RiceBran Technologies (NASDAQ:RIBT) Q1 2020 Earnings Conference Call - Final Transcript

May 05, 2020 • 04:30 pm ET


RiceBran Technologies (NASDAQ:RIBT) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen and thank you for standing by. Welcome to the RiceBran Technologies First Quarter 2020 Financial Results Conference Call.

[Operator Instructions]

I would now like to introduce our host, Mr. Richard Galterio of Ascendant Partners. Please go ahead, Mr. Galterio.

Richard Galterio

Thank you, operator, good afternoon listeners. Welcome again to RiceBran Technologies first quarter 2020 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, May 5th, 2020. 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 the call, including reconciliation 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 turn the call over to Brent Rystrom, CEO and President of RiceBran Technologies. Mr. Rystrom, please go ahead.

Brent Rystrom

Thank you, Rich, and good afternoon, everyone, able to join us on the call. I hope this call finds you, your families and others in your life healthy and well.

RiceBran Technologies continues to be fully functional and operating through the COVID-19 crisis. COVID-19 has created challenges for many parts of our business, but so far, we have been generally and successfully managing our way through. Fortunately, our facilities typically have large footprints, so our employees tend to be dispersed. We are watching daily for any issues and reacting quickly to any concerns. We are proud and thankful for how our employees are performing during this crisis.

We realized significant improvements in RiceBran Technologies first quarter results as we continue to execute on our plan to drive the Company to sharply higher sales and positive EBITDA. Our revenue grew 31% from the year earlier levels and 43% sequentially from the fourth quarter of 2019. And adjusted EBITDA losses are trending lower from a loss of $3.4 million in the third quarter of 2019 to a loss of $2.7 million in the fourth quarter of 2019 and now to a loss of $2 million in our first quarter of 2020.

Revenue at Golden Ridge grew 81% sequentially in the first quarter of 2020, which followed 87% sequential growth in the fourth quarter of 2019. Both gains reflecting the benefits we are starting to realize from