This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Amira Nature Foods Ltd Announces First Quarter Fiscal 2014 Financial Results

Stocks in this article: ANFI

Cost of materials including change in inventory of finished goods increased $21.6 million, or 32.8%, to $87.5 million in the first quarter of fiscal 2014 from $65.9 million in the first quarter of fiscal 2013. This increase primarily reflects the growth in revenue. As a percentage of revenue, cost of material decreased to 79.3% in the first quarter of fiscal 2014, compared to 82.2% in the first quarter of fiscal 2013, primarily due to improved operating efficiencies and economies of scale.

EBITDA increased 42.4% to $14.5 million in the first quarter of fiscal 2014, compared to $10.2 million in the same period last year. A reconciliation of EBITDA to the IFRS measure of profit after tax is provided in the “Non-IFRS Financial Measures” section of this release.

Profit after tax for the first quarter of fiscal 2014 increased 124.5% to $7.3 million, compared to $3.3 million in the quarter of fiscal 2013. Basic and diluted earnings per share (1) was $0.21 compared to $0.13 for the first quarter of fiscal 2013.

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. A reconciliation of adjusted earnings per share to basic and diluted earnings per share is provided in the “ Non-IFRS Financial Measures” section of this release.

Balance Sheet and Cash Flow Highlights

At June 30, 2013, the Company’s cash and cash equivalents was $32.6 million and adjusted net working capital was $226.6 million. Net debt (after deducting cash and cash equivalents) as of June 30, 2013 was $107.7 million. As of June 30, 2013, inventory decreased $20.7 million to $160.8 million from $181.5 million as of March 31, 2013. As of June 30, 2013, trade receivables were $62.4 million, a decrease of $4.4 million from $66.8 million as of March 31, 2013. Reconciliations of adjusted net working capital and net debt to the IFRS measures of working capital and total current and non-current debt, respectively, are provided in the “ Non-IFRS Financial Measures” section of this release.

Fiscal 2014 Outlook

The Company reiterates its previously issued guidance and continues to expect full year fiscal 2014 revenue in the range of $480 million to $507 million and EBITDA in the range of $62 million to $66 million. This is in line with long-term guidance previously provided to the investment community in connection with Amira’s initial public offering. We note that the Company’s guidance is based on foreign exchange rates as of June 30, 2013 and takes into account the potential impact of foreign currency fluctuations for the remainder of our fiscal year.

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,195.42 +221.11 1.30%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.1380 +16.9120 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs