TRADING SYMBOL: The Toronto Stock Exchange:
Village Farms International, Inc. - VFF
VANCOUVER, Nov. 14, 2013 /CNW/ - Village Farms International, Inc. (the
"Company") (TSX: VFF) announced today results for the nine months and
quarter ended September 30, 2013.
Conference Call
A conference call will be held November 20, 2013 to discuss the
Company's third quarter 2013 results. The conference call will begin
at 8:00 a.m. Pacific Standard Time (11:00 a.m. Eastern Standard Time)
and will
be hosted by Messrs. Michael DeGiglio, Chief Executive Officer, and
Stephen Ruffini, Chief Financial Officer.
To participate in the conference call, please dial into the conference
call a few minutes before the start time: 1-888-390-0546 or 416-764-8668.
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Michael DeGiglio, Chief Executive Officer of the Company, stated "The
third quarter 2013 was an excellent quarter, due to continuing solid
operational performance and the completion of multiple key corporate
initiatives setting the stage for future growth. Our strong quarter of
operational results is reflected in our $4.6 million of adjusted
EBITDA. Additionally, with the completion of our insurance settlement
in the third quarter our net debt stands at $35.7 million on September
30, 2013, a reduction of nearly $28 million from a year ago."
"Pricing continued to remain firm with core tomato pricing continuing at
normal historical levels which were 29% above 2012 pricing for the same
quarterly period. Pricing comparisons into the fourth quarter of 2013
continue to be favorable to 2012, as evidenced by the fair market value
of the Company's biological asset as at September 30, 2013. Our
expectation for solid operating results continues into the fourth
quarter."
"As reported in September we settled our insurance claim, after filing a
lawsuit, for the severe destruction incurred at our Marfa, Texas
greenhouse facilities in 2012 from a hail storm. The final settlement
payment of $11.3 million provided us with the working capital
necessary, without taking on any new debt, to commence the repair of
the next 20 acre block of the remaining damaged 40 acres. Upon
completion of this block, we will have repaired and put back into
production 60 of the damaged or destroyed 82 acres. Construction has
commenced with an expected completion date in April 2014 with
harvesting from this block commencing during the summer of 2014. We
have incorporated many new replacement systems and new technologies to
its design making this block virtually a new greenhouse restarting its
useful life. With our strong working capital position and forecasted
positive operating results, we plan to commence construction on the
final damaged 20 acre block in 2014. We are not planning to commence
construction on the final 20 acre block until we complete the current
construction project and bring this repaired facility into full
production."
Mr. DeGiglio continued, "We continue to focus on operational excellence
through product innovation, stronger customer bonds, continued
advancement of our consumer marketing strategies, technology scale up
and production and fulfillment cost reduction. Our Canadian and Texas
facilities have demonstrated exceptional operational and financial
performance year to date, with the only exception being our newest
expansion located in the Permian Basin. This facility, which is the
first commercial scale up of our propriety GATES® technology, has yet to generate an operating profit. The Permian Basin
facility has improved measurability since commissioning and it has
begun to show signs of improved financial performance in the fourth
quarter. As this facility continues to improve in 2014, as we believe
it will, combined with the addition of the next repaired 20 acres in
Marfa Texas, we have expectations for continued and increased
operational performance in 2014."
"On a final note I wish to express my deepest gratitude to our team in
the recent selection of Village Farms as one of five finalists for the
2013 Texas Workforce Solutions Employer of the Year. We are very proud
of the acknowledgement especially in the company of Exxon-Mobil, GE
Transportation, Durcon and Caterpillar."
Readers should note that our financial results for the third quarter and
year to date 2013 periods are not directly comparable to the prior year
periods in 2012 due to non-recurring insurance proceeds and hail storm
related write-offs.
Year to Date Highlights:
(Note amounts in U.S. dollars)
-
Revenues increased 11% to $39.6 million for the third quarter of 2013
compared to $35.7 million for the third quarter of 2012.
-
Adjusted EBITDA (defined below), for the quarter ended September 30,
2013 increased by $4.3 million to $4.6 million, as compared to $0.3
million for the quarter ended September 30, 2012.
-
Net debt decreased by ($27.6) million to $35.7 million on September 30,
2013 compared to $63.3 million on September 30, 2012.
-
Insurance claim is settled. Total net claim proceeds received of $47.2
million were received over 2012 and 2013.
-
Commencement of repairs on 20 additional acres at the Marfa facilities
scheduled for completion in April 2014, bringing the facility up to 60
operational acres in the summer of 2014.
