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|
|Food Ingredients Division:|
|EBITDA (see note below)||6,678||5,501||21.4||%||25,326||23,590||7.4||%|
|Industrial Ingredients Division:|
|EBITDA (see note below)||(2,114||)||2,023||N/A||7,721||9,957||(22.5||)%|
|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|
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