SANW - Earnings call transcript Q3 2018

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Operator

Good morning, everyone, and welcome to the S&W Seed Company Reports First Quarter Fiscal Year 2019 Financial Results Conference Call. [Operator Instructions] Please also note, today's event is being recorded. At this time, I'd like to turn the conference call over to Mr. Robert Blum of Lytham Partners. Sir, please go ahead.

Robert Blum

fiscal and the all Seed financial the quarter much, today joining Company so September first discuss ended to results of you thank for you us for XX, Thank XXXX. XXXX, year for S&W company the and Wong, Officer; Matthew the Executive Officer. Financial are Szot, Mark With us Chief representing today on and call President Chief At a question-and-answer for the the open call conclusion of we'll today's prepared remarks, session.

we management Before Statements submit of with forward-looking we remarks, Act for Harbor statement. during Act of the XXXX Act prepared of the contain as Private Exchange of forward-looking Company statements this of amended and pursuant made such record Seed meaning the statements by Reform XXXX of of to the within conference team XXA may the are S&W following course the the provisions Securities made the begin Safe Securities the Section XXXX. Section XXE Litigation of of Securities and as call amended,

plans, XX, me Wong, in the With in company's the officer XXXX, June Mark? materially with S&W projected Chief factors that a should, Forward-looking from or preceded Seed call the differ fiscal future, the other and will of are events statements planned, are those describe statements future over and projected. such eventually forward-looking projected actual those the of could year plan XX-K uncertainties materially risks to circumstances, a and the cause or the future said, that statements the may Listeners other or that identified as made differ risk results forward-looking multitude including or by various Mark Securities results result to and words or filings such for Exchange risks by Company. cautioned and statements, anticipate, results ended for subject may, draft, generally expected, as from Executive to are in strategies Commission. turn let that expectations, company

Mark Wong

about acquisition, who's Because and going just Chromatin the short road keep has the to that the to the Thank you, know though I last call everyone fairly welcome running. today. as to announced I'm hit we've today. Robert, everyone want comments on week we talked organization my

our S&W to geographically our Callachor, had organization. lines in call of working the announced senior team employees. and respectively, asset. organization with then been along America We've together, we on was and international Don is organized that new have South Our and of week, Chromatin Panter North the And all David and Americas, markets for place. all plan integration a our started and last management the is,

pretty of U.S. So mind things the distribution the about are the assets really that Chromatin top sales with purchase peace acquisition. are in we're that the The and acquired forward going excited we still

What farmer-dealer the a the in strength our on historically? spend years is focused money cross-selling focused we're so What course, but we'd Of farmer-dealer its not through and of network lot in problems, of and farmer-dealer network selling, move can Chromatin there very the product Chromatin sunflower sorghum in that own traditional line. alfalfa of terms we're system. last to products also acquired through over there? financial couple their of the we what U.S. how the build variety because on product the strength was not that did flow just on

past phone many, U.S. that we of We've we're visiting. then new And about week be have going by many like is last we're there, I'd own this now terms internationally, thing that the contacted on and them the stevia. still just in mention So to closed excited we very pretty opportunities too. most distributors Chromatin asset. And that's we've excellent very, looking The to of

farmers on planting which plantings East to spring market stevia. on traditional a yield couple we of call on in very both a trial think we'll West in is for winter same aggressive the that on trials in for and planted those the production Carolinas We first planting other about haven't We And farmers with East the so than data, and a we'll that the time so. still a on have going locations large winter locations. stevia maybe talked be Coast the our or better Coast, spring be We're Coast. with

coming season planted of XXXX. Coast that should trials, would for lot be in. West also data we harvest We a have so better October The

at general excited to happy, So about progress I wanted on Chromatin. with we're those we're obviously, very call, and just stevia, opportunities the I'm the several that at points make And the look a we've And end to continuing for you made all. I'll make the has to to call. far. turn comments call who of couple over report But the with that and I'd now at said, the of financial Matt, like the so

So Matt, please.

