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.