RiceBran Technologies (NASDAQ:RIBT), a global leader in the development and production of critical nutritional and functional ingredients derived from small and ancient grains for the healthy food, nutraceutical, pet care and animal feed markets, announced financial results today for the fourth quarter and year ended December 31, 2020.
RIBT Results ($000's) | Q4 | Q4 | % | Qual. | FY | FY | % | Qual. | |
Revenue | $6,806 | $5,831 | +17% | Improved | $26,199 | $23,713 | +10% | Improved | |
Gross (Loss) | (47) | (600) | -92% | Improved | (2,471) | (861) | +187% | Declined | |
Operating (Loss) | (1,825) | (3,699) | -51% | Improved | (11,289) | (14,557) | -22% | Improved | |
Net (Loss) - Cont. Ops. | (1,974) | (3,739) | -47% | Improved | (11,730) | (13,735) | -15% | Improved | |
Adjusted EBITDA (Loss)* | (932) | (2,705) | -66% | Improved | (7,610) | (10,759) | -29% | Improved |
* Reconciliation of GAAP to Non-GAAP measures follows.
4Q20 Operating Highlights
"Over past six months, the leadership team has successfully implemented the first phase of our turnaround strategy, stabilizing and cutting losses at Golden Ridge, expanding SRB derivatives, and delivering strong growth from MGI," said RiceBran's Executive Chairman Peter Bradley. "With a strong balance sheet, compelling market position, and a renewed focus on delivering high value-add ingredients, RiceBran is well positioned for accelerated growth and a rapid transition to profitability in 2021."
4Q20 Financial Highlights
"Positive revenue trend in all our businesses, lower losses from Golden Ridge, and a structural reduction in SG&A, drove significantly improved financial results in 4Q20," said RiceBran's CFO Todd Mitchell. "Overall revenue was up 17% in 4Q20 compared to 3Q20, and gross losses narrowed to near breakeven. Importantly, lower gross losses and lower SG&A reduced operating losses, for Adjusted EBITDA (non-GAAP) losses of $0.9 million in 4Q20, down from Adjusted EBITDA losses of $1.8 million in 3Q20, and $2.9 million in 2Q20."
2021 Outlook and Objectives
"We enter 2021, embarking on the second phase of our turnaround strategy, which will be focused on expanding our line-up of high value-add ingredients, revitalizing sales initiatives, and expanding access to feedstock by enhancing our partnerships and strengthening our milling operations," Mr. Bradley added. "With a reacceleration in top-line growth, expanding gross margins, and a full year of SG&A cuts, RiceBran is expected to generate positive Adjusted EBITDA (non-GAAP) in 2021."
Conference Call Information
RiceBran Technologies will host a conference call today, Thursday, February 25, at 4:30 p.m. Eastern Time to discuss these results. The conference call information is as follows:
Following the conclusion of the live call, a replay of the webcast will be available on the Investor Relations section of the Company's website for at least 90 days. A telephonic replay of the conference call will also be available from 7 p.m. ET on February 25, 2021 until 11:59 p.m. ET on March 11, 2021 by dialing 877-481-4010 (United States) or 919-882-2331 (international) and using the passcode 40077.
About RiceBran Technologies
RiceBran Technologies is a global leader in the production and marketing of value-added products derived from rice bran as well as a producer of rice, rice co-product, and barley and oat products. The target markets for our products include food and animal nutrition manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers. Our highly nutritious and clean label ingredient products derived from rice bran, one of the world's most underutilized food sources, are produced utilizing our proprietary stabilization technology. More information can be found in the Company's filings with the SEC and by visiting our website at http://www.ricebrantech.com.
Forward-Looking Statements
This release contains forward-looking statements, including, but not limited to, statements about RiceBran Technologies' expectations regarding its future financial results, sales growth, Adjusted EBITDA improvements, and SG&A. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties, including the risks that RBT operations are disrupted by the COVID-19 pandemic and timing of profitable operations. RiceBran Technologies does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in RiceBran Technologies' filings with the Securities and Exchange Commission, including its most recent periodic reports.
Use of Non-GAAP Financial Information
We utilize "Adjusted EBITDA" as a supplemental measure in our ongoing analysis of short term and long-term cash requirement and liquidity needs. Management uses Adjusted EBITDA as an indicator of our current financial performance. By eliminating the impact of all material non-cash charges as well as items that do not regularly occur, we believe that Adjusted EBITDA provides a more accurate and informative indicator of our cash requirements. Adjusted EBITDA does not represent cash flows from operations as defined by generally accepted accounting principles ("GAAP"), is not a measure derived in accordance with GAAP and should not be considered as an alternative to net income (the most comparable GAAP financial measure to Adjusted EBITDA).