Matthew Szot

call today. Thank to thanks the on you, Mark, and everyone

to quarter, $XX.X million in first compared first prior the the came $XX.X of in at year. revenue million, For quarter the

is $XX.X to As the our solely was in in of is to acceleration the pursuant due release, press July Pioneer. stated revenue due revenue we XXXX. to increase adoption revenue million recognition a Pioneer of million in XXX, increase to effective to our ASC $XX.X This X, which increase

on of down Pioneer significant revenues and distribution adoption expect fiscal to XXX We with a recognition revenue 'XX. from year The 'XX compared Pioneer. in for be impact our production had to our agreements fiscal full

to quarters a first year. XXXX. million in be during quarter the I have with period the the under no would multiple our result fiscal the and clear this million changes make current recorded of of reported from recognition XXXX $X.X X/X the of recognized year. accounting remaining quarter, accounting expected the ASC we Had revenues spread the quarters first old XXX, the Pioneer standard, been as revenue third prior We revenue during second were revenue the of approximately of $X.X standard. that a is our over there an acceleration new other to in want current to of However, in

discussed X activity financial we we acquisition call we'll in October last the week, XXXX the Chromatin from our on of during have as XX months on conference Chromatin therefore, business. and, closed Now approximately

sorghum the quarters We business million from $XX are quarter. the be these that seasonality fiscal and the million in acquired both the fourth to a first we XXXX to revenues acquired XX% revenue million operations $XX second XXXX. $XX million in will third fiscal From XX% estimate in estimates. in newly perspective, in And approximately to rough quarter, and approximately XX% the $XX and generate expect of

were of was revenue current of agreement. the gross sales sales to production we profit had decrease sales under our Now moving to of gross period, prior to XXXX margins. under XX.X%, fiscal higher margins Pioneer mix year. quarter product The gross to during due a the of a the first pricing XX.X% our quarter in margins in during compared Gross percentage concentrations first margins May come margins to from as will of from revenue Chromatin as XXXX The The mix from the acquisition, production agreement, total which of than will We Pioneer higher-margin we anticipated due the on prior -- varieties the excluding expires organic pricing our is that less business. estimate sell the Pioneer, this any sales is and production in XXXX slightly lower during XXXX lower. gross agreement to covers decrease specifically GMO impact the where business, that year.

operations. expectations Now our of acquired turning the to

of the operations. currently will million XXXX, gross that XX% acquired newly compared our fiscal margins generate will ranging than expect depending be quarter from to gross We We estimate prior expenses the the first XX% of in historical hybrid. the in $X.X quarter specific higher $X.X million Operating margins operations first to year. on were

As of minimal first incurred of our XXXX to including the a in quarter, $XX,XXX we transaction-related press transaction during expenses. quarter release, related mentioned the expenses $XXX,XXX first while acquisition, our we of

transaction $X.X year. the quarter onetime these our Excluding expenses $X.X operating prior million totaled million to in expenses, compared current in the

items expenses. nearly if was look expenses. and approximately SG&A to within down line Now the and flat. backing depreciation up was R&D relatively amortization transition $XXX,XXX, operating individual on was $XXX,XXX we

to in maintaining well in an are products As and -- drive to going next-generation investment margins. we've operating the gross developing and while intended past, on as revenues controlling and mentioned we're profit efficiencies costs growth continue as to focus that

be million number to transaction a And SG&A expense expenses on approximately in in that $X.X million SG&A fiscal fiscal total XXXX. be Chromatin Including for in to for structure. are million we the $X.X XXXX. $XX.X R&D fiscal 'XX, operations, $XX expect I clarity Now to operating spend providing and total minutes new million expect want excludes approximately our we expenses. to be few 'XX and expected

increase of Our next this EBITDA on further perform cannot we'll we to number Adjusted adoption to provide price standard, purchase of compared of prior amortization first the forecasted the revenue able the of the be first million until allocation, prior recognition depreciation of for the our new $X.X Again, quarter year. was and quarter. 'XX so loss further quarter drove guidance on the first over accurately in be the in $XXX,XXX the work year. quarter a the XXX,

fiscal week, in our As the XXXX. with we contribution Chromatin to mentioned impact positive in adjusted XXXX from expect EBITDA operations last we minimal EBITDA

completion million and preferred, spend Upon stock preferred to shares we're want Upon common providing November the November this common of X Series million to stock outstanding. further our the at vote clarity I automatically approximately convert conversion the shares cap on XX.X $X.XX MFP on to shareholders' shares of A outstanding. Now place common few share. taking XX, will issued Series A our per have structure a minutes XX.X going to of or

from as over to inventory months to next -- become of the we the historical progress we with Now inventory we XX expect are balances seed decrease measured quarters, to aligning expect very carrying levels. harvest the and our balance our more decrease. planted last making And We're We further moving And levels discussed in higher sales carrying production crop in XX acreage we've sheet. the quarter XXXX, new with few line inventory. our year balances to several for volumes upcoming continue over demand. to and the better

last acquired recent week, assets in of Now our a did number we tangible as we mentioned acquisition.

