IGC Announces Financial Results for Quarter Ended June 30, 2016
August 17 2016 - 08:00AM
India Globalization Capital, Inc. (NYSE MKT:IGC) announces
financial results for the quarter ended June 30, 2016. Total
revenue was $288,493 for the three months ended June 30, 2016, as
compared to $1,858,809 for the three months ended June 30,
2015. The decrease in revenue is attributable to the
corporate mandate to reduce volume in the electronic trading
business.
Selling, general and administrative expenses were $307,772 for
the quarter ended June 30, 2016 as compared to $305,403 for the
quarter ended June 30, 2015. Most of these expenses were incurred
as a result of public-company costs.
The Company reported a consolidated GAAP net income loss of
$383,566 and a GAAP EPS loss of $0.02 compared to a GAAP net income
loss of $382,699 and a GAAP EPS loss of $0.03 for the three months
ended June 30, 2015.
For the quarter ended June 30, 2016, our non-GAAP cash burn was
approximately $254,654 after adjusting for $97,672 of depreciation
and $31,240 of non-cash interest.
At the end of June 30, 2016, our cash and cash equivalents along
with restricted cash was $1,325,550.
“We are pleased to move forward into the new fiscal year with a
strong foundation for growth driven by our international
infrastructure and real estate management division. Our recent
acquisition of Cabaran Ultima will help us leverage significant
management expertise as we look to develop high-end luxury
complexes as further exemplified by our 10% stake in the $262 MM
Genting Highlands project which was announced subsequent to the
current quarter,” stated Ram Mukunda, CEO.
About IGC
In the United States, we develop phytocannabinoid-based
therapies. We have several patent filings for the indications of
Pain, Medical Refractory Epilepsy and Cachexia using
phytocannabinoids. In addition, internationally we engage in
leasing, trading, developing and managing infrastructure, and real
estate projects. We are based in Bethesda, Maryland.
Our website: www.igcinc.us. Twitter @IGCIR
Facebook.com/IGCIR/
Forward-looking Statements
Some of the statements contained in this press release that are
not historical facts constitute forward-looking statements under
the federal securities laws. Forward-looking statements can be
identified by the use of the words "may," "will," "should,"
"could," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "intends," "potential," "proposed" or the
negative of those terms. These statements are not a guarantee of
future developments and are subject to risks, uncertainties, and
other factors, some of which are beyond IGC's control and are
difficult to predict. Consequently, actual results may differ
materially from information contained in the forward-looking
statements as a result of future changes or developments in IGC's
business and acquisition and diversification strategy, competitive
environment, infrastructure demands, and governmental, regulatory,
political, economic, legal and social conditions in, among other
places, China and India. Except as required by federal securities
laws, IGC undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information
or future events, or otherwise. Other factors and risks that could
cause or contribute to actual results differing materially from
such forward-looking statements have been discussed in greater
detail in IGC's Form 10-K for fiscal year ended March 31, 2016, and
in subsequent reports filed with the U.S. Securities and Exchange
Commission.
FINANCIAL STATEMENTS TO FOLLOW
INDIA GLOBALIZATION CAPITAL, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
|
|
|
All amounts in USD except share data |
|
|
|
As of |
|
|
|
30-June - 16 |
|
|
31-March - 16 |
|
|
|
(unaudited) |
|
|
(audited) |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
1,325,550 |
|
|
$ |
1,490,693 |
|
Accounts receivable,
net of allowances |
|
|
591,575 |
|
|
|
962,658 |
|
Inventories |
|
|
58,647 |
|
|
|
162,091 |
|
Prepaid expenses and
other current assets |
|
|
1,529,781 |
|
|
|
1,226,507 |
|
Total current
assets |
|
$ |
3,505,553 |
|
|
$ |
3,841,949 |
|
Goodwill |
|
|
1,180,951 |
|
|
|
1,180,951 |
|
Intangible Assets |
|
|
113,321 |
|
|
|
