Ceres Global Ag Reports Financial Results for FY2017

Ceres Global Ag Reports Financial Results for FY2017

Canada NewsWire

MINNEAPOLIS, MN, Sept. 22, 2017 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) today announced its financial and operational results for the fiscal year ended June 30, 2017. All amounts are in U.S. currency unless otherwise noted.

“Despite encouraging signs early in the quarter, unfavorable market conditions resulted in financial results below our expectations,” said Robert Day, President and CEO of Ceres, “Export volumes and margins out of Duluth/Superior were a disappointment as U.S. prices of Spring Wheat and Durum were high and less competitive in the world market.  Also, due to tight supplies in Canada at the end of the harvest year we were challenged to purchase product at Northgate to fill previously made sales.” 

“While we missed our financial objectives for the quarter, we are encouraged by much of what was accomplished for the year.  We closed and wrote down the Buffalo and Duluth Lakeport elevators, but at the same time we achieved our volume objective, trading and handling over 111 million bushels of grain & oilseeds and moving significantly more volume through the facilities we continue to operate. In doing so we have established several key supplier and customer relationships that we can build upon in 2017/18 and beyond.”

Mr. Day added, “In addition, we completed construction of our dry fertilizer storage and handling facility at Northgate safely, on time and under budget, and introduced several new industrial products to our non-Ag logistics business that have solid potential for growth.  Lastly, losses for the year were nearly all attributable to non-cash expenses.”

Summary Financial and Operational Results


(in millions of USD except per share and bushels handled
)


FY 2017


12-Month Period ending June 30, 2017


FY 2016


15-Month Period ending June 30, 2016


3-Month Period ending June 30, 2017


3-Month Period ending June 30, 2016

Revenue

$528.5

$385.8

$112.2

$115.8

Gross profit (loss)

$7.8

$(0.5)

$0.1

$1.9

Income (loss) from operations

$(1.7)

$(10.6)

$(2.5)

$(0.3)

Net income (loss)

$(13.7)

$(12.1)

$(4.0)

$(1.5)

Earnings (loss) per basic share

$(0.50)

$(0.45)

$(0.14)

$(0.05)

Total bushels handled and merchandized

111.1M

77.4M

29.7M

28.1M

 

Financial and Operational Highlights for Q4 FY2017

  • Generated revenue of $112.2 million, a decrease of 3% from $115.8 million for the comparative quarter in FY2016.
  • Gross profit was $0.1 million, down 95% from $1.9 million for the comparative period of FY2016, driven primarily by a reduction in net trading margin.
  • Net loss was $4.0 million. This compares to a net loss of $1.5 million for the comparative period in FY2016. Operating and depreciation expenses increased during the quarter commensurate with the addition of Northgate assets, and general and administrative expenses increased with the addition of staff in the grain merchandising group and related support team.
  • Handled approximately 29.7 million bushels of grains and oilseed through the company’s network of facilities in Q4 FY2017, a 6% increase from the 28.1 million bushels handled in the comparative period of last year.

Outlook

“By significantly increasing our volumes in fiscal 2017 we established several new trade flows and created many additional options around where we source and where we can take product.  Having these options going forward positions us to more effectively deal with the kind of market adversity we faced last quarter,” said Mr. Day. “As we learn from the past, we are confident margins and overall performance will improve in the coming fiscal year. As such, we continue to focus on the following:

  • Increase origination volume directly from farmers in the U.S. and Canada;
  • Maximize volumes and value throughout our network to lower fixed costs per bushel handled;
  • Invest in our infrastructure to broaden our capabilities and ability to handle more commodity product lines, with focus on pulses and specialty crops;
  • Extend our reach to customers both in the U.S. and internationally; and
  • Continue to hire quality people to add to our core of talented staff.”

Conference Call Details

Ceres will hold a conference call to discuss its fourth quarter 2017 financial and operational results on Monday, September 25, 2017 at 10:00 a.m. ET.  Robert Day, Ceres’ President and CEO, and Mark Kucala, Ceres’ CFO, will co-chair the conference call.