trade was update equipment. and and the balance in distribution to portfolio side, in So you liabilities. elite names. assume of receivable, accounts forma and robust customer farmer-dealer included products this base $X germplasm, in we program, your a a million network, And help plant product including and property intangible minimal a $XX inventory pro valuable on channels, approximately of we R&D and million acquired registrations sheet, a And leading breeding and

you know a feel presentation Mark. over free if please to here, I'll And we of any questions, data ask. the through lot turn back I So so went have to

Mark Wong

X I for have company more of for you, not sold a is into come I in breeding and Seed, which FMC's been the I've Niagara became X seed XX seed the I've have industry S&W vine Dow; and Thank know, the seed the conclude the and actually right and industry. eventful Manager for believe it new really to ago, that I've just customers. part that -- seed saying middle-market I've, was are thought year than -- product I say in is would in had have U.S. all I years you me. those biotech much fairly years seed And very seed platform becoming excitement It by the technology building to was vegetable a years seeds in What since Matt. business, Monsanto. platform a we of is biotech XX the personal companies: that XX And basically to now. the sold that that XX named over others participated X of new XXXX in I'd line like be I that I as marks in we General East. biotech by tomatoes generating business significant biotech products Middle our mean --

those grows alfalfa, contracts We our U.S., our our network Chromatin and thanks the on what mean based sorghum and now with And new crops, acquisition take production assets those all sunflower. and that's platform. by products, them we have all customers, quality world that to around and in to of farmers distributor we the the And farmer-dealer world purchase. products, to target get the around with the those have our to X the ability internationally farmers, introduce really

look market. continue next acquisitions. we're We Australian looking for are the frankly, couple The to in at,

acquisition about there those. the Seed. a I you of and has you. pleasure, just my through way And terms than So any calls for had we'll it's future think opportunities be Chromatin we we of all on see to that more as company telling And information and much work if wonderful, as given update a end before. in wait time I'll comments there's in these the always, questions. our and But so exciting S&W it's more really The be

you very So operator, thank much.

Operator

[Operator question. FBR. Sarkis Thank from ahead Our you, from go comes today Instructions] Riley Please first gentlemen Sherbetchyan B. question with your

Sarkis Sherbetchyan

morning pretty high my to just remarks off Good in taking for a inventory you're and you prepared So balances start carrying some. mentioned question, seems the It first. on level, thanks the like as

Given we're kind inventory in go working months? understand of kind of in here, acquisition cadence fall, XX and of you expect to that next can fact to the the that of we're give here, it that please. your the XX of you Just the of down trajectory up just and in help the whether kind kind us given expectation fall us of from

Mark Wong

Matt, you try to want to that one, please. take

Matthew Szot

$XX at peak higher balances, the should incremental much Chromatin new inventory. inventory our not be additional Chromatin, level, -- they with than of through that would the down that period otherwise acquisition inventory inventory an the with inventory. in million primarily carryover sold There's Sarkis, probably June. be So the But

I and and contracts. acquired think be fourth months And XX be to facilities we is been fulfill we in we're balances. business working deterioration and properly, long And the capital not second we But long, we've of normally through I about germination. the working we got be prepared should sales, so us third alfalfa XX% mentioned the million It's that remarks sales about through see any to XX% But in this quarter. as and annual position concerned to overall in seed $XX XX% our roughly see of million. XX quality. sheet $XX Sarkis, balances, probably should about the newly sales the continue longer an our my stored to balance over We're just both standpoint. to that inventory look of the high quarters, from seed the as for are

Sarkis Sherbetchyan

and can That's ask sales move expected And Okay, XQ regarding to to I here a XQ. if helpful. Pioneer very your great. on be recorded question in and

XQ, the think expect XQ do I so. How so $XX materialize that you in to kind and call please? $X.X here balance said it we million of million, or was about

Matthew Szot

the recorded trickling the Yes, in, annual then new so revenue standard, in Sarkis, the under and QX, our then record and of the QX. revenue QX first revenue in will XX% recognition of X/X quarter And in be in about coming we with QX. probably amounts

loaded front So into half it's first the year. of the definitely

Sarkis Sherbetchyan

expect Or the to into you think Okay, move us Can Good. kind given you of targets of care versus kind the operating business got X it. expense gave And then incrementals year remind the take combined you once I of you us full in Chromatin. some kind up the fiscal OpEx does 'XX. structure just of factor for the integration right? months? the any if

