Although the company is still working to overcome the loss of half of its U.S. greenhouse assets to a 2012 Texas hailstorm, Village Farms International Inc. is pushing ahead, posting a 4% revenue increase for the second quarter compared to last year.
Michael DeGiglio, chief executive officer for the Vancouver, British Columbia, company discussed the second-quarter financial report during a conference call Aug. 14. He said in addition to the ongoing recovery from the May 2012 hailstorm in Texas, Village Farms’ performance in the past 18 months has been an uphill battle because of issues with tomatoes from Mexico.
“Our primary challenges over the past 18 months included the illegal price dumping — selling below their cost of production — and mislabeling of greenhouse-grown tomatoes by Mexican growers in the U.S. market,” DeGiglio said in a news release.
Highlights from Village Farms’ second quarter 2013 report include:
- Revenues increased 4% to $40.9 million compared to $39.5 million for the second quarter of 2012.
- Adjusted income from operations increased $10.0 million to $2.9 million, as compared to ($7.1) million for the quarter in 2012.
- Adjusted EBITDA increased by $8.4 million to $4.4 million, as compared to ($4.0) million for the quarter in 2012.
- Net debt decreased by $17.9 million to $55.4 million, compared to $73.3 million at the end of the 2012 second quarter.