First Nine Months Fiscal 2013 Results
For the first nine months of fiscal 2013, net revenue increased 35.6% to $273.4 million, compared to $201.7 million for the same period in fiscal 2012. EBITDA increased 44.9% to $34.5 million compared to $23.8 million for the same period in fiscal 2012. Profit after tax increased 128.3% to $10.7 million compared to $4.7 million for the same period in fiscal 2012. Excluding non-recurring IPO-related expenses of approximately $1.8 million, adjusted profit after tax increased 165.5% to $12.5 million, compared to $4.7 million for the same period in fiscal 2012. A reconciliation of adjusted profit after tax, to the IFRS measure of profit after tax is provided in the financial tables section of this release.
Basic and diluted earnings (1) per share for the first nine months of fiscal 2013 was $0.37 compared to $0.19 for the same period in 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 $0.35 for the first nine months of fiscal 2013 compared to $0.13 for the same period in fiscal 2012.
Balance Sheet and Cash Flow HighlightsOur harvest season began in the third quarter in October and ended in January. During this period, we prudently increased inventory in order to meet expected demand, which is reflected in changes in operating assets and liabilities in the cash flow statement for the nine-month period ended December 31, 2012. On October 15, 2012, we completed an initial public offering (IPO) of our ordinary shares at $10.00 per share and raised $90 million. After paying fees and related offering expenses, we received approximately $81 million in net proceeds. Contemporaneously with the completion of the offering, approximately $77 million of these net proceeds were used to fund the purchase by our direct wholly owned subsidiary Amira Nature Foods, Ltd. of 80.4% of the equity shares of Amira Pure Foods Private Limited (“Amira India”). Amira India will use $25.0 million of this amount to partially fund the development of a new processing facility. As of the date of this release, Amira India has utilized approximately $52 million out of the funds to repay a portion of outstanding indebtedness and the Company’s cash and cash equivalents were $32.7 million as of December 31, 2012 (including the amount reserved for the new processing facility and $3.8 million of the IPO net proceeds retained at ANFI to fund future operating expenses through 2015).