Home / Knowledge / News / Textiles / CRAiLAR Q4'FY13 adjusted EBITDA falls marginally
CRAiLAR Q4'FY13 adjusted EBITDA falls marginally
28
Mar '14
CRAiLAR Technologies Inc., which produces and markets CRAiLAR Flax fiber The Friendliest Fiber on the Planet, reported sales of $0.4 million and a net loss of $3.2 million or $0.07 per share for the fourth quarter ended December 28, 2013, compared with nil sales and a net loss was $3.1 million or $0.07 per share for Q4 2012. 
 
Fourth Quarter Highlights:
-Adjusted EBITDA for Q4 was a loss $1.2 million.
-Completes acquisition of European production facility.
-Receives $4.9 million funding from IKEA and Hydra Ventures (the corporate venture arm of adidas Group).
 
This quarter's loss included a $1.2 million write-down of feedstock inventory due to weather partially offset by a $0.4 million bargain purchase gain from the acquisition of its European production facility. Q4 2012 included a $0.6 million write-off of the Company's pilot scale decortication facility that was deemed not commercially viable and a $0.3 million write-off of seed inventory. 
 
The Company's Adjusted EBITDA for the quarter was a loss of $1.2 million, a reduction of $0.3 million from Q4 2012's Adjusted EBITDA loss of $1.5 million. For further information regarding Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to net loss, see non-GAAP Financial Measures below.
 
During the fourth quarter of 2013, the Company completed the acquisition of a fiber dyeing facility in Belgium strategically located in Europe's flax growing region in a non-cash transaction through the assumption of $1.2 million of debt payable over five years. 
 
The fiber dyeing facility currently has the necessary equipment to perform the ezymatic processing step and has the capacity to produce in excess of 280,000 pounds a week of CRAiLAR Flax fiber. Also, during the fourth quarter the Company received $4.9 million of funding from IKEA and Hydra Ventures (the corporate venture arm of the adidas Group AG. 
 
The IKEA funding is a $3.0 million facility with a term of 30 months at a low interest rate and is designated for working capital and equipment. Along with the loan, IKEA signed a general supply agreement that provides for exclusivity in certain domestic textile categories and which requires minimum order quantities through 2022. The Hydra funding is a $1.9 million equity investment.
 
Click here to view full results.
 

CRAiLAR Technologies


Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search