-
Nominated for 2013 Texas Workforce Solutions Employer of Year Award.
Operational Summary:
(in thousands of US dollars)
Revenue
Revenue was $39,645 and $105,897 for the three and nine months ended
September 30, 2013, respectively, which represent an 11% and 2%
increase, respectively, over the same periods in the prior year. The
increase in revenue for the third quarter of 2013 is primarily due to a
29% increase in the average selling price of tomatoes as compared to
2012, which more than offset a (43%) decrease in our supply partner
revenues. The decrease in supply partner revenues is a result of fewer
supply partner contracts in 2013 versus 2012. The year to date,
revenue increase, is due to an increase of 25% in the average selling
price of tomatoes, as compared to the same nine month period in 2012
offset by a (37%) decrease in supply partner revenues.
Expenses
-
Cost of sales were $33,669 and $91,496 for the three and nine months
ended September 30, 2013, respectively, which represent a (1%) and (8%)
decrease, respectively, over the same periods in the prior year. The
decreases are due to lower supply partner volumes.
-
SG&A expenses were $3,142 and $9,808 for the three and nine months ended
September 30, 2013, respectively, which represent a (6%) and (8%)
decrease, respectively, over the same periods in the prior year. The
decreases are due to lower personnel, marketing and travel costs
partially offset by higher banking and legal costs associated with
unwinding prior banking relationships.
Change in fair value of biological asset, net
The net change in fair value of biological asset for the three months
ended September 30, 2013 decreased by $2,751 to ($1,059) from $1,692
for the three month period ended September 30, 2012. The decrease is
due to a higher fair value at June 2013 of $8,311 versus the June 2012
balance of $5,348, due to higher production volumes in July 2013 versus
July 2012, as well as higher prices. The fair value of the biological
asset at September 30, 2013 is $6,616 and was $5,916 at September 30,
2012.
Income from Operations
Income from operations increased quarter over quarter by $2,240, to
$11,896 in the third quarter of 2013, from $9,656 in the third quarter
of 2012. The significant improvement is due to improved pricing and
lower production and overhead costs, with slightly higher non-recurring
net insurance proceeds less asset writeoffs in the third quarter of
2013 versus the third quarter of 2012 of $388.
Interest Expense
Interest expense, net, for the three month period ended September 30,
2013 decreased by $336 to $759 from $1,095 for the three month period
ended September 30, 2012. The decrease is due to a decrease in the
Company's outstanding borrowings and lower borrowing rates for the
three months ended September 30, 2013 from the same period in 2012.
Net Income
Net income for the three months ended September 30, 2013 decreased by
$2,331 to $7,757 from $10,088 for the three months ended September 30,
2012. The decrease is due to an increase in the provision for income
tax for the three months ended September 30, 2013 of $4,175 partially
offset by an increase in income from operations of $2,240.
EBITDA
EBITDA for the three months ended September 30, 2013 increased $4,706 to
$14,764 from $10,058 for the three months ended September 30, 2012.
The increase is due to stronger operational results due to higher
pricing and lower costs, as well as a slightly higher non-operating net
recovery related to the damaged assets. EBITDA for the nine months
ended September 30, 2013 was $25,519 and for the trailing twelve months
totaled $28,329. See the EBITDA calculation below as well as the
Company's management discussion and analysis for the quarter ended
September 30, 2013.
Hail Damage and Insurance Proceeds
On May 31, 2012, the Company suffered a hail storm that closed three of
its Texas facilities. The Company was insured and as of September 30,
2013, $47,174 (net of recovery costs) has been received from its
insurer. The claim has been closed.
For the nine months ended September 30, 2013, the Company received
$15,943 in insurance proceeds net of recovery costs versus $30,751 of
total insurance proceeds net of recovery costs for the nine month
period ended September 30, 2012. In the nine months ended September
30, 2013, the Company took an asset write off of $601 related to storm
damage. The Company took an inventory write down of $4,649 for the
damaged crops, growing materials and packaging costs, as well an asset
write off of $4,360 of book value assets lost as a result of the hail
storm for the nine months ended September 30, 2012.
