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Flat Q1 revenues, GATES greenhouse forecasted to repeat 2016 production levels:
Village Farms considers alternative crop strategies
North American greenhouse grower Village Farms saw its 2017 first quarter results shrink a little bit, compared to the same period last year.
Mike DeGiglio, CEO Village Farms
Michael DeGiglio, Chief Executive Officer of Village Farms, stated: "Overall revenues were flat in our first quarter compared to the first quarter of 2016, due to a planned production change at our Permian Basin facility. The crop replanting cycle reduced our Texas output during the first quarter of 2017, however the capacity was filled in by our supply partners increasing their volume by 30% during the quarter. The increase maintained sufficient supply for our customer needs, resulting in flat revenues but adversely impacting our EBITDA for the first quarter. The Permian Basin facility, a GATES® technology greenhouse that produced record breaking cucumber yields in 2016, is currently forecasted to repeat its 2016 production levels during 2017."
Mr. DeGiglio also stated that: "We are focused on continuing to lower our cost of production at our own facilities, and we are pleased with another 3% reduction during the first quarter of 2017. This trend demonstrates our commitment to grow the highest quality, safest and best tasting produce while continually lowering costs. We also continued to diligently work on and consider alternative crop strategies during the first quarter of 2017 and we remain energized with our progress to date."
Publication date: 5/16/2017
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