S&W Seed Company Financials

$31.2 M

Revenue Q2, 2018

$74 M

Mkt cap, 25-Apr-2018
Gross profit (Q2, 2018)7 M
Gross profit margin (Q2, 2018), %22.4%
Net income (Q2, 2018)(2.2 M)
EBIT (Q2, 2018)(1.6 M)
Cash, 31-Dec-20175.5 M
EV68.9 M

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016

Revenue

51.5 m81.2 m96 m

Revenue growth, %

58%18%

Cost of goods sold

41.6 m64.6 m77.7 m

Gross profit

10 m16.6 m18.4 m

Gross profit Margin, %

19%20%19%

R&D expense

2.8 m

General and administrative expense

10.4 m

Operating expense total

13.2 m

EBIT

2.4 m2 m

EBIT margin, %

3%2%

Interest expense

653.3 k

Pre tax profit

(4 m)(2 m)

Income tax expense

87.1 k(846 k)

Net Income

373.1 k(3.2 m)365.2 k

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

12.4 m11.5 m8.1 m8.2 m13.8 m30.5 m12.3 m24.1 m25 m12.2 m24.2 m21 m10.7 m31.2 m

Cost of goods sold

10.1 m9.1 m6.5 m6.9 m11.8 m23.4 m10.3 m20.1 m19.5 m10.3 m19 m15.2 m8.4 m24.2 m

Gross profit

2.3 m2.4 m1.6 m1.3 m2 m7.1 m2 m4 m5.5 m1.9 m5.2 m5.8 m2.3 m7 m

Gross profit Margin, %

19%21%20%16%14%23%16%17%22%16%22%28%22%22%

R&D expense

233.6 k246.4 k167.2 k223.4 k208.5 k611.7 k690.4 k732.6 k626.3 k741.5 k748.6 k714.5 k1.6 m

General and administrative expense

1.6 m1.5 m1.7 m1.8 m3 m2.3 m2.5 m2.3 m2.5 m2.5 m2.6 m2.7 m5.4 m

Operating expense total

2.1 m2 m2.2 m2.3 m3.5 m3.5 m4 m3.8 m3.9 m4 m4.2 m4.6 m4.5 m8.6 m

Depreciation and amortization

1.8 m

EBIT

165.3 k343 k(556.9 k)3.6 m(2 m)201.4 k1.6 m(2.1 m)1 m1.2 m(2.1 m)(1.6 m)

EBIT margin, %

1%3%(7%)12%(16%)1%7%(17%)4%6%(20%)(5%)

Interest expense

137 k122.6 k149.3 k246.7 k187.7 k

Pre tax profit

(224.9 k)(3.1 m)(167.5 k)573.8 k(4.3 m)1.3 m1.8 m(1.8 m)(2 m)

Income tax expense

21.1 k86 k(289.5 k)(437.8 k)(738.5 k)244.5 k5.9 k

Net Income

41.2 k110.1 k(398.6 k)(874.3 k)(1.5 m)(469.3 k)(1.9 m)1.4 m567.9 k(3.2 m)1.2 m1.3 m(1.8 m)(2.2 m)

Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016

Cash

1.2 m3.5 m6.9 m

Accounts Receivable

24.3 m26.7 m27.6 m

Inventories

230.9 k797.2 k21.8 m

Current Assets

55.4 m56.9 m57.6 m

PP&E

10.4 m11.5 m13.1 m

Goodwill

4.9 m9.6 m10.3 m

Total Assets

89.3 m122.3 m127 m

Accounts Payable

15 m13.7 m14.3 m

Short-term debt

267.8 k2.2 m275.1 k

Current Liabilities

33.1 m42.5 m41.4 m

Total Debt

275.1 k

Total Liabilities

59.2 m

Additional Paid-in Capital

55.1 m62.1 m78.3 m

Retained Earnings

(1.8 m)(5 m)(4.6 m)

Total Equity

51.5 m51.9 m67.8 m

Debt to Equity Ratio

0 x

Debt to Assets Ratio

0 x

Financial Leverage

1.7 x2.4 x1.9 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

5.1 m2.6 m1.7 m2.3 m4.9 m2.6 m8.4 m5.2 m6.3 m5.3 m2.1 m3.3 m4.3 m5.5 m

Accounts Receivable

12.8 m11.9 m11.1 m21.5 m16.1 m14.6 m26 m12.7 m13 m27.6 m25.6 m23.2 m25.2 m25.3 m

Inventories

28.2 m23.4 m31.8 m29.1 m43.5 m36.5 m46.3 m37.1 m43 m49.6 m42.6 m38.1 m1.9 m70.5 m

Current Assets

47.7 m39.3 m47.5 m54.5 m66.2 m55.9 m82.1 m56.4 m64.7 m83.8 m71.3 m66.1 m101.6 m102.7 m

PP&E

10.4 m17.5 m11.2 m11.5 m11.9 m12.9 m12.6 m13.2 m13.5 m13.6 m

Goodwill

4.9 m4.7 m4.9 m4.7 m14.9 m14.8 m9.4 m9.5 m9.5 m10.3 m10.3 m10.3 m10.3 m10.3 m

Total Assets

82.3 m73.1 m81.9 m88.2 m141.4 m119.8 m147.6 m124.2 m132.6 m153.8 m141.3 m134.6 m161.6 m162 m

