PRT Growing Services Ltd. reported EBITDA of $2.9 million for the first nine-months of 2012

Nov 12, 2012. /Lesprom Network/. PRT Growing Services Ltd. released its financial results for the nine- and three-months ended September 30, 2012. Forest seedlings generally take from six months to a year or more to grow, with most being grown and harvested within the calendar year. PRT’s quarterly results generally reflect only a portion of the revenue that accrues over the full crop cycle, and, accordingly, the results are best considered in an annual context, as the company said in the press release received by Lesprom Network. PRT reported EBITDA of $2.9 million and total comprehensive income of $477,000 ($0.05 per share) for the nine months ended September 30, 2012, compared with $3.4 million and income of $605,000 ($0.06 per share), respectively for the first three-quarters of 2011. The slightly lower results reflect timing of revenue recognition, increased labour costs and spending on a review of strategic alternatives for the Company. For the three months ended September 30, 2012, the Company reported EBITDA of negative $481,000 and total comprehensive loss of $1 million ($0.13 per share). Aggregate results were in line with management’s expectations given the highly seasonal nature of PRT’s business. The 3Q is typically the slowest quarter in the Company’s annual cycle. President and CEO Rob Miller observed, “The improvement in core forest seedling order volumes we experienced in 2011 has been sustained into 2012. While total market seedling demand remains significantly below historical levels, with the improvements we have made to our business over the past three years to adapt to the downturn we are now able to generate improved returns on lower volumes. Our key focuses continue to be highly reliable contract delivery, superior customer service, and product innovations to meet changing customer needs. At the same time we are carefully managing capacity and costs, and emphasizing continuous improvement throughout our organization. We are also exploring expansion of our core business into new geographic regions and new product lines. These operating strategies position us well for the market conditions we expect in 2012 and beyond. Going forward, we will continue to focus on improving our operations, developing new markets, and managing our balance sheet for sustainability”. PRT Growing Services Ltd. is the largest producer of container-grown forest seedlings in North America, operating 13 nursery locations that are expected to produce more than 160 million seedlings in 2012.