Matthew Szot

an going just Sarkis, need need obtaining the is the work we the So going than in focused through the to to we R&D have further be We're XXXX expenses is cost work expense cost we're efficiencies that guided to don't them. have synergies reflecting further -- of additional expense basically coming through We into XXXX. operating structure to level still level. total -- as what is so absolutely are to can move periods. we now in X incremental that because numbers on reductions we and at SG&A the But those 'XX, without higher achieved our think we time those, and that operating structure be months

Sarkis Sherbetchyan

the in That’s helpful. I’ll hope queue. back

Operator

Please comes question, [Operator with Securities. from ahead Klieve go from question your Instructions] Ben Our next National

Ben Klieve

question. my for Thanks taking

in in the quick these that have on on were? regarding Coast? Or Florence terms Are about Did for all? at Hurricane what October. thinking estimates I'm initiative with of this September, on schedule any -- prior plantings in Michael stevia that planting. there were Mark, the your delays any through came you First, question Specifically, and East impact

Mark Wong

plant so to that we the always them clones, stevia, were we plants. Remember small mean, I you're with really. planning done. you stevia -- October, Not and that's scheduled got in month plant

with one a of hurricane plant them. the that to clones something don't to the you of size have time you the be right due a crop have lot or is a you sort of have -- delay problems if the So to

years so stored the schedule ramp produce longer can of up crops, about So careful obviously one why we're production you're clones. much like the rather and much be demand shelf that's to plant up X than that's doing cheaper, look the if conditions. very for very to they seeded a is And to very, obviously, have goals other seeds crop that They'll seeds farmers acreage clones. are them And about good project life. when able and in making a the the the you schedule of for time Because possibly at be of of those probably seeds, most advance long to keep crop, beneficial of under into our also our big actual planting. stevia

Ben Klieve

Got it, perfect.

-- of about of here. million past, question $XX kind kind $XX kind In the million, sorghum Another years In kind together. you always sunflower X past, out. you'd the of you've said of talked and one pre-Chromatin, business that

kind I'm if impact will of then And on your this and kind sunflower longer-term Now if of revenue a business. can target us how sunflower the to business. it's you of curious also, acquisition mid- break update you kind can from out Chromatin wondering

Mark Wong

which crops. germplasm acquisition together, of sunflower, we reason the the those the in had So because did and both X Australia, original was sorghum we I always of put the

X than alfalfa, world. And so in as crop. of depending you are which on look annual of pair is crops, so X years different sort they're And the at every sold a to where them that's we both

farmer alfalfa. ready from maybe more what than lot like. have And really future so the of a sunflower We're about sort looks and practice to talk common in sorghum not projection

right than maybe people, we're where We And opportunity there starting in said around with. the all of our my next in -- sunflower comment, contacts just probably There's in have is. because we alfalfa more the lot new cross-selling will the the But as be or distributor of to X. a But in new I cross-selling of farmer-dealer customers visit those network U.S., do going our quarter now, internationally. distributor of in really we're U.S. process

sales yet longer-term forecast really don't picture's for to and what the So be sunflower a sorghum. have we of for going

out said, for XXXX in hemisphere. so harvest, northern now the inventory came XXX% we're that almost As of harvesting Crop's Matt Texas the in.

So through that January, in that seed February, weather we're farmer-dealers of removes winter already happy -- And seeds our network the production. we'll our started time frame kind that the risk cleaning about from March the We've crop first to start cleaning and that, here time cleaning the internationally, have go but the to also the came in, and and in we'll seed start frame. same ready seeds.

we're We're about about, seem indication really very talked business be they really companies we've a that getting can many to an distributors optimistic. do So aren't Most positive with middle handle very doing there in the internationally like of it's with. Maybe us. pretty that. business on the market, integrated seed that

in companies breeding distributors do. the that Some the no are don't whatsoever. breeding are crops and distributors pure and with locations programs same warehouses we Other distributors of more seed have

all customers. all to out. X, of going the frankly to months And in from that process the X So those take figured get demand we're understanding it's X,

we'll an now, right you for have in that. predict very to the difficult future. update So But very,

Ben Klieve

does question sources regarding this visibility in today Very visibility kind visibility into fiscal today of have And uncertainty guidance of do have that And does versus that here ties versus year kind how years, your the you on prior here. any guess the curious, revenue I my -- I'm Okay. of here for higher this balance you revenue time prior next with good. the your -- how impact that that your years? decision call?

