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Penford Reports Fiscal Year And Fourth Quarter 2013 Financial Results

Penford Corporation (Nasdaq: PENX), a leader in renewable ingredient systems for industrial and food applications, today reported fourth quarter and annual fiscal year 2013 results.

Consolidated annual sales rose 8% to $467.3 million. Net income for the year grew to $4.0 million, or $0.32 per diluted share, compared with a net loss of $9.6 million, or $0.78 per diluted share, for the preceding year.

Fourth quarter consolidated sales increased 6.5% to $117.4 million from $110.2 million a year ago. The Company reported a fourth quarter net loss of $0.9 million, or $0.08 per diluted share, compared with a net loss of $4.4 million or $0.35 per diluted share last year.

A table summarizing quarterly and annual financial results is shown below:

         
Penford Corporation – Financial Highlights

3 Months Ended August 31

Year Ended August 31

(In thousands)

2013

2012

Incr.

2013

 

2012

Incr.

 
Food Ingredients Division:
Sales $ 28,441 $ 25,543 11.3 % $ 111,234 $ 102,544 8.5 %
Gross margin 9,111 8,098 12.5 % 34,399 32,165 6.9 %
EBITDA (see note below) 6,678 5,501 21.4 % 25,326 23,590 7.4 %
 
Industrial Ingredients Division:
Sales $ 88,986 $ 84,680 5.1 % $ 356,016 $ 330,607 7.7 %
Gross margin (1,515 ) 3,149 N/A 10,648 11,745 (9.3 )%
EBITDA (see note below) (2,114 ) 2,023 N/A 7,721 9,957 (22.5 )%
 
Consolidated:
Sales $ 117,427 $ 110,223 6.5 % $ 467,250 $ 433,151 7.9 %
Gross margin 7,597 11,247 (32.4 )% 45,047 43,910 2.6 %
EBITDA (see note below) 1,784 279 539.4 % 22,805 18,000 26.7 %
Net income (loss) (949 ) (4,366 ) N/A 4,007 (9,566 ) N/A
 

Note: EBITDA is defined as net income (loss) before interest, taxes, depreciation and amortization expense. The Company uses a non-GAAP (Generally Accepted Accounting Principles) financial measure, EBITDA, to evaluate performance and establish goals. The Company believes that this measure is valuable to investors in assessing the Company’s operating results when viewed in conjunction with GAAP results.

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