REGINA, Oct. 28, 2014 /CNW/ - Input Capital Corp. ("Input") (TSX Venture: INP) (US: INPCF), announced a temporary set-back to its 2013 canola crop sales as a result of the explosion at the Louis Dreyfus (LDM) canola crush plant in Yorkton, Saskatchewan on Friday, October 24, 2014. The plant has been shut down for repairs, halting canola deliveries.
"We are happy to learn that nobody was injured in this explosion at the plant," said Executive Vice-President and CFO, Brad Farquhar. "This is an unfortunate delay in the final stages of our 2013 crop sales program, but it does not have a material impact on our business because the prices and volumes to be sold have been contracted for some time. However, it will delay by several weeks the completion of our 2013 crop deliveries and the revenue associated with it."
Mr. Farquhar went on to say: "The challenges and delays faced by Input over the past year as a result of rail delays, bad weather, and this explosion help demonstrate the strength of Input's business model as a relatively safe way to invest in agricultural production. Due to the geographically diversified nature of Input's canola streams, strong capitalization, and the fact that we do not take production and operating risks, the company is able to withstand these bumps in the road as relatively immaterial events."
Input's sales of 2014 canola continue unaffected at other delivery points across Western Canada.
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. As of the end of its last fiscal quarter, Input has multi-year canola streams with twenty one farmers located across Alberta and 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.
(1) Non-IFRS Measures
Input measures key performance metrics established by management as being key indicators of the Company's strength, using certain non-IFRS performance measures, including:
- Adjusted Net Loss and Adjusted Net Income Loss per share;
- Operating Cash Flow per share;
- Adjusted EBITDA and Adjusted EBITDA per share;
- Average Crop Payment (Cash Cost) per Tonne;
- Cash Operating Margin; and
- Cost per Tonne Acquired and Recycle Ratio
The Company uses these non-IFRS measures for its own internal purposes. These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and these measures may be calculated differently by other companies. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company provides these non-IFRS measures to enable investors and analysts to understand the underlying operating and financial performance of the Company in the same way as it is frequently evaluated by Management. Management will periodically assess these non-IFRS measures and the components thereof to ensure their continued use is beneficial to the evaluation of the underlying operating and financial performance of the Company, and to confirm that these measures remain useful for comparison purposes to other royalty/streaming companies. For more detailed information, please refer to Input's Management Discussion and Analysis available on the Company's website at www.inputcapital.com and on SEDAR at www.sedar.com.
SOURCE: Input Capital Corp.