Press Release: S&W Announces Fiscal 2024 Financial Results

Dow Jones
01 Nov 2024
 Interest expense - 
  amortization of debt 
  discount                       515,953       416,339      1,883,573      1,975,938 
 Interest expense, net         1,380,668     1,142,483      5,520,991      4,184,067 
 Other (income) expenses           8,301        56,098      (139,067)      1,552,154 
                            ------------   -----------   ------------   ------------ 
(Loss) income before 
 income taxes               (10,043,305)   (6,313,642)   (26,701,675)     14,924,051 
 Provision for (benefit 
  from) income taxes           1,350,884       115,150        496,290      (763,639) 
                            ------------   -----------   ------------   ------------ 
(Loss) income before 
 equity in net earnings 
 of affiliates              (11,394,189)   (6,428,792)   (27,197,965)     15,687,690 
 Equity in loss of equity 
  method investees, net 
  of tax                         733,748       841,637      2,858,424      1,252,330 
                            ------------   -----------   ------------   ------------ 
Net (loss) income           (12,127,937)   (7,270,429)   (30,056,389)     14,435,360 
 (Loss) income 
  attributable to 
  noncontrolling 
  interests                     (15,981)        41,924       (25,412)         25,282 
                            ------------   -----------   ------------   ------------ 
Net (loss) income 
 attributable to S&W Seed 
 Company                   $(12,111,956)  $(7,312,353)  $(30,030,977)  $  14,410,078 
                            ============   ===========   ============   ============ 
 
Calculation of net 
(loss) income per 
share: 
Net (loss) income 
 attributable to S&W Seed 
 Company                   $(12,111,956)  $(7,312,353)  $(30,030,977)  $  14,410,078 
 Dividends accrued for 
  participating 
  securities and 
  accretion                    (126,782)     (120,070)      (494,617)      (469,329) 
                            ------------   -----------   ------------   ------------ 
Net (loss) income 
 attributable to common 
 shareholders              $(12,238,738)  $(7,432,423)  $(30,525,594)  $  13,940,749 
                            ============   ===========   ============   ============ 
 
Net (loss) income 
attributable to S&W Seed 
Company per common 
share, 
 Basic                     $      (5.31)  $     (3.23)  $     (13.21)  $        6.40 
 Diluted                   $      (5.31)  $     (3.22)  $     (13.21)  $        6.38 
Weighted average number 
of common shares 
outstanding, 
 Basic                         2,281,258     2,261,486      2,273,112      2,250,146 
 Diluted                       2,281,258     2,269,553      2,273,112      2,259,766 
 
 
TABLE A1 
                            S&W SEED COMPANY 
ITEMIZED RECONCILIATION BETWEEN OPERATING EXPENSES AND NON-GAAP ADJUSTED 
                           OPERATING EXPENSES 
                               (UNAUDITED) 
 
                       Three Months Ended            Years Ended 
                             June 30,                  June 30, 
                    -------------------------  ------------------------ 
                        2024         2023         2024         2023 
                    ------------  -----------  -----------  ----------- 
Operating expenses    10,034,041    7,241,527   33,498,006   32,481,603 
 
Less: 
   Depreciation and 
    amortization     (1,067,176)  (1,071,265)  (4,288,449)  (4,768,809) 
 
   Non-recurring 
    transaction 
    costs              (150,447)    (274,434)    (713,526)  (1,240,274) 
 
   Gain (loss) on 
    disposal of 
    property, plant 
    and equipment         19,121     (11,423)      109,746     (44,335) 
 
   Impairment 
    charges          (3,531,010)            -  (3,531,010)            - 
 
Non-GAAP adjusted 
 operating 
 expenses              5,304,529    5,884,405   25,074,767   26,428,185 
                     ===========  ===========  ===========  =========== 
 
 
TABLE A2 
                              S&W SEED COMPANY 
  ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED NET LOSS 
                                (UNAUDITED) 
 
                     Three Months Ended               Years Ended 
                           June 30,                     June 30, 
                 ---------------------------  ---------------------------- 
                     2024           2023          2024           2023 
                 -------------  ------------  -------------  ------------- 
Net (loss) 
 income 
 attributable 
 to S&W Seed 
 Company         $(12,111,956)  $(7,312,353)  $(30,030,977)  $  14,410,078 
 
Impairment 
 charges             3,531,010            --      3,531,010             -- 
 
Interest 
 expense - 
 amortization 
 of debt 
 discount              515,953       416,339      1,883,573      1,975,938 
 
Other finance 
 expenses                   --            --             --      1,458,168 
 
Gain on 
 disposal of 
 intangible 
 assets                     --            --             --    (1,796,252) 
 
Non-recurring 
 transaction 
 costs                 150,447       274,434        713,526      1,240,274 
 