Reconciliation of Adjusted EBITDA(1)
(in thousands of U.S. dollars)
|
|
|
|
For the three months
ended September 30,
|
|
For the nine months
ended September 30,
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Net income
|
|
|
|
$7,757
|
|
$10,088
|
|
$11,813
|
|
$17,140
|
Amortization
|
|
|
|
1,820
|
|
1,807
|
|
5,487
|
|
5,723
|
Interest expense, net
|
|
|
|
759
|
|
1,095
|
|
2,848
|
|
3,178
|
Income taxes
|
|
|
|
3,324
|
|
(851)
|
|
5,062
|
|
(4,782)
|
Change in biological asset
|
|
|
|
1,059
|
|
(1,692)
|
|
336
|
|
487
|
Other non-cash items
|
|
|
|
45
|
|
(389)
|
|
(27)
|
|
(715)
|
EBITDA
|
|
|
|
14,764
|
|
10,058
|
|
25,519
|
|
21,031
|
Less: insurance proceeds
|
|
|
|
(10,722)
|
|
(12,030)
|
|
(15,943)
|
|
(30,751)
|
Plus: asset write-off
|
|
|
|
601
|
|
1,571
|
|
601
|
|
4,360
|
Plus: inventory write-off
|
|
|
|
-
|
|
726
|
|
-
|
|
4,649
|
Adjusted EBITDA
|
|
|
|
$4,643
|
|
$325
|
|
$10,177
|
|
($711)
|
(1) Information on non-GAAP Measures
Adjusted EBITDA is a non-GAAP measures. Management uses adjusted EBITDA
to assist in the evaluation of year over year and quarter over quarter
performance, and believes that it will be helpful to investors as a
measure of underlying operational results. This non-GAAP measure is
not intended to replace the presentation of our financial results in
accordance with GAAP. The Company's use of the term adjusted EBITDA
may differ from similar measures reported by other companies. A
reconciliation of income from operations and such non-IFRS measures, as
EBTIDA, are included in the Company's MD&A.
A Conversion of Participating Preferred Shares and Issuance of 9,387,002
Common Shares
The Company received an exchange notice from Albert Vanzeyst to convert
all of his outstanding participating preferred shares of VF U.S.
Holdings Inc. into 9,387,002 common shares of the Company in accordance
with the Amended and Restated Securityholders' Agreement dated December
31, 2009. Pursuant to the securityholders' agreement, this exchange
right was exercisable at any time prior to October 18, 2013. Following
the closing of this exchange transaction, which occurred on October 8,
2013, the Company has 38,707,345 common shares issued and outstanding
and VF U.S. Holdings Inc. no longer has any participating preferred
shares outstanding. Mr. Vanzeyst has advised the Company that he has no
current plans to sell any of the common shares that he received in the
exchange transaction.
About Village Farms
Village Farms is one of the largest producers, marketers and
distributors of premium-quality, greenhouse-grown tomatoes, bell
peppers and cucumbers in North America. This premium product as well
as premium product produced under exclusive arrangements with other
greenhouse producers is grown in sophisticated, highly efficient and
intensive agricultural greenhouse facilities located in British
Columbia and Texas. Product is marketed and distributed under the
Village Farms® brand primarily to retail grocers and dedicated fresh food distributors
throughout the United States and Canada. Since its inception, Village
Farms has been guided by friendly growing methods, growing produce
vegetables 365 days a year from its facilities that are healthier for
people and the planet. Village Farms is Good for the Earth®.
Forward Looking Statements
This press release contains certain "forward looking statements". These
statements relate to future events or future performance and reflect
the Company's expectations regarding its growth, results of operations,
performance, business prospects, opportunities or industry performance
and trends. These forward looking statements reflect the Company's
current internal projections, expectations or beliefs and are based on
information currently available to the Company. In some cases, forward
looking statements can be identified by terminology such as "may",
"will", "should", "expect", "plan", "anticipate", "believe",
"estimate", "predict" , "potential", "continue" or the negative of
these terms or other comparable terminology. A number of factors could
cause actual events or results to differ materially from the results
discussed in the forward looking statements. In evaluating these
statements, you should specifically consider various factors,
including, but not limited to, such risks and uncertainties as
availability of resource, competitive pressures and changes in market
activity, risks associated with U.S. and Canadian sales and foreign
exchange, regulatory requirements and all of the other "Risk Factors"
set out in the Company's current annual information form and
management's discussion and analysis for the year ended December 31,
2012, which is available electronically at www.sedar.com. Actual results may differ materially from any forward looking
statement. Although the Company believes that the forward looking
statements contained in this press release are based upon reasonable
assumptions, you cannot be assured that actual results will be
consistent with these forward looking statements. These forward looking
statements are made as of the date of this press release, and other
than as specifically required by applicable law, the Company assumes no
obligation to update or revise them to reflect new events or
circumstances.
|
|
|
|
|
|
|
Village Farms International, Inc.
