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Amira Nature Foods Ltd Announces Third Quarter Fiscal Year 2013 Financial Results

Stocks in this article: ANFI

Amira Nature Foods Ltd (the "Company")(NYSE: ANFI), a leading global provider of packaged Indian specialty rice, today reported financial results for the third quarter and nine months ended December 31, 2012.

Third Quarter Financial Highlights:

  • Revenue increased 56.2% to $113.9 million, compared to $72.9 million in the third quarter of fiscal 2012.
  • EBITDA increased 57.7% to $14.0 million, compared to $8.9 million in the third quarter of fiscal 2012.
  • Profit after tax increased 94.1% to $4.2 million, compared to $2.1 million in the third quarter of fiscal 2012.
  • Excluding non-recurring IPO-related expenses of approximately $1.8 million, adjusted profit after tax increased 175.6% to $5.9 million, compared to $2.1 million in the third quarter of fiscal 2012.
  • Basic and diluted earnings per share (1) was $0.11 compared to $0.09 for the third quarter of fiscal 2012.
  • For better quarter over quarter comparability, after adjusting for non-recurring IPO-related expenses and using 35.7 million fully diluted shares, adjusted earnings per share was $0.17 compared to $0.06 in the third quarter of fiscal 2012.

“In the third quarter we continued to execute on our strategic initiatives as we experienced increased growth in India and internationally,” stated Karan A. Chanana, Amira’s Chairman and Chief Executive Officer. “We are pleased to report these efforts enabled us to generate revenue and EBITDA ahead of our expectations for the quarter. Going forward, we remain focused on strengthening our distribution in India, further developing our relationships with key retailers globally and continuing our expansion in new, high-growth markets with our strong Basmati and complementary product portfolio to capitalize on a number of growth opportunities around the world.”

Third Quarter Fiscal 2013 Results

Revenue for the third quarter of fiscal 2013 increased 56.2% to $113.9 million, compared to $72.9 million for the same period in fiscal 2012. The revenue increase was primarily due to increased sales volumes both in India and internationally. In addition, our third quarter revenue included $23.6 million associated with shipment of product to a repeat customer as previously disclosed, while the comparable shipment to this customer was made in the fourth quarter of fiscal 2012. Excluding this shipment, revenue for the third quarter of fiscal 2013 would have increased 23.8% to approximately $90.3 million.

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