REGINA, SASKATCHEWAN, CANADA — AGT Food and Ingredients Inc. announced on May 12 that adjusted EBITDA increased 33% to C$22.6 million ($18.81 million) from C$17.1 million for the three months ended March 31.
For the trailing 12 months ended March 31, adjusted EBITDA was C$92.5 million, an increase of 46% from the C$63.5 million reported for the 12 months ended March 31, 2014.
Revenue was C$385.2 million for the quarter compared to C$311.3 million for the three months ended March 31, 2014. Adjusted earnings per share increased to C43¢ compared to C16¢ last year.
“This quarter continues to demonstrate the foundation for growth we have established for AGT. As global pulses markets look forward to seeding of what may be a significant crop in North America as well as harvest of domestic products in key consumption markets, importers continue to buy in patterns that are returning to traditional periods,” said Murad Al-Katib, president and chief executive officer of AGT. “This is good news for the global pulses sector and for AGT as well. Our ingredient business continues to progress and the expansions and enhancements we have announced previously are on track and proceeding as expected. Our food ingredient business unit is progressing as we expect, with positive feedback from customers and conversion of sample volumes to sales volumes. There are a lot of positives in AGT’s business, and we plan to continue with our strategic growth plans.”
AGT said it plans to complete in June the acquisition of the assets of West Central Road & Rail Ltd. and Prairie Processing Ltd., including five producer and bulk loading sites, and a processing facility in Saskatchewan.
“This tuck-in is a key part of the growth plan for both our pulsesbusiness in Canada and Turkey as well as for our durum wheat and pasta business. The ability to originate and load bulk quantities of lentils, peas, durum wheat and other specialty crops and grains for shipment, using available and efficient modes of transportation, is important for AGT,” Al-Katib said.
