BETHESDA, Md., Aug. 17, 2015 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC) announced financial results for the first quarter of its 2016 fiscal year ended June 30, 2015.
Total revenue was $1,858,809 for Q1 2015 as compared to $763,864 for Q1 2014. The revenue reported for both quarters was primarily from selling electronics components to OEMs and the India based heavy equipment rental business. The revenue reported in fiscal Q1 2015 was higher due to an increase in the volume of business.
Selling, general and administrative expenses were $305,403 for Q1 2015 and $1,077,686 for Q1 2014. Our SG&A has been reduced as we have shed costs associated with non-performing businesses, including the mining of iron ore.
In Q1 2016, the Company reported a GAAP net income loss of $382,699 and a GAAP EPS loss of $0.03 compared to a GAAP net income loss of $1,201,429 and a GAAP EPS loss of $0.12 for Q1 2014. The improved performance for Q1 2016 is largely attributable to higher top line revenue with lower associated costs.
"We have made significant progress in developing our key operating segments during the quarter and continue to build a foundation where we have a strategic advantage and can leverage our international presence. During fiscal 2016, we are committed to advancing our core mandates which includes the creation of a portfolio of marijuana and hemp based patents where we can partner to create and ultimately file for FDA approval of cannabinoid-based drugs for compassionate use in high potential indications," said Ram Mukunda CEO of IGC.
About IGC:
Based in Bethesda, Maryland, IGC, Inc. is positioning itself in two of the world's fastest growing industries -- phytocannabinoid-based biopharmaceuticals and the Internet of Things ("IoT"). We supply electronic and health monitoring components to original equipment manufacturers (OEMs), and develop phytocannabinoid-based therapies for the treatment of a wide range of life altering conditions. In addition, we build leading edge facilities that can be used to grow and extract pharmaceutical grade phytocannabinoids. Our website: www.igcinc.us. Twitter @IGCIR.
Forward-looking Statements:
Some of the statements contained in this press release that are not historical facts constitute forward-looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "proposed" or the negative of those terms. These statements are not a guarantee of future developments and are subject to risks, uncertainties, and other factors, some of which are beyond IGC's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in IGC's business and acquisition and diversification strategy, competitive environment, infrastructure demands, and governmental, regulatory, political, economic, legal and social conditions in, among other places, China and India.
Except as required by federal securities laws, IGC undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward-looking statements have been discussed in greater detail in IGC's Form 10-K for fiscal year ended March 31, 2015, and in subsequent reports filed with the U.S. Securities and Exchange Commission.
| INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES | ||
| CONSOLIDATED BALANCE SHEETS | ||
| All amounts in USD except share data | ||
| As of | ||
| 30-Jun-15 | 31-Mar-15 | |
| (unaudited) | (audited) | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 659,597 | $ 824,492 |
| Accounts receivable, net of allowances | 1,025,338 | 993,296 |
| Inventories | 1,271,746 | 709,649 |
| Prepaid expenses and other current assets | 1,907,956 | 1,950,295 |
| Total current assets | $ 4,864,637 | $ 4,477,732 |
| Goodwill | 982,782 | 982,782 |
| Intangible assets | 306,205 | 306,131 |
| Property, plant and equipment, net | 7,654,131 | 7,784,447 |
| Investments in affiliates | 5,997,058 | 5,997,058 |
| Investments-others | 29,863 | 30,477 |
| Deferred income taxes | 318,153 | 318,548 |
| Other non-current assets | 426,933 | 434,284 |
| Total long-term assets | $ 15,715,125 | $ 15,853,727 |
| Total assets | $ 20,579,762 | $ 20,331,459 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Short-term borrowings | 1,277,812 | 1,280,356 |
| Trade payables | 425,849 | 174,584 |
| Accrued expenses | 366,171 | 422,252 |
| Loans - others | 111,919 | 73,707 |
| Other current liabilities | 412,098 | 496,985 |
| Total current liabilities | $ 2,593,849 | $ 2,447,884 |
| Long-term borrowings | 308,202 | 323,904 |
| Notes payable | 2,135,000 | 1,800,000 |
| Other non-current liabilities | 1,020,512 | 1,009,889 |
| $ 3,463,714 | $ 3,133,793 | |
| Total liabilities | $ 6,057,563 | $ 5,581,677 |
| Stockholders' equity: | ||
| Common stock — $0.0001 par value; 150,000,000 shares authorized; 14,766,333 issued and outstanding as of March 31, 2015 and 14,991,798 issued and outstanding as of June 30, 2015. | $ 1,499 | $ 1,477 |
| Additional paid-in capital | 63,576,206 | 63,479,918 |
| Accumulated other comprehensive income | (1,883,531) | (1,913,585) |
| Retained earnings (Deficit) | (47,716,580) | (47,333,955) |
| Total equity attributable to Parent | $ 13,977,594 | $ 14,233,855 |
| Non-controlling interest | $ 544,605 | $ 515,927 |
| Total stockholders' equity | $ 14,522,199 | $ 14,749,782 |
| Total liabilities and stockholders' equity | $ 20,579,762 | $ 20,331,459 |
These interim financial statements should be read in conjunction with the financial statements and notes included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 and Annual Report on Form 10-K for the fiscal year ended March 31, 2015. Quarterly financial results may not be indicative of the financial results for the entire fiscal year.
| INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (Unaudited) | ||
|
All amounts in USD except share data |
||
| Three months ended June 30, | ||
| 2015 | 2014 | |
| Revenues | $ 1,858,809 | $ 763,864 |
| Cost of revenues (excluding depreciation) | (1,654,769) | (687,288) |
| Selling, general and administrative expenses | (305,403) | (1,077,686) |
| Depreciation | (155,974) | (148,889) |
| Impairment loss - Investment others | ||
| Operating income (loss) | $ (257,337) | $ (1,149,999) |
| Interest expense | (61,914) | (61,170) |
| Interest income | 694 | 2,338 |
| Other income, net | (35,057) | (887) |
| Income before income taxes and minority interest attributable to non-controlling interest | $ (353,614) | $ (1,209,718) |
| Income taxes benefit/(expense) | -- | -- |
| Net income/(loss) | $ (353,614) | $ (1,209,718) |
| Non-controlling interests in earnings of subsidiaries | 29,085 | (8,289) |
| Net income/(loss) attributable to common stockholders | $ (382,699) | $ (1,201,429) |
| Earnings/(loss) per share attributable to common stockholders: | ||
| Basic | $ (0.03) | $ (0.12) |
| Diluted | $ (0.03) | $ (0.12) |
| Weighted-average number of shares used in computing earnings per share amounts: | ||
| Basic | 14,832,065 | 10,174,358 |
| Diluted | 14,832,065 | 10,174,358 |
These interim financial statements should be read in conjunction with the financial statements and notes included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 and Annual Report on Form 10-K for the fiscal year ended March 31, 2015. Quarterly financial results may not be indicative of the financial results for the entire fiscal year.