Boston, MA 05/20/2014 (wallstreetpr) – RiceBran Technologies (NASDAQ:RBIT) reported its financial outcome for the first quarter of fiscal year 2014.
Consolidated revenues for the quarter ended March 31, 2014 fell 12% down to $7.7 million as compared to the prior year’s first quarter consolidated revenues which was as much as $8.7 million. The decrease was a direct impact of the intended idling of the Company’s Irgovel facility located in Brazil. The idling lasted for as long as 10 weeks in the first quarter so as to permit installation of devices needed necessary to enhance capacity at the company’s bio-refinery by half to 9,000 metric tons a month.
Q1 Results
The company RiceBran Technologies (NASDAQ:RBIT) earned revenue of around $2.7 million from its Brazilian unit. This spike in revenue is however a temporary fall of 53% when compared to the revenue earned in the same period of last year which totaled $5.8 million. Nevertheless, its USA unit revenues surged 72% from $2.9 million in the first quarter of 2013 to $5 million in 2014. This is on account of the integration of the take- over of H&N.
Consolidated gross gain surged 46% to as high as $1.4 million. An improvement of 9.9% was recorded in the reported quarter, down from the 18.4% in the same quarter of the prior year. Operating expenses surged from $3.7 million in 2013 to $4.1 million in 2014. Apart from this, operating loss of around $2.7 million was recorded. EBITDA for Q1, 2014 was $24,000, up from the loss of $4 million that was seen in fill financial year 2013.
In the reported quarter of 2014, RiceBran Technologies (NASDAQ:RBIT) recorded a net loss of as much as $1.9 million, which is equivalent to $0.62 a diluted share on 3 million weighted average outstanding shares. This is comparable to the $5.8 million loss which was recorded in the first quarter of the prior year.
