California
|
0-32565
|
87-0673375
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
820 Riverside Parkway
West Sacramento, CA
|
95605
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
☐ |
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 Conditions
|
Item 9.01 |
Financial Statements and Exhibits
|
Exhibit
No.
|
Description
|
Press Release issued March 15, 2018.
|
RICEBRAN TECHNOLOGIES
|
||
Date: March 15, 2018
|
By:
|
/s/ Robert Smith
|
Robert Smith
|
||
Chief Executive Officer
|
||
(Duly Authorized Officer)
|
· |
Successfully exited from unprofitable operations in Brazil and completed the sale of its Healthy Natural contract manufacturing business for $18.3 million in cash to focus on proprietary ingredient business.
|
· |
Secured a direct $2.9 million equity investment from Continental Grain to fuel future sales growth.
|
· |
Expanded GPMs by over 400bps and reduced annual SG&A expenses by $2.5 million or 20.2% through cost cutting initiatives.
|
· |
Significantly improved balance sheet with year-end 2017 cash totaling $6.2 million and shareholders’ equity rising to $14.7 million compared to cash of $342,000 and a shareholders’ deficit of $(632,000) at year-end 2016.
|
· |
Added key sales personnel in the second half of 2017 to help drive future ingredient sales growth.
|
· |
RiceBran Technologies reported revenue of $13.4 million in 2017 versus $13.0 million in 2016. Sales of our Animal Nutrition product sales were up 9% while Food product sales fell 2%.
|
· |
Gross profit expanded to $3.8 million from $3.1 million, and gross profit rate was 28.39% in 2017 versus 24.09% last year. Raw bran prices were a favorable impact for much of the year, while obsolete inventory costs also fell.
|
· |
SG&A costs were sharply lower at $9.9 million in 2017 versus $12.4 million in 2016, reflecting aggressive company efforts to improve profitability. Primary drivers of this decrease included lower payroll, travel and entertainment, marketing, and annual meeting expenses (the latter related to the 2016 proxy contest).
|
· |
Our loss from operations of $(6.1) million in 2017 was improved from $(9.3 million) as a result of higher gross profit and lower SG&A.
|
· |
Our adjusted EBITDA was $(4.1) million in 2017, improved from $(5.4) million in 2016.
|
· |
The fourth quarter saw sales decline 3% to $3.1 million from $3.2 million in the 2016 fourth quarter. Although we were not expecting growth in the fourth quarter, our performance was partially constrained by end of quarter customer delivery timing issues and some unexpected downtime at one of our facilities.
|
· |
Gross profit was $666,000 in the 2017 fourth quarter versus $578,000 in the 2016 fourth quarter, and gross profit rate improved to 21.15% from 17.87%. Inventory reserves helped gross profit margins, which was partially offset by higher raw bran prices.
|
· |
SG&A expenses totaled $2.46 million in the 2017 fourth quarter versus $2.96 million in the 2016 fourth quarter, declining to 78.12% of revenue from 91.38%. Lower stock option, bonus, office, and fee expenses were primary causes of the decrease.
|
· |
Operating loss of $(1.79) million in the 2017 fourth quarter improved from $(2.38) million in the 2016 fourth quarter, and adjusted EBITDA was $(1.34) million compared to $(1.69) million, respectively.
|
· |
Year-end cash and cash equivalents totaled $6.2 million in 2017 versus $342,000 at the end of 2016.
|
· |
Debt was reduced to $16,000 at the end of 2017 from $9.0 million at the end of 2016.
|
· |
Shareholders’ equity totaled $14.7 million at year-end 2017, up from $(632,000) a year earlier.
|
· |
Most of the improved financial condition resulted from the proceeds and gain on our sale of Healthy Natural and an amended agreement that allowed us to change the accounting treatment for many of our warrants to equity treatment versus liability.
|
· |
Annual revenue exceeding $16.0 million compared to the $13.4 million we reported in 2017.
|
· |
First quarter revenue flat to down 5% compared to the 2017 first quarter.
|
· |
Second quarter revenue up 7% to 12% compared to the 2017 second quarter.
|
· |
Third quarter revenue up 20% to 30% compared to the 2017 third quarter.
|
· |
Fourth quarter revenue up at least 30% compared to the 2017 fourth quarter.
|
· |
Annual EBITDA: On revenue of $16.0 million in 2018 the Company expects an adjusted EBITDA loss of $(3.0) million to $(3.5) million for the year, with the loss largest in the first quarter and decreasing sequentially as the year unfolds and the range determined by the mix of customer types in our overall revenue.
