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

Penford Reports Fiscal Year And Fourth Quarter 2013 Financial Results

Stocks in this article: PENX

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,424.01 +36.80 0.21%
S&P 500 2,030.96 +1.41 0.07%
NASDAQ 4,702.47 +20.9730 0.45%

Partners Compare Online Brokers

Free Reports

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