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India Globalization Capital Announces Financial Results For The First Quarter Ended June 30, 2013

The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward-looking statements have been discussed in greater detail in IGC's Form 10-K for fiscal year ended March 31, 2013, and Form 10-Q for fiscal quarters ended June 30, 2013, December 31, 2012 and September 30, 2012, filed with the Securities and Exchange Commission on July 16, 2013, August 14, 2013, February 13, 2013 and November 14, 2012, respectively.

 
INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
     
  All amounts in USD except share data
  As of
   30-Jun-13 31-Mar-13
   (un-audited) (audited)
ASSETS    
Current assets:    
Cash and cash equivalents $ 651,465 $ 1,064,421
Accounts receivable, net of allowances 961,837 1,066,650
Inventories 411,930 407,060
Prepaid expenses and other current assets 1,696,845 1,730,514
Total current assets $ 3,722,077 $ 4,268,645
Intangible Assets & Goodwill 606,639 592,274
Property, plant and equipment, net 8,126,473 8,184,230
Investments in affiliates 5,109,057 5,109,057
Investments-others 50,404 83,489
Deferred acquisition costs 207,337 207,338
Deferred Income taxes 326,237 341,455
Other non-current assets 426,950 466,105
Total assets $ 18,575,174 $ 19,252,593
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Trade payables 615,386 600,702
Accrued expenses 308,883 466,960
Notes payable -- 1,800,000
Loans - others 446,803 446,694
Other current liabilities 283,782 310,619
Total current liabilities $ 1,654,854 $ 3,624,975
Notes payable 1,800,000 --
Other non-current liabilities 656,868 653,388
Total liabilities $ 4,111,722 $ 4,278,363
Stockholders' equity:    
Common stock — $.0001 par value; 150,000,000 shares authorized; 6,980,098 issued and outstanding as of March 31, 2013 and 7,031,398 issued and outstanding as of June 30, 2013. $ 6,986 $ 6,981
Additional paid-in capital 56,253,449 56,147,092
Accumulated other comprehensive income (2,005,590) (2,020,764)
Retained earnings (Deficit) (40,330,666) (39,697,179)
Total equity attributable to Parent $ 13,924,179 $ 14,436,130
Non-controlling interest $ 539,273 $ 538,100
Total stockholders' equity 14,463,452 14,974,230
Total liabilities and stockholders' equity $ 18,575,174 $ 19,252,593
 
 
INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
     
  All amounts in USD except share data
  Three months ended June 30,
  2013 2012
      
Revenues $ 1,123,904 $ 1,267,680
Cost of revenues (excluding depreciation) (936,239) (937,444)
Selling, general and administrative expenses (299,125) (440,775)
Depreciation (149,294) (83,594)
Operating income (loss) (260,754) (194,133)
Interest expense (112,136) (10,557)
Interest income 4,080 837
Other income, net (261,908) (368,611)
Income before income taxes and minority interest attributable to non-- controlling interest $ (630,718) $ (572,464)
Income taxes benefit/ (expense) (1,596) 31,710
Net income/(loss) $ (632,314) $ (540,754)
Non-controlling interests in earnings of subsidiaries (1,173) 12,438
Net income / (loss) attributable to common stockholders $ (633,487) $ (528,316)
Earnings/(loss) per share attributable to common stockholders:    
Basic $ (0.09) $ (0.14)
Diluted $ (0.09) $ (0.14)
Weighted-average number of shares used in computing earnings per share amounts:    
Basic 7,003,023 3,905,934
Diluted 7,003,023 3,905,934
CONTACT: Investors Contact Information
         Claudia Grimaldi
         301-983-0998

IGC

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