Amira Nature Foods touts record revenue; debt increases to $211 million

By Lisa Kerner

Charlotte, N.C., July 16 – Amira Nature Foods Ltd. generated record full-year and quarterly revenue, adjusted EBITDA and adjusted earnings per share, according to chief financial officer Bruce Wacha.

The company held its fourth-quarter and full-year earnings conference call on Thursday.

Fourth-quarter revenue was up 21.6% year over year at $226.8 million. For the full year, revenue grew 27.8% to $699.4 million.

Adjusted EBITDA for the quarter was $33 million, compared to $26.4 million in the prior-year period. Full-year adjusted EBITDA was up 31.9% at $99.5 million, according to the earnings news release.

Amira had adjusted earnings per share for the fourth quarter of $0.52, compared to $0.47 a year ago. EPS for the full year was $1.51, compared to $1.14.

Chief executive officer Karan A. Chanana attributed the company’s strong performance to increased demand for its products across categories and geographies, including the emerging markets of the Middle East, Africa and Asia.

Volume gains were attributed to Amira’s expansion of its worldwide company-managed distribution centers to a targeted 15, as well as to increased demand for healthy products, including specialty rice.

The company’s leverage levels “have come down nicely,” said Wacha during the company’s earnings conference call. He did not elaborate on debt.

Net debt-to-adjusted EBITDA was 1.6 times at quarter-end, compared to two times at the end of the prior fiscal year. The 1.6 times leverage is “consistent with the low leverage ratio we’ve maintained since going public.”

Despite the leverage ratio, Amira’s total debt increased roughly $26 million in the fourth quarter to about $211 million. The company ended the fourth quarter on March 31 with cash and cash equivalents of $46.5 million, compared to $37.6 million at March 31, 2014.

Looking ahead to fiscal 2016, Amira expects double-digit revenue and adjusted EBITDA growth. The company maintains its previously announced long-term guidance of $1 billion of revenue and $150 million of adjusted EBITDA.

Based in Dubai, Amira exports packaged Indian specialty rice to more than 60 countries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.