Dividends 
 accrued for 
 participating 
 securities and 
 accretion           (126,782)     (120,070)      (494,617)      (469,329) 
 
Loss (gain) on 
 sale of 
 business 
 interest                   --       156,404             --   (38,167,102) 
 
Loss (gain) on 
 sale of equity 
 investment            534,189            --        534,189       (32,030) 
 
Equity in loss 
 of equity 
 method 
 investee 
 (Vision 
 Bioenergy), 
 net of tax            771,647       323,538      2,613,277      1,089,346 
 
Non-GAAP 
 adjusted net 
 loss            $ (6,735,492)  $(6,261,708)  $(21,250,019)  $(20,290,909) 
                  ============   ===========   ============   ============ 
 
Non-GAAP 
adjusted net 
loss 
attributable 
to    S&W Seed 
Company per 
common share, 
 Basic           $      (2.95)  $     (2.77)  $      (9.35)  $      (9.02) 
 Diluted         $      (2.95)  $     (2.76)  $      (9.35)  $      (8.98) 
Weighted 
average number 
of common 
shares 
outstanding, 
 Basic               2,281,258     2,261,486      2,273,112      2,250,146 
 Diluted             2,281,258     2,269,553      2,273,112      2,259,766 
 
 
TABLE B 
                             S&W SEED COMPANY 
   ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED EBITDA 
                                (UNAUDITED) 
 
                       Three Months Ended               Years Ended 
                            June 30,                     June 30, 
                   --------------------------   --------------------------- 
                       2024          2023           2024           2023 
                   ------------   -----------   ------------   ------------ 
Net (loss) 
 income 
 attributable to 
 S&W Seed 
 Company          $(12,111,956)  $(7,312,353)  $(30,030,977)  $  14,410,078 
 
Interest 
 expense, net         1,380,668     1,142,483      5,520,991      4,184,067 
 
Interest expense 
 - amortization 
 of debt 
 discount               515,953       416,339      1,883,573      1,975,938 
 
Other finance 
 expenses                    --            --             --      1,458,168 
 
Provision for 
 (benefit from) 
 income taxes         1,350,884       115,150        496,290      (763,639) 
 
Depreciation and 
 amortization         1,067,176     1,071,265      4,288,449      4,768,809 
 
Impairment 
 charges              3,531,010            --      3,531,010             -- 
 
Non-recurring 
 transaction 
 costs                  150,447       274,434        713,526      1,240,274 
 
Non-cash 
 stock-based 
 compensation           253,708       549,522      1,232,938      1,932,415 
 
Foreign currency 
 loss                    50,165       162,189      1,213,732        859,696 
 
Gain on disposal 
 of intangible 
 assets                      --            --             --    (1,796,252) 
 
Loss (gain) on 
 sale of 
 business                    --       156,404             --   (38,167,102) 
 
Loss (gain) on 
 sale of equity 
 investments            534,189            --        534,189       (32,030) 
 
Equity in loss 
 of equity 
 method investee 
 (Vision 
 Bioenergy), net 
 of tax                 771,647       765,808      2,613,277      1,089,346 
 
Dividends 
 accrued for 
 participating 
 securities and 
 accretion            (126,782)     (120,070)      (494,617)      (469,329) 
 
Non-GAAP 
 adjusted 
 EBITDA           $ (2,632,891)  $(2,778,829)  $ (8,497,619)  $ (9,309,561) 
                   ============   ===========   ============   ============ 
 
 
                     S & W SEED COMPANY 
                CONSOLIDATED BALANCE SHEETS 
                        (UNAUDITED) 
 
                                 As of            As of 
                              June 30, 2024    June 30, 2023 
                             --------------   -------------- 
         ASSETS 
CURRENT ASSETS 
 Cash and cash equivalents  $       294,014  $     3,398,793 
 Accounts receivable, net        20,865,224       24,622,727 
 Notes receivable, net                   --        6,846,897 
 Inventories, net                38,107,103       45,098,268 
 Prepaid expenses and 
  other current assets            4,108,149        4,099,027 
                             --------------   -------------- 
   TOTAL CURRENT ASSETS          63,374,490       84,065,712 
Property, plant and 
 equipment, net                   9,667,273       10,082,168 
Intellectual property, net       20,265,618       21,650,534 
Other Intangibles, net            3,783,389        8,082,325 
Right of use asset - 
 operating leases                 2,248,818        2,983,303 
Equity method investments        19,694,209       23,059,705 
Other assets                      1,691,744        2,066,081 
                             --------------   -------------- 
   TOTAL ASSETS             $   120,725,541  $   151,989,828 
                             ==============   ============== 
 LIABILITIES, MEZZANINE 
EQUITY AND STOCKHOLDERS' 
         EQUITY 
CURRENT LIABILITIES 

(MORE TO FOLLOW) Dow Jones Newswires

November 01, 2024 08:00 ET (12:00 GMT)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10