Ceres Global Ag Corp. (TSX: CRP) today announced its financial and operating results for the quarter and year ended June 30, 2021. All amounts are in U.S. currency unless otherwise noted.
Highlights for the quarter and year ended June 30, 2021
Highlights Subsequent to Quarter End
"A strong fourth quarter capped a year of meaningful progress against our broader strategy to partner with growers and other suppliers to enable our downstream customers to do great things in the food, agriculture and energy markets. In fiscal year 2021, we handled 14.4 million more bushels, we strengthened our presence in crucial geographies on both sides of the U.S. and Canadian border, and we maintained the positive trajectory of improved financial performance that began several years ago. Most notably, the profitable execution of our strategy and positive outlook enabled us to recognize $9.7 million in previously unrecognized deferred tax assets during the quarter." - Robert Day, President and CEO of Ceres Global Ag.
Mr. Day continued, "Fiscal year 2022 is shaping up to be a transformative year for Ceres, resulting from years of hard work and exciting growth projects targeted at advancing our strategy. Due to disciplined analysis of markets and prudent acquisition of supplies for key customers, we expect the first quarter of fiscal year 2022 will be a record for Ceres in terms of EBITDA and pre-tax profits. Meanwhile, we are making progress on the canola crush project at Northgate as we prepare to break ground in 2022; Farmers Grain, LLC in Thief River Falls is off to a strong start and the expansion is on track for completion prior to harvest 2022; and the expansion of our soybean crush plant in Jordan, Manitoba, which is positioned to benefit from the fast-growing demand from food, feed, and renewable fuel markets, was completed in July 2021 and is expected to generate increased margins and profits once the new crop harvest begins in October."
Conference Call Details
Management of Ceres will host a conference call today, September 10, 2021, at 9:00 am ET to discuss its third quarter financial and operational results. All interested parties can join the conference call by dialing 1-888-664-6392 or 416-764-8659. Please dial in 15 minutes prior to the call to secure a line.
A live audio webcast of the conference call will be available at: https://bit.ly/CeresQ42021. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days.
Non-IFRS Financial Measures
EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) is not a standardized financial measure prescribed by IFRS; however, it is a metric that is used by management to determine the Corporation's ability to service its debt and finance capital.
In calculating EBITDA, Ceres excludes gains and losses on property, plant and equipment, assets held for sale, and gains and losses on equity investments as these items are considered to be non-reoccurring in nature. Ceres may calculate EBITDA differently than other companies; therefore, Ceres' EBITDA may not be comparable to similar measures presented by other issuers.
Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss, or to other standardized financial measures determined in accordance with IFRS and is not intended to represent cash flows or results of operations in accordance with IFRS.
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Ceres and its subsidiaries ("Ceres Global") add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high-quality agricultural commodities, value-added products and raw materials. Leveraging its network of commodity logistics centers and team of industry experts, Ceres Global connects farmers to customers around the world.
Ceres Global is headquartered in Minneapolis, Minnesota, and together with its affiliated companies, operates 13 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 31 million bushels.
Ceres Global has a 50% interest in Savage Riverport, LLC (a joint venture with Consolidated Grain and Barge Co.), a 50% interest in Farmers Grain, LLC (a joint venture with Farmer's Cooperative Grain and Seed Association), a 50% in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp.), a 25% interest in Stewart Southern Railway Inc. (a short-line railway located in southeast Saskatchewan with a range of 130 kilometers), and a 17% interest in Canterra Seed Holdings Ltd. (a Canada-based seed development company).
For more information about Ceres Global, please visit www.ceresglobalagcorp.com.