The table below contains a reconciliation of net loss (GAAP) and Adjusted EBITDA (Non-GAAP) for the three and twelve months ended December 31, 2020. We do not provide a reconciliation of forward-looking net loss (GAAP) to Adjusted EBITDA (Non-GAAP). Due to the nature of certain reconciling items, it is not possible to predict with any reliability what future outcomes may be with regard to the expense or income that may ultimately be recognized in future periods. Any forward-looking Adjusted EBITDA information that we may provide from time to time consistently excludes the same items from projected net loss that are excluded from actual net loss in the table below.
Investor Contact
Rob Fink / Matt Chesler, CFA
FNK IR
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646.809.4048 / 646.809.2183
RiceBran Technologies
Consolidated Income Statement (GAAP)
(in $000, except per share amounts)
3 Months Ended | 12 Months Ended | |||||||||||||
12/31/20 | 12/31/19 | % Chg. | 12/31/20 | 12/31/19 | % Chg. | |||||||||
Revenue | $6,806 | $5,831 | 17% | $26,199 | $23,713 | 10% | ||||||||
Cost of Goods Sold | (6,853) | (6,431) | 7% | (28,670) | (24,574) | 17% | ||||||||
Gross (Loss) | (47) | (600) | (92%) | (2,471) | (861) | 187% | ||||||||
Gross Margin | (1%) | (10%) | (9%) | (4%) | ||||||||||
Selling, General & Admin. | (1,337) | (3,098) | (57%) | (7,971) | (13,700) | (42%) | ||||||||
Gain (Loss) on PP&E | (441) | (1) | NM | (847) | 4 | NM | ||||||||
Operating (Loss) | (1,825) | (3,699) | (51%) | (11,289) | (14,557) | (22%) | ||||||||
Interest (Expense) | (122) | (48) | 154% | (298) | (46) | 548% | ||||||||
Other Income (Expense) | (16) | 8 | NM | (124) | 868 | NM | ||||||||
Loss Before Income Taxes | (1,963) | (3,739) | (47%) | (11,711) | (13,735) | (15%) | ||||||||
Income Taxes | (11) | - | NM | (19) | - | NM | ||||||||
Net Loss - Cont. Ops. | (1,974) | (3,739) | (47%) | (11,730) | (13,735) | (15%) | ||||||||
Disc. Ops. | - | - | - | - | (216) | NM | ||||||||
Net Loss | ($1,974) | ($3,739) | (47%) | ($11,730) | ($13,951) | (16%) | ||||||||
Basic & Diluted Loss per Share: | ||||||||||||||
Cont. Ops. | (0.05) | (0.11) | (55%) | (0.29) | (0.42) | (31%) | ||||||||
Disc. Ops. | - | - | - | - | (0.01) | (100%) | ||||||||
Weighted Average Shares | 43,688 | 33,941 | 29% | 41,132 | 32,359 | 27% | ||||||||
Outstanding (Basic & Diluted) | ||||||||||||||
RiceBran Technologies
EBITDA and Adjusted EBITDA Reconciliation (Unaudited) (Non-GAAP)
(in $000)
3 Months Ended | 12 Months Ended | |||||||||||||
12/31/20 | 12/31/19 | % Chg. | 12/31/20 | 12/31/19 | % Chg. | |||||||||
Net Loss - Cont. Ops. | ($1,974) | ($3,739) | (47%) | ($11,730) | ($13,735) | (15%) | ||||||||
Interest Expense (Income) | 122 | 48 | 154% | 298 | 46 | 548% | ||||||||
Depreciation and Amortization | 644 | 559 | 15% | 2,621 | 1,930 | 36% | ||||||||
EBITDA | (1,208) | (3,132) | (61%) | (8,811) | (11,759) | (25%) | ||||||||
Other Expense (Income) | 16 | (8) | NM | 124 | (868) | NM | ||||||||
Share Based Comp | 260 | 435 | (40%) | 1,077 | 1,360 | (21%) | ||||||||
Acquisition Related | - | - | - | - | 508 | (100%) | ||||||||
Adjusted EBITDA | ($932) | ($2,705) | (66%) | ($7,610) | ($10,759) | (29%) | ||||||||
RiceBran Technologies
Consolidated Statement of Cash Flows
(in $000)
3 Months Ended | 12 Months Ended | |||||||||||||||
12/31/20 | 12/31/19 | 12/31/20 | 12/31/19 | |||||||||||||
Cash Flow from Operations | ||||||||||||||||
Net Loss | $ | (1,974) | $ | (3,739) | $ | (11,730) | $ | (13,951) | ||||||||
Loss - Discont. Ops. | - | - | - | $ | 216 | |||||||||||
Loss - Cont. Ops. | $ | (1,974) | $ | (3,739) | $ | (11,730) | $ | (13,735) | ||||||||
