Revenue in the second quarter of fiscal 2013 for the Company’s Amira and third party branded products was 98.5% of total revenue, compared to 86.2% of total revenue, for second quarter of fiscal 2012. Sales of bulk commodity products to institutional customers in the second quarter of fiscal 2013 contributed 1.5% of total revenue, compared to 13.8% of total revenue, for the second quarter of fiscal 2012.
Cost of materials including change in inventory of finished goods increased $11.7 million, or 23.6%, to $61.2 million in the second quarter of fiscal 2013 from $49.5 million in the same period last fiscal year. This increase primarily reflects the growth in Company’s revenue. As a percentage of revenue, cost of material decreased to 77.1% in the second quarter of fiscal 2013 as compared 80.3% to in the second quarter of fiscal 2012.
EBITDA (defined as profit after tax plus finance costs, income tax expense and depreciation and amortization) was $10.3 million in the second quarter of fiscal 2013, compared to $6.6 million in the same period last year. A reconciliation of EBITDA to the IFRS measure of profit after tax is provided at the end of this release.
Profit after tax for the second quarter of fiscal 2013 increased 291.4% to $3.3 million, compared to $0.8 million in the same period last year. Following the Company’s initial public offering on October 10, 2012, the Company has 35.7 million diluted shares. Pro forma diluted earnings per share (1) for the second quarter of fiscal 2013 was $0.09 per diluted share, compared to $0.02 per diluted share in the same period last fiscal year.First Six Months Fiscal 2013 Results For the first six months of fiscal 2013, net revenue increased 23.9% to $159.5 million, compared to $128.8 million for the same period in fiscal 2012. EBITDA increased 37.3% to $20.5 million compared to $15.0 million in the same period of last fiscal year. Profit after tax increased 157.0% to $6.6 million compared to $2.6 million in the same period last fiscal year.
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