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Amira Nature Foods Inc. (ANFI)
Q4 2013 Earnings Call
June 10, 2013 8:30 am ET
Karan Chanana – Chairman, Chief Executive Officer
Ashish Poddar – Chief Financial Officer
Eric Katzman – Deutsche Bank
Thilo Wrede – Jefferies & Co.
Akshay Jagdale – Keybanc
Previous Statements by ANFI
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By now everyone should have access to the earnings release which went out today at approximately 7:00 am Eastern time. If you have not had a chance to review the release, it’s available on the Investor Relations portion of Amira’s website at www.amirafoods.com. This call is being webcast and a replay will be available on Amira’s website as well as on amirafoods.com.
Before we begin, we would like to remind everyone that prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside the Company’s control that could cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks detailed in the Company’s public filings with the SEC and those mentioned in the earnings release. Except as required by law, the Company undertakes no obligation to update any forward-looking or other statements herein whether as a result of new information, future events, or otherwise.
Also in the company’s earnings release and in today’s prepared remarks, we include EBITDA, adjusted profit after tax, adjusted earnings per share, all of which are non-IFRS financial measures. A reconciliation of these non-IFRS measures to the most directly comparable IFRS financial measures are included in the company’s press release issued earlier today, which has been posted on our website.
And with that, I would like to turn the call over to Karan Chanana, Chairman and CEO.
Thanks Katie. Good morning everybody. Thank you for joining us. On today’s call, I will provide a brief overview of our financial highlights and provide you with an update of our strategic growth initiatives, then Ashish will review the financial results for the quarter and the full year in more detail and provide guidance for fiscal year 2014. After that, we will open up the call for your questions.
We are very pleased with our fourth quarter and full-year fiscal 2013 financial results. In the quarter, we continued to execute on our strategic initiatives as we experienced further growth in India and internationally. Revenue for the fourth quarter fiscal 2013 increased to 10.2% to $440.2 million for the full year. Our revenue increased 25.7% to 413.7 million, which exceeded the high end of our annual outlook. The revenue growth in both periods reflects increased sales volume both in India and internationally.
Our third quarter revenue included 23.6 million associated with shipment of product to an overseas customer, as previously disclosed. While the comparable shipment to this customer was made in the fourth quarter of fiscal 2012, including this shipment revenue for the fourth quarter of fiscal 2013 would have increased 20.7% to approximately 163.8 million.
Our business continues to benefit from the growing global demand for our products as well as our strong execution. For those of you new to our story, the core product of our business is Indian specialty rice, particularly basmati, which is a differentiated premium segment of rice. A superior supply chain and manufacturing capabilities have enabled Amira to position itself as one of the leaders in this growing industry. We also offer value-added innovative products in rice and adjacent categories, including our delicious ready-to-eat category in which we created dry snacks to capitalize on the expanding snack market in India. With our strong product offerings and diverse business model, we have laid the foundation for our future growth and expect that fiscal 2014 will bring another strong year of strong bottom and top line growth.
We remain intensely focused on our key growth strategies as we have outlined on previous calls. As we look forward to executing on these six pillars of growth, we will continue to drive our business up.
I would like to review each strategy and provide an update on our progress with each initiative. First, accelerate global brand-building and value-added product offerings. We are continuing to evaluate market gaps for our new products and future innovations in complementary categories. Over the next couple of years, we are expanding our production capacity and as a result we will be positioned for even further innovation to expand our brand and further enhance our portfolio of product offerings.
Second, strengthen our distribution footprint in India. As you know, India has a rapidly growing middle class and demonstrates very attractive demographic trends. We at Amira are focused on strengthening our direct distribution in key locations as well as expanding our network of distributors. We have expanded the Company-managed distribution centers in India and we are currently working on new sites for our managed distribution centers which sits now at a total of four centers, in line with our expectations. Our team continues to target having Company-managed distribution centers in 15 major cities in India over the next 30 months, which we expect will result in greater market penetration and higher margins.