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January 2024
January 2024
December 2023
December 2023
November 2023
October 2023
September 2023
August 2023
August 2023
August 2023
• |
Core rice bran operations generated double-digit growth in the second quarter, and trends remain positive with an acceleration of new customer wins in the early part of the
third quarter and an increase in the scale of the business being pursued. Initial benefits are appearing from the expanded product offerings from Golden Ridge and MGI Grain, and the integration of a significant portion of our rice
bran production into a company owned mill will improve our operating model and offers another source of EBITDA expansion.
|
• |
Significant progress was made towards completing our debottlenecking project at Golden Ridge Rice Mills which should result in an increase in overall capacity while enhancing
the mill’s rice bran production capabilities. We also worked through a large portion of an unfavorable contract entered into in the fourth quarter of 2018 which is the primary source of negative gross profit margins. Both issues
should be resolved in the third quarter resulting in a sharp improvement in the mill’s contribution to overall revenue and EBITDA in the coming quarters.
|
• |
The acquisition of MGI Grain, a grain processing facility in East Grand Forks, MN, was completed in the second quarter. MGI provides a milling presence in the key production
region in the U.S. and a complimentary product line of more than 15 SKUs, including barley and oat ingredients, as well as other ancient grains, which are purchased by the same buyers as our rice products. Integration of these product
lines into our sales team is now substantially complete, providing another source of revenue and EBITDA growth.
|
• |
On July 30, 2019, we entered into a Settlement Agreement with the sellers of Golden Ridge Rice Mills, LLC to settle all disputes pending between the parties that related to
the lawsuit filed by us on July 3, 2019. The Settlement Agreement provides for, among other things: dismissal of the Litigation, the release and cancellation of 340,000 shares of common stock previously held in escrow in connection
with the transaction, and the discharge of the final payment of $358,000.
|
• |
Revenue of $6.2 million was up 94% from $3.2 million in the second quarter of 2018, with the acquisitions of Golden Ridge Rice Mills and MGI Grain driving most of the growth,
along with double digit growth in sales of our core rice bran products. Revenue was down modestly from $6.4 million in the first quarter of 2019 due to a lower contribution from Golden Ridge stemming from reduced productivity and
increased downtime due to our debottlenecking project.
|
• |
Gross losses were $244,000, which compares to gross profits of $663,000 a year ago, and $343,000 in the first quarter of 2019. Gross profit margin was impacted by negative
gross margins at Golden Ridge due to efforts to work through a large unfavorable contract in the quarter. Gross profit margin for the core rice bran business was stable versus comparable periods, while the acquisition of MGI Grain was
accretive to overall gross profit margin in the quarter.
|
• |
Adjusted EBITDA (Non-GAAP) losses were $2.8 million in the second quarter, versus losses of $1.8 million a year ago, and losses of $1.8 million in the first quarter of 2019.
Adjusted EBITDA (non-GAAP) losses increased from the first quarter due to negative gross profits, and to a lesser extent, an increase in total SG&A in the second quarter to $3.4 million from $3.3 million in the first quarter,
primarily due to higher legal expense and professional fees.
