Legumex Walker Declares Net Loss

TORONTO - Mar 27/15 - SNS -- Legumex Walker Inc. reported an after tax loss of CDN $22.1 million on sales of $467.947 million for the fiscal year ending December 31, compared to an after tax loss of $25.5 million on sales of $433.567 million the previous year.

In releasing its year end report, the company noted it handled 412,500 metric tons (MT) of special crops during the year, with gross margins on their sale rising 7.6$ from $48.3 million to $52 million.

However, fourth quarter results for the division were disappointing because "the logistics challenges of a late Canadian harvest." That caused fourth quarter revenue for the division to fall 17.9% from $101.5 million to $83.3 million based on a 22.7% decrease in volumes shipped -- from 126,300 to 97,600 MT.

The company's canola crushing plant in the United States saw the tonnage processed reach 242,300 MT for the year and gross margins go from a loss of $6.6 million in 2013 to a gain os $2.1 million in 2014. During the fourth quarter, crush rose 25% 64,700 MT, or 68.2% of capacity.

The company also reminded imnvestors that it has formed a special committee to identify and consider strategic and financial alternatives. These include the possible sale of all or part of the company and/or an effort to merge with another company.