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S&W Announces Results for the Second Quarter of Fiscal Year 2013

FIVE POINTS, Calif., Feb. 13, 2013 /PRNewswire/ -- S&W Seed Company (Nasdaq: SANW) today announced financial results for its second quarter of fiscal year 2013 ended December 31, 2012.

Second Quarter Fiscal Year 2013 and Other Business Highlights:

  • Record quarterly revenues of $13.7 million, an increase of 189% year-over-year;
  • Record six month revenues of $20.4 million, an increase of 88% year-over-year;
  • Seed and crop revenues for the quarter increased 233% versus the comparable period last year;
  • Organic (non-Imperial Valley Seeds ("IVS") related) seed and crop revenue growth of 54% versus second quarter of the prior year;
  • Improved gross margins on the company's organic seed and crop operations to 19.1% for the second quarter compared to 12.7% in the first quarter excluding stevia-related operations;
  • Non-GAAP adjusted EBITDA for second quarter increased 20% compared to the second quarter of fiscal 2012 and increased 172% compared to the first quarter of fiscal 2013;
  • Improved quarter-over-quarter basic EPS (excluding special items) of $0.05 compared to $0.01 in the first quarter of fiscal 2013;
  • Significant expansion in planned production and sourcing of alfalfa seed for the fall 2013 harvest; and
  • Progress made on the company's long-term collaboration with Monsanto and FGI through the commencement of field trials.

Quarterly Results
For the second fiscal quarter ended December 31, 2012, S&W reported revenues of $13.7 million versus $4.7 million in the comparable period of the prior year, an increase of 189%, and versus $6.7 million in first quarter ended September 30, 2012, an increase of 104%.  The company experienced 54% organic (non-IVS related) revenue growth on seed and crop revenues during the current quarter versus the comparable period of the prior year driven by strong pricing power and increased volumes for the company's proprietary alfalfa seed varieties. Revenue from the Company's recent acquisition of IVS, completed on October 1, 2012, exceeded expectations contributing $7.3 million to the company's second quarter combined revenues.

Gross profit margins for the company's organic seed and crop sales (excluding stevia-related operations) improved to 19.1% in the second quarter of fiscal 2013 compared to 12.7% in the first quarter of fiscal 2013 due to an increase in average selling price quarter-over-quarter.  Gross profit margins were down compared to 27.3% in the second quarter of fiscal 2012 which reflects the higher costs of seed production in fiscal 2013 versus 2012.  Gross profit margins on IVS's alfalfa seed sales were 8.5%, leading to a blended seed and other crop margin (excluding stevia-related operations) of 13.4% during the quarter.














Three Months Ended


Three Months Ended



December 31,


September 30,



2012


2011


2012














S&W


IVS


Consolidated


S&W


S&W

Alfalfa seed and other crop revenues











Alfalfa seed and other crop revenues

$

6,274,703

$

7,298,653

$

13,573,356

$

4,073,865

$

6,356,052












Cost of seed and other crop revenue


5,376,514


6,678,403


12,054,917


2,960,857


5,549,419












Gross profit on alfalfa seed and other crop revenue


898,189


620,250


1,518,439


1,113,008


806,633












Total GP% on seed and other crop revenue


14.3%


8.5%


11.2%


27.3%


12.7%












Total GP% excluding stevia inventory reserve


19.1%




13.4%





Overall gross margins, including the company's milling and stevia operations, which includes a $0.3 million inventory valuation reserve for stevia, were 11.6% compared to 16.0% in the first quarter of fiscal 2013 and 32.2% in the second quarter of the prior year due in part to the stevia valuation reserve as well as lower gross profit contributions from the company's milling operations.  The company recorded a $0.3 million inventory valuation reserve for stevia due to the Company's evaluation of its projected yields and agronomic practices.



