Village Farms International Inc. (NASDAQ:VFF) Q4 2019 Earnings Conference Call - Final Transcript

Mar 31, 2020 • 08:30 am ET


Village Farms International Inc. (NASDAQ:VFF) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen. Welcome to Village Farms International's Fourth Quarter and Year End 2019 Financial Results Conference Call. Yesterday, Village Farms issued a news release reporting its financial results for the fourth quarter ended December 31, 2019. The news release, along with the company's financial statements are available on SEDAR and on the company's website at under the Investors heading. Please note that today's call is being broadcast live over the Internet. It will be archived for replay, both by telephone and via the Internet, beginning approximately one hour following completion of the call. Details of how to access the replays are available in yesterday's news release.

Before we begin, let me remind you that forward-looking statements may be made today during or after the formal part of the conference call. Certain material assumptions were applied in providing these statements, many of which are beyond our control. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements. These risks and uncertainties include, among other things, the factors contained in the company's filings with securities regulators, including its annual report on Form 10-K for the year ended December 31, 2019. These forward-looking statements are made as of today's date. Except as required by applicable securities law, the company undertakes no obligation to publicly update or revise any such statements.

I would now like to turn the call over to Michael DeGiglio, Chief Executive Officer of Village Farms International. Please go ahead, Mr. DeGiglio.

Michael A. DeGiglio

Thanks, Sharon. Thank you to everyone joining us today by telephone and the Internet. With me for today's call is Village Farms' Chief Financial Officer, Steve Ruffini. The agenda for today's call, I'll start with a high level review of the highlights, most notably, the generation of net income in excess of $36 million by Pure Sunfarms in its first full year of operation. I'm absolutely thrilled at the performance of the management team in this first year of Pure Sunfarms. Steve and I -- Steve will then review our financial results, and I'll return to discuss why we remain so confident in the future of our company and we have to take questions at that point.

Before I begin, clearly a few words with respect to all these unprecedented challenges we're facing and our thoughts and prayers are with those affected by the COVID-19 pandemic including the frontline healthcare workers across the entire country. At Village Farms, our highest priority is the health and safety of our employees, our customers and vendors and partners and their families as we continue to fulfill our obligations to customers and ensure that we are meeting the demands of the consumer at this critical time. As a highly regulated operation, our facilities already adhere to the highest health and safety standards and each has put of those -- put in place has heightened -- currently has heightened our hygiene practice and safety