S&W Seed Company Enters Third Amendment to Credit Agreement and Revolving Line of Credit Note
Feb 27 15
S&W Seed Company executed and entered into credit agreements with Wells Fargo Bank, National Association ('Wells Fargo') and thereby became obligated under new working capital facilities. The Facilities include a domestic revolving facility of up to $4 million to refinance the Registrant's outstanding credit accommodations from Wells Fargo and for working capital purposes, and an export-import revolving facility of up to $10 million for financing export-related accounts receivable and inventory. The Facilities mature and become due and payable in full on April 1, 2015. On February 27, 2015, the company executed and entered into a Third Amendment to Credit Agreement and Revolving Line of Credit Note with respect thereto, and a Third Amendment to Ex-Im Working Capital Guarantee Credit Agreement and Revolving Line of Credit Note with respect thereto. Pursuant to the Amendments, the respective principal amounts available under the Facilities remain unchanged, with the maturity date extended to July 1, 2015. The Facilities bear interest either at a fluctuating rate per annum determined by Wells Fargo to be 2.75% above the daily one-month LIBOR Rate in effect from time to time, or at a fixed rate per annum determined to be 2.75% above LIBOR in effect on the first day of the applicable fixed rate term. The Amendments include minimal changes to certain financial covenants, including the manner in which the net income financial covenant (itself unchanged) is calculated for the period ending March 31, 2015 and, with respect to the Asset Coverage Ratio, which also remains unchanged, the addition of the requirement that such ratio be maintained at any time rather than as of month end. The Amendments also include the Registrant's general release of claims against Wells Fargo and an extension to June 1, 2015 for certain deliverables required under the terms of the December 31, 2014 Amendment and Waiver Agreement between the company and Wells Fargo. In all other material respects, the provisions of the Facilities as entered into in February 2014, as amended on December 31, 2014, remain unchanged and in full force and effect.
S&W Seed Company Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014; Provides Revenue Guidance for the Third Quarter of Fiscal Year Ending March 31, 2015; Reports Impairment Charges for the Second Quarter Ended December 31, 2014
Feb 12 15
S&W Seed Company reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company reported revenue of $13,793,766 compared to $11,460,197 a year ago. Loss from operations was $1,558,024 compared to earnings from operations of $343,006 a year ago. Loss before income tax expense was $2,281,112 compared to earnings before income tax expense of $196,092 a year ago. Net loss was $1,542,660 or $0.13 per basic and diluted share compared to net income of $110,132 or $0.01 per basic and diluted share a year ago. Non-GAAP adjusted LBITDA was $1,519,607 compared to non-GAAP adjusted EBITDA of $882,809 a year ago. The increase in revenue over the comparable period in the prior year is primarily attributable to an increase in sales of seed (both proprietary and non-proprietary) into Saudi Arabia. Adjusted loss from operations was $142,912. Adjusted loss before income tax expense was $365,802. Adjusted net loss was $247,383.
For the six months period, the company reported revenue of $21,957,999 compared to $23,838,783 a year ago. Loss from operations was $2,575,776 compared to earnings from operations of $508,290 a year ago. Loss before income tax expense was $3,593,255 compared to earnings before income tax expense of $258,363 a year ago. Net loss was $2,416,976 or $0.10 per basic and diluted share compared to net income of $151,341 or $0.01 per basic and diluted share a year ago. Non-GAAP adjusted LBITDA was $1,998,588 compared to non-GAAP adjusted EBITDA of $1,577,573 a year ago. Net cash provided by operating activities was $3,987,627 compared to net cash used in operating activities of $12,217,572 a year ago. Additions to property, plant and equipment were $693,311 compared to $244,858 a year ago. Adjusted loss from operations was $1,164,822. Adjusted loss before income tax expense was $1,682,103. Adjusted net loss was $1,131,454.
For the third quarter of fiscal year 2015 ending March 31, 2015, the company estimates revenue to be approximately $27 million to $30 million.
The company reported impairment expense of $500,198 for the second quarter ended December 31, 2014 compared to nil a year ago.
S&W Seed Company to Report Q2, 2015 Results on Feb 12, 2015
Feb 3 15
S&W Seed Company announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Feb 12, 2015
S&W Seed Company, Q2 2015 Earnings Call, Feb 12, 2015
Feb 3 15
S&W Seed Company, Q2 2015 Earnings Call, Feb 12, 2015
S&W Seed Company Appoints Mark Smith as Director of Breeding and Genetics
Jan 15 15
S&W Seed Company announced that alfalfa breeding veteran, Mark Smith, has been appointed as the company's director of Breeding and Genetics. Dr. Smith will have primary responsibility for the continued research and development of the company's dormant germplasm pipeline recently acquired from DuPont Pioneer which includes more than 60 developmental varieties. Dr. Smith will also be working with S&W's integrated R&D group on crossover research, including both conventional non-GMO and GMO development. Dr. Smith joins the company in connection with its recent acquisition following 28 years in the alfalfa seed industry with DuPont Pioneer where he managed its germplasm and varietal development alfalfa project. He is the past president of the Western Alfalfa Improvement Conference and currently serves as Secretary of the North American Alfalfa Improvement Conference. He has served on numerous committees for the alfalfa community including two rotations on the National Alfalfa Variety Review Board.