|
Condensed Consolidated Interim Statement of Financial Position
|
(In thousands of United States dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013
|
|
|
December 31, 2012
|
|
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
ASSETS
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
20,902
|
|
$
|
2,801
|
|
|
Trade receivables
|
|
|
10,069
|
|
|
7,377
|
|
|
Other receivables
|
|
|
375
|
|
|
552
|
|
|
Inventories
|
|
|
6,904
|
|
|
11,970
|
|
|
Income taxes receivable
|
|
|
247
|
|
|
503
|
|
|
Prepaid expenses and deposits
|
|
|
579
|
|
|
246
|
|
|
Biological asset
|
|
|
6,616
|
|
|
4,757
|
|
Total current assets
|
|
|
45,692
|
|
|
28,206
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
95,300
|
|
|
99,372
|
|
|
Intangible assets
|
|
|
1,016
|
|
|
1,094
|
|
|
Other assets
|
|
|
2,204
|
|
|
1,462
|
|
Total assets
|
|
$
|
144,212
|
|
$
|
130,134
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Trade payables
|
|
$
|
8,059
|
|
$
|
10,011
|
|
|
Accrued liabilities
|
|
|
3,702
|
|
|
2,609
|
|
|
Income taxes payable
|
|
|
-
|
|
|
7
|
|
|
Current maturities of long-term debt
|
|
|
4,168
|
|
|
3,413
|
|
|
Current maturities of capital lease obligations
|
|
|
24
|
|
|
23
|
|
|
Current portion of derivative
|
|
|
-
|
|
|
106
|
|
Total current liabilities
|
|
|
15,953
|
|
|
16,169
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
52,443
|
|
|
54,897
|
|
|
Long-term maturities of capital lease obligations
|
|
|
67
|
|
|
86
|
|
|
Deferred tax liability
|
|
|
12,748
|
|
|
8,041
|
|
|
Deferred compensation
|
|
|
618
|
|
|
490
|
|
Total liabilities
|
|
|
81,829
|
|
|
79,683
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
24,850
|
|
|
24,850
|
|
|
Contributed surplus
|
|
|
707
|
|
|
588
|
|
|
Accumulated other comprehensive income
|
|
|
55
|
|
|
55
|
|
|
Retained earnings
|
|
|
36,771
|
|
|
24,958
|
|
Total shareholders' equity
|
|
|
62,383
|
|
|
50,451
|
|
Total liabilities and shareholders' equity
|
|
$
|
144,212
|
|
$
|
130,134
|
|
|
|
|
|
|
|
Village Farms International, Inc.
|
Condensed Consolidated Interim Statements of Income and Comprehensive
Income
|
For the Three and Nine Months Ended
|
(In thousands of United States dollars, except per share data,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
39,645
|
|
$
|
35,711
|
|
$
|
105,897
|
|
$
|
103,386
|
Cost of sales
|
|
(33,669)
|
|
|
(34,142)
|
|
|
(91,496)
|
|
|
(99,645)
|
Insurance proceeds, net
|
|
10,722
|
|
|
12,030
|
|
|
15,943
|
|
|
30,751
|
Provision for property and equipment damaged
|
|
(601)
|
|
|
(1,571)
|
|
|
(601)
|
|
|
(4,360)
|
Provision for inventory-damaged crop, growing materials, supplies
|
|
-
|
|
|
(726)
|
|
|
-
|
|
|
(4,649)
|
Change in biological asset
|
|
(1,059)
|
|
|
1,692
|
|
|
(336)
|
|
|
(487)
|
Selling, general and administrative expenses
|
|
(3,142)
|
|
|
(3,338)
|
|
|
(9,808)
|
|
|
(10,704)
|
Income from operations
|
|
11,896
|
|
|
9,656
|
|
|
19,599
|
|
|
14,292
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
761
|
|
|
1,095
|
|
|
2,851
|
|
|
3,180
|
Interest income
|
|
(2)
|
|
|
-
|
|
|
(3)
|
|
|
(2)
|
Foreign exchange loss/(gain)
|
|
17
|
|
|
(128)
|
|
|
(40)
|
|
|
(66)
|
Amortization of intangible assets
|
|
26
|
|
|
26
|
|
|
78
|
|
|
78
|
Gain on derivatives
|
|
-
|
|
|
(341)
|
|
|
(106)
|
|
|
(852)
|
Other expense/(income), net
|
|
13
|
|
|
(47)
|
|
|
(53)
|
|
|
(218)
|
Gain on sale of assets
|
|
-
|
|
|
(186)
|
|
|
(3)
|
|
|
(186)
|
Income before income taxes
|
|
11,081
|
|
|
9,237
|
|
|
16,875
|
|
|
12,358
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (Recovery of) income taxes
|
|
3,324
|
|
|
(851)
|
|
|
5,062
|
|
|
(4,782)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income and comprehensive income
|
$
|
7,757
|
|
$
|
10,088
|
|
$
|
11,813
|
|
$
|
17,140
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
$
|
0.20
|
|
$
|
0.26
|
|
$
|
0.31
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
$
|
0.20
|
|
$
|
0.26
|
|
$
|
0.30
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
Village Farms International, Inc.
