key Operation
Results Unaudited Unaudited Unaudited Unaudited
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Total revenue $10,416 $8,474 22.92% $30,422 $24,477 24.29%
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Gross profit $3,969 $3,123 27.09% $13,051 $10,169 28.34%
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EBITDA(1) $4,036 $2,845 41.86% $12,432 $9,426 31.89%
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Net profit
before income
tax $3,631 $2,649 37.07% $11,656 $8,843 31.81%
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Profit for the
period $2,713 $1,947 39.34% $8,607 $6,521 31.99%
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EPS - basic $0.18 $0.13 38.46% $0.57 $0.43 32.56%
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EPS - diluted(2) $0.09 $0.06 50.00% $0.28 $0.21 33.33%
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Sep.30, Dec. 31,
2013 2012
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Key Balance Sheet Highlights Unaudited Audited
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Cash and cash equivalents $15,656 $7,836 99.80%
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Total assets $57,302 $46,614 22.93%
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Total Liabilities $6,061 $6,307 -3.90%
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Shareholders' Equity $51,241 $40,308 27.12%
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Weighted average number of shares
outstanding (basic, in thousands) 15,070 15,070 0.00%
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Working capital per share, diluted $0.96 $0.62 54.84%
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Net assets per share, diluted $1.64 $1.29 27.13%
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(1) Earnings before interest, taxes, depreciation and amortization (EBITDA)
is often used as a measure of financial performance. However, EBITDA is a
not a term that has specific meaning in accordance with IFRS, and may be
calculated differently by other companies.).
(2) Includes the effect of the 16,069,892 special warrants granted on
completion of the RTO. Each special warrant is convertible into one common
share for no additional consideration.
"Despite challenging economic conditions in both the domestic Chinese and
international markets, the Corporation managed to substantially grow both its
top line revenues and net profit," said Mr. Guan Lianyun, Chairman and CEO of
GreenStar. "GreenStar's increased land base continues to have a positive effect
on operational results as demonstrated by the increase in revenues and earnings
from fresh agricultural produce and specifically the significant increase in
sales volumes from bamboo shoots and mature bamboo trees. We believe that
GreenStar is well positioned to continue this path of growing revenues and
profits as the fresh produce and canned product operations continue to expand."
Q3 2013 Financial Highlights
-- Revenue of $10.4 million, an increase of 22.92% over $8.5 million in Q3
2012
-- EBITDA of $4 million, an increase of 41.86% over $2.8 million in Q3 2012
-- Net profit of $3.6 million, an increase of 37.07% over $2.6 million in
Q3 2012
-- Earnings per share (fully diluted) of $0.09, an increase of 50% over
$0.06 in Q3 2012
-- Shareholders' Equity $51 million, an increase of 27.12% over $40.3
million in Q3 2012
GreenStar invites readers to review Management's Discussion & Analysis, as filed
on SEDAR, for a more complete review and analysis of the Corporation's financial
information and performance.
About GreenStar Agricultural Corporation
GreenStar operates two main divisions, agricultural and food processing. The
agricultural division is involved in the cultivation and harvesting of
agricultural products such as fresh fruit and vegetables, for sale either
directly as fresh fruit and vegetables or canned, and sold overseas and
domestically. The food processing division is primarily involved in the
processing of canned food, which includes canned tomato paste, canned boiled
bamboo shoots, canned oranges, canned peaches and various other types of fruits
and vegetables.
GreenStar has been operating for over 19 years. Through the application of
science and technology in production, quality control and assurance, and
business operations and management, GreenStar has focused on maintaining product
and reputational excellence with a high standard of food quality. Key assets
include a well established management team, modern production facilities, and a
close partnership with local farmers.
GreenStar Agricultural Corp. is listed on the TSX Venture Exchange under the
symbol "GRE".
For further information on GreenStar please visit our web site at
www.greenstaragricultural.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute ''forward looking''
statements which involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward looking statements.
When used in this press release, such statements may use such words as ''may'',
''will'', ''expect'', ''believe'', ''plan'' and other similar terminology. These
statements reflect management's current expectations regarding future events and
operating performance and speak only as of the date of this press release.
Forward looking information in this press release includes management's belief
that the Corporation will continue to grow its revenues and profits and enhance
shareholder value. These forward looking statements involve a number of risks
and uncertainties. Some of the factors that could cause actual results to differ
materially from those expressed in or underlying such forward looking statements
are the effects of, as well as changes in: international, national and local
business and economic conditions; political or economic instability in the
Company's markets; competition; legislation and governmental regulation; and
accounting policies and practices. The foregoing list of factors is not
exhaustive. Please see the Company's annual MD&A dated April 25, 2013, available
on www.sedar.com, for a more detailed description of the risk factors. The
Company undertakes no obligation to update publicly or revise any forward
looking information, whether a result of new information, future results or
otherwise, except as required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
GreenStar Agricultural Corporation
Robert Macdonald
(416) 849 3858
rgam36@gmail.com
Investor Cubed Inc.
(647) 258-3311, (888) 258-3323
info@investor3.ca
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