Mark Wong

is what I buying opportunities, fifth opportunities. that just since from become our might people companies we've quarter trying reporting CEO, or it whether hearing generated -- I like the internally now be you should give I've we're be mean, Xth be think establish our been Yes, I'll to call, this one call Chromatin, on example.

be see alfalfa pretty in and first of we now. year. and much that million sold all it's this that's planting harvesting we pretty seed because that put crop revenue, bigger orders supply crop year we varieties, about the be so demand didn't planted Europe for is sold, we out. our be so happy And we're good we're And to crop, seed we'll first all Europe customer or had. in we'll if -- $X our going that in harvested So next our a well, And

reasons are bit sales in is like So that for a but sunflower. little time It's pretty going positive. are business of well. than The development sunflower things sorghum less lots pretty good different

-- we crop sales have around the depending to world, generate them goal, or So what to then don't various if conditions I our on understand countries majority because of of single generate is projection. on whatever, there's every work you goal. shots the people And We're We're weather right. year is all on should not to work. economic know more them to think of customer work job depending condition our them shots of or of these all lots on in

Middle because built alfalfa ourselves what much is from up give different So do, East. possibilities more X been stable and that's rather sales just trying sales projections to than predictable more in businesses make or we've the on X those to our it's depending

projections, more XXXX out through risk a lot be taking dependable. we The fiscal forward people should we're So years. as and will seeing projections of move the and that XXXX be

Ben Klieve

Thanks Got for comment. Very good. your it.

in I I’ll think from it that does me. jump queue.

Mark Wong

great. Okay,

Operator

go ahead your Please comes Malouf Craig-Hallum Our with next question from Mike from question. Capital.

Mike Malouf

question. guess, the can where have given us you guys over of they've that and reason product on my over more obviously, just bit amount up on the could bit amount just to what of sort specifically back little period to perspective new X than was money last I that brought some revenues the able sort And I -- for their of little market, they've a would've why taking -- been And weren't give they the years? than also capture you that Thank, curious of share If to Great. thought. Chromatin. they X spent on a R&D the market

Mark Wong

Yes.

the I seed sales sort spring but We on clearly. So particular, sales of effect But new a business we We really general, the business get only like is A get right. seasons year. the of X in ag sales sales the northern see product to year. that a those a spring in you which that think your a seasons within a X get numbers. about remember has hemisphere not hemisphere X one in northern pretty season. fall come southern it's software long It's a and company XX-day cycle. Yes, season thing cycle, really months, you get season, hemisphere is a can

in XX So sales XX seed cycle like XX in get me, biotech years. business, XX you the seasons, years

say. do, of understand of the those think the industry. the who very years, best because you don't make don't have so us I'll in that of business, we most business stay many. of cycles, history we every we XX people get for big to the one have We our opportunities use strategically. you those And to proud in think But single understand the And we're

to has horizon be successful. have eyes We that we seed and those, company do we things understand think to on the our on a small the

back raise venture a X right. of their I the having their caught their take be. of still Because question pre-new because was they so cost were X go And they expenses, to your One never they that's over sales their sort problems to in Yes, really to They I the the operating out kept I expenses them. were can't think can't years. the one profits remember from place you, to to hat of that And pay of of years generated last had, had hit in state. product money and $XX sales, couple they their sales. But -- last had ramps. new development or the of million equity they off to Chromatin my sales the tough I funding numbers. sort for really

them. I in don't is think It's didn't sins greatest cut of they did money, X-year And X hope they their years and which product that, cut notices, that to, nobody view, on. because your you and And staff projects, like you have They that have that a a has coming to and R&D. we my their enough get excited the products and in. we they kept some didn't is do pipeline have cut cycle They that result pretty in herbicide biology other a about. do pretty of together, interesting really breeding resistance easy staff when molecular kept things before the sorghum of big job. the thing good sort you we're

for companies. it of were were a years into maybe by asked think make might I their one when would exhibits short one there and the been product They time, have a the there and where for money really have they the -- in that which ago. marketing up years, had. put question was have. introductions more Chromatin lot call, to put the probably no years about And products the of X, introducing couple they we I And number. market X lot is year, they on a was way, push the but it acquiring last pipeline didn't really a job out, think They to a the were or had or X, in part did in enough on making R&D. the more sales great that they if And of hybrids was line fall Yes, X trying X they past they uniform. normalized probably they've more they than those product the had X

a it's situation. complicated So

Mike Malouf

assume -- of many falling cycles, there a the that given than take that lead fact When off? that would were would XX% and Specially they sales XX% know the and What look sales to sales robust. now. I the pretty are I that you aren't products higher are

through farmer's on so product the new if new long a And this process. it sold product, a using

