REGINA, Nov. 27, 2013 /CNW/ - Input Capital Corp. ("Input" or the "Company") (TSX Venture Exchange: INP) announces its unaudited results for the second quarter ended September 30, 2013. All figures are presented in Canadian dollars unless otherwise noted.
SECOND QUARTER HIGHLIGHTS:
- Input completed a reverse asset acquisition of WB II Acquisition Corp. ("WB II"), ultimately leading to Input becoming publicly traded on the TSX Venture Exchange, under the symbol "INP".
- Input announced the appointment of David A. Brown, QC, Dr. Lorne Hepworth and David H. Laidley, FCPA, FCA, to its Board of Directors.
- Invested $1.8 million into new multi-year canola streaming contracts ("Streaming Contracts"), bringing total canola interests at the end of the quarter to $18.1 million.
- According to the Final Crop Report published by Saskatchewan Agriculture on October 24, 2013, the average yield for canola across Saskatchewan this year is 36% higher than the 10-year average (2003 to 2012), at 38 bushels per acre (a record). The Final Crop Report also reported that 99% of the 2013 crop had been harvested at that time.
- With harvest completed subsequent to quarter end, Input expects to recognize its first revenues over the next two fiscal quarters. The Company expects its normal pattern will see revenue recognized primarily during its third and fourth fiscal quarters (October - March) of each 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 process of determining bonus tonnes for the year.
- Input finished the quarter with:
- Cash and cash equivalents of $766,942;
- Total canola interests of $18.1 million (current portion and long-term portion);
- 10 Streaming Contracts calling for 17,152 base tonnes of canola to the delivered to the Company in the current fiscal year at an average price of $79.05; and
- No debt
Input President and CEO Doug Emsley said, "We are pleased with the progress of our company to date. In less than a year, we've grown to a market capitalization of approximately $100 million, signed 10 multi-year canola streaming deals, gone public, and completed a bought deal financing. Now we are about to recognize our first revenue and complete our first crop year. There is no doubt we've had an exciting year, and with over $40 million in the bank, there is so much we can do in the next twelve months."
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 Thursday, November 28, 2013 starting at 9:30 am Saskatchewan time (10:30 am Eastern time) to further discuss the second quarter results. To participate in the conference call use the following dial-in number:
Participant Dial in #: (888) 231-8191 (North America Toll Free)
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 website
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 portfolio of ten canola streams, all of which produce canola and revenue for Input in the year the agreement is 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 East Central 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.
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