|
· |
Attaining positive adjusted EBITDA: provided the Company can maintain meaningful double-digit revenue growth rates into 2019 while maintaining strong controls on our costs and expenses, we believe we will reach breakeven adjusted EBITDA by mid-year 2019.
|
· |
Date: March 15, 2018
|
· |
Time: 4:30 p.m. Eastern Daylight Time
|
· |
Direct Dial-in number for US/Canada: (201) 493-6780
|
· |
Toll Free Dial-in number for US/Canada: (877) 407-3982
|
· |
Dial-In number for international callers: (201) 493-6780
|
· |
Participants will ask for the RiceBran Technologies 2017 Year End Financial Results Call
|
2017
|
2016
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
6,203
|
$
|
342
|
||||
Restricted cash
|
775
|
-
|
||||||
Accounts receivable, net of allowance for doubtful accounts of $8 and $12
|
1,273
|
1,094
|
||||||
Inventories
|
||||||||
Finished goods
|
564
|
795
|
||||||
Packaging
|
114
|
138
|
||||||
Deposits and other current assets
|
519
|
824
|
||||||
Current assets held for sale
|
-
|
4,335
|
||||||
Total current assets
|
9,448
|
7,528
|
||||||
Property and equipment, net
|
7,850
|
7,025
|
||||||
Other long-term assets, net
|
63
|
242
|
||||||
Noncurrent assets held for sale
|
-
|
14,050
|
||||||
Total assets
|
$
|
17,361
|
$
|
28,845
|
||||
LIABILITIES, TEMPORARY EQUITY AND EQUITY (DEFICIT)
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
765
|
$
|
714
|
||||
Accrued salary, wages and benefits
|
773
|
496
|
||||||
Accrued expenses
|
741
|
904
|
||||||
Unearned revenue
|
75
|
384
|
||||||
Escrow liability
|
258
|
-
|
||||||
Current maturities of long-term debt
|
4
|
3,063
|
||||||
Current liabilities held for sale
|
-
|
15,801
|
||||||
Total current liabilities
|
2,616
|
21,362
|
||||||
Long-term debt, less current portion
|
12
|
5,964
|
||||||
Derivative warrant liabilities
|
-
|
1,527
|
||||||
Noncurrent liabilities held for sale
|
-
|
73
|
||||||
Total liabilities
|
2,628
|
28,926
|
||||||
Commitments and contingencies
|
||||||||
Temporary equity
|
||||||||
Preferred stock, Series F, convertible, 20,000,000 shares authorized, 3,000 shares issued and outstanding
|
-
|
551
|
||||||
Total temporary equity
|
-
|
551
|
||||||
Equity (deficit):
|
||||||||
Equity (deficit) attributable to RiceBran Technologies shareholders:
|
||||||||
Preferred stock, 20,000,000 shares authorized:
|
||||||||
Series F, convertible, 3,000 shares authorized, no shares issued and outstanding
|
-
|
-
|
||||||
Series G, convertible, 3,000 shares authorized, 630 shares issued and outstanding
|
313
|
-
|
||||||
Common stock, no par value, 50,000,000 shares authorized, 18,046,731 and 10,790,351 shares issued and outstanding
|
279,548
|
264,232
|
||||||
Accumulated deficit
|
(265,128
|
)
|
(259,819
|
)
|
||||
Accumulated deficit attributable to noncontrolling interest in discontinued operations
|
-
|
(699
|
)
|
|||||
Accumulated other comprehensive loss
|
-
|
(4,346
|
)
|
|||||
Total equity (deficit) attributable to RiceBran Technologies shareholders
|
14,733
|
(632
|
)
|
|||||
Total liabilities, temporary equity and equity (deficit)
|
$
|
17,361
|
$
|
28,845
|
2017
|
2016
|
|||||||
Revenues
|
$
|
13,355
|
$
|
12,982
|
||||
Cost of goods sold
|
9,564
|
9,855
|
||||||
Gross profit
|
3,791
|
3,127
|
||||||
Selling, general and administrative expenses
|
9,888
|
12,384
|
||||||
Loss from operations
|
(6,097
|
)
|
(9,257
|
)
|
||||
Other income (expense):
|
||||||||
Interest expense