Three Months Ended


Three Months Ended



December 31,


September 30,



2012


2011


2012














S&W


IVS


Consolidated


S&W


S&W












Total revenue

$

6,387,230

$

7,298,653

$

13,685,883

$

4,728,029

$

6,719,735

Total cost of revenue


5,423,028


6,678,403


12,101,431


3,204,236


5,641,333

Total gross profit

$

964,202

$

620,250

$

1,584,452

$

1,523,793

$

1,078,402

Total GP%


15.1%


8.5%


11.6%


32.2%


16.0%

Total GP% excluding stevia inventory reserve


19.8%




13.8%





Adjusted non-GAAP net income for the second quarter of fiscal 2013, excluding the stevia valuation reserve and acquisition related expenses (See Non-GAAP Adjustments to Income Statement), was $351,000, or $0.05 per basic and $0.04 per diluted share, compared to $89,000, or $0.01 per basic and diluted share, in the first quarter of fiscal 2013, and compared to $443,000, or $0.08 per basic and diluted share, in the second quarter of fiscal 2012.  Including the stevia reserve and acquisition-related expenses, net income was $147,000, or $0.02 per basic and diluted share.

Adjusted EBITDA, a non-GAAP metric (See Table A), for the second quarter of fiscal 2013 was $859,000 compared with $717,000 in the second quarter of fiscal 2012, an increase of 20%, and compared to $325,000 in the first quarter of fiscal 2013, an increase of 172%.

Management Discussion
Mark Grewal, president and chief executive officer of S&W Seed Company, commented, "The company's strategic plan to expand the overall acreage dedicated to the core S&W proprietary alfalfa seed business, which should allow for long-term gross margin expansion, is beginning to come to fruition. We are planning towards the gradual transition of IVS's seed production grower base to S&W's varieties, while simultaneously looking to secure additional acreage through contracting, leasing or acquiring farmland, or the acquisition of an entire company's operations and related farmland availability. We are dedicated to meeting the strong demand in the marketplace for our proprietary alfalfa seed varieties and becoming an industry leader for years to come."

Mr. Grewal continued, "As of today, the company anticipates securing alfalfa seed for the fall 2013 harvest from several sources.  Depending upon yields, we expect to have approximately 9 to 10 million pounds of seed available to sell from various sources, which include S&W and IVS's proprietary varieties, as well as certified public and non-certified varieties that have historically been a portion of the IVS business model.  These estimates do not account for any acquisitions of land or otherwise that have not yet been announced."

Mr. Grewal commented on the quarterly results, "We are pleased with the strong progress that has been made in our initiatives to more accurately align our sales prices with our cost of production, resulting in our organic S&W seed and crop margins increasing from 12.8% in first quarter to 19.1% in the current quarter. Our goal is to continue to obtain higher pricing for our high yielding, non-dormant, proprietary alfalfa seed varieties which will be more commensurate with the improved yield and profit potential that it brings to a alfalfa hay farmer. Great progress was made during the current quarter, and I expect more progress to be made going forward as we continue to educate our customer base about the economic advantages of using our S&W varieties and fully integrate the IVS operations into those of S&W."

Matthew Szot, chief financial officer of S&W Seed Company, commented, "In January 2013, we completed a public offering of common stock generating gross proceeds of $10.5 million that will allow us to continue being proactive in our pursuit of agricultural companies and farmland to expand upon the S&W platform.  Our near-term goals are to maximize the production of our alfalfa seed varieties to meet the strong demand in the marketplace as well as to continue to diversify of our sales channels. We are working diligently to look for opportunities that will be a good fit with S&W."

Mr. Grewal concluded, "We are confident in our abilities to continue executing upon the near-term strategic plan of expanding production, while increasing profitability through our gross margin improvement initiatives.  From a longer-term standpoint, we are making strong progress in our collaboration with Monsanto and FGI to develop biotech varieties that will incorporate the Roundup Ready® trait into specific non-dormant S&W-developed varieties.  Additionally, our breeders continue to make progress in maximizing the dormant seed germ plasm that we acquired last year to expand into this previously untapped market. With the short-term and long-term initiatives we have in place, we are positioning S&W to capture an increased share of the alfalfa seed market today and in the foreseeable future."

