Amira Nature Foods Ltd (the "Company") (NYSE: ANFI), a leading global provider of packaged Indian specialty rice, today reported financial results for the first quarter ended June 30, 2013.
First Quarter Financial Highlights:
- Revenue increased 37.6% to $110.3 million, compared to $80.2 million in the first quarter of fiscal 2013
- EBITDA increased 42.4% to $14.5 million, compared to $10.2 million
- Profit after tax increased 124.5% to $7.3 million, compared to $3.3 million
- Basic and diluted earnings per share (1) was $0.21 compared to $0.13
- For better quarter-over-quarter comparability, after using 35.7 million fully diluted shares, adjusted earnings per share was $0.21 compared to $0.09 in the first quarter of fiscal 2013
Karan A. Chanana, Amira’s Chairman and Chief Executive Officer, stated, “We are off to a strong start in fiscal 2014. In the first quarter, we generated robust revenue and EBITDA growth, reflecting the continued strong demand for our products and successful execution on our business strategy.”
Mr. Chanana continued, “In fiscal 2014, we believe we are positioned to benefit from the progress we made to our business last fiscal year, including the addition of new customers in both India and internationally and an expanded geographic footprint. We recently announced the launch of the Amira Organic business division, which we expect will enable us to enhance the strength of the Amira brand product offering and capitalize on the growing global demand for organic packaged foods for years to come.”First Quarter Fiscal 2014 Results Revenue for the first quarter of fiscal 2014 increased 37.6% to $110.3 million, compared to $80.2 million for the same period in fiscal 2013. The revenue increase was primarily due to increased sales volume and prices both in India and internationally. Revenue in the first quarter of fiscal 2014 for Amira and third party branded products was 96.0% of total revenue, compared to 95.8% for the first quarter of fiscal 2013.