|
• |
Direct Dial-in number for US/Canada (201) 493-6780
|
• |
Toll Free Dial-in number for US/Canada: (877) 407-3982
|
• |
Dial-In number for international callers: (201) 493-6780
|
• |
Participants will ask for the RiceBran Technologies Q2 2019 Financial Results Call
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Revenues
|
$
|
6,219
|
$
|
3,198
|
$
|
12,583
|
$
|
6,750
|
||||||||
Cost of goods sold
|
6,463
|
2,535
|
12,484
|
5,133
|
||||||||||||
Gross profit (loss)
|
(244
|
)
|
663
|
99
|
1,617
|
|||||||||||
Selling, general and administrative expenses
|
3,422
|
2,830
|
6,763
|
5,683
|
||||||||||||
Operating loss
|
(3,666
|
)
|
(2,167
|
)
|
(6,664
|
)
|
(4,066
|
)
|
||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
23
|
-
|
23
|
-
|
||||||||||||
Interest expense
|
(19
|
)
|
(2
|
)
|
(31
|
)
|
(3
|
)
|
||||||||
Other income
|
6
|
9
|
6
|
9
|
||||||||||||
Other expense
|
(3
|
)
|
-
|
(4
|
)
|
(13
|
)
|
|||||||||
Total other income (expense), net
|
7
|
7
|
(6
|
)
|
(7
|
)
|
||||||||||
Loss before income taxes
|
(3,659
|
)
|
(2,160
|
)
|
(6,670
|
)
|
(4,073
|
)
|
||||||||
Income tax benefit
|
-
|
-
|
-
|
-
|
||||||||||||
Loss from continuing operations
|
(3,659
|
)
|
(2,160
|
)
|
(6,670
|
)
|
(4,073
|
)
|
||||||||
Loss from discontinued operations
|
-
|
-
|
(216
|
)
|
-
|
|||||||||||
Net loss
|
$
|
(3,659
|
)
|
$
|
(2,160
|
)
|
$
|
(6,886
|
)
|
$
|
(4,073
|
)
|
||||
Basic loss per common share:
|
||||||||||||||||
Continuing operations
|
$
|
(0.11
|
)
|
$
|
(0.11
|
)
|
$
|
(0.21
|
)
|
$
|
(0.22
|
)
|
||||
Discontinued operations
|
-
|
-
|
(0.01
|
)
|
-
|
|||||||||||
Basic loss per common share
|
$
|
(0.11
|
)
|
$
|
(0.11
|
)
|
$
|
(0.22
|
)
|
$
|
(0.22
|
)
|
||||
Diluted loss per common share:
|
||||||||||||||||
Continuing operations
|
$
|
(0.11
|
)
|
$
|
(0.11
|
)
|
$
|
(0.21
|
)
|
$
|
(0.22
|
)
|
||||
Discontinued operations
|
-
|
-
|
(0.01
|
)
|
-
|
|||||||||||
Diluted loss per common share
|
$
|
(0.11
|
)
|
$
|
(0.11
|
)
|
$
|
(0.22
|
)
|
$
|
(0.22
|
)
|
||||
Weighted average number of shares outstanding:
|
||||||||||||||||
Basic
|
33,204,332
|
20,366,451
|
31,382,927
|
18,731,925
|
||||||||||||
Diluted
|
33,204,332
|
20,366,451
|
31,382,927
|
18,731,925
|
June 30,
2019
|
December 31,
2018
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
7,189
|
$
|
7,044
|
||||
Restricted cash
|
225
|
225
|
||||||
Accounts receivable, net of allowances for doubtful accounts of $71 and $14
|
3,954
|
2,529
|
||||||
Receivable from sellers of Golden Ridge - working capital adjustments to purchase price
|
563
|
1,147
|
||||||
Receivable from seller MGI - working capital adjustments to purchase price
|
36
|
-
|
||||||
Inventories
|
||||||||
Finished goods
|
1,133
|
856
|
||||||
Packaging
|
111
|
102
|
||||||
Other current assets
|
854
|
610
|
||||||
Total current assets
|
14,065
|
12,513
|
||||||
Property and equipment, net
|
18,794
|
15,010
|
||||||
Operating lease right-of-use assets
|
2,896
|
-
|
||||||
Goodwill
|
3,903
|
3,178
|
||||||
Intangible assets
|
961
|
16
|
||||||
Other long-term assets, net
|
26
|
-
|
||||||
Total assets
|
$
|
40,645
|
$
|
30,717
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
1,633
|
$
|
1,583
|
||||
Commodities payable
|
1,534
|
2,735
|
||||||
Accrued salary, wages and benefits
|
828
|
933
|
||||||
Accrued expenses
|
1,108
|
520
|
||||||
Customer prepayments
|
39
|
145
|
||||||
Payable to purchaser of HN - working capital adjustment to purchase price
|
475
|
259
|
||||||
Note payable to seller of Golden Ridge
|
358
|
609
|
||||||
Operating lease liabilities, current portion
|
295
|
-
|
||||||
Finance lease liabilities, current portion
|
93
|
45
|
||||||
Long term debt, current portion
|
21
|
32
|
||||||
Total current liabilities
|
6,384
|
6,861
|
||||||
Operating lease liabilities, less current portion
