Earnings call transcript Q4 2022

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Operator

Greetings, and welcome to the RiceBran Technologies Fourth Quarter and Full Year 2022 Earnings Call and Webcast. [Operator Instructions].

As a reminder, this conference is being recorded. And I will now turn the conference over to your host, Mr. Jeff Stanlis of FNK IR. yours. is floor the Sir,

Jeff Stanlis

Todd Thank you. Technologies Hosting to RiceBran Officer. Chairman; and call Officer Chief and Chief afternoon, Quarter XXXX everyone, Financial and Executive Fourth Bradley, Call. are welcome RiceBran's Financial Technologies today Operating the Peter Good Mitchell, Results the Conference

forward-looking I safe company are as management's risks subject statements remarks want and that harbor claims contain may uncertainties. call, remind the participants the protection to the under forward-looking for to Therefore, in during prepared statements contained that the differ Litigation company's a the risks Reform refer and results Private these Act Securities in to of from therefore, filings Actual with XXXX. more you today, of uncertainties may detailed the discussion results SEC. discussed and we

to management represented as future in March future addition, as no company today, of projections conditions any include as XXXX, to change. the by and XX, the the market obligation assumes projections performance company's these estimates update In

The financial Peter, the webcast available on and certain page. Peter. reconciliations the turn measures I like ahead. the Investor to to At at to GAAP measures of over call are www.ricebrantech.com would Relations go in financial including call, time, comparable this please financial information provided non-GAAP

Peter Bradley

And Gander to with and in Foods -- Jeff, into to challenges. quarter. with the adjusted significant the positive good full contribution both to time, Thank for you, quarter great and first delivered agreement a EBITDA was and respect everyone. rice good morning a afternoon XXXX progress of Golden entered operations. of milling year Notably, fourth an Ridge our we

challenges completing at the momentum capabilities, providing contribution profit fourth a and major manufacturing platform MGI growth. Particularly a solid of was quarter has the range revenue more now mill. was for the project strong XX% capacity broader pleasing delivered MGI a Additionally, capital maintained in with and despite growth.

were delivering The growth offset benefits solid pricing growth its of double-digit though, The its and costs. action, and raw and higher Core-SRB revenue material maintained revenue the business operating own, by held both profit contribution.

sales efforts been previously While we've pet able maintain to unable resolve disclosed to issues. engagement unable food the in category were were our we performance technical customers certain the new through aggressive volume because we to grow with

business, value and The which first the though derivatives half year. losses meet market raw in impacted derivatives the led inability customer competition increased a material in accentuated added materially processing to to had tough of challenges, year, resulting and demand, The by the the category. in

Now over the to the let call Todd to discuss results. turn me

Todd Mitchell

you, and a growth million Thank the delivered and of the very year-over-year grew fourth for X row. well sales everyone. mills quarters year. are in in Peter. plus $XX Good afternoon, executing quarter another Core-SRB XX% digits with quarter We XX% double for Both

significant were while and due the quarter, a Results sequentially in our However, and fourth to the at losses expectations Ridge. year. largely both for below Golden adjusted year-over-year EBITDA declined improvement the quarter

XXXX, value-add quarter the numbers the quarter Core-SRB XXXX, in revenue in increase double-digit a million in offset from $XX.X and led for for a year at sales $XX Growth Total just XX% in the by XX% over by greater million a revenue of Looking increase gains and MGI the XXXX. decline in helped was derivative Golden Ridge by in sales. and $X the detail. was $XX.X quarter of million was fourth Total from fourth XXXX. in million Revenue. SRB

$X.X from million in in contribution profits SRB margin of MGI. Golden the in were down a results XXXX, decline Ridge derivative Gross Gross a losses improved $XXX,XXX for year offset by of$XXX,XXX gross Gross XXXX, $XXX,XXX value-add a full for losses losses and losses quarter sales. ago. Gross the were driven by and from XXXX. for part the from decline fourth $XX,XXX gross the year quarter from losses. of in year were

million the SG&A the X% $X.X million Lower year from quarter $X.X X% declined a SG&A $X.X for Total SG&A. XXXX. to declined for million from to year million in in ago. $X.X corporate the SG&A to quarter a staff and and for lower the latter and director expenses, compensation our reduction benefits support headquarters. due primarily the with driven was year compensation corporate by from in subletting fourth

fourth Operating losses. to for XX% Operating XX% fourth in of quarter declined noncash Operating full operating XXXX in Operating from goodwill $XX.X in $X.X million to quarter quarter XXXX. year losses million fourth of from million in year XXXX. charge in fell million the of $X.X losses $X.X $X.X losses impairment. included losses million the the and the for

million loss $X.XX $X.XX was per the and for year in $X a in net million the $X.X compared in loss $X.X $X.X per $X.XX for was $X.X a share of goodwill million loss million compared the or Net quarter included aforementioned or loan for to year of SBA of impairment. per the share full a per quarter net $X.XX to in charge million just Net share forgiveness fourth or losses under losses. share ago. the loss of $X.X or gain a or PPP Net million XXXX. XXXX Net quarter first the

Adjusted the were to the EBITDA. for Adjusted the $X.X XXXX. fourth EBITDA fourth $XXX,XXX compared losses full the full of EBITDA Adjusted sorry, million of of quarter EBITDA adjusted year for -- million the in losses to $X.X EBITDA adjusted losses for XXXX. quarter losses year I'm quarter were compared fourth $XXX,XXX in in

a the Lower SRB our derivatives decline from improvement losses year quarter in the contribution from the the in business. reflected fourth decline Golden for value-add in while contribution Ridge, stemmed significant from

and XXXX. With call end million Total back Peter to the Cash. was from of comments. at third of I'll that, quarter the closing at $X.X the end for end the at of cash of million $X.X the XXXX million turn the $X.X down year,

Peter Bradley

operational able in the and challenges. businesses, adjusted market rice the business to of were achieve EBITDA. Todd. suffer derivatives Thanks, progress wanted Despite in as of we we milling goal the positive in moved Accordingly, it not and the has the company to the parts and specialty Core-SRB not XXXX, forward continues value-added major notably to

Board stages given And of midst am in provide to back strategic the all are I'll turn of unable Technologies. the I'd sensitive a further it nature possibilities the I review. RiceBran review and of attention, like to of everybody thank currently for The this at any for the to process, These alternatives their is details. various operator.

Operator

Thank you. and conclude today's conference Ladies gentlemen, this call. does

You this may and for time, day, your at thank lines participation. have disconnect your you a wonderful and we

RiceBran Technologies (RIBT) 16 Mar 232022 Q4 Earnings call transcript