DUBAI, United Arab Emirates--(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.