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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 Fiscal Year 2018 Results with Improved Sales, Gross Profit, and Net Income, As Well As Significant Progress on One Tomorrow Transformation
Morrisville, NC June 7, 2018 Alliance One International, Inc. (NYSE: AOI) today announced results for its fiscal year ended March 31, 2018.
Everything we do is to transform peoples lives so that together we can grow a better world.
|||Total sales and other operating revenues increased 7.7% to $1,846.0 million as a result of a 7.5% increase in average sales price due to favorable product mix mainly in South America and North America.|
|||Gross profit increased 13.5% to $246.2 million and gross profit as a percentage of sales improved to 13.3% from 12.7%.|
|||Operating income increased 30.7% to $110.6 million when compared to the prior year.|
|||Net income attributable to Alliance One International Inc. was $52.4 million, which included a net tax benefit of $58.8 million with $59.4 million associated with estimated discrete net tax benefits related to the new tax law enacted in December.|
|||Adjusted EBITDA* improved 15.4% to $168.5 million.|
|||During the current fiscal year, the Company purchased and cancelled $28.6 million of our existing 9.875% senior secured second lien notes due 2021, and in April 2018 purchased and cancelled an additional $10.9 million. There are currently $652.1 million of such notes outstanding.|
|||Sales increased 5.6% to $643.9 million mainly driven by the larger South American crop and an increase in average sales price due to favorable product mix.|
|||Gross profit increased 10.6% to $74.7 million and gross profit as a percentage of sales improved to 11.6% from 11.1%.|
|||Operating income decreased slightly to $32.5 million.|
|||Net loss attributable to Alliance One International, Inc. was $4.5 million.|
|||Adjusted EBITDA* improved slightly to $48.1 million.|
|*||Adjusted EBITDA includes an adjustment to add back costs that are not expected to be recurring associated with the One Tomorrow business initiatives of approximately $6.6 million and $150,000 for the fiscal years ended March 31, 2018 and 2017, respectively, and approximately $2.0 million and $150,000 for the fourth quarters of the fiscal years ended March 31, 2018 and 2017, respectively. Such adjustment was not included in Adjusted EBITDA presented in Alliance Ones announcements of operating results for the first three quarters of the fiscal year ended March 31, 2018 or in the forecasted Adjusted EBITDA for that fiscal year included in those announcements. See the reconciliation tables included in this press release for details regarding the calculation of Adjusted EBITDA.|
The following information was filed by Alliance One International, Inc. (AOI) on Thursday, June 7, 2018 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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