Conference Call
S&W Seed Company has scheduled a conference call for today, Wednesday, February 13, 2013, at 4:30pm ET (1:30pm PT) to review the results. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789 or can listen via a live Internet webcast, which is available in the Investor Relations section of the Company's website at http://www.swseedco.com/investors.htm.  A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, confirmation #10024743. A webcast replay will be available in the Investor Relations section of the Company's website at http://www.swseedco.com/investors.htm for 30 days. 

Non-GAAP Measurements
This press release includes certain financial information which constitutes "non-GAAP financial measures" as defined by the SEC.  A full reconciliation of the non-GAAP measures to GAAP can be found in the tables of today's press release.  EBITDA and Adjusted EBITDA are supplemental to results presented under accounting principles generally accepted in the United States of America ("GAAP") and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are used by management to facilitate period-to-period comparisons and analysis of S&W's operating performance and liquidity. Management believes these non-GAAP measures are useful to investors in trending, analyzing and benchmarking the performance and value of S&W's business. These non-GAAP measures should be considered in addition to, but not as a substitute for, other similar measures reported in accordance with GAAP.

About S&W Seed Company
Founded in 1980 and headquartered in the Central Valley of California, S&W Seed Company is a leading producer of warm climate, high yield alfalfa seed varieties, including varieties that can thrive in poor, saline soils, as verified over decades of university-sponsored trials. S&W also offers seed cleaning and processing at its 40-acre facility in Five Points, California. Additionally, the company has recently launched a business expansion initiative centered on its plan to mass produce stevia leaf in the U.S. in response to growing global demand for the all-natural, zero calorie sweetener from the food and beverage industry. For more information, please visit www.swseedco.com.

Safe Harbor Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors and other risks identified in the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012, and in other filings made by the Company with the Securities and Exchange Commission.

S&W SEED COMPANY

(A NEVADA CORPORATION)

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)




















Three Months Ended


Six Months Ended



December 31,


December 31,



2012


2011


2012


2011






















NON-GAAP








NON-GAAP







GAAP


Adjustments

(Note A)


Adjusted




GAAP


Adjustments

(Note B)


Adjusted



Revenue

















  Seed and crop revenue

$

13,573,356



$

13,573,356

$

4,073,865

$

19,929,408



$

19,929,408

$

9,959,177

  Milling and other revenue


112,527




112,527


654,164


476,210




476,210


884,531

Total revenue


13,685,883




13,685,883


4,728,029


20,405,618




20,405,618


10,843,708


















Cost of revenue

















  Cost of seed and crop revenue


12,054,917


(300,000)


11,754,917


2,960,857


17,604,336


(300,000)


17,304,336


7,258,802

  Cost of milling and other revenue


46,514




46,514


243,379


138,428




138,428


309,821

Total cost of revenue


12,101,431


(300,000)


11,801,431


3,204,236


17,742,764


(300,000)


17,442,764


7,568,623


















Gross profit


1,584,452


300,000


1,884,452


1,523,793


2,662,854


300,000


2,962,854


3,275,085



12%




14%


32%


13%




15%


30%

Operating expenses

















  Selling, general and administrative expenses


1,065,089


(42,984)


1,022,105


761,765


1,815,440


(52,749)


1,762,691


1,469,718

  Research and development expenses


102,036




102,036


61,629


205,467




205,467


154,505

  Depreciation and amortization


150,364




150,364


65,516


220,149




220,149


136,611


















Total operating expenses


1,317,489


(42,984)


1,274,505


888,910


2,241,056


(52,749)


2,188,307


1,760,834


















Income from operations


266,963


342,984


609,947


634,883


421,798


352,749


774,547


1,514,251


















Other expense

















  Loss on disposal of fixed assets


-




-


26,362


-




-


26,362

  Interest expense, net


14,229




14,229


4,260


22,097




22,097


8,422


















Net income before income tax expense


252,734




595,718


604,261


399,701




752,450


1,479,467

  Income tax expense


106,125


138,119


244,244


161,197


164,336


144,169


308,505


513,638

Net income

$

146,609


204,865

$

351,474

$

443,064

$

235,365


208,580

$

443,945

$

965,829


















Net income per common share:

