Accounts Payable

15.8 m5.7 m13 m13.4 m29.9 m12.5 m30.7 m15 m15.6 m37.8 m24.3 m7.2 m47.1 m32.8 m

Short-term debt

747.6 k266.1 k266.9 k212.6 k213.5 k108.9 k2.3 m2.7 m428.7 k286.1 k10.3 m10.3 m10.3 m358.9 k

Current Liabilities

26.8 m18.4 m26.7 m34 m50.3 m38.8 m73.1 m45.7 m48.6 m67.9 m65.9 m58.2 m87.6 m63.6 m

Total Debt

747.6 k266.1 k266.9 k212.6 k213.5 k108.9 k2.3 m2.7 m428.7 k286.1 k10.3 m10.3 m10.3 m358.9 k

Total Liabilities

31.9 m23.4 m31.6 m38.7 m90.3 m68.7 m97.9 m67.4 m66.1 m87 m71.6 m62.8 m91.4 m77.6 m

Preferred Stock

Additional Paid-in Capital

54.4 m54.6 m54.8 m55.3 m59.8 m61 m63.2 m68.4 m77.1 m80.3 m82.5 m82.8 m94 m108.6 m

Retained Earnings

(2.1 m)(2 m)(2.4 m)(2.7 m)(4.2 m)(4.7 m)(6.9 m)(5.5 m)(4.9 m)(7.8 m)(6.7 m)(5.3 m)(18.3 m)(18.7 m)

Total Equity

50.4 m49.7 m50.2 m49.5 m51.2 m51.1 m49.7 m56.9 m66.5 m66.8 m69.7 m71.8 m70.2 m84.4 m

Debt to Equity Ratio

0.1 x

Debt to Assets Ratio

0.1 x

Financial Leverage

1.6 x1.5 x1.6 x1.8 x2.8 x2.3 x3 x2.2 x2 x2.3 x2 x1.9 x2.3 x1.9 x

Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016

Net Income

373.1 k(3.2 m)365.2 k

Depreciation and Amortization

1.3 m2.2 m3.2 m

Accounts Receivable

(11 m)(4.4 m)(1 m)

Inventories

(2.1 m)21.3 m3.6 m

Accounts Payable

(4.9 m)(11.2 m)767.3 k

Cash From Operating Activities

(17.9 m)11.1 m6.7 m

Purchases of PP&E

(434.4 k)(1.6 m)(2.6 m)

Cash From Investing Activities

(764.1 k)(31.2 m)(3.9 m)

Long-term Borrowings

(746.8 k)(2.5 m)(2.1 m)

Cash From Financing Activities

7.9 m22.4 m567.4 k

Interest Paid

556 k1.5 m2.1 m

Income Taxes Paid

777.8 k210.1 k452.9 k

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

41.2 k151.3 k(247.3 k)(874.3 k)(2.4 m)(2.9 m)(1.9 m)(512.4 k)55.4 k(3.2 m)(2.1 m)(731 k)(1.8 m)(2.2 m)

Depreciation and Amortization

314.5 k631.8 k947.2 k319.8 k630.3 k1.3 m788.8 k1.6 m2.4 m834.7 k1.7 m2.5 m1.8 m

Accounts Receivable

(42.5 k)769.7 k1.7 m2.1 m7.1 m8.2 m118.4 k13.7 m13.5 m211.5 k1.8 m4.5 m25.2 m(2 m)

Inventories

(2.1 m)2.2 m(5.7 m)(1.6 m)4.8 m10.2 m(21.5 m)(12 m)(16.9 m)(27.5 m)(20.8 m)(16 m)1.9 m(38.9 m)

Accounts Payable

(3.5 m)(13.9 m)(6.6 m)(809.1 k)(5.8 m)(12.6 m)17.7 m1.8 m1.6 m23.2 m10.1 m(7.3 m)47.1 m25.6 m

Cash From Operating Activities

(6.2 m)(12.2 m)(13.3 m)(653.8 k)4 m9.3 m11 m5.3 m(3.3 m)7.6 m(6 m)(17 m)6.6 m(16.7 m)

Purchases of PP&E

(89.8 k)(244.9 k)(314.1 k)(149.9 k)(693.3 k)(1 m)(357.4 k)(903.8 k)(2.1 m)(212.7 k)(1.3 m)(1.6 m)(815.1 k)

Cash From Investing Activities

(89.8 k)(244.9 k)(641.2 k)(154.8 k)(27.7 m)(30.6 m)(357.4 k)(1.2 m)(2.4 m)(289.2 k)(1.4 m)(1.7 m)(380.6 k)(768.8 k)

Long-term Borrowings

(82.9 k)(692.4 k)(719.6 k)(83.7 k)(211.7 k)(2.5 m)(2.2 k)(104.5 k)(2 m)(34.5 k)(169.6 k)(209.5 k)(46.4 k)(10.1 m)

Cash From Financing Activities

(362.1 k)3.3 m4 m2 m27.5 m22.6 m(5.5 m)(2.1 m)8.4 m(9.1 m)2.7 m15 m(2.8 m)22.1 m

Interest Paid

161.8 k292.2 k421.4 k251.8 k424 k922.6 k558.3 k1.3 m1.7 m311.4 k823.8 k1 m266.4 k776.9 k

Income Taxes Paid

689.5 k629.5 k118.2 k254.8 k205.2 k139 k212.9 k205.2 k20.2 k148 k194.9 k35.6 k42.2 k

Ratios

USDY, 2017

EV/EBIT

-42.3 x

EV/CFO

-4.1 x

Revenue/Employee

416.6 k

Financial Leverage

1.9 x
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