You don't switching product. to a consumer's start jump over year to a

a like just helpful. I'd of be So that would to comments couple on

Mark Wong

sure. Yes,

sales, of shown there coming were was excited excited ones were I a would about, farmers that they the about. seed So of And their that that product well in trials, their and research and say had we're selling were those. big out component producing the own --

a to going system them. But purchasing purchased much a sales, who their going still trouble was because their they only That's to say margins. my guess of tell maybe some motivation. of pretty just that of were sales such big look get number sales not in the going not low were had not That's friends. But some at people and sales, about half. of your was of And doing Mike. that they to I'm sales I'm with there. it's that are me to big going by I'm to So losses. I piece were portion there go their that their a big make just their all stuff were can they bigger, distributor through their you. lot where flowing

sales their So were pushing organization. through that way, they just

Mike Malouf

then That a it. makes just question. Got sense. more quick And

in all do at -- the -- perspective, helpful. update be that East, could you any you perspective If on going new on any what's or Middle have would

Mark Wong

doing planted I dairies believe the Yes. of understand sales X those the coming back in terms about still mean, to We when still are different we're acres. things. that are trying

small producers given they producers because importing from buying local, Saudis guys still are those the water have where alfalfa still off. big have They're the been hay. cut can So alfalfa

importing including hay So the from world, number California. they're two, around

people Arabia. hay basis, last are Saudi year check on strong the of number. has to per bale So want that if reasonably a They expanding been outside price the

have Almarai, So -- California, milk land areas land some buying like about have And fourth we've are bought in directly. talking the dairies, taking dairies seen so back. hay to been their the they they export thing, cows Saudi have bought their building Argentina, but in also back big in can own they have data, those also in milk are from and take that

milk they're and and milk Because EU. in rebottling sell the East. Saudi so that are the in they some dairies So -- from They're Saudi customer Zealand, buying base for big they're buying their New customer their from to dairies Eastern the the Middle of -- big, biggest they're cows. X base the of most cows. supply countries. The sell XXX,XXX for Eastern in biggest countries. dairy the U.S. couple Again, is the the most They're Middle Middle XX,XXX when they about

they're big, big. really So

Mike Malouf

appreciate color. the I helpful. really That’s

Mark Wong

Mike. Appreciate you, Thank question. the

Operator

[Operator question. ahead from with question go Our Young Please Walter from your Thompson, Instructions] comes Davis. next

Walter Young

already answered. Hi. Thank It's My Walter. question has you. been

Operator

to like gentlemen, conclude question-and-answer conference time, turn call for and session. I'd closing back ladies to And remarks. Wong any at the we'll over this Mark today's

Mark Wong

much. very Thanks

geographically details, just the Chromatin again markets the on to that organized, very, our much little because everyone that I've of those now, said, We're given we'll we've as be we convey purchase and So in able on a focused functionally -- are call, to apologize And guys put organized. better has couple following we'll to us. about short our little the a opportunities organization And you understanding company. future place, a in weeks, have I closed in for a only you good as calls. but and very excited and we business, new weeks for good thank the being ago. of in on more we're the

When for like there the U.S. I corn exciting seed into -- I it's came And X. time. the business, as now, So it's were in companies said, very seed XXX now me, there's a

be of GMOs. many is made that crops consolidation. companies think, through we've as lived changes. our introduction I are excited what to said, biotechnology, industry's had I've The people I've of many, we're our this shareholders bring and lived going customers the terms of. and one in totally to the the excited, the exciting So about privilege of through for most think our I totally I'm And We've of CEO value. And

very So appreciate now. everybody, for and your Bye-bye thanks support much, we sure.

Operator

concluded. and the gentlemen, We thank for today's you conference attending has Ladies now presentation. do

You lines. may now disconnect your

S&W Seed (SANW) 9 Nov 182018 Q3 Earnings call transcript