REGINA, Nov. 28, 2014 /CNW/
- Input Capital Corp. ("Input" or the "Company") (INP.V)
(INPCF) has released its unaudited results for the second quarter
ended September 30, 2014. All figures
are presented in Canadian dollars.
Second Quarter Financial Highlights
- Total sales revenue of $3,001,827;
- Revenue from streaming contracts of $1,919,826 on the sale of 4,146 tonnes of canola
at an average price of $463.08 per
tonne;
- Revenue from canola trading of $1,082,001 with a gross margin of 2.8%;
- Cash operating margin1 from streaming contracts of
$1,670,539, or $402.95 per tonne (87.0% cash operating
margin);
- Adjusted net income1 of $65,233, or $0.00
per share;
- Adjusted operating cash flow1 of $712,410, or $0.01
per share;
- Invested $201,600 of upfront
payments2 into multi-year streaming contracts, adding
840 contracted tonnes to the Company's future canola sales;
- On July 9, 2014, the Company
closed a bought deal public offering of common shares for aggregate
gross proceeds of $46,287,500
(including the exercise of an over-allotment option) to expand its
portfolio of multi-year streaming contracts with producers;
- Launched a new producer-oriented website; and
- Finished the quarter with:
- Cash and cash equivalents of $64.1
million;
- Total canola interests of $34.9
million (current portion and long-term portion);
- Multi-year streaming contracts with 21 farm partners;
- Total shareholder's equity of $102.9
million; and
- No debt.
____________________________________
1 Non-IFRS financial measures with no standardized
meaning under IFRS. Refer to non-IFRS measure at the end of this
press release. For further information and a detailed
reconciliation, refer to "Non-IFRS Measures" beginning on page 20
of the MD&A dated November 28,
2014.
2 Adjusted for contracts that were signed but not
completely funded at the end of the quarter.
"The second quarter results were once again highlighted by
strong canola sales from streaming contracts which achieved prices
9% higher than the broader market," said Input President & CEO
Doug Emsley. Emsley added, "With
this year's harvest now complete, the annual season of capital
deployment has begun in earnest. We have added new strength to our
sales and marketing team as we look to add significantly to our
canola streaming portfolio."
Webcast and Conference Call Details
A conference call will be held on Monday,
December 1, 2014 starting at 9:30
am Saskatchewan time
(10:30 am Eastern time) to further
discuss the second quarter results. To participate in the
conference call use the following dial-in number:
Participant Dial in
#:
|
(888) 231-8191 (North
America Toll Free)
|
|
(647) 427-7450
(International)
|
|
|
Webcast URL:
http://www.newswire.ca/en/webcast/detail/1435275/1595065
It is recommended that participants dial in five minutes prior
to the commencement of the conference call. Soon after the
completion of the call, the webcast will be available for download
on the Input Capital website.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
About Input
Input is an agriculture commodity streaming company with a focus
on canola, the largest and most profitable crop in Canadian
agriculture. Input enters into canola streaming contracts with
canola farmers in western Canada. Pursuant to the streaming
contract, Input purchases a fixed portion of the canola produced,
at a fixed price, for the duration of the term of the
contract. Input is a non-operating farming company with a
portfolio of twenty one canola streams, all of which produce canola
and revenue for Input in the year the agreement is signed. Input
plans to grow and diversify its low cost canola production profile
through entering into additional canola streaming contracts with
farmers across western Canada.
Input is focused on farmers with quality production profiles,
excellent upside yield potential, and strong management teams.
Input has completed canola streaming contracts in Alberta and Saskatchewan.
Forward Looking Statements
This release includes forward-looking statements regarding
Input and its business. Such statements are based on the current
expectations and views of future events of Input's management. In
some cases the forward-looking statements can be identified by
words or phrases such as "may", "will", "expect", "plan",
"anticipate", "intend", "potential", "estimate", "believe" or the
negative of these terms, or other similar expressions intended to
identify forward-looking statements. The forward-looking events and
circumstances discussed in this release may not occur and could
differ materially as a result of known and unknown risk factors and
uncertainties affecting Input, including risks regarding the
agricultural industry, economic factors and the equity markets
generally and many other factors beyond the control of Input. No
forward-looking statement can be guaranteed. Forward-looking
statements and information by their nature are based on assumptions
and involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or industry results, to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statement or information.
Accordingly, readers should not place undue reliance on any
forward-looking statements or information. Except as required by
applicable securities laws, forward-looking statements speak only
as of the date on which they are made and Input undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
Non-IFRS Measures
Input measures key performance metrics established by management
as being key indicators of the Company's strength, using certain
non-IFRS performance measures, including:
- Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per
share;
- Adjusted Operating Cash Flow and Adjusted Operating Cash Flow
per share;
- Adjusted EBITDA and Adjusted EBITDA per share;
- Crop Payment per Tonne;
- Cash Operating Margin and Cash Operating Margin per Tonne;
and
- Cost per Tonne Acquired and Canola Replacement Ratio
The Company uses these non-IFRS measures for its own internal
purposes. These non-IFRS measures do not have any standardized
meaning prescribed by IFRS, and these measures may be calculated
differently by other companies. The presentation of these non-IFRS
measures is intended to provide additional information and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The Company provides
these non-IFRS measures to enable investors and analysts to
understand the underlying operating and financial performance of
the Company in the same way as it is frequently evaluated by
Management. Management will periodically assess these non-IFRS
measures and the components thereof to ensure their continued use
is beneficial to the evaluation of the underlying operating and
financial performance of the Company, and to confirm that these
measures remain useful for comparison purposes to other
royalty/streaming companies. For more detailed information,
please refer to Input's Management Discussion and Analysis
available on the Company's website
at www.inputcapital.com and on SEDAR at
www.sedar.com.
SOURCE Input Capital Corp.