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AgroFresh Solutions Inc

AgroFresh Solutions Inc (AGFS)

3.00
0.00
( 0.00% )
Updated: 20:00:00

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Key stats and details

Current Price
3.00
Bid
2.75
Ask
3.00
Volume
-
0.00 Day's Range 0.00
0.00 52 Week Range 0.00
Previous Close
3.00
Open
-
Last Trade
Last Trade Time
-
Average Volume (3m)
-
Financial Volume
-
VWAP
-

AGFS Latest News

No news to show yet.
PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10000000CS
40000000CS
120000000CS
260000000CS
520000000CS
1560.8438.88888888892.163.0051.461879972.5825234CS
2601.487.51.64.211571532.45661532CS

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AGFS Discussion

View Posts
benhor benhor 2 years ago
$AGFS Added some up over 70%
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make it happen make it happen 2 years ago
Congrats on the pop. The volume is unsustainable. Its done more volume today than the whole year combined. Gives great opportunity for selling accumulated shares or Insider selling to scale out some.

There is no buy out many ppl exagering that's just a price target of someone who accumulated at half the price for the past year.

Some twitter people can Def drag in newbs. I'd rather help than pump onto unexpected people.
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subslover subslover 2 years ago
OMG, you are just like me! I need the strongest coffee in order to survive lol. The stuff is like heroin to me. I can't function without it!
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tw0122 tw0122 2 years ago
Probably should have kept 10% for the 2.70 run as the morning coffee settles in. All hindsight. Quick guaranteed profits are rare. Hope you get the 2.80s !!
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subslover subslover 2 years ago
Gonna tell you that this didn't happen until June. I am an OTC investor and that sector has sucked eggs all year! I decided to change to NASDAQ and it's all about waking up very early to find these day trades. If I can do it then almost everybody can do it too. Just have to change our sleeping schedule. So I get up early and go to bed early just like the farmers. lol
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crudeoil24 crudeoil24 2 years ago
Exactly, you're an Eagle with these early market picks.
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subslover subslover 2 years ago
Hey, crude oil dude! Thanks so much. Like I preach the early bird catches the worm. At least 9 out of 10 times lol
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crudeoil24 crudeoil24 2 years ago
Congrats on premarket "pop".

AGFS
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subslover subslover 2 years ago
Now $2.55 I'm waiting for $2.80 or when the market opens to dump
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tw0122 tw0122 2 years ago
Out at 2.47… good luck maybe it hits $3
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tw0122 tw0122 2 years ago
So let’s pretend maybe it gets to $2.50 range? $3 wont happen anytime soon I would imagine.
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subslover subslover 2 years ago
On October 24, 2022, a special committee (the “Special Committee”) of the board of directors (the “Board”) of AgroFresh Solutions, Inc. (the “Company”) agreed with Paine Schwartz Partners (“Paine Schwartz”) to pursue a transaction pursuant to which Paine Schwartz would acquire all of the outstanding common stock of the Company (“Common Stock”) for $3.00 per share in cash and which would (i) not be conditioned upon Paine Schwartz’s ability to obtain financing or obtain any waiver or amendment under any agreement of the Company related to indebtedness, and (ii) be conditioned upon approval by a fully empowered special committee of independent, non-management directors and upon the approval of the holders of a majority of the Common Stock owned by disinterested stockholders in accordance with the framework established under Kahn v. M&F Worldwide Corp. and its progeny, and such conditions will be non-waivable (the “Proposed Transaction”).

The Proposed Transaction is subject to, among other things, Paine Schwartz’s satisfaction of confirmatory diligence and negotiation and execution of definitive documentation. The Board, acting through the Special Committee, granted Paine Schwartz a limited waiver (the “Limited Waiver”) of the standstill restrictions contained in the Investment Agreement dated June 13, 2020 by and between the Company and an affiliate of Paine Schwartz to permit Paine Schwartz to disclose the Proposed Transaction by filing an amendment to the statements on Schedules 13D and 13D/A previously filed by Paine Schwartz in compliance with the Securities Exchange Act of 1934, as amended, complete confirmatory diligence, engage with and enter into arrangements with financing sources and negotiate definitive documentation in respect of the Proposed Transaction and, if later approved by the Board upon the recommendation of the Special Committee, enter into the Proposed Transaction. The foregoing description of the Limited Waiver does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Limited Waiver, a copy of which is attached as Exhibit 10.1 to this report and is incorporated herein by reference.

The Company cautions its stockholders and others considering trading in Company securities that no agreement between Paine Schwartz and the Company relating to the Proposed Transaction will be created unless definitive documentation is executed and delivered by the appropriate parties.

The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, or to provide any additional disclosures to reflect subsequent events, new information or future circumstances, except as required under applicable law.

Perella Weinberg Partners LP is serving as financial advisor to the Special Committee. Morris, Nichols, Arsht & Tunnell LLP is serving as legal advisor to the Special Committee. Morrison & Foerster LLP is serving as legal advisor to the Company.
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BlazingStocks BlazingStocks 2 years ago
$AGFS testing support on the chart for the 4th time in 3 months...oversold too.
https://viralstocks.io/3-agriculture-penny-stocks-agri-agfs/
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BlazingStocks BlazingStocks 2 years ago
$AGFS traded less than its 10-day average volume yesterday...but closed near the high of the day. AGFS supports growers, packers, and retailers with solutions across the food supply chain to enhance the quality and extend the shelf life of fresh produce.
https://viralstocks.io/3-agriculture-penny-stocks-agri-agfs/
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BlazingStocks BlazingStocks 2 years ago
$AGFS is trading just over half of its 10-day average volume...but don't miss this opportunity as they are an AgTech innovator & global leader best known for its efforts to reduce food loss and waste as well as conserve the planet’s resources.
https://viralstocks.io/3-agriculture-penny-stocks-agri-agfs/
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BlazingStocks BlazingStocks 2 years ago
$AGRI and $AGFS, 2 Farming & Agriculture penny stocks

Why You Should Think About Investing In Agriculture Penny Stocks In 2022
https://viralstocks.io/3-agriculture-penny-stocks-agri-agfs/
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Singhania Singhania 2 years ago
Alt. Agriculture Plays Set to Pop on Sanctions

https://capitalgainsreport.com/2022/03/14/alt-agriculture-plays-set-to-pop-on-sanctions/
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abracky abracky 2 years ago
AgroFresh Solutions to Present at the 2022 ICR Conference

Source: GlobeNewswire Inc.?

AgroFresh Solutions, Inc. (Nasdaq: AGFS), a global leader in produce freshness solutions, announced today that Clinton Lewis, Chief Executive Officer, and Graham Miao, Chief Financial Officer, will present at the 2022 ICR Conference
The conference will be held virtually on January 10-12, 2022. The AgroFresh Solutions presentation is scheduled for Monday, January 10, 2022 at 8:30 am Eastern Time. The presentation and related materials will be available to all interested parties through a live audio webcast accessible in the investor relations section of AgroFresh’s website at www.agrofresh.com.
About AgroFresh
AgroFresh (Nasdaq: AGFS) is an AgTech innovator and global leader with a mission to prevent food loss/waste and conserve the planet’s resources by providing a range of science-based solutions, data-driven digital technologies and high-touch customer services. AgroFresh supports growers, packers and retailers with solutions across the food supply chain to enhance the quality and extend the shelf life of fresh produce. The AgroFresh organization has 40 years of post-harvest experience across a broad range of crops, including revolutionizing the apple industry with the SmartFresh™ Quality System for more than 20 years. This is powered by a comprehensive portfolio that includes plant-based coatings, equipment and proprietary solutions that help improve the freshness supply chain from harvest to the home. Visit agrofresh.com to learn more.
™Trademark of AgroFresh Inc.
Investor Contact:
For AgroFresh Solutions, Inc.
Jeff Sonnek - Investor Relations
ICR Inc.
Jeff.Sonnek@icrinc.com
646-277-1263
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abracky abracky 2 years ago
CLINTON A. LEWIS Jr. TO JOIN TARGAN's BOARD OF DIRECTORS

Source: PR Newswire (US)

MORRISVILLE, N.C., Dec. 16, 2021 /PRNewswire/ -- TARGAN Inc., a biotechnology systems company transforming animal protein production by bringing individualized care technologies to the poultry, swine, and aquaculture markets, announces the appointment of Mr. Clinton A. Lewis, Jr. to its board of directors.