|
Condensed Consolidated Interim Statements of Cash Flows
|
For the Three and Nine Months Ended
|
(In thousands of United States dollars, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30
|
|
Nine Months Ended September 30
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
7,757
|
|
$
|
10,088
|
|
$
|
11,813
|
|
$
|
17,140
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
1,820
|
|
|
1,807
|
|
|
5,487
|
|
|
5,723
|
|
|
Gain on disposal/sale of assets
|
|
|
-
|
|
|
(186)
|
|
|
(3)
|
|
|
(186)
|
|
|
Provision for property and equipment damaged
|
|
|
51
|
|
|
1,571
|
|
|
51
|
|
|
4,360
|
|
|
Gain on derivative
|
|
|
-
|
|
|
(341)
|
|
|
(106)
|
|
|
(852)
|
|
|
Foreign exchange (loss)/gain
|
|
|
(17)
|
|
|
128
|
|
|
40
|
|
|
66
|
|
|
Net interest expense
|
|
|
803
|
|
|
1,100
|
|
|
2,691
|
|
|
3,177
|
|
|
Share-based compensation
|
|
|
28
|
|
|
80
|
|
|
119
|
|
|
203
|
|
|
Deferred income taxes
|
|
|
2,978
|
|
|
(896)
|
|
|
4,707
|
|
|
(4,827)
|
|
|
Change in biological asset
|
|
|
1,059
|
|
|
(1,692)
|
|
|
336
|
|
|
487
|
|
|
Changes in non-cash working capital items
|
|
|
6,411
|
|
|
3,103
|
|
|
(588)
|
|
|
(11,937)
|
|
|
|
Net cash provided by operating activities
|
|
|
20,890
|
|
|
14,762
|
|
|
24,547
|
|
|
13,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(439)
|
|
|
(3,442)
|
|
|
(1,404)
|
|
|
(12,556)
|
|
Proceeds from sale of property, plant, and equipment, net
|
|
|
-
|
|
|
593
|
|
|
19
|
|
|
593
|
|
Other noncurrent assets and liabilities, net
|
|
|
60
|
|
|
66
|
|
|
(614)
|
|
|
266
|
|
|
|
Net cash used in investing activities
|
|
|
(379)
|
|
|
(2,783)
|
|
|
(1,999)
|
|
|
(11,697)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Payments on)/Proceeds from operating loan, net
|
|
|
-
|
|
|
(783)
|
|
|
-
|
|
|
5,255
|
|
Payments on long-term debt, net
|
|
|
(1,042)
|
|
|
(9,985)
|
|
|
(1,699)
|
|
|
(5,224)
|
|
Interest paid on long-term debt
|
|
|
(807)
|
|
|
(1,100)
|
|
|
(2,694)
|
|
|
(3,179)
|
|
Interest received
|
|
|
2
|
|
|
-
|
|
|
3
|
|
|
2
|
|
Payments on capital lease obligation
|
|
|
(6)
|
|
|
-
|
|
|
(17)
|
|
|
-
|
|
|
|
Net cash used in financing activities
|
|
|
(1,853)
|
|
|
(11,868)
|
|
|
(4,407)
|
|
|
(3,146)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
17
|
|
|
(128)
|
|
|
(40)
|
|
|
(66)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
|
18,675
|
|
|
(17)
|
|
|
18,101
|
|
|
(1,555)
|
Cash and cash equivalents, beginning of period
|
|
|
2,227
|
|
|
1,327
|
|
|
2,801
|
|
|
2,865
|
Cash and cash equivalents, end of period
|
|
$
|
20,902
|
|
$
|
1,310
|
|
$
|
20,902
|
|
$
|
1,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid
|
|
$
|
333
|
|
$
|
10
|
|
$
|
342
|
|
$
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Village Farms International, Inc.
Stephen C. Ruffini, Executive Vice President and Chief Financial Officer, Village Farms International, Inc., (407) 936-1190 ext 340.