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Alliance One International, Inc.
8001 Aerial Center Parkway
Post Office Box 2009
Morrisville, NC 27560-2009
Tel: 919 379 4300
Fax: 919 379 4346
Alliance One International Reports Improved Fiscal Year 2016 and Fourth Quarter Earnings
Morrisville, NC July 12, 2016 Alliance One International, Inc. (NYSE: AOI) today announced results for its fiscal year and fourth quarter ended March 31, 2016.
Fiscal Year 2016
|||Earnings per basic share improved to $7.38, compared to a net loss of $3.16 last year.|
|||Net income increased to $65.5 million from a net loss of $27.9 million last year and included a $106.2 million gain related to the reconsolidation of AOIs Zimbabwe subsidiary at the end of the fourth quarter.|
|||Adjusted EBITDA excluded the Zimbabwe subsidiary gain and remained consistent at $190.2 million, while as a percentage of sales improved to 10.0% from 9.2% last year.|
|||SG&A improved 9.8% to $123.5 million driven by efficiency and cost reduction initiatives and included $8.6 million of Kenyan-related legal and professional costs.|
|||Earnings per basic share for the fourth fiscal quarter improved to $11.33 from $0.27 last year.|
|||Net income improved to $100.8 million from $2.4 million last year.|
|||Sales remained stable at $732.3 million, the second best quarter in Company history.|
Pieter Sikkel, Chief Executive Officer and President, said, Despite a challenging foreign exchange environment with a strengthening U.S. dollar, quality impacts from El Nino weather patterns, smaller crops in some markets and oversupply leaf trading conditions, net income increased to $65.5 million from a net loss of $27.9 million last year, and included a $106.2 million gain related to the reconsolidation of our Zimbabwe subsidiary. After excluding, among other items, the Zimbabwe subsidiary gain, legal and professional costs associated with the Kenyan matter, the impact of the curtailment of green leaf sourcing in Kenya, and including results from our Zimbabwe operation not included in consolidated results, adjusted EBTIDA was $190.2 million, consistent with the prior year.
Global supply and demand appears to be moving toward equilibrium with further reduced crop sizes anticipated. Important to our full year results, fourth quarter sales improved to $732.3 million, up slightly over last year, and was the second best quarter in the Companys history. For the year and despite full service volume increases, sales decreased 7.9% to $1,904.6 million. Excluding Kenya we have seen improved performance in Africa, South America and Asia, while weather-related crop size reductions, poor quality crops and the strong dollar affected our North American and European regions in fiscal year 2016.
The following information was filed by Alliance One International, Inc. (AOI) on Tuesday, July 12, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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