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TARGAN, a biotechnology systems company announces the appointment of Mr. Clinton A. Lewis, Jr. to its Board of Directors

Clinton A. Lewis, Jr., has over 30 years of commercial, general management and senior leadership experience across the life sciences, pharmaceutical, veterinary and agribusiness sectors. Mr. Lewis currently serves as the Chief Executive Officer and member of the Board of Directors for AgroFresh (Nasdaq: AGFS) an agribusiness leader in the post-harvest fresh fruit and produce sector.  
"We are honored and thrilled to have Mr. Lewis join our Board of Directors. We look forward to the great impact of his extensive strategic executive leadership as TARGAN continues to grow leading-edge technologies and systems to advance animal health and sustainability for animal protein production." said Ramin Karimpour, Founder and Chief Executive Officer of TARGAN. "Clint is a compassionate visionary with a great track record of success in development of successful strategies for global animal health initiatives and businesses."
Karimpour added that "Mr. Lewis' strategic vison and depth of knowledge will be critical in directing TARGAN's initiatives to create incremental value for the company, its customers, and investors."
Clint Lewis stated, "Automation across the production animal sector will continue to play a critical role in advancing animal health, food safety, address ongoing labor challenges and improve producers' efficiency and profitability." He further added "Having seen the technical capabilities of TARGAN and the top talent they have assembled, I am honored to join the Board and contribute to their ongoing journey."
Prior to his current role, Mr. Lewis served in a series of senior executive roles at Zoetis, the global leader in the animal health industry including Executive Vice President and Group President responsible for international operations, commercial development, global genetics and aquaculture from 2018 to 2019, President of International Operations from 2015 to 2018 and as President of U.S. Operations from 2013 to 2015.  
Prior to the formation of Zoetis (IPO from Pfizer in 2013), Mr. Lewis served as President of U.S. Operations at Pfizer Animal Health, which he joined in 2007. Mr. Lewis first joined Pfizer in 1988 in the human health pharmaceutical segment and held positions of increasing responsibility in various commercial operations and general management roles. 
Mr. Lewis currently serves on the Board of Directors of International Paper (NYSE: IP) and also serves on the Board of United Veterinary Care. Mr. Lewis formerly served as Chairman of the Board for the Animal Health Institute (AHI), an industry trade association in the U.S., and served as Treasurer for International Federation for Animal Health (IFAH), an industry trade association in Europe. Mr. Lewis has also served on the Dean's Advisory Board for both Cornell's College of Veterinary Medicine and Western University's College of Veterinary Medicine.  
The National Agri-Marketing Association recognized Mr. Lewis as the top Agri-Business Leader in the U.S. in 2015. Mr. Lewis holds a B.S. in Biology from Fairfield University and an M.B.A. from Fairleigh Dickinson University.
Mr. Lewis is replacing longtime board member Mr. Stanley Appleton, former President of Merial Select, who recently stepped down to join TARGAN's Poultry Business and Technology Advisory Board.
"We owe a debt of gratitude to Mr. Appleton for his six years of service on our board," said Karimpour. "We're extremely pleased that Mr. Appleton will continue to share his expertise, experience and vision in his new advisory role as we enter into the commercialization phase of our journey in the poultry industry."
About TARGAN, Inc.
Based in Morrisville, NC, TARGAN is a Biotechnology Systems company poised to transform animal protein production industries worldwide by bringing affordable, individualized care technologies to the market. The industry trend towards antibiotic-free production has led to producers' demand for novel solutions to improve health standards and vaccination procedures, allowing for a similar level of productivity in the absence of antibiotics and other chemicals. TARGAN is bringing advanced technology solutions to the poultry, aquaculture and swine industries to address this demand. For more information, visit www.targan.com.
Media Contact:
Jason Fryar
pr@targan.com
984.292.0844

? View original content to download multimedia:https://www.prnewswire.com/news-releases/clinton-a-lewis-jr-to-join-targans-board-of-directors-301446759.html
SOURCE TARGAN Inc.

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Copyright 2021 PR Newswire
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02opida 02opida 3 years ago
good Volume coming here
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02opida 02opida 3 years ago
FOOD ~ AGFS
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02opida 02opida 3 years ago
looking Green today
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02opida 02opida 3 years ago
PHILADELPHIA, Aug. 25, 2021 (GLOBE NEWSWIRE) -- AgroFresh Solutions, Inc. (Nasdaq: AGFS), a global AgTech leader, announced today that it has received the Overall Food Quality Solution of the Year Award at the AgTech Breakthrough Awards. AgroFresh has been recognized by AgTech Breakthrough for its unparalleled portfolio of integrated solutions for the produce industry that have helped to maintain freshness, reduce food waste, and maximize sustainable resources throughout the supply chain for more than 40 years.

The awards are conducted by AgTech Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global agricultural and food technology markets. The mission of the annual AgTech Breakthrough Awards program is to conduct the industry’s most comprehensive analysis and evaluation of agricultural and food technology markets, including Internet-of-Things (IoT) and Artificial Intelligence (AI) based agricultural technologies, farm management, indoor farming, food quality, data analytics and many more. This year's program attracted more than 1,500 nominations from over 15 different countries throughout the world.

“We are honored to receive recognition for the value that our solutions bring to our customers, including food quality, freshness and sustainability,” said Clint Lewis, Chief Executive Officer of AgroFresh. “To deliver produce with the freshness and taste consumers demand, growers, retailers and packers need proven technologies that work together at every stage, which is at the core of our portfolio of Smarter Freshness technologies.”

Combining deep scientific knowledge with applied industry knowledge, AgroFresh continues to work towards improving the availability, quality, and freshness of produce for all consumers through innovative and sustainable technology, every step of the way. By working closely with its customers, AgroFresh provides a variety of solutions from near-harvest to post-harvest to extend the shelf life of the best-tasting produce, reduce food loss/waste and conserve our planet’s resources, including:

SmartFresh™ Quality System, the original post-harvest choice to maintain consumer-desired produce freshness and quality, and reduce food loss and waste, is available in a variety of formats designed to fit your storage or on-the-move usage requirements.
VitaFresh™ Botanicals, a proprietary, plant-based portfolio of solutions for a wide variety of crops including avocados, citrus and mangos. Its coating range utilize “anti-thirst” technology to boost the skin’s natural protection, creating a “double skin” membrane that reduces dehydration, maintains weight and locks in produce freshness throughout the supply chain.
FreshCloud™, a digital technology services platform, built from deep agricultural expertise, providing data analysis tools and quality insights to optimize produce freshness/quality management decision-making from the field to the retailer.
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02opida 02opida 3 years ago
AgroFresh Solutions to Present at the Canaccord Genuity 41st Annual Growth Conference

2021-08-04 08:00 ET - News Release

PHILADELPHIA, Aug. 04, 2021 (GLOBE NEWSWIRE) -- AgroFresh Solutions, Inc. (Nasdaq: AGFS), a global leader in produce freshness solutions, announced today that Clint Lewis, Chief Executive Officer, and Graham Miao, Chief Financial Officer, will participate virtually in the Canaccord Genuity 41st Annual Growth Conference.

