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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 Fiscal Year 2017 and Fourth Quarter Results
Morrisville, NC June 14, 2017 Alliance One International, Inc. (NYSE: AOI) today announced results for its fiscal year and fourth quarter ended March 31, 2017.
Fiscal 2017 (1)
|||Sales decreased 10.0% to $1,714.7 million mainly as a result of smaller crops in the U.S., Brazil and Tanzania primarily related to El Niño weather conditions, the strong U.S. dollar, changes in product mix and timing of crops.|
|||Gross profit as a percentage of sales improved to 12.7% from 11.9% helped by reduced lower of cost or market adjustments, while gross profit decreased 3.9% to $217.0 million, as a result of lower volume and average sales price.|
|||Net loss was $62.9 million, while Adjusted EBITDA was $136.6 million at 8.0% of sales.|
|||Accounts receivable and inventory reductions generated $253.6 million of cash at March 31, 2017 when compared to the prior year end.|
|||During the year the existing senior secured revolving credit facility was refinanced with the issuance of $275.0 million of senior secured first lien notes due April 2021 and a $60.0 million ABL credit facility that matures in January 2021. As part of the refinancing certain financial covenants were eliminated enhancing business flexibility.|
|||During March and April 2017 the Company purchased and cancelled approximately $57.1 million of its Senior Secured Second Lien Notes, with $28.4 million in March and an additional $28.6 million in April, leaving face value of $691.6 million outstanding at fiscal year-end and $662.9 million at the end of April.|
Fourth Quarter (1)
|||Sales decreased 16.7% to $609.7 million on lower volume due to smaller weather-affected crops, later Turkish crop timing and the timing of shipments.|
|||Gross profit as a percentage of sales improved to 11.1% this year, compared to 9.9% helped by reduced lower of cost or market adjustments, while gross profit decreased 7.2% to $67.5 million on lower volume.|
|||Net loss was $0.3 million and Adjusted EBITDA was $44.3 million at 7.3% of sales.|
|(1)||Due to the reconsolidation of the Zimbabwe subsidiary at March 31, 2016 its performance is included in consolidated financial results for fiscal 2017, however it was not included in the prior year except for the March 31, 2016 balance sheet and a $106.2 million gain in other income in March 2016. Adjusted EBITDA and Adjusted Net Debt include the results and relevant balance sheet, income statement and statement of cash flow items respectively of the Zimbabwe subsidiary in all periods.|
Pieter Sikkel, Chief Executive Officer and President, said, With our heavy weighting in Brazil, the United States and Tanzania three crops that were hit hardest by El Niño and had related reductions in crop size and yields and consequently increases in conversion cost we were significantly impacted in fiscal 2017 by unusual and uncontrollable events, which overshadowed substantial improvements in many origins and targeted improvements to the balance sheet.
The following information was filed by Alliance One International, Inc. (AOI) on Wednesday, June 14, 2017 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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