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US: Village Farms announce Q1 2012 resultsVillage Farms International have announced results for the quarter ended March 31, 2012.
First Quarter 2012 Operating Results Summary:
Revenues decreased 13% to $28.2 million for the first quarter of 2012 compared to $32.3 million for the first quarter of 2011;
Earnings (loss) per share of ($0.02) for the first quarter of 2012 versus $0.12 for the first quarter of 2011;
Net income (loss) decreased to ($0.7) million in the first quarter of 2012 versus $4.5 million in the first quarter of 2011;
EBITDA decreased 39% to $3.0 million in the first quarter of 2012 compared to $4.9 million in the first quarter of 2011.
Michael DeGiglio, Chief Executive Officer, stated "Pricing in our core tomato varieties continues to remain challenging and since mid-March is substantially below our budget and prior year. This is directly due to continued oversupply from Mexico coupled with flat demand in both the USA and Canada. The flooding of the market by growers and importers, at pricing at or below cost of production, borders on, in my opinion, "dumping" and is negatively affecting the entire industry. We continue to aggressively implement our strategy to combat this pricing pressure. This includes internal changes in variety assortment, customer collaboration and working directly with Federal and State Governments to combat imported imposter products, mislabelled as greenhouse grown.
Mr. DeGiglio added "We remain pleased with the performance of our new GATES technology in Monahans although labor availability remains a challenge. However, the Company is making progress with both short and long term solutions."
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Publication date: 5/15/2012
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