The Company will present on August 11, 2021 at 1:00 PM ET. The presentation and related materials will be available to all interested parties through a live audio webcast accessible in the investor relations section of AgroFresh’s website at www.agrofresh.com.
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02opida 02opida 3 years ago
AGFS
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02opida 02opida 3 years ago
AfroFresh Solutions
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abracky abracky 3 years ago
AgroFresh Solutions EPS beats by $0.27, beats on revenue

Source: Seeking Alpha
To read the full story on Seeking Alpha, click here.
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slow_feet slow_feet 3 years ago
Buying.
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abracky abracky 4 years ago
AgroFresh Solutions Announces Third Quarter 2020 Earnings Release Date

Source: Business Wire
AgroFresh Solutions, Inc. (Nasdaq: AGFS), a global leader in produce freshness solutions, today announced that it will release third quarter 2020 results after the market closes on Thursday, November 5, 2020, followed by a conference call at 4:30 p.m. ET to discuss the results.
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barnyarddog barnyarddog 4 years ago
https://www.agrofresh.com/technologies/
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Supersue Supersue 4 years ago
AGFS up we go Load up imo.
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Scootter82 Scootter82 4 years ago
Stopped out on the run up at 3.80 from 2.50
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Supersue Supersue 4 years ago
AGFS up 52% where is everyone?
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Supersue Supersue 4 years ago
Warrants exp. date 7/31/2020. Plenty of time.AGFSW is just getting discovered.Volume increase will hit scans soon . Then we go up.IMO
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Supersue Supersue 4 years ago
ALL buys premarket on the underlie.https://ih.advfn.com/stock-market/NASDAQ/agrofresh-solutions-AGFS/trades
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Supersue Supersue 4 years ago
DIP unlikely All buys premarket.https://ih.advfn.com/stock-market/NASDAQ/agrofresh-solutions-AGFS/trades
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TwitchChatLiveTV TwitchChatLiveTV 4 years ago
I want shares, but need a DIP.
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WHITTENHALLJR WHITTENHALLJR 4 years ago
Whens the expiration date and strike point? Tia catalysis for mothership to reach it? Tia
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Supersue Supersue 4 years ago
AGFS UP % Warrants at .02 will follow only warrants move so fast they will be up 10 times that shortly IMO.AGFS will be hitting radars soon.
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Supersue Supersue 4 years ago
AGFS THE warrants are going crazy from .025 to .05 today
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Supersue Supersue 4 years ago
AGFSW wow up 235 % today
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Supersue Supersue 4 years ago
Just bought the warrants symbol AGFSW They are jumping up.
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abracky abracky 4 years ago
AgroFresh Expands SmartFresh™ Technology for More Crops and Ready-to-Eat Produce Suppliers

Source: PR Newswire (US)

PHILADELPHIA, April 29, 2020 /PRNewswire/ -- AgroFresh Solutions, Inc. ("AgroFresh" or the "Company") (NASDAQ: AGFS), a global leader in produce freshness solutions, has expanded global application of its flagship SmartFresh™ technology solution to optimize the consumer experience for a wide range of crops including avocado, broccoli, melon, tomato, mango and stone fruit.

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SmartFresh is a proven, effective technology used extensively in the freshness supply chain of apples, pears and most recently other fruits such as bananas. Following years of investment to confirm crop-specific validity and to obtain additional regulatory approvals, SmartFresh is now available for use with the largest number of crops, across the widest range of application environments and in the most extensive geography since its 2002 launch. Growers, packers and retailers can use SmartFresh to better manage ripening during the journey from the field to the consumer, ultimately helping to preserve consumer-desired taste and texture.
"SmartFresh revolutionized the apple industry 18 years ago," said AgroFresh CEO Jordi Ferre. "We have continued to enhance our technology, bolster our expertise and deepen our collaboration with customers so that they can use SmartFresh to support even more of their produce supply chain."
SmartFresh benefits include:

Ready-to-Eat Freshness. Delays the ripening process to protect just-picked freshness and quality for consumers.

Ripening Management. Supports post-harvest ripening and conditioning protocols in various supply chain stages.

Fruit Quality. Reduces weight loss and disorders to achieve a bigger packout. Helps protect fruit skin, which is fruit's natural protective barrier.

Storage. Extends the storage window to improve inventory flexibility.

New Business Opportunities. Supports business opportunities in distant geographic markets.

Consumer Appeal. Optimizes yellow banana color.

Sustainability & Food Waste Reduction. Enables fresher fruit through the supply chain, which decreases food waste.

Effective on Wide Range of Crops. Effective with many crops, for example: pome fruit, avocado, banana, melon, tomato, broccoli, mango, peach, nectarine, plum, persimmon, kiwifruit, lime and watermelon.

"SmartFresh is an industry-trusted solution that helps to preserve the texture, firmness, taste and appearance of produce during storage, transportation and retail display," said AgroFresh Director, Business Diversification, Narciso Vivot. "For years, our global customers have relied on SmartFresh for support in managing an ever-increasing number of crops. Now, customers are also reporting excellent ready-to-eat produce freshness results, especially with avocados and melons, and are excited about leveraging new business opportunities."
For SmartFresh crop registration status in a particular country, check with your local AgroFresh representative. 
Another produce freshness solution in the AgroFresh portfolio that can benefit growers, packers and retailers is RipeLock™ technology. Previously brought to market for banana freshness extension, the RipeLock brand is now a platform for custom packaging solutions and services including modified atmosphere packaging (MAP), modified humidity packaging (MHP) and consumer packaging. This value-added packaging helps to maintain produce quality throughout the supply chain and is available in formats as large as box liners or as small as retail pouches, both with and without printing.
About AgroFresh
AgroFresh (NASDAQ: AGFS) is a leading global innovator and provider of science-based solutions, data-driven technologies and experience-backed services to enhance the quality and extend the shelf life of fresh produce. For more than 20 years, AgroFresh has been revolutionizing the apple industry and has launched new innovative solutions in a variety of fresh produce categories from bananas to cherries and citrus to pears. AgroFresh supports growers, packers and retailers by providing near- and post-harvest solutions across the industry to enhance crop values while conserving our planet's resources and reducing global food waste. Visit agrofresh.com to learn more.
 

? View original content to download multimedia:http://www.prnewswire.com/news-releases/agrofresh-expands-smartfresh-technology-for-more-crops-and-ready-to-eat-produce-suppliers-301048986.html
SOURCE AgroFresh Solutions, Inc.

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Copyright 2020 PR Newswire
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abracky abracky 4 years ago
AgroFresh Launches "AgroFresh Consumer Intelligence" to Provide Business Insights for Fresh Produce Industry Customers

Source: PR Newswire (US)

PHILADELPHIA, March 4, 2020 /PRNewswire/ -- AgroFresh Solutions, Inc. ("AgroFresh") (NASDAQ:AGFS), a global leader in produce freshness solutions, has launched a consumer research series called AgroFresh Consumer Intelligence to identify key factors defining purchase decision-making criteria for fresh produce consumers.

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The first study, commissioned by AgroFresh and conducted by an independent research organization, sheds light on the purchasing behaviors, preferences and habits of U.S. apple consumers
"Our business is rooted in bringing technical expertise and science-backed solutions to our fresh produce customers around the world," said AgroFresh CEO, Jordi Ferre. "With our new AgroFresh Consumer Intelligence series, we intend to add valuable consumer perspectives to assist our customers to make better consumer-oriented decisions. This apple study is part of a planned consumer research pipeline that will expand to other key fresh fruit categories."
Among the study's key findings, 86% of U.S. apple consumers report satisfaction with the apples they buy, and nine out of 10 apple consumers agree that apple longevity is a key factor in their purchase satisfaction. Additionally, while apples are enjoyed across age groups, Gen Z and Millennial consumers are the most frequent apple purchasers.
"AgroFresh's new apple research adds end-user consumer insights to our extensive and growing database of technical knowledge to benefit our customers," said Harvey Chimoff, global marketing director at AgroFresh. "Although we work with companies across the supply chain to preserve freshness, freshness is defined by the consumer. That's why we're excited to bring consumer perspectives to the fresh produce industry."
Other highlights from the AgroFresh Consumer Intelligence apple study are:

Taste is the number one reason consumers prefer a specific variety of apple (75%) and apple "texture" is the number one cited feature benefit

More than 100 apple varieties are grown commercially in the U.S, yet the study found that only three can be identified on an unaided basis by at least 30% of consumers (Granny Smith, Red Delicious and Gala)

The top two reasons consumers buy apples instead of other fruit are health and nutrition related: "better for a snack" and "higher in fiber"

For more information, visit the AgroFresh Consumer Intelligence website page.
About AgroFresh
AgroFresh (NASDAQ:AGFS) is a leading global innovator and provider of science-based solutions, data-driven technologies and experience-backed services to enhance the quality and extend the shelf life of fresh produce. For more than 20 years, AgroFresh has been revolutionizing the apple industry and has launched new innovative solutions in a variety of fresh produce categories from bananas to cherries and citrus to pears. AgroFresh supports growers, packers and retailers by providing near- and post-harvest solutions across the industry to enhance crop values while conserving our planet's resources and reducing global food waste. Visit agrofresh.com to learn more.

