RE:Input released good quarterly results FY2019 Q3 HIGHLIGHTS
Adjusted crop revenue1 of $3.879 million on the delivery of 8,540 canola equivalent metric tonnes1 ("MT" or "tonnes") at an average price of $454.22 per MT;
Adjusted net income1 of $1.064 million, or $0.01 per share. This is up from $0.249 million, or $0.00 per share, over the same three month period last year;
In December 2018, we announced the renewal of our Normal Course Issuer Bid, allowing the company to buy back up to 6,500,856 of its Class A common shares. During the three months ended June 30, 2019, we bought back a total of 132,500 shares at an average price of $0.77 per share;
On May 14, 2019, the Board announced that in conjunction with management and financial advisors, it had completed a thorough and comprehensive review that took into account current market opportunities and trade disruptions. The Board concluded that options for cost effective scalable funding of the company's mortgage stream business are not competitively available in the marketplace at this time, particularly in light of the trade issues with China. As a result, the Board decided to postpone further capital deployment operations in favour of maximizing shareholder value from our existing book of business and to concentrate efforts on operating profitably, maximizing book value per share and continuing to return capital to shareholder via dividends and share buybacks.
On May 14, 2019, the Company announced the eleventh consecutive quarterly dividend of $0.01 per share, or $0.04 annualized;
On June 3, 2019, we announced a Substantial Issuer Bid ("SIB") to purchase for cancellation up to $15,000,000 of our common shares at a price of between $0.72 and $0.82 per share, to be determined by way of a modified Dutch auction process;