Amira Nature Foods Ltd Announces Earnings Release Date and Provides Update for its Fiscal Year Ended March 31, 2017
May 23 2017 - 8:45AM
Business Wire
Amira Nature Foods Ltd (the “Company;” or “Amira” NYSE: ANFI), a
leading global manufacturer, marketer and distributor of branded
packaged specialty rice and other related food products, with sales
across five continents around the world, announced today that it
expects to release its full year audited financial results and its
Form 20-F for the fiscal year ended March 31, 2017 in July 2017.
Based upon its unaudited financials, the Company generated revenues
for the six months ended March 31, 2017 that increased by
approximately 2% or more from the same six month period of the
prior year. Additionally, the Company estimates that its adjusted
EBITDA margins for the year will be broadly in line with its
historical full year adjusted EBITDA margins.
Bruce Wacha, Amira’s Chief Financial Officer stated, “We are
encouraged by the improved performance in the second half of our
fiscal 2017. We have reached an inflection point in our business
recovery and we are now positioned to report modest growth for the
six months ended March 31, 2017 when compared to the same period in
the prior year. We continue to focus on growth opportunities and
building the business. We look forward to discussing our improved
performance for fiscal 2017 and providing our outlook fiscal
2018.”
The unaudited prospective financial information presented above
is based on unaudited management accounts through March 31,
2017 and is not intended to be a comprehensive statement of
the Company’s financial or operational results for the year ended
March 31, 2017. In addition, while the Company believes the
unaudited prospective financial information to be reasonable, the
Company is still finalizing its consolidated financial statements
for the year ended March 31, 2017. Accordingly, the Company’s
actual results for the year ended March 31, 2017, may vary from the
prospective financial information contained above and such
variations could be material. As such, you should not place undue
reliance on this unaudited prospective financial information, which
should not be regarded as an indication that such prospective
financial information will be an accurate prediction of future
events, and such information should not be relied on as such. See
also “Safe Harbor for Forward-Looking Statements” below.
About Amira Nature Foods Ltd.
Founded in 1915, Amira has evolved into a leading global
manufacturer, marketer and distributor of branded packaged
specialty rice and other related food products, with sales across
five continents around the world. The Company generates the
majority of its revenue through the sale of Basmati rice, a premium
long-grain variety of rice grown only in the geographically
indicated region of the Indian sub-continent, as well as other
specialty rice. It sells its products under its flagship Amira
brand, as well as other Company owned brands and third party
brands. The Company expanded its product offerings in recent years
to include other value-add categories such as edible oils and
organics. The Company also sells other products such as wheat,
barley, legumes and other produce to large institutional customers.
The Company’s fourth generation leadership has built on a rich,
century-old legacy and transformed Amira from a local family-run
business to a publicly listed, globally focused packaged food
company with a global leadership position in the high growth
Basmati rice sector. Amira sells its products through a broad
distribution network in both the developed and emerging markets.
The Company’s global headquarters are in Dubai, United Arab
Emirates, and it also has offices in India, Malaysia, Singapore,
Germany, the United Kingdom, and the United States. Amira Nature
Foods Ltd is listed on the New York Stock Exchange (NYSE) under the
ticker symbol “ANFI.”
For more information, please visit www.amira.net.
Safe Harbor for Forward-Looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by words or
phrases such as “may,” “will,” “except,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“future” or other similar expressions. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy and financial needs. There is no assurance that
our current expectations and projections are accurate. These
forward-looking statements include, but are not limited to:
- our goals and strategies;
- our operations and expansion
plans;
- our future business development,
results of operations, financial condition and financial
statements;
- our ability to protect our intellectual
property rights;
- projected revenue, EBITDA, adjusted
EBITDA, profits, adjusted profits, earnings, adjusted earnings and
other estimated financial information;
- our ability to maintain strong
relationships with our customers and suppliers;
- governmental policies regarding our
industry; and
- the impact of legal proceedings.
You should not place undue reliance on forward-looking
statements and you should read these statements in conjunction with
the risk factors disclosed in “Risk Factors” appearing in Amira’s
Annual Reports found on the SEC’s website located at www.sec.gov.
Those risks are not exhaustive. We operate in a rapidly evolving
environment. New risk factors emerge from time to time, and it is
impossible for our management to predict all risk factors, nor can
we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ from those contained in any forward-looking
statement. We do not undertake any obligation to update or revise
the forward-looking statements except as required under applicable
law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170523005852/en/
For Investor Inquiries:Amira Nature Foods LtdBruce Wacha,
646-779-1984Chief Financial
Officerbruce.wacha@theamiragroup.com
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