? View original content to download multimedia:http://www.prnewswire.com/news-releases/agrofresh-launches-agrofresh-consumer-intelligence-to-provide-business-insights-for-fresh-produce-industry-customers-301016286.html
SOURCE AgroFresh Solutions, Inc.

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Copyright 2020 PR Newswire
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abracky abracky 4 years ago
AgroFresh Brings Produce Freshness and Food Waste Solutions to Fruit Logistica 2020

Source: PR Newswire (US)

PHILADELPHIA, Jan. 15, 2020 /PRNewswire/ -- AgroFresh Solutions, Inc. ("AgroFresh" or the "Company") (NASDAQ: AGFS), a global leader in produce freshness solutions, will showcase its extensive lineup of innovations for fresh produce at Fruit Logistica, a global exhibition featuring the entire spectrum of the fresh fruit and vegetable sectors from February 5 to 7, 2020 in Berlin, Germany.

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AgroFresh will exhibit its portfolio of solutions and services, and discuss its sustainability impact at stand D-02 in Hall 21. AgroFresh's stand will highlight the company's commitment to sustainability and reducing food waste. It will feature a food waste meter demonstrating that the Company's SmartFresh™ and Harvista™ solutions reduce an estimated 10,000 metric tons of food waste per day.
"AgroFresh has a long history of innovating to support the fresh produce industry, and our current lineup of near- and post-harvest solutions brings trusted science and data to help the entire supply chain extend the quality of fruits and vegetables and prevent food waste," said AgroFresh CEO Jordi Ferre. "Fruit Logistica is a great opportunity to share our latest developments and connect with other produce industry leaders."
AgroFresh offers growers, packers and retailers a comprehensive range of near- and post-harvest fruit protection solutions that contribute to reducing food waste, several of which will be featured at Fruit Logistica 2020:

Control-TEC™ ECO equipment reduces water usage and costs by advanced waste-water management.

An extensive range of fungicides, waxes, coatings, detergents and sanitizers provide efficacious flexibility for packing houses.

FreshCloud™ Storage Insights helps storage managers optimize the quality of their fruit, maximize pack outs and minimize food waste. This technology solution is now expanding across Europe.

Near-harvest Harvista technology reduces food waste in the field and enhances harvest quality. Harvista will soon be available in Europe.

The Company's flagship SmartFresh solution, which extends the freshness window of fresh produce, continues to expand to new crops, such as stone fruit, melons and avocados.

Fruit Logistica attendees can visit AgroFresh's stand throughout the show to learn more about the entire range of AgroFresh's products and services. You can also learn more about AgroFresh's produce freshness solutions by visiting the website.
About AgroFresh
AgroFresh (NASDAQ:AGFS) is a leading global innovator and provider of science-based solutions, data-driven technologies and experience-backed services to enhance the quality and extend the shelf life of fresh produce. For more than 20 years, AgroFresh has been revolutionizing the apple industry and has launched new innovative solutions in a variety of fresh produce categories from bananas to cherries and citrus to pears. AgroFresh supports growers, packers and retailers by providing near- and post-harvest solutions across the industry to enhance crop values while conserving our planet's resources and reducing global food waste. Visit agrofresh.com to learn more.

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SOURCE AgroFresh Solutions, Inc.

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abracky abracky 5 years ago
AgroFresh Solutions Reports Results for Third Quarter and First Nine Months of 2019

Source: Business Wire

Quarterly performance primarily affected by a two-week apple harvest delay across the northern hemisphere, shifting substantial revenue to the fourth quarter.

Third quarter net sales were $49.0 million, a decrease of 28.7% (27% on a constant currency basis) versus the prior year period. Year-to-date net sales decreased 13.1% (11.2% on a constant currency basis) versus the prior year period.

Year-to-date sales of Tecnidex decreased 1.2% on an absolute basis and increased 4.7% on a constant currency basis versus the prior year period.

Selling, general and administrative expense decreased 17.6% to $15.0 million for the third quarter of 2019, and decreased 7.7% when excluding nonrecurring items related to litigation, severance and M&A, versus the prior year period.

Net income of $3.3 million for the third quarter of 2019, as compared to net income of $3.5 million for the third quarter of 2018.

Adjusted EBITDA(1) of $20.6 million for the third quarter of 2019, as compared to $34.6 million in the third quarter of 2018, and was impacted by the northern hemisphere apple harvest delay.