113,321 |
|
Property, plant and
equipment, net |
|
|
7,038,529 |
|
|
|
7,074,437 |
|
Investments in
affiliates |
|
|
573,411 |
|
|
|
609,148 |
|
Investments-others |
|
|
5,229,910 |
|
|
|
5,175,392 |
|
Deferred Income
taxes |
|
|
356,334 |
|
|
|
356,684 |
|
Other non-current
assets |
|
|
497,632 |
|
|
|
507,300 |
|
Total long-term
assets |
|
$ |
14,990,088 |
|
|
$ |
15,017,233 |
|
Total assets |
|
$ |
18,495,641 |
|
|
$ |
18,859,182 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Short -term
borrowings |
|
|
12,591 |
|
|
|
27,762 |
|
Trade payables |
|
|
259,204 |
|
|
|
330,631 |
|
Accrued expenses |
|
|
230,132 |
|
|
|
300,111 |
|
Advance from
customers |
|
|
397,516 |
|
|
|
- |
|
Loans - others |
|
|
133,333 |
|
|
|
189,680 |
|
Notes payable |
|
|
1,800,000 |
|
|
|
1,800,000 |
|
Other current
liabilities |
|
|
565,181 |
|
|
|
550,877 |
|
Total current
liabilities |
|
$ |
3,397,957 |
|
|
$ |
3,199,061 |
|
Long -term
borrowings |
|
|
596,273 |
|
|
|
801,467 |
|
Other non-current
liabilities |
|
|
909,892 |
|
|
|
910,583 |
|
Total non-current
liabilities |
|
$ |
1,506,165 |
|
|
$ |
1,712,050 |
|
Total
liabilities |
|
$ |
4,904,122 |
|
|
$ |
4,911,111 |
|
Stockholders'
equity: |
|
|
|
|
|
|
|
|
Common stock — $.0001
par value; 150,000,000 shares authorized; 23,265,531 issued and
outstanding as of March 31, 2016 and 23,405,198 issued and
outstanding as of June 30, 2016. |
|
$ |
2,340 |
|
|
$ |
2,327 |
|
Additional paid-in
capital |
|
|
65,942,286 |
|
|
|
65,885,243 |
|
Accumulated other
comprehensive income |
|
|
(2,316,544 |
) |
|
|
(2,269,357 |
) |
Retained earnings
(Deficit) |
|
|
(50,527,357 |
) |
|
|
(50,142,199 |
) |
Total equity attributable
to Parent |
|
$ |
13,100,725 |
|
|
$ |
13,476,014 |
|
Non-controlling
interest |
|
$ |
490,794 |
|
|
$ |
472,057 |
|
Total stockholders'
equity |
|
$ |
13,591,519 |
|
|
$ |
13,948,071 |
|
Total liabilities and
stockholders' equity |
|
$ |
18,495,641 |
|
|
$ |
18,859,182 |
|
These interim financial statements should be read
in conjunction with the financial statements and notes included in
the Company's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2016 and Annual Report on Form 10-K for the fiscal year
ended March 31, 2016. Quarterly financial results may not be
indicative of the financial results for the entire fiscal year.
INDIA GLOBALIZATION CAPITAL, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
|
All amounts in USD except share data |
|
|
|
Three months ended June 30, |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
288,493 |
|
|
$ |
1,858,809 |
|
Cost of revenues
(excluding depreciation) |
|
|
(201,854 |
) |
|
|
(1,654,769 |
) |
Selling, general and
administrative expenses |
|
|
(307,772 |
) |
|
|
(305,403 |
) |
Depreciation |
|
|
(97,672 |
) |
|
|
(155,974 |
) |
Operating income
(loss) |
|
$ |
(318,805 |
) |
|
$ |
(257,337 |
) |
Interest expense |
|
|
(43,278 |
) |
|
|
(61,914 |
) |
Interest income |
|
|
- |
|
|
|
694 |
|
Other
income, net |
|
|
1,755 |
|
|
|
(35,057 |
) |
Income before income taxes
and minorityinterest attributable to
non-controlling interest |
|
$ |
(360,328 |
) |
|
$ |
(353,614 |
) |
Income taxes benefit/
(expense) |
|
|
- |
|
|
|
- |
|
Net
income/(loss) |
|
$ |
(360,328 |
) |
|
$ |
(353,614 |
) |
Non-controlling
interests in earnings of subsidiaries |
|
|
23,238 |
|
|
|
29,085 |
|
Net income / (loss)
attributable to common stockholders |
|
$ |
(383,566 |
) |
|
$ |
(382,699 |
) |
Earnings/(loss) per
share attributable to common stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
|
$ |
(0.03 |
) |
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.03 |
) |
Weighted-average number
of shares used in computing earnings per share amounts: |
|
|
|
|
|
|
|
|
Basic |
|
|
23,312,056 |
|
|
|
14,832,065 |
|
Diluted |
|
|
23,312,056 |
|
|
|
14,832,065 |
|
These interim financial statements should be read
in conjunction with the financial statements and notes included in
the Company's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2016 and Annual Report on Form 10-K for the fiscal year
ended March 31, 2016. Quarterly financial results may not be
indicative of the financial results for the entire fiscal year.
Contact:
Claudia Grimaldi
301-983-0998