Earnings call transcript Q1 2023

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Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the RiceBran Technologies First Quarter 2023 Financial Results Conference Call.

I would now like to turn the call over to Jeff Stanlis. Please go ahead, Mr. Stanlis.

Jeff Stanlis

operator. you, Thank welcome Financial and RiceBran First Technologies Good Conference to Call. XXXX Results Quarter afternoon the Hosting today Keneally, RiceBran's the and Interim Chairman; call Chief are Peter Financial Officer. Executive Bradley, William

call, the remind harbor statements that XXXX. contain to Act for statements subject the forward-looking uncertainties. are Private as Reform risks that prepared of under company want I claims forward-looking during the protection Securities remarks the Litigation participants may and Therefore, in to contained management's the safe

results today uncertainties of the and from company's refer differ to a discussion we with may detailed you those results Actual discussed SEC. filings in therefore more and risks the

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

Investor on The call www.ricebrantech.com comparable financial webcast measures the are measures including reconciliations the page. information certain at to financial non-GAAP financial GAAP Relations and available provided of on

At this to like the time, go turn now Peter please Peter. I ahead. would call over to

Peter Bradley

business. of and a Jeff, focus The strategic primary has during Board of few of to Directors review our everyone. you, good the been afternoon past Thank the months

this a Over the able and to teams different the of variety in were that none the sustainable level to business scale markets with a years have worked support of fixed and create strategies multiple have public and initiatives way. in of costs management try value reached high the

this Board made exploration Given first the In strategic progress warranted. the our with alternatives the value of assets, we company's cap of effort. felt an underlying market and the quarter, substantial was

with high in of can there of I company, outcomes. the level and are that that interest number an While the is a variety process potential is ongoing, that evaluated of a say the being assets active opportunities at still a

year. This second their rice businesses to Foods with last our performance Gander of derivatives to in agreement first Golden the by continued drive with has Ridge. to While compared the milling milling this our operating in offset results underway, half respect current challenges quarter continue review improvement maintained levels the value-added been The operations of in performance business. was at our

online the MGI, us the we Towards with and we future to completed internally. challenges is platform XX% capacity and first due continues we processing growth. have and a The providing capabilities. MGI this quarter, we made believe to range gains a value derivatives of upgrade fully the so at solid as competition for of month have more elsewhere capacity end the Production at business of added manufacturing offset increased broader

Keneally should which During of we CFO. strategic RiceBran's Bill the serve acquisitions amount experience quarter, significant mergers, alternatives. brings well and Bill in explore the a Interim valuation Board was named as initiatives,

These been instrumental he enterprises. restructuring career During selling has important his businesses skills at in are for RiceBran and time. this

Bill to let and welcome to me the results now RiceBran turn over to detail. discuss We the in call him

William Keneally

and good afternoon Thank you, Peter, everyone.

to quarter the This a our decrease was business as value to quarter Peter first revenues $X.X XX.X% compared due were our last decrease derivatives year. in primarily $XX.X First value year-over-year -- added million, discussed. million

unchanged to administrative was expenses $XXX,XXX business. continue year quarter loss The profit $X.X last decrease in from XXXX. to as in profit quarter first derivatives first Gross expenses. of also was a general and $XXX,XXX compared we Selling, the gross $XXX,XXX manage the of attributed gross added aggressively to were our million, value

been employee, a XXXX. the of from $X a XXXX. of compared ordered In Operating in of $X.X first the recognized federal losses of by income to payments upon in this had first which quarter receipt were other XXXX, quarter we former million quarter $XXX,XXX million court restitution

the was XXXX or million quarter loss in $X.X net being result lower of first of of losses XXXX. operating first EBITDA to quarter losses higher $X.X first in $X.XX a the offset by expenses, share Adjusted were XXXX. of quarter share, other per compared $X.XX XXXX, quarter million of $XXX,XXX the the $X or million EBITDA per to compared of losses As in in first adjusted

Turning $X.X and in in cash of XXXX, balance XXXX expenditure. the as from capital decline March and cash to equivalents sheet. XX, due had to We a XX, $XXX,XXX of used million December operations

all time call, be the In review. Board And conclusion your this the provide given process, of any strategic further today. review start stated not various a for are at and Peter company. time of sensitive stages Thank the submitted nature These details at the will the alternatives to possible this for questions. of taking we at and unable as therefore are alternatives has this of you

Operator

gentlemen, your this call. and Ladies concludes

now may disconnect. You

RiceBran Technologies (RIBT) 11 May 232023 Q1 Earnings call transcript