REGINA, Feb. 6, 2014 /CNW/ - Input Capital Corp. ("Input" or the
"Company") (TSX Venture Exchange: INP) announces its unaudited results
for the third quarter ended December 31, 2013. All figures are
presented in Canadian dollars unless otherwise noted.
THIRD QUARTER HIGHLIGHTS:
Input made its first canola sales during the quarter, bringing its
initial canola streams full cycle. Revenue generated by these canola
sales is now available for deployment into a new round of Streaming
Input sold 2,646 MT of canola at an average price of $472.06 for total
revenue of $1,249,261.
Input completed the quarter by registering positive operating cash flow
of $961,419 ($0.02 per share). The Company is also operating cash flow
positive for the year to date, which is its first full fiscal year of
On October 4th, Input closed a private placement and public offering, raising gross
proceeds of $41,002,779 for the purpose of expanding its portfolio of
Statistics Canada released its final crop report of 2013, highlighting
the biggest crop in Canadian history. The report estimated a record
canola crop of 18M MT, surpassing the 14M MT grown in Canada last year.
As a result of good crop results, the Company also expects to receive a
yet-to-be-established number of bonus tonnes of canola this year. The
Company is in the final stages of determining bonus tonnes for the
Input finished the quarter with:
Cash and cash equivalents of $40,652,411;
Total canola interests of $16.9 million (current portion and long-term
10 multi-year Streaming Contracts with 14,506 contracted base tonnes of
canola remaining to be delivered to the Company; and
Input President and CEO Doug Emsley said, "Our fiscal third quarter saw
us deliver on our initial promises. The first canola streams have come
full cycle; capital was deployed, canola was collected and converted
into cash, and the capital is now being redeployed. The capital raised
in October will be the foundation of our deployment program over the
next twelve months and the positive operating cash flow Input is
already generating will bolster that."
Mr. Emsley added, "Input has not been immune to the industry-wide delays
caused by a congested railway transportation system. We see the
potential for delay of our canola deliveries from the 2013 harvest to
extend beyond March 31 and into our next fiscal year. And on the plus
side, in the face of an unusually crowded grain handling and
transportation environment, many farmers are seeing the potential
advantages in a streaming contract, and this is leading to enhanced
deployment opportunities for Input."
This earnings release should be read in conjunction with Input's
Management's Discussion and Analysis ("MD&A") and unaudited Financial
Statements, which are available on the Company's website at www.inputcapital.com and have been posted on SEDAR at www.sedar.com.
Webcast and Conference Call Details
A conference call will be held on Friday, February 7, 2014 starting at
8:30 am Saskatchewan time (9:30 am Eastern time) to further discuss the
third quarter results. To participate in the conference call use the
following dial-in number:
Participant Dial in #:
1 (647) 427-7450 (Local Toronto)
1 (888) 231-8191 (North America Toll Free)
Webcast URL: http://www.newswire.ca/en/webcast/detail/1290571/1423845
It is recommended that participants dial in five minutes prior to the
commencement of the conference call. Soon after the completion of the
call, the webcast will be available for download on the Input Capital
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Input is an agriculture commodity streaming company with a focus on
canola, the largest and most profitable crop in Canadian agriculture.
Input enters into multi-year canola Streaming Contracts with canola
farmers in western Canada. Pursuant to the Streaming Contract, Input
purchases a fixed portion of the canola produced, at a fixed price, for
the duration of the term of the contract. Input is a non-operating
farming company with a diversified portfolio of canola streams, all of
which produce canola and revenue for Input within a year of being
signed. Input plans to grow and diversify its low cost canola
production profile through entering into additional canola Streaming
Contracts with farmers across western Canada.
Input is focused on farmers with quality production profiles, excellent
upside yield potential, and strong management teams. Input has
completed canola Streaming Contracts in Northern Alberta, Western
Saskatchewan and throughout Eastern Saskatchewan.
Forward Looking Statements
This release includes forward-looking statements regarding Input and its
business. Such statements are based on the current expectations and
views of future events of Input's management. In some cases the
forward-looking statements can be identified by words or phrases such
as "may", "will", "expect", "plan", "anticipate", "intend",
"potential", "estimate", "believe" or the negative of these terms, or
other similar expressions intended to identify forward-looking
statements. The forward-looking events and circumstances discussed in
this release may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting Input,
including risks regarding the agricultural industry, economic factors
and the equity markets generally and many other factors beyond the
control of Input. No forward-looking statement can be guaranteed.
Forward-looking statements and information by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or
achievements, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statement or information. Accordingly, readers
should not place undue reliance on any forward-looking statements or
information. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they are
made and Input undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events, or otherwise.
SOURCE Input Capital Corp.