S&W Seed Company Reports Results for its Fiscal Second Quarter Ended December 31, 2011

February 9, 2012

S&W Seed Company (NasdaqCM: SANW) reported revenues for its fiscal second quarter ended December 31, 2011 increased 420% to $4.7 million compared to $910 thousand during the second quarter of fiscal 2011.  Revenues for the first six months of fiscal 2012 increased 488% to $10.8 million versus revenues of $1.8 million during the same period in fiscal 2011.  Revenue  in both periods was almost entirely driven by an increase in seed revenue.  During the second quarter seed revenue accounted for $4.1 million of the total and accounted for $9.96 million of total revenue during he first six months of fiscal 2012.

Net income for the second quarter of fiscal 2012 was $443 thousand or $0.08 per share compared to a net loss of $82 thousand or $(0.01) per share during the second quarter of fiscal 2011.  Net income for the first six months of fiscal 2012 was $966 thousand or $0.17 per share versus a net loss of $336 thousand or $(0.06) per share during the same period in fiscal 2011.  Net income benefited from increased shipments to international markets which was partially offset by higher SG&A and income tax expenses.

As of December 31, 2011, the balance sheet reflected cash/cash equivalents of $6.81 million, current assets of $15.2 million, total assets of $19.18 million and total liabilities of $3.58 million.  The company had no long-term debt and shareholders’ equity has increased 7.1% to $15.6 million during the first six months of fiscal 2012.

S&W Seed Company produces warm climate, high-yield alfalfa seed varieties, including varieties that can thrive in poor, saline soils.  In addition, the company offers seed cleaning and processing services and also planted its first commercial acreage of stevia as part of a new business initiative to mass produce stevia leaf.

Source: S&W Seed Company


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