AgroFresh Solutions, Inc. ("AgroFresh" or the "Company") (Nasdaq: AGFS), a global leader in produce freshness solutions, today announced its financial results for the third quarter and nine months ended September 30, 2019.
Jordi Ferre, Chief Executive Officer commented, “This season we were met with a delayed apple harvest in both the United States and Europe, making it difficult to compare our third quarter results to the prior year period, where we experienced an early harvest. Third quarter results are not representative of our expectations for the 2019 northern hemisphere season, which extends through the fourth quarter. The shift in sales from September to October caused October to become the largest revenue month of the year. We project that our full year 2019 net sales will be stable to down in the low-single digit percentage versus 2018, excluding any currency impact, and expect an improvement in our adjusted EBITDA margin for full year 2019 versus 2018.
“While the business was temporarily challenged in the third quarter due to the unforeseen delays, our diversification initiatives that are geared towards growth products such as Tecnidex, Harvista and FreshCloud all achieved constant currency growth in the year-to-date period. We remain focused on the controllable aspects of our business and are succeeding in our efforts to optimize operating costs and improve the capital structure. As we mentioned in the previous quarter, we expect to see a reduction of non-recurring expenses moving forward with the completion of the MirTech litigation on October 11, 2019. To that end, we are pleased with the jury’s favorable verdict against Decco Post-Harvest, Inc. and Decco’s parent company, UPL Limited, and look forward to resolving this matter permanently.”
Financial Highlights for the Third Quarter and First Nine Months of 2019
Net sales for the third quarter of 2019 decreased 28.7%, to $49.0 million, compared to $68.7 million in the third quarter of 2018. Excluding the impact of foreign currency exchange, which reduced revenue by $1.2 million compared to the third quarter of 2018, revenue decreased 27%. The net sales decrease was primarily the result of the delay in apple harvest timing across the northern hemisphere versus the prior year third quarter which saw an earlier and shorter harvest. Year-to-date net sales decreased 13.1% and on a constant currency basis decreased 11.2% compared to the prior year period.
Gross profit for the third quarter was $35.1 million compared to $52.0 million in the prior year period, and gross profit margin was 71.6% versus 75.7% in the prior year period. The lower gross margin was primarily a function of sales mix shift. Year-to-date gross profit margin was 71.1%, compared to 73.8% in the prior year period.
Research and development costs were $2.6 million in the third quarter of 2019, compared to $3.5 million in the prior year period. This decrease was driven primarily by timing of projects. Year-to-date research and development expenses decreased $0.6 million to $9.7 million.
Selling, general and administrative expenses decreased 17.6%, to $15.0 million in the third quarter of 2019 as compared to $18.2 million in the prior year period. Included in selling, general and administrative expenses were $1.6 million in the current quarter and $3.7 million in the prior year quarter of costs associated with non-recurring items that included M&A, litigation and severance. Excluding these items, selling general and administrative expenses decreased approximately 7.7% in the third quarter versus the prior year period, which reflects the Company's ongoing cost optimization initiatives. On a year-to-date basis, selling, general and administrative expenses decreased by 6.2% and excluding non-recurring items by 7.5% versus the prior year period.
Third quarter of 2019 net income was $3.3 million, compared to net income of $3.5 million in the prior year period. Year-to-date net loss was $31.6 million, compared to net loss of $27.9 million in the prior year period.
Adjusted EBITDA(1) was $20.6 million in the third quarter of 2019, compared to $34.6 million in the prior year period. The decrease was driven by lower sales, partially offset by improved cost structure. Year-to-date adjusted EBITDA(1) decreased by $10.8 million, or 25.4%, to $31.7 million.
As of September 30, 2019, cash and cash equivalents were $18.7 million.
Background on Favorable Patent Infringement Verdict
On October 11, 2019 AgroFresh was awarded a verdict of $31.1 million in damages by a jury in the United States District Court in Delaware in its litigation against Decco Post-Harvest, Inc. and Decco’s parent company, UPL Limited. The award is subject to any appeals that may be taken by the parties in the future. The verdict included a determination that UPL and Decco had willfully and maliciously misappropriated AgroFresh trade secrets, willfully infringed an AgroFresh patent, converted AgroFresh property, engaged in unfair competition, and interfered with AgroFresh’s contractual relationships.
In an earlier ruling in June 2017, the Delaware Court had determined that AgroFresh was the owner of the TruPick patent, which had been developed by AgroFresh’s former consultant as a part of a joint venture with Decco. In the Court’s written Opinion, the Court ruled that the relevant sections of the agreements between AgroFresh and its former consultant were “clear and unambiguous” and that under the terms of those agreements, AgroFresh’s former consultant automatically assigned to AgroFresh the TruPick patent and technology.
Conference Call
The Company will host a conference call and webcast where members of the executive management team will discuss these results with additional comments and details today, November 7, 2019 at 4:30 pm E.T. The conference call and supplemental earnings presentation will be available live over the internet through the “Events & Presentations” page of the Investor Relations section of the Company’s website at www.agrofresh.com. To participate on the live call, listeners in the United States may dial 877-407-4018 and international listeners may dial 201-689-8471.
A replay of the conference call will be archived on the Company's website and telephonic playback will be available from 7:30 pm. ET, November 7, 2019 through November 21, 2019. Listeners in the United States may dial 844-512-2921 and international listeners may dial 412-317-6671. The passcode is 13694665.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, including EBITDA and Adjusted EBITDA. The Company believes these non-GAAP financial measures provide meaningful supplemental information as they are used by the Company's management to evaluate the Company's performance, including incentive bonuses and for bank covenant reporting. Management believes that these measures enhance a reader's understanding of the operating and financial performance of the Company and facilitate a better comparison between fiscal periods. EBITDA excludes income taxes, interest expense and depreciation and amortization, whereas Adjusted EBITDA further excludes items that are non-cash, infrequent, or non-recurring, such as share-based compensation, severance, litigation and M&A related costs, to provide further meaningful information for evaluation of the Company’s performance.
The Company does not intend for the non-GAAP financial measures contained in this release to be a substitute for any GAAP financial information. Readers of this press release should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures. Reconciliations of the non-GAAP financial measures EBITDA and Adjusted EBITDA to the most comparable GAAP measure are provided in the table at the end of this press release.
About AgroFresh
AgroFresh (Nasdaq: AGFS) is a leading global innovator and provider of science-based solutions, data-driven technologies and experience-backed services to enhance the quality and extend the shelf life of fresh produce. For more than 20 years, AgroFresh has been revolutionizing the apple industry and has launched new innovative solutions in a variety of fresh produce categories from bananas to cherries and citrus to pears. AgroFresh supports growers, packers and retailers by supplying post-harvest solutions across the industry that enhance crop values while conserving our planet’s resources and reducing global food waste.
Visit www.agrofresh.com to learn more.
™Trademark of AgroFresh Inc.
Forward-Looking Statements
In addition to historical information, this release may contain "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions (or the negative versions of such words or expressions). Forward-looking statements include, without limitation, information concerning the Company's possible or assumed future results of operations, including all statements regarding financial guidance, anticipated future growth, business strategies, competitive position, industry environment, potential growth opportunities and the effects of regulation. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's management's control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks include, without limitation, the risk of increased competition, the ability of the business to grow and manage growth profitably, risks associated with acquisitions and investments, changes in applicable laws or regulations, and the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors. Additional risks and uncertainties are identified and discussed in the Company's filings with the SEC, which are available at the SEC's website at www.sec.gov.
AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)
 
September 30,
2019
December 31,
2018
 
 
 
ASSETS
 
 
Current Assets:
 
 
Cash and cash equivalents
$
18,746
 
$
34,852
 
Accounts receivable, net of allowance for doubtful accounts of $2,358 and $2,336, respectively
72,074
 
67,942
 
Inventories
24,199
 
24,807
 
Other current assets
14,648
 
15,608
 
Total Current Assets
129,667
 
143,209
 
Property and equipment, net
13,643
 
13,289
 
Goodwill
6,091
 
6,670
 
Intangible assets, net
676,938
 
711,967
 
Deferred income tax assets
10,095
 
7,332
 
Other assets
22,492
 
16,820
 
TOTAL ASSETS
$
858,926
 
$
899,287
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
Current Liabilities:
 
 
Accounts payable
$
10,257
 
$
7,530
 
Current portion of long-term debt
4,748
 
6,419
 
Income taxes payable
4,374
 
4,815
 
Accrued expenses and other current liabilities
41,397
 
45,340
 
Total Current Liabilities
60,776
 
64,104
 
Long-term debt
398,619
 
400,309
 
Other noncurrent liabilities
40,733
 
32,066
 
Deferred income tax liabilities
17,555
 
30,232
 
Total Liabilities
517,683
 
526,711
 
 
 
 
Commitments and contingencies (see Note 19)
 
 
Stockholders’ Equity:
 
 
Common stock, par value $0.0001; 400,000,000 shares authorized, 51,592,959 and 51,071,573 shares issued and 50,931,578 and 50,410,192 outstanding at September 30, 2019 and December 31, 2018, respectively
5
 
5
 
Preferred stock; par value $0.0001, 1 share authorized and outstanding

 

 
Treasury stock; par value $0.0001, 661,381 shares at September 30, 2019 and December 31, 2018, respectively
(3,885
)
(3,885
)
Additional paid-in capital
538,075
 
535,819
 
Accumulated deficit
(170,388
)
(138,789
)
Accumulated other comprehensive loss
(30,491
)
(28,837
)
Total AgroFresh Stockholders’ Equity
333,316
 
364,313
 
Non-controlling interest
7,927
 
8,263
 
Total Equity
341,243
 
372,576
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
858,926
 
$
899,287
 
AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share data)
 
Three Months Ended
September 30, 2019
Three Months Ended
September 30, 2018
Nine Months Ended
September 30, 2019
Nine Months Ended
September 30, 2018
Net sales
$
48,972
 
$
68,698
 
$
109,095
 
$
125,470
 
Cost of sales (excluding amortization of intangibles, shown separately below)
13,892
 
16,662
 
31,516
 
32,910
 
Gross profit
35,080
 
52,036
 
77,579
 
92,560
 
Research and development expenses
2,566
 
3,491
 
9,720
 
10,293
 
Selling, general, and administrative expenses
14,998
 
18,212
 
47,044
 
50,133
 
Amortization of intangibles
11,754
 
12,002
 
35,136
 
34,342
 
Impairment of long lived assets

 

 
992
 

 
Change in fair value of contingent consideration
(229
)
307
 
128
 
543
 
Operating income (loss)
5,991
 
18,024
 
(15,441
)
(2,751
)
Other (expense) income
(81
)
(189
)
(119
)
419
 
Gain (loss) on foreign currency exchange
54
 
(4,731
)
(2,884
)
472
 
Interest expense, net
(8,606
)
(9,132
)
(26,021
)
(26,250
)
(Loss) income before income taxes
(2,642
)
3,972
 
