Boston, MA 08/22/2214 (wallstreetpr) – RiceBran Technologies (NASDAQ:RIBT) consolidated revenues came higher by 21% at $11.3 million comparable to $9.4 million in the 2Q2013. The revenue from the USA segment rose 115% as compared to prior year quarter. It was the prime reason behind the jump in overall revenues. On the other hand, due to the plant upgrade at Irgovel facility revenue suffered in Brazil segment. Also, there were supply disruptions due to the 2014 World Cup event in Brazil. Still, the revenue from Brazil segment managed to show the growth of 71% on a sequential basis.
The future ahead
RiceBran Technologies (NASDAQ:RIBT) expects the revenues to show significant growth in the next quarter as the plant upgrade work is completed at Brazil facility. The USA segment will focus more on the nutritional and functional foods market. RiceBran is looking for expanding its services by setting up the capacity expansions at the various plants including Texas, Irving and Montana Plant. It is moving as per the plans to achieve the full year revenues guidance of $59 million. The guidance for the full year adjusted EBITDA of RiceBran stands at $6 million.
Production at Irgovel facility
RiceBran Technologies (NASDAQ:RIBT) considers the production at Irgovel facility as one of the key operating deliverable to achieve the full year revenue guidance. It wants to ramp up the rice bran production at facility to 9,000 metric tons per month. Despite the supply chain disruptions in Brazil in the last quarter, RiceBran expects the production to speed up in the third quarter and cross the set run rate entering into year 2015.
Completion of Healthy Natural Plant
RiceBran considers the second factor that will lead to revenue growth is Healthy Natural plant in Irving. The plant is completed, and RiceBran expects the production capacity to double in the next quarter. The Healthy Natural plant is completed well in defined time and budget.
Dillon facility
Dillon facility went for the first phase of expansion under which there was no production for three weeks in the month of May. There will be three more shutdowns in the coming months. However, the future shutdowns will be of shorter duration. RiceBran Technologies (NASDAQ:RIBT) aims to double the production at Dillon plant to achieve the full year revenue guidance.
