AGT Net Earnings Drop

TORONTO - May 13/15 - SNS -- AGT Food and Ingredients Inc. reported net earnings of $546,000 on sales of $385.2 million for the first quarter ending March 31, compared to net earnings of $9.212 million on sales of $311.283 million during the same three-month period last year.

The company's adjusted EBITDA was $22.6 million compared to $17.1 million last year and $24.4 million for three months ended December 31. Adjusted EBITDA as a percentage of revenue increased to 5.87% from 5.49% last year.

Adjusted earnings per share increased to $0.43 ($0.42 fully diluted) for the three months ended March 31, 2015 compared to $0.16 ($0.16 fully diluted) for the three months ended March 31, 2014.

"As global pulses markets look forward to seeding of what may be a significant crop in North America as well as harvest of domestic products in key consumption markets, importers continue to buy in patterns that are returning to traditional periods," said Murad Al-Katib, President and CEO of AGT.

AGT noted that its $26.6 million purchase of the assets of West Central Road & Rail Ltd. and Prairie Processing (1989) Ltd., including five producer and bulk loading sites and a processing facility in Saskatchewan should be completed in June 2015.