(44,465
)
(28,110
)
Income taxes (benefit) expense
(5,653
)
1,018
 
(12,530
)
214
 
Net income (loss) including non-controlling interests
$
3,011
 
$
2,954
 
$
(31,935
)
$
(28,324
)
Less: Net loss attributable to non-controlling interests
(278
)
(516
)
(336
)
(442
)
Net income (loss) attributable to AgroFresh Solutions, Inc
$
3,289
 
$
3,470
 
$
(31,599
)
$
(27,882
)
 
 
 
 
 
Net income (loss) per share:
 
 
 
 
Basic
$
0.06
 
$
0.06
 
$
(0.64
)
$
(0.57
)
Diluted
$
0.06
 
$
0.06
 
$
(0.64
)
$
(0.57
)
Weighted average shares outstanding:
 
 
 
 
Basic
50,227,590
 
49,853,181
 
50,138,835
 
49,671,648
 
Diluted
50,288,304
 
50,309,979
 
50,138,835
 
49,671,648
 
Non-GAAP Measures
The following table sets forth the non-GAAP financial measures of EBITDA and Adjusted EBITDA. The Company believes these non-GAAP financial measures provide meaningful supplemental information as they are used by the Company’s management to evaluate the Company’s performance (including incentive bonuses and for bank covenant reporting), are more indicative of future operating performance of the Company, and facilitate a better comparison among fiscal periods. These non-GAAP results are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with GAAP.
The following is reconciliation between the non-GAAP financial measures of EBITDA and Adjusted EBITDA to their most directly comparable GAAP financial measure, net income (loss):
(in thousands)
Three Months Ended
September 30, 2019
Three Months Ended
September 30, 2018
Nine Months Ended
September 30, 2019
Nine Months Ended
September 30, 2018
GAAP net income (loss) including non-controlling interests
$
3,011
 
$
2,954
$
(31,935
)
$
(28,324
)
(Benefit) expense for income taxes
(5,653
)
1,018
(12,530
)
214
 
Interest expense(1)
8,606
 
9,132
26,021
 
26,250
 
Depreciation and amortization
12,356
 
12,533
36,692
 
35,486
 
Non-GAAP EBITDA
$
18,320
 
$
25,637
$
18,248
 
$
33,626
 
Share-based compensation
959
 
188
2,111
 
2,088
 
Severance related costs(2)
344
 
1,711
1,040
 
2,046
 
Other non-recurring costs(3)
1,297
 
2,035
6,305
 
4,655
 
(Gain) loss on foreign currency exchange(4)
(54
)
4,731
2,884
 
(472
)
Mark-to-market adjustments, net(5)
(229
)
307
128
 
543
 
Impairment of intangible assets(6)

 

992
 

 
Non-GAAP Adjusted EBITDA
$
20,637
 
$
34,609
$
31,708
 
$
42,486
 
 
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20191107006008/en/
For AgroFresh Solutions, Inc.
Jeff Sonnek - Investor Relations
ICR Inc.
Jeff.Sonnek@icrinc.com
646-277-1263
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abracky abracky 5 years ago
AgroFresh Awarded $31.1 Million in Damages in Connection With Federal Court Lawsuit Against Decco Post-Harvest, Inc. & Its Pa...

Source: Business Wire
Jury finds Decco and UPL liable for trade secret misappropriation and willful patent infringement
AgroFresh Solutions, Inc. (NASDAQ:AGFS), a global leader in produce freshness solutions, was awarded a verdict of $31.1 million in damages by a jury in the United States District Court in Delaware in its litigation against Decco Post-Harvest, Inc. and Decco’s parent company, UPL Limited. The award is subject to any appeals that may be taken by the parties in the future. The verdict included a determination that UPL and Decco had willfully and maliciously misappropriated AgroFresh trade secrets, willfully infringed an AgroFresh patent, converted AgroFresh property, engaged in unfair competition, and interfered with AgroFresh’s contractual relationships. AgroFresh will petition the Court for an award of up to three times its compensatory damages based on the finding by the jury of a willful infringement.
“We are pleased with the verdict and the determinations about the conduct of Decco and its parent, UPL. AgroFresh remains committed to investing in proprietary innovations to offer its 3,900 customers unparalleled technology and service to improve fresh product quality and reduce food waste,” said Jordi Ferre, AgroFresh CEO.
Background
In an earlier ruling in June 2017, the Delaware Court had determined that AgroFresh was the owner of the TruPick patent, which had been developed by AgroFresh’s former consultant as a part of a joint venture with Decco. In the Court’s Opinion, the Court held that the relevant sections of the agreements between AgroFresh and its former consultant were “clear and unambiguous” and that under the terms of those agreements, AgroFresh’s former consultant automatically assigned to AgroFresh the TruPick patent and technology.
About AgroFresh
AgroFresh (NASDAQ:AGFS) is a leading global innovator and provider of science-based solutions, data-driven technologies and experience-backed services to enhance the quality and extend the shelf life of fresh produce. For more than 20 years, AgroFresh has been revolutionizing the apple industry and has launched new innovative solutions in a variety of fresh produce categories from bananas to cherries and citrus to pears. AgroFresh supports growers, packers and retailers by providing post-harvest solutions across the industry to enhance crop values while conserving our planet’s resources and reducing global food waste. Visit agrofresh.com to learn more.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20191014005684/en/
For AgroFresh Solutions, Inc:
Media Inquiries:
Bill Lucas
Vice-President, Global Marketing
AgroFresh
wlucas@agrofresh.com
267-317-9201
Investor Relations Inquiries:
Jeff Sonnek
ICR
Jeff.sonnek@icrinc.com
646-277-1263
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abracky abracky 5 years ago
AgroFresh Presents Solutions for Entire Fresh Produce Supply Chain at PMA Fresh Summit

Source: PR Newswire (US)

PHILADELPHIA, Oct. 3, 2019 /PRNewswire/ -- For retailers, wholesalers and ripeners looking to extend shelf life and enhance consumer appeal of fresh produce, AgroFresh Solutions, Inc. ("AgroFresh") (NASDAQ: AGFS), a global leader in produce freshness solutions, will showcase its proven solutions at PMA Fresh Summit Conference & Expo October 17-19 in Anaheim, California.

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AgroFresh's comprehensive portfolio of produce freshness solutions includes products and technologies for the entire fresh produce supply chain and a broad range of crops including bananas and avocados. At PMA Fresh Summit 2019, AgroFresh will highlight how its SmartFresh™, RipeLock™ and FreshCloud™ Transit Insights solutions preserve produce freshness and help retailers, wholesalers and ripeners provide the ready-to-eat fruits and vegetables that consumers expect and prefer.
"At AgroFresh, we're focused on providing solutions for the entire fresh produce supply chain and for a broad variety of crops. We're proud to present our comprehensive lineup of freshness solutions at PMA Fresh Summit this year," said Narciso Vivot, director of business diversification at AgroFresh.
AgroFresh's proven SmartFresh technology offers growers and packers exceptional control over the ripening process, resulting in retail-ready produce that remains at optimal ripeness longer. SmartFresh revolutionized the apple industry and now benefits growers and packers looking to extend freshness for avocados, melons and broccoli.
RipeLock leverages the time-tested technology behind SmartFresh in a solution made for ripeners and retailers. RipeLock helps retailers deliver quality bananas that maintain consumer-preferred color and texture longer, encouraging purchase and minimizing food waste.
AgroFresh's integrated FreshCloud platform provides visibility and insight throughout the fresh produce supply chain. FreshCloud Transit Insights offers end-to-end visibility throughout transport that empowers more informed inventory decisions for all types of fresh fruit, including blueberries.
Attendees of PMA Fresh Summit can visit AgroFresh at booth 3920 to learn more about the entire range of AgroFresh's products and services. Or, learn more about AgroFresh's produce freshness solutions by visiting the website.
About AgroFresh
AgroFresh (NASDAQ: AGFS) is a leading global innovator and provider of science-based solutions, data-driven technologies and experience-backed services to enhance the quality and extend the shelf life of fresh produce. For more than 20 years, AgroFresh has been revolutionizing the apple industry and has launched new innovative solutions in a variety of fresh produce categories from bananas to cherries and citrus to pears. AgroFresh supports growers, packers and retailers by providing post-harvest solutions across the industry to enhance crop values while conserving our planet's resources and reducing global food waste. Visit agrofresh.com to learn more.

