S&W SEED COMPANY |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(unaudited) |
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Three Months Ended |
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Three Months Ended |
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March 31, |
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March 31, |
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2018 |
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2017 |
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NON-GAAP |
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NON-GAAP |
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NON-GAAP |
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NON-GAAP |
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GAAP |
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Adjustments |
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Adjusted |
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GAAP |
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Adjustments |
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Adjusted |
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Revenue |
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$ |
22,949,170 |
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- |
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$ |
22,949,170 |
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$ |
21,012,243 |
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- |
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$ |
21,012,243 |
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Cost of revenue |
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16,303,436 |
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- |
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16,303,436 |
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15,208,896 |
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- |
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15,208,896 |
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Gross profit |
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6,645,734 |
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- |
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6,645,734 |
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5,803,347 |
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- |
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5,803,347 |
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Operating expenses |
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Selling, general and administrative expenses |
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2,676,166 |
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(23,367) |
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2,652,799 |
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2,720,131 |
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- |
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2,720,131 |
Research and development expenses |
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1,065,323 |
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- |
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1,065,323 |
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714,512 |
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- |
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714,512 |
Depreciation and amortization |
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838,585 |
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- |
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838,585 |
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798,559 |
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- |
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798,559 |
Disposal of property, plant and equipment loss |
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- |
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- |
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- |
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7,766 |
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- |
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7,766 |
Impairment charges |
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- |
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- |
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- |
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319,001 |
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(319,001) |
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- |
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Total operating expenses |
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4,580,074 |
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(23,367) |
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4,556,707 |
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4,559,969 |
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(319,001) |
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4,240,968 |
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Income from operations |
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2,065,660 |
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23,367 |
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2,089,027 |
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1,243,378 |
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319,001 |
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1,562,379 |
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Other expense |
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Foreign currency (gain) loss |
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(27,939) |
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- |
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(27,939) |
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2,125 |
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- |
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2,125 |
Change in derivative warrant liabilities |
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- |
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- |
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- |
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(1,009,901) |
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1,009,901 |
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- |
Change in contingent consideration obligation |
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- |
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- |
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- |
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(86,688) |
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86,688 |
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- |
Loss on equity method investment |
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- |
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- |
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- |
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95,591 |
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(95,591) |
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- |
Interest expense - amortization of debt discount |
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51,185 |
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(51,185) |
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- |
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150,875 |
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(150,875) |
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- |
Interest expense |
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512,892 |
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- |
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512,892 |
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300,627 |
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- |
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300,627 |
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Income before income taxes |
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1,529,522 |
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74,552 |
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1,604,074 |
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1,790,749 |
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(531,122) |
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1,259,627 |
Provision for income taxes |
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(248,931) |
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- |
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(248,931) |
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463,509 |
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(33,385) |
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430,124 |
Net income |
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$ |
1,778,453 |
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74,552 |
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$ |
1,853,005 |
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$ |
1,327,240 |
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(497,737) |
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$ |
829,503 |
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Net income per common share: |
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Basic |
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$ |
0.07 |
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$ |
0.08 |
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$ |
0.07 |
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$ |
0.05 |
Diluted |
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$ |
0.07 |
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$ |
0.08 |
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$ |
0.02 |
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$ |
0.05 |
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Weighted average number of common shares outstanding: |
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Basic |
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24,335,821 |
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24,335,821 |
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17,963,598 |
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17,963,598 |
Diluted |
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24,353,082 |
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24,353,082 |
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17,979,177 |
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17,979,177 |
Find this article at: http://news.agropages.com/News/NewsDetail---26284.htm | |
Source: | Agropages.com |
---|---|
Web: | www.agropages.com |
Contact: | info@agropages.com |