All interested parties can join the conference call by dialing 1-888-231-8191 or 647-427-7450, conference ID: 75225681. Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until Monday, October 9, 2017 at midnight, ET. To access the archived conference call, please dial 1-855-859-2056 and enter the encore code 75225681.

A live audio webcast of the conference call will be available at:  http://event.on24.com/r.htm?e=1493853&s=1&k=B97BBB3D47AFCC8F1A4A55B94DAB602E

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.

About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Headquartered in Minneapolis, Ceres Global Ag Corp. is focused on two primary businesses: a Grain Storage, Handling and Merchandising unit; and a Commodity Logistics unit.

Ceres operates in two business units, one of which is a grain storage, handling, and merchandising unit anchored by a collection of six (6) grain storage and handling assets in Minnesota, Saskatchewan and Ontario having aggregate storage capacity of approximately 34.4 million bushels.

Ceres’ Commodity Logistics unit is focused on the development of a Commodity Logistics Centre in Northgate, SK.  The Northgate Commodities Logistics Centre is a state-of-the-art grain, agriculture services and oilfield supplies transloading site.

Ceres also has a 25% interest in Stewart Southern Railway Inc., a short-line railway with a range of 130 kilometres that operates in South-eastern Saskatchewan, and a 17% interest in Canterra Seed Holdings Ltd, a Canadian-based seed development company.

Cautionary Notice: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and United States securities laws. Forward-looking information may include, but is not limited to, statements regarding future operations and results, anticipated business prospects and financial performance of Ceres and its subsidiaries, including the plans, costs, timing and capital for the further development of the Northgate Commodities Logistics Centre, expectations or projections about the future, strategies and goals for growth, expected and future cash flows, costs, planned capital expenditures, regulatory change, general economic political and market conditions anticipated capital projects, construction and completion dates, operating and financial results, critical accounting estimates, the expected financial and operational consequences of future commitments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, “may have implications” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information.  Key assumptions upon which such forward-looking information is based are listed in the “Forward-Looking Information” section of the MD&A for the year ended June 30, 2017. Many such assumptions are based on factors and events that are not within the control of Ceres and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include, among others, risks related to weather, politics and governments, changes in environmental and other laws and regulations, competitive factors in agricultural, food processing and feed sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, global and local economic conditions, the ability of Ceres to successfully implement strategic initiatives and whether such strategic initiatives will yield the expected benefits, the ability of Ceres to successfully defend the claim by The Scoular Corporation, the operating performance of the Corporation’s assets, the availability and price of commodities and regulatory environment, processes and decisions.  Although Ceres has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results that are not anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Ceres undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

SOURCE Ceres Global Ag Corp.

View original content: http://www.newswire.ca/en/releases/archive/September2017/22/c5829.html

Sunwah International Reports Fiscal 2017 Results

Sunwah International Reports Fiscal 2017 Results

Canada NewsWire

TORONTO, Sept. 22, 2017 /CNW/ - Sunwah International Limited, TSX: SWH (the “Company”), an Asian based financial services firm, today announced its financial results for the year ended June 30, 2017. All figures quoted are in U.S. dollars.

FY2017 Financial Highlights:

  • Net loss attributable to owners of the Company of $2.6 million (FY2016: Net loss of $5.1 million)
  • A substantial increase in total revenues to $17.2 million (FY2016: $8.0 million)
  • Net gain of $2.1 million in proprietary trading income (FY2016: Net loss of $6.1 million)
  • Commission and fee income of $11 million (FY2016: $11 million)
  • Interest and dividend income of $3.6 million (FY2016: $2.6 million)

Despite a significantly improved performance over last year, mainly the result of gains within the Company’s investment portfolio, Sunwah International and its subsidiaries (collectively “the Group”) recorded a net loss attributable to owners of the Company of $2.6 million in Fiscal 2017, which compares with a loss of $5.1 million in FY2016.  The year’s deficit was primarily the result of lackluster capital markets in the Company’s mid- market target segment, resulting in a decrease in underwriting and placement fee income and dampened brokerage activity.