|
2,799
|
-
|
||||||
Finance lease liabilities, less current portion
|
216
|
86
|
||||||
Long term debt, less current portion
|
48
|
59
|
||||||
Total liabilities
|
9,447
|
7,006
|
||||||
Commitments and contingencies
|
||||||||
Shareholders' Equity:
|
||||||||
Preferred stock, 20,000,000 shares authorized:
|
||||||||
Series G, convertible, 3,000 shares authorized, 225 shares and 405 shares, issued and outstanding
|
112
|
201
|
||||||
Common stock, no par value,
50,000,000 shares authorized, 34,246,714 and 29,098,207 shares, issued and outstanding
|
311,201
|
296,739
|
||||||
Accumulated deficit
|
(280,115
|
)
|
(273,229
|
)
|
||||
Total shareholders' equity
|
31,198
|
23,711
|
||||||
Total liabilities and shareholders' equity
|
$
|
40,645
|
$
|
30,717
|
2019
|
2018
|
|||||||
Net loss
|
$
|
(3,659
|
)
|
$
|
(2,160
|
)
|
||
Interest expense
|
19
|
2
|
||||||
Interest income
|
(23
|
)
|
-
|
|||||
Depreciation & amortization
|
463
|
172
|
||||||
Unadjusted EBITDA
|
$
|
(3,200
|
)
|
$
|
(1,986
|
)
|
||
Add Back Other Items:
|
||||||||
Other income/expense
|
(3
|
)
|
(9
|
)
|
||||
Share-based compensation
|
251
|
171
|
||||||
Acquisition related expenses
|
137
|
-
|
||||||
Adjusted EBITDA
|
$
|
(2,815
|
)
|
$
|
(1,824
|
)
|
2019
|
2018
|
|||||||
Net loss
|
$
|
(6,670
|
)
|
$
|
(4,073
|
)
|
||
Interest expense
|
31
|
3
|
||||||
Interest income
|
(23
|
)
|
-
|
|||||
Depreciation & amortization
|
873
|
371
|
||||||
Unadjusted EBITDA
|
$
|
(5,789
|
)
|
$
|
(3,699
|
)
|
||
Add Back Other Items:
|
||||||||
Other income/expense
|
(2
|
)
|
4
|
|||||
Share-based compensation
|
643
|
491
|
||||||
Acquisition related expenses
|
481
|
-
|
||||||
Adjusted EBITDA
|
$
|
(4,667
|
)
|
$
|
(3,204
|
)
|
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https://last10k.com/sec-filings/report/1063537/000114036119020039/form10q.htm
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Ricebran Technologies.
Ricebran Technologies's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
Rating
Learn More
SG&A expenses increased as a result of higher professional fees, payroll and benefit accruals, and workers comp audit adjustments paid in the quarter as well as additional expenses from our acquired Golden Ridge and MGI operations.
Selling, general and administrative (SG&A) expenses were $3.8 million in the third quarter of 2019, compared to $2.4 million in the third quarter of 2018, an increase of $1.4 million, or 58.5%.
There were slight declines in the gross margin in SRB product lines, however the majority of this change is related to the losses incurred at the Golden Ridge facility.
Selling, general and administrative (SG&A) expenses were $10.6 million compared to $8.1 million, an increase of $2.5 million, or 30.8%, in the nine months ended September 30, 2019, compared to the nine months ended September 30, 2018.
SG&A expenses increased as a result of higher professional service fees, payroll related expenses, as well as additional expenses from our acquired Golden Ridge and MGI operations.
After December 31, 2018, we...Read more
The decline in gross profit...Read more
Within our SRB businesses, the...Read more
Results of Operations - Three...Read more
Results of Operations - Nine...Read more
The additional revenue growth of...Read more
Revenues for our core stabilized...Read more
We entered into the unfavorable...Read more
Under the facility we may...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Ricebran Technologies provided additional information to their SEC Filing as exhibits
Ticker: RIBT
CIK: 1063537
Form Type: 10-Q Quarterly Report
Accession Number: 0001140361-19-020039
Submitted to the SEC: Thu Nov 07 2019 11:22:40 AM EST
Accepted by the SEC: Thu Nov 07 2019
Period: Monday, September 30, 2019
Industry: Grain Mill Products