RiceBran Technologies down 6% post FY18 results; lowers FY19 revenue guidance

|About: RiceBran Technologies (RIBT)|By:, SA News Editor

RiceBran Technologies (RIBT -6.5%) reported revenues growth of 10.5% Y/Y to $14.76M for FY18, inclusive of $0.9M in revenue from Golden Ridge Rice Mills.

FY Gross margin declined by 819 bps to 20.2%.

Loss from operations expanded to $8.2M, compared to $6.1M last year.

SG&A expenses were $11.19M (+13.2% Y/Y) and as percentage of revenue 75.8% up by 180 bps.

Adj. EBITDA was negative $6.4M, compared to negative $4.1M a year ago.

Company has cash and equivalents of $7M, as of December 31, 2018.

Company announces the acquisition of MGI Grain in East Grand Forks, MN for $3.5M. MGI Grain is an ingredient company focused on barley and oat products. MGI Grain presently has annually sales near $3M and has positive adjusted EBITDA

FY19 Guidance: Revenues of ~$37M to $40M (prior +$40M); and expects to attain positive Adj. EBITDA.

Previously: RiceBran Technologies reports FY results (April 1)

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