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Revenue grew 41% year-over-year to $21 million for the third quarter compared to the same period in the previous year
EBITDA grew 63% year-over-year to $6.4 million for the third quarter compared to the same period in the previous year
Revenue increase driven by new distribution agreements signed in 2010
VANCOUVER, British Columbia, Nov. 12, 2010 (GLOBE NEWSWIRE) -- GLG Life Tech Corporation (Nasdaq:GLGL) (TSX:GLG) ("GLG" or the "Company"), a vertically integrated leader in the agricultural and industrial development of stevia extracts, announces financial results for the third quarter ended September 30, 2010.
Business HighlightsEarningsNine-month revenue grew 38% year-over-year to $39.6 million. Third quarter revenue grew 41% year-over-year to $21 million. The overall growth was driven primarily by new distribution contracts signed in 2010 and overall market growth for stevia sales. New markets including China and Mexico contributed to the geographic diversification of GLG's revenues.
Nine-month EBITDA rose 113% year-over-year to $12.7 million. Third quarter 2010 EBITDA rose 63% year-over-year to $6.4 million. EBITDA increase primarily attributed to a strong increase in nine-month revenues and contributions from more proprietary stevia leaf used in production compared to the same period in 2009.
Stevia leaf harvest in 2010 going well and the Company is on track to harvest 100% proprietary leaf which further will improve its cost position going forward.Continued success in obtaining financing for its operations and 2010 stevia leaf purchases. The Company has had continued success in renewing its loans and obtaining new short term loans and credit facilities to finance its operations and stevia leaf purchases. During the nine months ended September 30, 2010, the Company renewed loans totalling $30.3 million and obtained new loans totalling $54.6 million.
As at September 30, 2010 the Company had $26.5 million cash on hand and working capital of $5.5 million.