Cost of materials including change in inventory of finished goods increased $20.8 million, or 34.0%, to $82.0 million in the second quarter of fiscal 2014 from $61.2 million in the second quarter of fiscal 2013. This increase primarily reflects the growth in revenue. As a percentage of revenue, cost of material decreased to 75.9% in the second quarter of fiscal 2014, compared to 77.1% in the second quarter of fiscal 2013, primarily due to improved operating efficiencies and economies of scale.
EBITDA increased 38.1% to $14.1 million in the second 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 second quarter of fiscal 2014 increased 90.0% to $6.3 million, compared to $3.3 million in the quarter of fiscal 2013. Basic and diluted earnings per share (1) was $0.18 compared to $0.09 for the second quarter of fiscal 2013.
First Six Months Fiscal 2014 ResultsFor the first six months of fiscal 2014, net revenue increased 36.8% to $218.3 million, compared to $159.5 million for the same period of fiscal 2013. EBITDA increased 40.2% to $28.6 million, compared to $20.4 million for the same period in fiscal 2013. Profit after tax increased 107.2% to $13.6 million, compared to $6.6 million in the same period in fiscal 2013. Basic and diluted earnings per share (1) was $0.38 compared to $0.18 for the first six months of fiscal 2013. Balance Sheet and Cash Flow Highlights At September 30, 2013, the Company’s cash and cash equivalents were $46.2 million and adjusted net working capital was $223.2 million. Net debt (after deducting cash and cash equivalents) as of September 30, 2013 was $102.6 million. As of September 30, 2013, inventory decreased $15.8 million to $165.7 million from $181.5 million as of March 31, 2013. As of September 30, 2013, trade receivables were $69.5 million, an increase of $2.7 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. The Company’s guidance is based on foreign exchange rates as of September 30, 2013.
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