0001140361-15-014083.txt : 20150402 0001140361-15-014083.hdr.sgml : 20150402 20150402151748 ACCESSION NUMBER: 0001140361-15-014083 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150402 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150402 DATE AS OF CHANGE: 20150402 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RiceBran Technologies CENTRAL INDEX KEY: 0001063537 STANDARD INDUSTRIAL CLASSIFICATION: GRAIN MILL PRODUCTS [2040] IRS NUMBER: 870673375 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36245 FILM NUMBER: 15747088 BUSINESS ADDRESS: STREET 1: 6720 N SCOTTSDALE RD STREET 2: SUITE 390 CITY: SCOTTSDALE STATE: AZ ZIP: 85253 BUSINESS PHONE: 6025223000 MAIL ADDRESS: STREET 1: 6720 N SCOTTSDALE RD STREET 2: SUITE 390 CITY: SCOTTSDALE STATE: AZ ZIP: 85253 FORMER COMPANY: FORMER CONFORMED NAME: NUTRACEA DATE OF NAME CHANGE: 20030930 FORMER COMPANY: FORMER CONFORMED NAME: NUTRASTAR INC DATE OF NAME CHANGE: 20011221 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE CONSUMER INTERNATIONAL INC DATE OF NAME CHANGE: 20010418 8-K 1 form8k.htm RICEBRAN TECHNOLOGIES 8-K 4-2-2015
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 2, 2015
 

RICEBRAN TECHNOLOGIES
(Exact Name of Registrant as Specified in Charter)
 

California
  
0-32565
  
87-0673375
(State or other jurisdiction
of incorporation)
  
(Commission File Number)
  
(IRS Employer
Identification No.)

6720 N. Scottsdale Road, Suite 390
Scottsdale, AZ
  
85253
(Address of Principal Executive Offices)
  
(Zip Code)

Registrant’s telephone number, including area code: (602) 522-3000

(Former name or Former Address, if Changed Since Last Report.)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
ITEM 2.02. Results of Operations and Financial Condition.

On April 2, 2015, RiceBran Technologies posted its “Adjusted EBITDA” for the years ended December 31, 2014 and 2013 to its website. Adjusted EBITDA is a non-GAAP financial measure. A copy of the posted information, which includes a reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure, is furnished as Exhibit 99.1 to this Form 8-K.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 7.01. Regulation FD Disclosure

The information set forth above in Item 2.02 is incorporated by reference.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Adjusted EBITDA Reconciliation posted April 2, 2015.
 
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
RICEBRAN TECHNOLOGIES
     
Date: April 2, 2015
By:
/s/ J. Dale Belt
   
J. Dale Belt
   
Chief Financial Officer
   
(Duly Authorized Officer)

 
 EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

USE OF NON-GAAP FINANCIAL INFORMATION
 
We utilize "Adjusted EBITDA" as a supplemental measure in our ongoing analysis of short-term and long-term cash requirement and liquidity needs.  Adjusted EBITDA does not represent cash flows from operations as defined by generally accepted accounting principles ("GAAP"), is not a measure derived in accordance with GAAP and should not be considered as an alternative to net income (the most comparable GAAP financial measure to EBITDA).  Management uses Adjusted EBITDA as an indicator of our current financial performance.  By eliminating the impact of all material non-cash charges, as well as items that do not regularly occur, we believe that Adjusted EBITDA provides a more accurate and informative indicator of our cash requirements.
 
The table below contains a reconciliation of net income (GAAP) and Adjusted EBITDA (Non-GAAP) for the year ended December 31, 2014 and the year ended December 31, 2013.  We do not provide a reconciliation of forward-looking net income (GAAP) to Adjusted EBITDA (non-GAAP).  Due to the nature of certain reconciling items, it is not possible to predict with any reliability what future outcomes may be with regard to the expense or income that may ultimately be recognized in future periods.  Any forward-looking Adjusted EBITDA information that we may provide from time to time excludes the same types of items from projected net income that are excluded from actual net income in the table below:
 
RiceBran Technologies
Adjusted EBITDA Reconciliation
For the year ended December 31, 2014 (in thousands)
 
   
Corp. & USA
    
Brazil
    
Consolidated
  
Net loss
  
$
(16,123
)
  
$
(10,504
)
  
$
(26,627
)
Interest expense
    
7,949
      
2,385
      
10,334
  
Interest income
    
-
      
(115
)
    
(115
)
Income tax benefit
    
(1,304
)
    
-
      
(1,304
)
Depreciation & amortization
    
3,211
      
3,338
      
6,549
  
Unadjusted EBITDA
  
$
(6,267
)
  
$
(4,896
)
  
$
(11,163
)
Add Back Other Items:
                        
Change in fair value of derivative liabilities
    
1,209
      
-
      
1,209
  
Loss on extinguishment
    
906
      
-
      
906
  
Financing expense
    
2,072
      
-
      
2,072
  
Foreign currency exchange, net
    
-
      
174
      
174
  
Other income/expense
    
-
      
587
      
587
  
Share-based compensation
    
701
      
28
      
729
  
H&N acquisition costs
    
250
      
-
      
250
  
Adjusted EBITDA
  
$
(1,129
)
  
$
(4,107
)
  
$
(5,236
)

1
RiceBran Technologies
Adjusted EBITDA Reconciliation
For the year ended December 31, 2013 (in thousands)
 
   
Corp. & USA
    
Brazil
    
Consolidated
  
Net loss
  
$
(12,248
)
  
$
(5,392
)
  
$
(17,640
)
Add Back:
                        
Interest expense
    
1,950
      
1,984
      
3,934
  
Interest income
    
-
      
(109
)
    
(109
)
Income tax benefit
    
-
      
(1,439
)
    
(1,439
)
Depreciation & amortization
    
1,419
      
2,629
      
4,048
  
Unadjusted EBITDA
  
$
(8,879
)
  
$
(2,327
)
  
$
(11,206
)
Add Back Other Items:
            
-
      
-
  
Change in fair value of derivative liabilities
    
1,029
      
-
      
1,029
  
Loss on extinguishment
    
2,891
      
-
      
2,891
  
Financing expense
    
564
      
-
      
564
  
Foreign currency exchange, net
    
-
      
440
      
440
  
Other income/expense
    
41
      
319
      
360
  
Stock option expense
    
538
      
-
      
538
  
Bonus expenses
    
936
      
-
      
936
  
Gain/Loss on fixed assets
    
(292
)
    
(44
)
    
(336
)
Impairment losses
    
300
      
-
      
300
  
Severance – employee terminations
    
-
      
534
      
534
  
Adjusted EBITDA
  
$
(2,872
)
  
$
(1,078
)
  
$
(3,950
)
 
 
2