Adjustments to reconcile net losses to net cash used in operating activities: | ||||||||||||||||
Depreciation | 589 | 567 | 2,393 | 1,899 | ||||||||||||
Amortization | 55 | (8 | ) | 228 | 31 | |||||||||||
Share Based Comp | 260 | 435 | 1,077 | 1,360 | ||||||||||||
Loss on disposition / involuntary conversion of PP&E | 442 | (4) | 847 | (4) | ||||||||||||
Settlement with sellers of Golden Ridge | - | - | - | (849) | ||||||||||||
Provision for (recovery of) doubtful accounts | (14) | 287 | (82) | 472 | ||||||||||||
Other | 111 | (149 | ) | 93 | 17 | |||||||||||
Changes in operating assets and liabilities (net of acquisitions) | ||||||||||||||||
Accounts Receivable | (363) | (887) | 997 | (1,102) | ||||||||||||
Inventories | (213) | (56) | (980) | 332 | ||||||||||||
Accounts Payable | (58) | (56) | (709) | (327) | ||||||||||||
Commodities Payable | 271 | 556 | (4) | (1,340) | ||||||||||||
Other | 244 | 73 | (76) | (235) | ||||||||||||
Net Cash Flow from Operations | $ | (650) | $ | (2,981) | $ | (7,946) | $ | (13,481) | ||||||||
Cash Flow from Investing | ||||||||||||||||
Plant, Property & Equipment purchases | (124) | (706) | (1,184) | (4,219) | ||||||||||||
Proceeds from Insurance | - | - | 250 | - | ||||||||||||
Proceeds from sale of property | - | - | 15 | - | ||||||||||||
Acquisition of MGI | - | (10) | - | (3,777) | ||||||||||||
Net Cash Flow from Investing - Cont. Ops. | (124) | (716) | (919) | (7,996) | ||||||||||||
Net Cash Flow from Investing - Disc. Ops. | - | - | - | (475) | ||||||||||||
Cash Flow from Financing | ||||||||||||||||
Proceeds from Stock Issuance, net | 1,661 | 7,829 | 2,318 | 19,422 | ||||||||||||
Proceeds from Warrants Exercised | - | 82 | 12 | 2,072 | ||||||||||||
Proceeds from Options Exercised | - | - | - | 156 | ||||||||||||
Net Change in Debt | 554 | 355 | 3,354 | 1,477 | ||||||||||||
Net Cash Flow from Financing | 2,215 | 8,266 | 5,684 | 23,127 | ||||||||||||
Net Change in Cash | 1,441 | 4,569 | (3,181) | 1,175 | ||||||||||||
BOP Cash Balance | 3,822 | 3,875 | 8,444 | 7,269 | ||||||||||||
Net Change in Cash | 1,441 | 4,569 | (3,181) | 1,175 | ||||||||||||
EOP Cash Balance | $ | 5,263 | $ | 8,444 | $ | 5,263 | $ | 8,444 | ||||||||
RiceBran Technologies
Consolidated Balance Sheets
(in $000)
Period Ended | ||||||||
12/31/20 | 12/31/19 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 5,263 | $ | 8,444 | ||||
Accounts Receivable, net | 2,819 | 3,738 | ||||||
Inventory | 1,878 | 898 | ||||||
Other Current Assets | 1,380 | 691 | ||||||
Total Current Assets | 11,340 | 13,771 | ||||||
PP&E, Net | 16,367 | 19,077 | ||||||
Operating Lease right-of-use assets | 2,452 | 2,752 | ||||||
Goodwill & Intangibles | 4,637 | 4,865 | ||||||
Other Long-term Assets | - | 27 | ||||||
Total Assets | $ | 34,796 | $ | 40,492 | ||||
Liabilities and Shareholders' Equity | ||||||||
Accounts Payable | $ | 955 | $ | 833 | ||||
Commodities Payable | 825 | 829 | ||||||
Accruals & Prepayments | 1,137 | 1,773 | ||||||
Leases, Current | 426 | 410 | ||||||
Debt, Current | 2,483 | 1,967 | ||||||
Total Current Liabilities | 5,826 | 5,812 | ||||||
Leases, Not Current | 2,443 | 2,864 | ||||||
Debt, Not Current | 3,107 | 73 | ||||||
Total Liabilities | 11,376 | 8,749 | ||||||
Preferred Stock | 112 | 112 | ||||||
Common Stock | 322,218 | 318,811 | ||||||
Accumulated Deficit | (298,910) | (287,180) | ||||||
Total Shareholders' Equity | 23,420 | 31,743 | ||||||
Total Liabilities and Shareholders' Equity | $ | 34,796 | $ | 40,492 | ||||
Last Trade: | US$0.16 |
Daily Volume: | 0 |
Market Cap: | US$1.550M |
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