Canada: Village farms reports on a difficult year

Canadian bases greenhouse grower Village Farms International, Inc. has announced results for the quarter ended September 30, 2012.

Nine Months Ended September 30, 2012 Operating Results Summary:

  • Revenues decreased (20%) to $103.4 million for the nine months ended September 30, 2012 compared to $129.7 million for the nine months ended September 30, 2011;
  • Earnings per share of $0.44 for the nine months ended September 30, 2012 versus $0.12 for the nine months ended September 30, 2011;
  • Net income increased 256% to $17.1 million for the nine months ended September 30, 2012 versus $4.8 million for the nine months ended September 30, 2011;
  • EBITDA increased 41% to $21.0 million for the nine months ended September 30, 2012 compared to $14.9 million for the nine months ended September 30, 2011.

Michael DeGiglio, Chief Executive Officer, stated “It has been a very difficult and challenging year between low market pricing, labor issues at our new facility in Monahans and the devastating hail storm in Marfa, Texas on May 31st. Currently, we are experiencing improved pricing, increased output due to rebuilding half of our Marfa facilities, which is now in full operation and an enhanced labor situation at our new Monahans facility. Additionally, the US Department of Commerce provided an indication that it is likely to rule to terminate the suspension agreement with Mexico in January, which should benefit pricing for at least this winter, if not longer. Our Canadian operations have had a terrific crop cycle this year with the great growing weather in Vancouver this summer and should end their crop cycle on a strong note.

To read the full report click here.


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