S&W Seed Company (Nasdaq:SANW) today announced financial results for the first quarter of fiscal year 2012 ended September 30, 2011.
First quarter 2012 highlights:
- Revenues of $6.1 million reflect a six-fold boost from the comparable quarter in fiscal 2011;
- First commercial stevia harvest completed in September 2011;
- Gross profit increased 372% to $1.8 million vs. $0.4 million in the comparable quarter;
- Gross profit margins on seed revenue were up 400 basis points to 27% versus 23% in the comparable quarter of prior year;
- Net income before income taxes was $875,000; an improvement of $1.2 million from the net loss in the comparable period of the prior year;
- EBITDA was $946,000 for the quarter, an improvement of $1.2 million versus comparable period of the prior year;
- Net income totaled $523,000; an improvement of $777,000 over the comparable period of the prior year;
- Earnings per share was $0.09 versus a loss of ($0.04) per share in the year ago period;
- S&W's purchase of Genetics International’s alfalfa seed customer base paid immediate dividends in the form of Middle Eastern market share growth, S&W brand awareness and margin expansion.
For the first quarter of fiscal year 2012 S&W reported record revenues of $6.1 million versus $0.9 million in the comparable quarter last year; an increase of 555%. These results reflect the company’s decision to integrate its international distribution and sell directly into international markets, as well as strong demand for the company’s proprietary alfalfa seed varieties. S&W reported net income before income taxes of $875,206 versus a net loss before income taxes of $358,636 in the comparable period of the prior year. Net income totaled $522,765, or $0.09 per diluted share compared to a net loss of $254,079 or $(0.04) per diluted share in the first quarter of the prior year.
The company’s alfalfa seed revenues totaled $5.9 million for the first quarter of fiscal year 2012 compared to $0.7 million in the prior year’s first quarter. Revenues from the company’s milling and processing operations totaled $230,000 in the quarter, compared to $252,000 in the quarter a year ago reflecting timing differences of the fall harvests. The company expects to record its first stevia-related revenues in the second quarter of fiscal year 2012.