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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
|NEWS RELEASE||Contact:||Joel Thomas|
Alliance One International Reports Improved Sales and Gross Profit for the Second Quarter and Six Months Ended September 30, 2017
Morrisville, NC November 1, 2017 Alliance One International, Inc. (NYSE: AOI) today announced results for its fiscal quarter ended September 30, 2017.
|||Sales increased 14.9% to $447.3 million primarily due to the larger South American crop and a 12.4% increase in average sales price due to favorable product mix.|
|||Gross profit increased 37.9% to $69.3 million and gross profit as a percentage of sales improved to 15.5% from 12.9% last year.|
|||Net income was $1.0 million and Adjusted EBITDA improved 40.5% to $49.9 million|
Six Months Year-to-Date
|||Sales increased 11.3% to $724.3 million mainly driven by the larger South American crop and a 9.5% increase in average sales price due to favorable product mix.|
|||Gross profit increased 16.2% to $98.0 million and gross profit as a percentage of sales improved to 13.5% from 13.0% in the prior year.|
|||Selling, general and administrative expense (SG&A) decreased 5.0% to $68.6 million primarily due to lower legal and professional fees and incentive compensation costs.|
|||In April 2017, as previously reported, the Company purchased and cancelled $28.6 million of its senior secured second lien notes leaving a face value of $662.9 million outstanding.|
Pieter Sikkel, President and Chief Executive Officer said, Fiscal year 2018 is progressing favorably and in line with our expectations. We achieved solid sales growth during the second quarter when compared to last year and volume sold is increasing as crop sizes have returned to more normal levels in many key markets. Our sales are planned to improve throughout the fiscal year, with each subsequent quarter building on the prior, based on the timing of crops and processing in the growing regions where we source tobacco. As such, as we progress into the third and fourth quarters, we anticipate that our results will further reflect improvement versus last year in both sales and profitability.
Through the first half of this year total kilos sold increased 2.1% to 153.2 million kilos and sales increased 11.3% to $724.3 million this year versus last year as a result of the larger South American crop, increased customer demand primarily from Asia and Europe, and a 9.5% increase in average sales price due to favorable product mix. Lamina as a percentage of total sales was 14.2% higher when compared to last year. Additionally, the 2017 Brazilian crop now being sold is of higher quality than the El Niño-affected 2016 crop.
The following information was filed by Alliance One International, Inc. (AOI) on Wednesday, November 1, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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