The Group is pleased to report a solid performance overall from its proprietary trading business, recording a net gain of $2.1 million on the disposal and mark-to-market differences of financial assets/liabilities against a loss of $6.1 million in 2016.  Commission and fee income remained steady year-over-year at $11 million while interest and dividend income grew substantially to $3.6 million from $2.6 million as a result of increases in loan financing.  Selling and administrative expenses, including commission expenses, rose slightly to $18.1 million from $17.7 million last year due to higher staff costs and an increase in general expenses, which corresponded with the rise in income.

Notwithstanding the year’s net loss, Sunwah International made substantial operational gains in Fiscal 2017 in addition to its improved financial performance over last year.  In line with a focus on diversifying and expanding its revenue base, the company concentrated efforts within its corporate finance division, which despite lower underwriting and placement revenues still managed to remain profitable owing to solid income from its sponsorship and advisory businesses.  Throughout the year the Group also expanded its mainstay capital markets efforts (corporate finance, advisory and brokerage) into up-and-coming Asian markets, giving it a first-mover advantage in promising regions such as Vietnam and several key areas of China.  As well, the company made successful strides in diversifying its investment revenue by including a wider array of assets in its mix.

“In Fiscal 2017, we focused on the diversification of our investment portfolio as well as the growth of our fee based businesses in order to smooth out revenues and improve our performance predictability over time,” said Michael Choi, President and CEO.  ”In addition to concentrating resources within our corporate finance group, our consistently top-performing division, we expanded our geographic coverage with the launch of operations in key regions of Asia.  These measures alongside recovering global financial markets proved worthwhile, resulting in a significant year-over-year improvement in our financial and operational performances.”

Sunwah International represents the financial services division of Sunwah Group, a highly reputable Asian based, international conglomerate.

For more information on Sunwah International’s annual operating results, please see the Management’s Discussion and Analysis (MD&A) and compete financial statements, which are filed on SEDAR and also available on the Company’s website at www.sunwahinternational.com.

About Sunwah International Limited

Sunwah International Limited (TSX: SWH) is a Hong Kong based financial services provider, focused on linking the international investment community with Asia’s highest growth economic regions. The organization’s primary Hong Kong based subsidiary, Sunwah Kingsway Capital Holdings Limited, is listed on the Stock Exchange of Hong Kong under the stock code 00188. Sunwah Kingsway is licensed to provide a range of financial solutions in Hong Kong and abroad that include award-winning brokerage services and innovative corporate finance offerings.

Founded in 1990, Sunwah International represents the financial services division of Sunwah Group, one of Asia’s most prominent multi-national conglomerates.

Forward-Looking Statements

This press release announcing the financial results for Sunwah International’s year ended June 30, 2017 shouldbe read in conjunction with the audited consolidated financial statements and management’s discussion and analysis of Sunwah International Limited (the “Company”) and its subsidiaries. This press release contains “forward-looking statements” as defined under applicable Canadian securities laws. These statements include, but are not limited to, statements made concerning the Company’s 2018 objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan” or “continue”, or similar expressions suggesting future outcomes or events. Such forward- looking statements reflect management’s current beliefs and are based on information currently available to management. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances.

Except as required by applicable law, management and the board of directors of the Company (the “Board of Directors”) undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Sunwah International Limited

View original content: http://www.newswire.ca/en/releases/archive/September2017/22/c5921.html

Chemtrade Logistics Income Fund Declares September 2017 Distribution

Chemtrade Logistics Income Fund Declares September 2017 Distribution

Canada NewsWire

TORONTO, Sept. 21, 2017 /CNW/ – Chemtrade Logistics Income Fund (TSX: CHE.UN) today announced that it has declared a cash distribution of $0.10 per unit for the month of September 2017 payable on October 31, 2017 to unitholders of record at the close of business on September 29, 2017.

Holders of units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the Fund.

SOURCE Chemtrade Logistics Income Fund

View original content: http://www.newswire.ca/en/releases/archive/September2017/21/c8195.html