  Basic

$

0.02



$

0.05

$

0.08

$

0.03



$

0.06

$

0.17

  Diluted

$

0.02



$

0.04

$

0.08

$

0.03



$

0.06

$

0.17


















Weighted average number of common shares outstanding:















  Basic


7,800,036




7,800,036


5,800,000


7,320,237




7,320,237


5,800,000

  Diluted


8,353,411




8,353,411


5,804,207


7,652,221




7,652,221


5,817,006


















Table A

S&W SEED COMPANY

(A NEVADA CORPORATION)

ITEMIZED RECONCILIATION BETWEEN NET INCOME AND NON-GAAP ADJUSTED EBITDA

(unaudited)




















Three Months Ended


Six Months Ended



December 31,


December 31,



2012


2011


2012


2011






















NON-GAAP








NON-GAAP







GAAP


Adjustments

(Note A)


Adjusted




GAAP


Adjustments

(Note B)


Adjusted




















Net income

$

146,609

$

204,865

$

351,474

$

443,064

$

235,365

$

208,580

$

443,945

$

965,829


















Depreciation and amortization


150,364




150,364


65,516


220,149




220,149


136,611


















Non-cash stock based compensation


99,130




99,130


42,983


189,961




189,961


67,303


















Interest expense, net


14,229




14,229


4,260


22,097




22,097


8,422


















Income tax expense


106,125




244,244


161,197


164,336




308,505


513,638


















Non-GAAP ADJUSTED EBITDA

$

516,457



$

859,441

$

717,020

$

831,908



$

1,184,657

$

1,691,803

Notes to Non-GAAP Adjustments:
Note A: Non-GAAP Adjustments for the three months ended December 31, 2012 include $300,000 pertaining to an inventory valuation reserve for the company's stevia operations, $42,984 pertaining to acquisition-related expenses associated with IVS, and a tax adjustment for the exclusion of the aforementioned inventory charges and business combination expenses.

Note B: Non-GAAP Adjustments for the six months ended December 31, 2012 include $300,000 pertaining to an inventory valuation reserve for the company's stevia operations, $52,749 pertaining to acquisition-related expenses associated with IVS, and a tax adjustment for the exclusion of the aforementioned inventory charges and business combination expenses.

S&W SEED COMPANY

(A NEVADA CORPORATION)

CONSOLIDATED BALANCE SHEETS

(unaudited)




December 31,


June 30,



2012


2012

ASSETS










CURRENT ASSETS





   Cash and cash equivalents

$

3,037,474

$

8,235,495

   Accounts receivable, net


14,669,480


2,716,985

   Inventories, net


3,011,867


6,116,785

   Prepaid expenses and other current assets


236,185


138,236

   Deferred tax asset


52,152


215,688

TOTAL CURRENT ASSETS


21,007,158


17,423,189






Property, plant and equipment, net of accumulated depreciation


8,731,544


2,441,186

Goodwill


1,402,000


-

Other intangibles, net


5,329,830


606,653

Crop production costs


3,048,003


1,098,292

Deferred tax asset - long term


464,375


464,375

TOTAL ASSETS

$

39,982,910

$

22,033,695






LIABILITIES AND STOCKHOLDERS' EQUITY















CURRENT LIABILITIES





   Accounts payable

$

3,655,836

$

1,141,162

   Accounts payable - related parties


2,286,332


307,589

   Accrued expenses and other current liabilities


305,218


454,512

   Current portion of long-term debt


254,514


-

TOTAL CURRENT LIABILITIES


6,501,900


1,903,263






Non-compete payment obligation, less current portion


200,000


-

Long-term debt, less current portion


6,829,951


-






TOTAL LIABILITIES


13,531,851


1,903,263






STOCKHOLDERS' EQUITY





   Preferred stock, $0.001 par value; 5,000,000 shares authorized;





  no shares issued and outstanding


-


-

   Common stock, $0.001 par value; 50,000,000 shares authorized;





