REGINA, SASKATCHEWAN, CANADA — Alliance Grain Traders Inc. (AGT) announced on Aug. 12 adjusted net earnings of C$4.9 million for the three months ended June 30, compared to adjusted net earnings of C$400,000 for the three months ended June 30, 2012 and adjusted net earnings of C$5.1 million for the three months ended March 31, 2013.
EBITDA was C$13.9 million for the three months ended June 30, compared to C$9.3 million for the three months ended June 30, 2012, an increase of 50%.
Revenue was C$246.7 million for the three months ended June 30, 2013 compared to C$201.8 million for the three months ended June 30, 2012, an increase of 22.3%.
"We are pleased with the results reported for the quarter. Buying activities we have seen in India and Turkey in this non-traditional buying period appears positive, assisting in balancing the supply and demand position of global lentil markets. We are optimistic about the continuing gradual improvement of our margins and utilization as we head into a promising North American harvest period. Our diversification strategies in geographies and products are showing positive momentum for the continued recovery of our traditional business," said Murad Al-Katib, president and chief executive officer of AGT.
"Our continued focus on managing our balance sheet and other management initiatives appears to be providing the gradual improvement we have forecasted, especially in this improving business environment. As a management team, we will continue this focus which we feel will assist in growing our new platforms, such as pulse ingredients, as well as our expanding product offerings in our traditional and retail business," said Huseyin Arslan, executive chairman of the board of directors of AGT. "Continuing our strategy going forward will assist in growing our company and delivering more predictable returns and value to our shareholders."
AGT declared a dividend of C15¢ per share for the quarter.
The dividend will be payable on Oct. 4, to shareholders of record on Sept. 30. This dividend is an eligible dividend for Canadian income tax purposes. AGT's current annualized cash dividend rate is approximately C60¢ per share.