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SOURCE AgroFresh Solutions, Inc.

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Copyright 2019 PR Newswire
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abracky abracky 5 years ago
AgroFresh Solutions Reports Results for Second Quarter and First Half of 2019

Source: Business Wire

Net sales increased 15% to $21.2 million in the second quarter of 2019 and increased 6% to $60.1 million in the first half of 2019 versus the prior year periods.

Year to date 2019 selling, general and administrative expense was flat versus the prior year period, and decreased 7% versus the prior year period when excluding nonrecurring items related to litigation, severance and M&A.

Net loss of $22.3 million for the second quarter of 2019; compared to net loss of $18.4 million for the second quarter of 2018. Excluding the $2.5 million loss on foreign currency exchange in the second quarter of 2019 and the $3.3 million gain in the prior year period, net loss on a year over year basis improved 9% for the second quarter.

Adjusted EBITDA(1) improved $1.9 million from the prior year period to $(1.4) million in the second quarter and increased 41% in the first half of 2019.

AgroFresh Solutions, Inc. ("AgroFresh" or the "Company") (Nasdaq: AGFS), a global leader in produce freshness solutions, today announced its financial results for the second quarter and six months ended June 30, 2019.
“Our second quarter marked the conclusion of a strong southern hemisphere season. We were able to generate a 15% increase in net sales for the second quarter, which was positively impacted by the delay in the southern hemisphere harvest that muted our first quarter growth of 1.5%. Net sales were driven by diversification initiatives to expand our Tecnidex platform, which grew 29% during the second quarter versus the prior year period due to targeted expansion into new southern hemisphere markets, and new sales of Harvista following regulatory approvals. We were pleased with the performance of SmartFresh, which experienced slight growth in spite of the smaller apple crop in the southern hemisphere versus the prior year,” commented Jordi Ferre, Chief Executive Officer. “Looking forward, we will accelerate our cost optimization measures in support of our broader efforts to demonstrate improved financial execution and enhance our ability to reduce debt. Notably, we anticipate a meaningful reduction in our non-recurring expenses, such as those related to litigation, with trial in our largest litigation matter scheduled for October. The resiliency of our business model is only enhanced by the greater diversification of our platform and we intend to leverage our new product pipeline to expand our presence in new and existing markets and drive organic growth.”
Financial Highlights for the Second Quarter of 2019
Net sales for the second quarter of 2019 increased 15%, to $21.2 million, compared to $18.4 million in the second quarter of 2018. Excluding the impact of foreign currency exchange, which reduced revenue by $0.5 million compared to the second quarter of 2018, revenue grew approximately 17%.
Within the Company’s core business, the increase in net sales was primarily driven by growth of Harvista in North America and Latin America, followed by growth of SmartFresh in Latin America due to a delayed harvest which shifted sales from the first quarter to the second. Tecnidex, the Company’s growing fungicides, waxes and coatings platform, realized 29% growth, with an emphasis in Europe. Additionally, the Company also experienced growth in its EthylBloc product and traction within its new FreshCloud analytics platform during the second quarter.
In the second quarter of 2019, gross profit increased 14.4% to $14.9 million compared to $13.0 million in the prior year period. Gross profit margin was 70.3% in the second quarter of 2019 versus 70.7% in the second quarter of 2018. The lower gross margin was primarily a function of sales mix shift with growth of Harvista and Tecnidex during the quarter.
Research and development costs were $3.3 million in the second quarter of 2019, compared to $3.7 million in the prior year period. This decrease was driven primarily by timing of projects.
Selling, general and administrative expenses were $16.1 million in the second quarter of 2019 as compared to $15.6 million in the prior year period. Included in selling, general and administrative expenses were $2.0 million in the current quarter and $0.9 million in the prior year quarter of costs associated with non-recurring items that included M&A and litigation along with severance. Excluding these items, selling general and administrative expenses decreased approximately 3.7% in the second quarter which reflects the Company's ongoing cost optimization initiatives.
Second quarter of 2019 net loss was $22.3 million, compared to net loss of $18.4 million in the prior year period. Excluding the $2.5 million loss on foreign currency exchange in the second quarter of 2019 and the $3.3 million gain in the prior year period, net loss on a year over year basis improved 9% for the second quarter.
Adjusted EBITDA(1) improved $1.9 million to $(1.4) million in the second quarter of 2019 as compared to $(3.3) million in the prior year period. The increase was driven by higher sales coupled with lower operating expenses, after adjusting for non-recurring items.
As of June 30, 2019, cash and cash equivalents were $35.9 million.
Financial Highlights for the First Half of 2019
Net sales for the first half of 2019 were $60.1 million, an increase of 6% versus the prior year period. Foreign currency exchange reduced revenue by $1.1 million for the first half of 2019; excluding this impact, revenue increased approximately 8%.
Gross profit margin was 70.7% for the year-to-date period, which compares to 71.4% in the year-ago period, which was in line with the Company’s expectation. The year over year change was a function of sales mix shift with growth of Harvista and Tecnidex.
Research and development expenses increased $0.4 million to $7.2 million in the first half of 2019 as a result of $0.5 million of severance costs associated with ongoing cost optimization initiatives.
Selling, general and administrative expenses were essentially flat at $32.0 million for the six months ended June 30. There were non-recurring costs associated with M&A, litigation and severance in the amount of $5.2 million in the current year and $3.0 million in the prior year period. Excluding these items, selling general and administrative expenses decreased approximately 7.4% over the same period last year driven by ongoing cost optimization initiatives.
Net loss was $34.9 million in the first half of 2019 as compared to net loss of $31.4 million in the same period prior year, primarily due to changes in foreign currency exchange. There was a negative impact on foreign exchange of $2.9 million in the first half of 2019 versus a gain of $5.2 million on foreign exchange in the prior year period.
Adjusted EBITDA(1) improved by $3.2 million, or 41%, to $11.1 million in the first half of 2019 as compared to the prior year period. The increase was driven by higher sales coupled with lower operating expenses, after adjusting for non-recurring items.
(1) Adjusted EBITDA is a non-GAAP financial measure. Please see the information under “Non-GAAP Financial Measures” below for a description of Adjusted EBITDA and the table at the end of this press release for a reconciliation of this non-GAAP financial measure to GAAP results.
Conference Call
The Company will host a conference call and webcast where members of the executive management team will discuss these results with additional comments and details today, August 8, 2019 at 8:00 am E.T. The conference call and supplemental earnings presentation will be available live over the internet through the “Events & Presentations” page of the Investor Relations section of the Company’s website at www.agrofresh.com. To participate on the live call, listeners in the United States may dial 877-407-4018 and international listeners may dial 201-689-8471.
A replay of the conference call will be archived on the Company's website and telephonic playback will be available from 11:00 pm. ET, August 8, 2019 through August 22, 2019. Listeners in the United States may dial 844-512-2921 and international listeners may dial 412-317-6671. The passcode is 13691854.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, including EBITDA and Adjusted EBITDA. The Company believes these non-GAAP financial measures provide meaningful supplemental information as they are used by the Company's management to evaluate the Company's performance, including incentive bonuses and for bank covenant reporting. Management believes that these measures enhance a reader's understanding of the operating and financial performance of the Company and facilitate a better comparison between fiscal periods. EBITDA excludes income taxes, interest expense and depreciation and amortization, whereas Adjusted EBITDA further excludes items that are non-cash, infrequent, or non-recurring, such as share-based compensation, severance, litigation and M&A related costs, to provide further meaningful information for evaluation of the Company’s performance.
The Company does not intend for the non-GAAP financial measures contained in this release to be a substitute for any GAAP financial information. Readers of this press release should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures. Reconciliations of the non-GAAP financial measures EBITDA and Adjusted EBITDA to the most comparable GAAP measure are provided in the table at the end of this press release.
About AgroFresh
AgroFresh (Nasdaq: AGFS) is a leading global innovator and provider of science-based solutions, data-driven technologies and experience-backed services to enhance the quality and extend the shelf life of fresh produce. For more than 20 years, AgroFresh has been revolutionizing the apple industry and has launched new innovative solutions in a variety of fresh produce categories from bananas to cherries and citrus to pears. AgroFresh supports growers, packers and retailers by supplying post-harvest solutions across the industry that enhance crop values while conserving our planet’s resources and reducing global food waste.
Visit www.agrofresh.com to learn more.
™Trademark of AgroFresh Inc.
Forward-Looking Statements
In addition to historical information, this release may contain "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions (or the negative versions of such words or expressions). Forward-looking statements include, without limitation, information concerning the Company's possible or assumed future results of operations, including all statements regarding financial guidance, anticipated future growth, business strategies, competitive position, industry environment, potential growth opportunities and the effects of regulation. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's management's control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks include, without limitation, the risk of increased competition, the ability of the business to grow and manage growth profitably, risks associated with acquisitions and investments, changes in applicable laws or regulations, and the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors. Additional risks and uncertainties are identified and discussed in the Company's filings with the SEC, which are available at the SEC's website at www.sec.gov.
 
AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)
 
 
June 30,
2019
December 31,
2018
 
 
 
ASSETS
 
 
Current Assets:
 
 
Cash and cash equivalents
$
35,866
$
34,852
Accounts receivable, net of allowance for doubtful accounts of $2,603 and $2,336,
respectively
49,054
67,942
Inventories
24,914
24,807
Other current assets
15,316
15,608
Total current assets
125,150
143,209
Property and equipment, net
14,453
13,289
Goodwill
6,322
6,670
Intangible assets, net
688,452
711,967
Deferred income tax assets
9,193
7,332
Other assets
23,218
16,820
TOTAL ASSETS
$
866,788
$
899,287
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
Current Liabilities:
 
 
Accounts payable
$
11,528
$
7,530
Current portion of long-term debt
5,860
6,419
Income taxes payable
4,331
4,815
Accrued expenses and other current liabilities
41,646
45,340
Total current liabilities
63,365
64,104
Long-term debt
399,272
400,309
Other noncurrent liabilities
39,607
32,066
Deferred income tax liabilities
23,110
30,232
Total liabilities
525,354
526,711
 
 
 
Commitments and contingencies (see Note 19)
 
 
Stockholders’ equity:
 
 
Common stock, par value $0.0001; 400,000,000 shares authorized, 51,620,770 and
51,071,573 shares issued and 50,959,389 and 50,410,192 outstanding at June 30, 2019
and December 31, 2018, respectively
5
5
Preferred stock; par value $0.0001, 1 share authorized and outstanding


Treasury stock; par value $0.0001, 661,381 shares at June 30, 2019 and December 31,
2018, respectively
(3,885)
(3,885)
Additional paid-in capital
537,259
535,819
Accumulated deficit
(173,677)
(138,789)
Accumulated other comprehensive loss
(26,473)
(28,837)
Total AgroFresh stockholders’ equity
333,229
364,313
Noncontrolling Interest
8,205
8,263
Total equity
341,434
372,576
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
866,788
$
899,287
  
AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share data)
 
 
Three Months Ended
June 30, 2019
Three Months Ended
June 30, 2018
Six Months Ended
June 30, 2019
Six Months Ended
June 30, 2018
Net sales
$
21,183
$
18,420
$
60,123
$
56,771
Cost of sales (excluding amortization of
intangibles, shown separately below)
6,289
5,402
17,624
16,248
Gross profit
14,894
13,018
42,499
40,523
Research and development expenses
3,257
3,733
7,154
6,802
Selling, general, and administrative expenses
16,148
15,609
32,046
31,920
Amortization of intangibles
11,766
11,402
23,382
22,341
Impairment of long lived assets
992

992

Change in fair value of contingent
consideration
167
98
357
236
Operating loss
(17,436)
(17,824)
(21,432)
(20,776)
Other (expense) income
(26)
538
(38)
608
(Loss) gain on foreign currency exchange
(2,519)
3,272
(2,938)
5,203
Interest expense, net
(8,670)
(8,763)
(17,415)
(17,118)
Loss before income taxes
(28,651)
(22,777)
(41,823)
(32,083)
Benefit for income taxes
(6,290)
(4,375)
(6,877)
(805)
Net loss including non-controlling interests
$
(22,361)
$
(18,402)
$
(34,946)
$
(31,278)
Less: Net (loss) income attributable to non-
controlling interests
(92)
(18)
(58)
73
Net loss attributable to AgroFresh Solutions, Inc
$
(22,269)
$
(18,384)
$
(34,888)
$
(31,351)
 
 
 
 
 
Net loss per share:
 
 
 
 
Basic
$
(0.45)
$
(0.37)
$
(0.70)
$
(0.63)
Diluted
$
(0.45)
$
(0.37)
$
(0.70)
$
(0.63)
Weighted average shares outstanding:
 
 
 
 
Basic
50,146,513
49,864,822
50,094,822
49,814,744
Diluted
50,146,513
49,864,822
50,094,822
49,814,744
 
Non-GAAP Measure
The following table sets forth the non-GAAP financial measures of EBITDA and Adjusted EBITDA. The Company believes these non-GAAP financial measures provide meaningful supplemental information as they are used by the Company’s management to evaluate the Company’s performance (including incentive bonuses and for bank covenant reporting), are more indicative of future operating performance of the Company, and facilitate a better comparison among fiscal periods. These non-GAAP results are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with GAAP.
The following is reconciliation between the non-GAAP financial measures of EBITDA and Adjusted EBITDA to their most directly comparable GAAP financial measure, net loss:
 
(in thousands)
Three Months Ended
June 30, 2019
Three Months Ended
June 30, 2018
Six Months Ended
June 30, 2019
Six Months Ended
June 30, 2018
GAAP Net loss
$
(22,361)
$
(18,402)
$
(34,946)
$
(31,278)
Benefit for income taxes
(6,290)
(4,375)
(6,877)
(805)
Interest expense(1)
8,670
8,763
17,415
17,118
Depreciation and amortization
12,275
11,680
24,336
22,953
Non-GAAP EBITDA
$
(7,706)
$
(2,334)
$
(72)
$
7,988
Share-based compensation
595
1,284
1,152
1,900
Severance related costs(2)
207

696
335
Other non-recurring costs(3)
1,815
940
5,008
2,620
Loss (gain) on foreign currency
exchange(4)
2,519
(3,272)
2,938
(5,203)
Mark-to-market adjustments, net(5)
167
98
357
236
Impairment of intangible assets(6)
992

992

Non-GAAP Adjusted EBITDA
$
(1,411)
$
(3,284)
$
11,071
$
7,876
 
——————————————————————————————————————————————————————
(1) Interest on the term loan and accretion for debt discounts, debt issuance costs and contingent consideration
(2) Severance costs related to ongoing cost optimization initiatives
(3) Costs related to certain professional and other infrequent or non-recurring fees, including those associated with transition service agreement, litigation and M&A related fees
(4) Loss (gain) on foreign currency exchange relates to net losses and gains resulting from transactions denominated in a currency other than the entity's functional currency
(5) Non-cash adjustment to the fair value of contingent consideration
(6) Impairment of intangible assets related to software
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20190808005111/en/
For AgroFresh Solutions, Inc.
Jeff Sonnek - Investor Relations
ICR Inc.
Jeff.Sonnek@icrinc.com
646-277-1263
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News: $AGFS AgroFresh Solutions to Present at the Jefferies 2019 Industrials Conference

AgroFresh Solutions, Inc. (Nasdaq: AGFS), a global leader in produce freshness solutions, announced today that Jordi Ferre, Chief Executive Officer, and Graham Miao, Executive Vice President and Chief Financial Officer, will be presenting at the Jefferies 2019 Industrials Conference in New ...

Got this from AgroFresh Solutions to Present at the Jefferies 2019 Industrials Conference
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