New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 5, 2014
07:22 EDTSANWS&W Seed secures 1,000 acres in Australia
S&W Seed announced it has secured approximately 1,000 acres of contracted seed production in Australia to be dedicated to the company's elite S&W varieties which have historically been grown only in California. This initial planting in Australia is part of the company's strategy to expand and diversify its seed production base in the country and to benefit from a number of favorable economic factors inherent in Australian-based production. These 1,000 initial acres will finalize their planting in the coming weeks and harvested during the company's annual March/April 2015 harvest.
News For SANW From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
January 26, 2015
08:09 EDTSANWS&W Seed to sell farmland in Calipatria for $7.3M
S&W Seed announced the Company has entered into agreements to sell 759 acres of farmland in Calipatria, California, as well as 30 acres of farmland in Five Points, California, for $7.3M combined. Concurrently, the Company has signed an agreement with the purchaser of the Calipatria farmland for continued alfalfa seed production of the Company's proprietary alfalfa seed varieties on a contracted basis. Following the repayment of the existing $2.3M mortgage on the Calipatria farmland, the Company will utilize the remaining proceeds to prepay $5.0M of the convertible debentures recently issued in connection with the Company's acquisition of DuPont Pioneer's alfalfa seed production and research assets, reducing interest expense and potential dilution associated with the convertible debentures. The farmland sales are expected to close during the Company's third quarter ending March 31. The Company will receive net cash proceeds from the farmland sales of approximately $5.0M following the repayment of the existing $2.3M mortgage on the Calipatria farmland, and will record an estimated one-time charge of $500,000 for unrecovered stand establishment and growing crop costs that were incurred on the farmland being sold prior to farming revenues being received. This one-time charge will be recognized in the Company's second quarter. The Company will also record a $126,000 gain on the sale of the farmland in Five Points during the Q3. Additionally, the reduction of debt is estimated to reduce interest expense by approximately $460,000 over the next 12 months.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use