On May 12, a conference discusses Village Farms International's first quarter 2016 results, which indicate a 14% increase in revenues and an 84% increase in EBITDA.
For the first quarter 2016, sales increased 14% to $31.7 million compared to $27.7 million in the first quarter of 2015.
EBITDA increased 84% to $3.7 million in the first quarter of 2016 compared to $2.0 million in the first quarter of 2015.
Loss per share of ($0.01) was registered in the first quarter of 2016 versus ($0.02) in the first quarter of 2015; and Net loss decreased $0.7 million to ($0.2) million compared to ($0.9) million in the first quarter of 2015.
Michael DeGiglio, Chief Executive Officer, stated "Our entire team did an excellent job in execution across all revenue and profit drivers. Our yield output from our company-owned assets produced on average nearly 10% more on the same acreage. This result was achieved due to continual yield improvement at our GATES technology greenhouse as well as improved winter sun light levels in West Texas as compared to last year's first quarter. Improved pricing was partially due to greater consumer demand of our proprietary varieties, including the successful launch of our new True RebelTM line. Supply partner revenues also significantly increased by 34%".