|
(1,623
|
)
|
(2,483
|
)
|
||||
Change in fair value of derivative warrant liabilities
|
670
|
1,625
|
||||||
Loss on extinguishment of debt
|
(8,290
|
)
|
-
|
|||||
Gain on resolution of Irgovel purchase litigation
|
-
|
1,598
|
||||||
Other income
|
307
|
563
|
||||||
Other expense
|
(182
|
)
|
-
|
|||||
Total other income (expense)
|
(9,118
|
)
|
1,303
|
|||||
Loss from continuing operations before income taxes
|
(15,215
|
)
|
(7,954
|
)
|
||||
Income tax benefit
|
5,030
|
1,824
|
||||||
Loss from continuing operations
|
(10,185
|
)
|
(6,130
|
)
|
||||
Income (loss) from discontinued operations, net of tax
|
3,983
|
(5,120
|
)
|
|||||
Net loss
|
(6,202
|
)
|
(11,250
|
)
|
||||
Less - Net loss attributable to noncontrolling interest in discontinued operations
|
(1,671
|
)
|
(2,720
|
)
|
||||
Net loss attributable to RiceBran Technologies shareholders
|
(4,531
|
)
|
(8,530
|
)
|
||||
Less - Dividends on preferred stock, beneficial conversion feature
|
778
|
551
|
||||||
Net loss attributable to RiceBran Technologies common shareholders
|
$
|
(5,309
|
)
|
$
|
(9,081
|
)
|
||
Basic earnings (loss) per common share:
|
||||||||
Continuing operations
|
$
|
(0.92
|
)
|
$
|
(0.72
|
)
|
||
Discontinued operations
|
0.47
|
(0.25
|
)
|
|||||
Basic loss per common share - RiceBran Technologies
|
$
|
(0.45
|
)
|
$
|
(0.97
|
)
|
||
Diluted earnings (loss) per common share:
|
||||||||
Continuing operations
|
$
|
(0.92
|
)
|
$
|
(0.72
|
)
|
||
Discontinued operations
|
0.47
|
(0.25
|
)
|
|||||
Diluted loss per common share - RiceBran Technologies
|
$
|
(0.45
|
)
|
$
|
(0.97
|
)
|
||
Weighted average number of shares outstanding:
|
||||||||
Basic
|
11,923,923
|
9,338,370
|
||||||
Diluted
|
11,923,923
|
9,338,370
|
2017
|
2016
|
|||||||
Net income (loss)
|
$
|
(1,795
|
)
|
$
|
(1,635
|
)
|
||
Interest expense
|
7
|
999
|
||||||
Interest income
|
-
|
-
|
||||||
Depreciation & amortization
|
186
|
242
|
||||||
Unadjusted EBITDA
|
$
|
(1,602
|
)
|
$
|
(394
|
)
|
||
Add Back Other Items:
|
||||||||
Change in fair value of derivative liabilities
|
138
|
(1,311
|
)
|
|||||
Gain on resolution of Irgovel purchase litigation
|
-
|
-
|
||||||
Loss on extinguishment of debt
|
-
|
-
|
||||||
Other income/expense
|
(59
|
)
|
(431
|
)
|
||||
Proxy contest expense
|
-
|
(390
|
)
|
|||||
Share-based compensation
|
169
|
691
|
||||||
Est. CEO Employment Agreement Settlement
|
-
|
47
|
||||||
Corporate relocation associated expenses
|
15
|
-
|
||||||
Other
|
-
|
95
|
||||||
Adjusted EBITDA
|
$
|
(1,339
|
)
|
$
|
(1,693
|
)
|
2017
|
2016
|
|||||||
Net income (loss)
|
$
|
(15,215
|
)
|
$
|
(7,954
|
)
|
||
Interest expense
|
1,623
|
2,483
|
||||||
Interest income
|
-
|
-
|
||||||
Depreciation & amortization
|
757
|
936
|
||||||
Unadjusted EBITDA
|
$
|
(12,835
|
)
|
$
|
(4,535
|
)
|
||
Add Back Other Items:
|
||||||||
Change in fair value of derivative liabilities
|
(670
|
)
|
(1,625
|
)
|
||||
Gain on resolution of Irgovel purchase litigation
|
-
|
(1,598
|
)
|
|||||
Loss on extinguishment of debt
|
8,290
|
-
|
||||||
Other income/expense
|
(125
|
)
|
(563
|
)
|
||||
Proxy contest expense
|
-
|
667
|
||||||
Share-based compensation
|
1,073
|
1,275
|
||||||
Est. CEO Employment Agreement Settlement
|
-
|
747
|
||||||
Corporate relocation associated expenses
|
116
|
-
|
||||||
Other
|
92
|
262
|
||||||
Adjusted EBITDA
|
$
|
(4,059
|
)
|
$
|
(5,370
|
)
|
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