   7,873,100 issued and outstanding at December 31, 2012; 6,873,000 issued and outstanding at June 30, 2012


7,873


6,873

   Additional paid-in capital


25,881,238


19,796,976

   Retained earnings


561,948


326,583

TOTAL STOCKHOLDERS' EQUITY


26,451,059


20,130,432

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

39,982,910

$

22,033,695






 

S&W SEED COMPANY

(A NEVADA CORPORATION)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)








Six Months Ended 



December 31,



2012


2011

CASH FLOWS FROM OPERATING ACTIVITIES





    Net income 

$

235,365

$

965,829

    Adjustments to reconcile net income from operating activities to net 





        cash provided by (used in) operating activities





        Stock-based compensation


189,961


67,303

        Change in allowance for doubtful accounts


10,445


(3,587)

        Inventory reserve


300,000


-

        Depreciation and amortization


220,149


136,611

        Loss on disposal of fixed assets


-


26,362

       Changes in:





           Accounts receivable


(11,962,940)


(2,256,819)

            Inventories


2,804,918


1,745,094

            Prepaid expenses and other current assets


(97,234)


53

            Crop production costs


(1,949,711)


(630,321)

            Deferred tax asset 


163,536


460,676

            Other asset - long term


-


(90,000)

            Accounts payable


2,514,674


2,444,371

            Accounts payable - related parties


1,978,743


611,005

            Accrued expenses and other current liabilities


(199,294)


(66,686)

                Net cash provided by (used in) operating activities


(5,791,388)


3,409,891






CASH FLOWS FROM INVESTING ACTIVITIES





    Additions to property, plant and equipment


(6,396,184)


(175,150)

    Acquisition of customer list


-


(165,000)

    Acquisition of business


(3,000,000)


-

    Acquisition of germ plasm


(57,500)


-

                Net cash used in investing activities


(9,453,684)


(340,150)






CASH FLOWS FROM FINANCING ACTIVITIES





 Net proceeds from sale of common stock


3,462,586


-

 Borrowings on line of credit


4,000,000


-

 Borrowings of long-term debt


2,625,000


-

 Repayments of long-term debt


(40,535)


-

                Net cash provided by financing activities


10,047,051


-






NET INCREASE OR (DECREASE) IN CASH


(5,198,021)


3,069,741






CASH AND CASH EQUIVALENTS, beginning of the period


8,235,495


3,738,544






CASH AND CASH EQUIVALENTS, end of period

$

3,037,474

$

6,808,285

SOURCE S&W Seed Company

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SYS-CON Events announced today that TeleStax, the main sponsor of Mobicents, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. TeleStax provides Open Source Communications software and services that facilitate the shift from legacy SS7 based IN networks to IP based LTE and IMS networks hosted on private (on-premise), hybrid or public clouds. TeleStax products include Restcomm, JSLEE, SMSC Gateway, USSD Gateway, SS7 Resource Adaptors, SIP Servlets, Rich Multimedia Services, Presence Services/RCS, Diame...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
As a disruptive technology, Web Real-Time Communication (WebRTC), which is an emerging standard of web communications, is redefining how brands and consumers communicate in real time. The on-going narrative around WebRTC has largely been around incorporating video, audio and chat functions to apps. In his session at Internet of @ThingsExpo, Alex Gouaillard, Founder and CTO of Temasys Communications, will look at a fourth element – data channels – and talk about its potential to move WebRTC beyond browsers and into the Internet of Things.
SYS-CON Events announced today that Gigaom Research has been named "Media Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Ashar Baig, Research Director, Cloud, at Gigaom Research, will also lead a Power Panel on the topic "Choosing the Right Cloud Option." Gigaom Research provides timely, in-depth analysis of emerging technologies for individual and corporate subscribers. Gigaom Research's network of 200+ independent analysts provides new content daily that bridges the gap between break...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.