This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Ag Growth International earns $16.43-million in Q2 2009 2009-08-12 09:53 ET - News Release Mr. Rob Stenson reoprts AG GROWTH ANNOUNCES RECORD RESULTS FOR Q2 2009
Ag Growth International Inc. has released its financial results for the three and six months ended June 30, 2009.
Overview of results "We are very pleased to report another record quarter," said Rob Stenson, chief executive officer of Ag Growth. "The significant increase in sales and EBITDA was largely due to outstanding results at the portable grain handling and aeration divisions, as strong demand, sales price increases and production efficiencies resulted in record sales and strong gross margin percentages. Commercial sales activity continues to be impacted by the availability of credit, however activity in this sector has recently shown a marked improvement and gross margins in the second quarter were consistent with the prior year. "Our outlook for the balance of 2009 remains positive. Our primary demand drivers of grain volumes, grain storage practices and commodity prices remain supportive of continued high levels of demand. Corn acreage planted in the U.S. is expected to be the second highest on record, and according to the USDA weekly crop report the condition of the corn crop is even better than at this time in 2008, when harvested bushels per acre were the second highest ever recorded. Conditions in Western Canada have also improved significantly over the last number of weeks, and although there will likely be a decrease in crop production compared to 2008, we do not expect it will have a material impact on our financial results. Over all, we remain optimistic that Ag Growth will have a strong finish to 2009." The remainder is available to Stockwatch subscribers.
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