REGINA, /CNW/ - ("Input" or the "Company") (TSX Venture Exchange: INP) announces its unaudited results for the third quarter ended . All figures are presented in Canadian dollars unless otherwise noted.
THIRD QUARTER HIGHLIGHTS:
- Input made its first canola sales during the quarter, bringing its initial canola streams full cycle. Revenue generated by these canola sales is now available for deployment into a new round of Streaming Contracts.
- Input sold 2, of canola at an average price of for total revenue of .
- Input completed the quarter by registering positive operating cash flow of ( per share). The Company is also operating cash flow positive for the year to date, which is its first full fiscal year of operation.
- On th, Input closed a private placement and public offering, raising gross proceeds of for the purpose of expanding its portfolio of Streaming Contracts.
- Statistics released its final crop report of 2013, highlighting the biggest crop in Canadian history. The report estimated a record canola crop of 18M MT, surpassing the 14M MT grown in last year.
- As a result of good crop results, the Company also expects to receive a yet-to-be-established number of bonus tonnes of canola this year. The Company is in the final stages of determining bonus tonnes for the year.
- Input finished the quarter with:
- Cash and cash equivalents of ;
- Total canola interests of (current portion and long-term portion);
- 10 multi-year Streaming Contracts with 14,506 contracted base tonnes of canola remaining to be delivered to the Company; and
- No debt.
Input President and CEO said, "Our fiscal third quarter saw us deliver on our initial promises. The first canola streams have come full cycle; capital was deployed, canola was collected and converted into cash, and the capital is now being redeployed. The capital raised in October will be the foundation of our deployment program over the next twelve months and the positive operating cash flow Input is already generating will bolster that."
Mr. Emsley added, "Input has not been immune to the industry-wide delays caused by a congested railway transportation system. We see the potential for delay of our canola deliveries from the 2013 harvest to extend beyond and into our next fiscal year. And on the plus side, in the face of an unusually crowded grain handling and transportation environment, many farmers are seeing the potential advantages in a streaming contract, and this is leading to enhanced deployment opportunities for Input."
This earnings release should be read in conjunction with Input's Management's Discussion and Analysis ("MD&A") and unaudited Financial Statements, which are available on the Company's website atwww.inputcapital.com and have been posted on SEDAR at www.sedar.com.
Webcast and Conference Call Details
A conference call will be held on starting at time () to further discuss the third quarter results. To participate in the conference call use the following dial-in number:
in #:
1 (647) 427-7450 (Local Toronto)
1 (888) 231-8191 (North America Toll Free)