S&W Seed Company Enters into $20,000,000 Aggregate Principal Amount Credit and Security Agreement with Keybank National Association
Sep 23 15
On September 22, 2015, S&W Seed Company executed and entered into an up to $20,000,000 aggregate principal amount credit and security agreement with KeyBank National Association. The use of proceeds for advances under the Credit Facility are to refinance the company's existing senior indebtedness with Wells Fargo Bank, National Association; finance the company's ongoing working capital requirements; and provide for general corporate purposes. All amounts due and owing, including, but not limited to, accrued and unpaid principal and interest due under the credit facility, will be payable in full on September 21, 2017. The credit facility generally establishes a borrowing base of up to 85% of eligible accounts receivable (90% if insured) plus up to 65% of eligible inventory, subject to lender reserves. The company's domestic subsidiaries, Seed Holding LLC and Stevia California LLC have guaranteed all of the company's obligations under the Credit Facility.
S&W Seed Company Completes Construction Phase of New Australian Packaging Facility
Sep 22 15
S&W Seed Company announced the completion of the construction phase of a new seed packaging facility located in Keith, South Australia, the heart of the alfalfa seed production area of Australia. The facility will allow S&W to meet the growth of the company's expanding seed production capabilities in the country, including the continued introduction of the company's elite, proprietary varieties. The company expects the facility to be operational by the end of 2015, well ahead of the 2016 harvest and shipping periods. Key to the success of the facility was a grant from the South Australian Government in support of regional development received by S&W's Australian-based subsidiary, Seed Genetics International Pty Ltd., as well as building and equipment financing provided by National Australia Bank.
S&W Seed Company Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2015; Provides Revenue Guidance for the Fiscal Year Ending June 30, 2016
Sep 16 15
S&W Seed Company reported unaudited consolidated earnings results for the fourth quarter and full year ended June 30, 2015. For the quarter, the company reported revenue of $28,723,104 compared to $19,564,134 a year ago. Income from operations was $1,821,776 compared to $1,103,662 a year ago. Loss before income taxes was $190,993 compared to income before income tax expense of $889,907 a year ago. Net loss was $270,066 or $0.02 per basic and diluted share compared to net income of $620,355 or $0.05 per basic and diluted share a year ago. Non-GAAP adjusted EBITDA was $3,041,454 compared to $1,642,340 a year ago. On an adjusted basis, income from operations were $1,856,532, income before income taxes were $1,119,312, net income was $614,115 or $0.05 per basic and diluted share. The $9.2 million increase in fourth quarter revenue was attributable to an increase in sales of the company's elite S&W varieties and approximately $4.9 million of incremental sales contribution from the company's distribution and production agreements with DuPont Pioneer.
For the year, the company reported revenue of $81,208,903 compared to $51,533,643 a year ago. Income from operations was $2,385,878 compared to $1,061,935 a year ago. Loss before income tax expense was $4,009,106 compared to income before income tax expense of $460,216 a year ago. Net loss was $3,163,127 or $0.24 per basic and diluted share compared to net income of $373,100 or $0.03 per basic and diluted share a year ago. Non-GAAP Adjusted EBITDA was $7,519,412 compared to $3,200,385 a year ago. Net cash from operating activities was $11,112,350 compared to net cash used in operating activities of $17,867,038 a year ago. Additions to property, plant and equipment were $1,595,813 compared to $434,416 a year ago. On an adjusted basis, income from operations were $4,442,892, income before income taxes were $2,452,072, net income was $1,549,710 or $0.12 per basic and diluted share. The increase in annual revenue was primarily attributable to sales from the company's distribution and production agreements with DuPont Pioneer, as well as slight increases from the company's legacy seed operations.
Based upon the evaluation of information currently available to management, the company expects to generate revenue of approximately $95 million for the fiscal year ending June 30, 2016.