RiceBran Technologies (NASDAQ:RIBT) Q2 2019 Earnings Conference Call - Final Transcript
Aug 13, 2019 • 04:30 pm ET
Welcome to the RiceBran Technologies' Second Quarter 2019 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to introduce our host, Mr. Richard Galterio of Ascendant Partners. Please go ahead, Mr. Galterio.
Thank you, operator. Good afternoon, listeners. Welcome again to RiceBran Technologies second quarter 2019 financial results conference call. With us today are Brent Rystrom, Chief Executive Officer and President of RiceBran Technologies; and Todd Mitchell, Chief Financial Officer.
Before I turn the call over to Brent, I want to remind listeners that during the call, management's prepared remarks may contain forward-looking statements that are subject to risks and uncertainties. Management may make additional forward-looking statements in response to your questions today. Therefore, the Company claims protection under Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Actual results may differ from results discussed today, and therefore, we refer you to a more detailed discussion of these risks and uncertainties in the Company's filings with the SEC. In addition, any projections as to the Company's future performance represented by management include estimates as of today, August 13, 2019, and the Company assumes no obligation to update these projections in the future as market conditions change.
This webcast and certain financial information provided in this call, including reconciliations of non-GAAP financial measures to comparable GAAP financial measures are available at www.ricebrantech.com on the Investor Relations page.
At this time, I would like to turn the call over to Brent Rystrom, CEO and President of RiceBran Technologies. Mr. Rystrom, please go ahead.
Thank you, Rich. Good afternoon, everyone. I'm going to start with a few highlights, Todd will follow with a more in-depth look at our quarterly results, and I will finish with some thoughts on our strategic plans and focus on growth and improving EBITDA.
In the second quarter, we concentrated on three initiatives to increase sales and improve profitability. First, growing sales in our traditional rice bran products, which were up nearly 20% in the second quarter. Second, acquiring and integrating MGI Grain, which was completed in early April and accretive to second quarter results. Third, working through difficult production issues and continuing our debottlenecking project at Golden Ridge, which should be completed next month.
So far in the third quarter, we are seeing an acceleration of new customer wins form our sales team and are excited by the scale of the business we're pursuing. We're starting to see the benefit of the expanded product offerings from Golden Ridge Rice Mills and MGI Grain provided to our sales team and customers.
And we're preparing to integrate a significant portion of our stabilized rice bran production to a mill owned by us, which will greatly improve our operating model. We are focused on driving further sales growth for the remainder of the year and driving sharply improved