HIAWATHA, KS, June 2, 2014 /CNW/ - (TSX: AJX) -- AgJunction provides the following guidance for continuing operations for the second quarter of 2014.
AgJunction expects that revenue and net income for the second quarter of 2014 to be below comparable periods in 2013. AgJunction also expects revenue and net income for the full year ended 2014 to be below the full year ended 2013. AgJunction does expect to be profitable for 2014. This guidance reflects current business indicators and expectations and the general weakness currently being experienced in the agriculture industry. Inherent in this guidance are risk factors affecting volatility in the Company's business which are described in greater detail in our regulatory filings. This guidance is based on management's current beliefs and assumptions.
"General weakness within the agriculture markets in the first quarter of 2014 has continued into the second quarter of 2014, resulting in lower year-over-year sales volumes," said Rick Heiniger, President and CEO of AgJunction.
Financial results for the second quarter ended June 30, 2014 will be released during the first half of August 2014. A conference call and webcast to discuss the results will be scheduled to follow the release.
AgJunction provides innovative hardware and software applications for precision agriculture worldwide. The Company holds numerous patents and markets its products and services under leading brand names including Outback Guidance®, Satloc®, and AgJunction® Cloud Services. AgJunction supports advanced farming practices and enables seamless data connectivity among growers and their agricultural service providers. The Company is headquartered in Hiawatha, Kansas, with facilities in Arizona, Pennsylvania, Manitoba and Queensland. AgJunction is listed on the Toronto Stock Exchange (TSX) under the symbol "AJX" and is one of the TSX Cleantech designated companies. For more information, please go to www.corp.agjunction.com.
Certain statements contained in this press release constitute forward looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur. We believe the expectations reflected in those forward looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. In particular, this press release contains forward looking statements pertaining to, but not limited to, anticipated revenue and net income levels for the second quarter of 2014 and the full year 2014 as compared to the same periods in 2013 and our profitability. Such forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond AgJunction's control, including, but not limited to: the impact of general economic conditions, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility, competition, availability of key supplies and components and other factors described under "Risk Factors" in our Annual Information Form for the year ended December 31, 2013, which is available on our SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. With respect to forward-looking statements contained in this press release, we have made assumptions regarding, among other things: conditions in general economic and financial markets; future technological developments; availability of key supplies, components, services, networks and developments; future exchange rates; demand for agricultural products; the impact of increasing competition; availability of skilled labour; and our ability to obtain financing on acceptable terms. Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide shareholders and investors with a more complete perspective on AgJunction's current and future operations and such information may not be appropriate for other purposes. The forward looking statements contained in this press release are expressly qualified by this cautionary statement. Except as required by law, we undertake no obligation to publicly update or revise any forward looking statements.
SOURCE: Agjunction Inc.
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