Input Capital Corp. Announces Record Capital Deployment in Q4 Operations Update
REGINA, April 7, 2015 /CNW/ - Input Capital Corp. ("Input") (TSX Venture: INP) (US: INPCF), is releasing its quarterly operations update for Q4 of its 2015 fiscal year, which provides a summary of capital deployed in the acquisition of new multi-year canola streams and a preliminary summary of quarterly canola deliveries for the quarter ending March 31, 2015. The final accounting of quarterly results will be published in Input's year-end financial statements and MD&A when these are finalized and filed in due course.
$20.2 Million Deployed into 35 Canola Streams
During the quarter, Input entered into thirty five canola streaming contracts in Saskatchewan, Alberta and Manitoba for total up-front payments of $20.2 million. As a result, Input more than tripled its total number of canola streams from 15 to 68 over the last fiscal year, successfully expanding into Manitoba and Alberta.ÂÂ
A summary of the capital deployment for the previous three fiscal years is summarized in the table below:
Fiscal Year
2013
2014
2015
Total
Deployment ($ millions)
Total Number of Streaming Clients
$6.1
5
$25.0
15
$48.9
68
$80.0
68
ÂÂ
"We are very excited about the progress we have made building our book of canola streams over the past year," said President and CEO Doug Emsley. "Our marketing efforts are paying off, we have expanded into two more provinces, and we are de-risking our portfolio with large numbers of smaller streams spread across a growing geographic area. Streaming is on its way to becoming a standard tool for farmers to flexibly fund their working capital requirements."
These newly announced investments bring Input's total capital deployment to date to $80.0 million in canola streaming contracts with a total of sixty eight farmers.
Near-Term Contracted Volume Summary Based on Current Streaming Contracts
Harvest Year
2015
2016
2017
2018
Projected Base Tonnes
70,000
50,000
50,000
50,000
Average Crop Payment per Base Tonne(1)
$61
$72
$72
$72
ÂÂ
Record Canola Tonnage Delivered and Sold
Input sold 7,269 metric tonnes ("tonnes" or "MT") of canola during the quarter at an average price of $459 per MT, for quarterly streaming revenue of $3.3 million.
Input also generated $5.7 million in revenue through short-term canola trading contracts with producers.
For the fiscal year ended March 31, 2015, Input sold 24,181 MT of canola at an average price of $459 per MT, for annual streaming revenue of $11.1 million. This represents a year-over-year quadrupling in canola sold and streaming revenue received.
The following table summarizes canola sales for the 2015 fiscal year, compared to the 2014 fiscal year:
Fiscal Quarter
Q1
Q2
Q3
Q4
FY Total
FY2014 Canola Streaming Volume (MT)
--
--
2,646
3,903
6,549
Average Net Realized Price
--
--
$472
$470
$471
FY2015 Canola Streaming Volume (MT)
4,585
4,146
8,182
7,269
24,181
Average Net Realized Price
$493
$463
$441
$459
$459
% Change (in Volume)
--
--
209%
86%
269%
ÂÂ
Due to rail transportation and system delays, the sale of approximately 11,500 MT of canola from the 2014 crop will be carried over into Input's next fiscal year.
In addition, as a result of poor canola crop results in 2014 in parts of eastern Saskatchewan, Input is working with a few farmers in the region to amend their streaming delivery schedules. It is expected that about 9,400 MT that had been scheduled for delivery from the 2014 crop will be rescheduled into future crop years.
"While we are very happy with Input's growth over the past year, we are not entirely satisfied with the grain system's ability to receive our streamed canola in as timely and predictable a way as we would like," said President and CEO Doug Emsley. "We are developing a new canola marketing plan for the upcoming year with the goal of improving our transportation and logistics in order to make Input's canola deliveries more timely, regular and predictable."
REGINA, April 7, 2015 /CNW/ - Input Capital Corp. ("Input") (TSX Venture: INP) (US: INPCF), is releasing its quarterly operations update for Q4 of its 2015 fiscal year, which provides a summary of capital deployed in the acquisition of new multi-year canola streams and a preliminary summary of quarterly canola deliveries for the quarter ending March 31, 2015. The final accounting of quarterly results will be published in Input's year-end financial statements and MD&A when these are finalized and filed in due course.
$20.2 Million Deployed into 35 Canola Streams
During the quarter, Input entered into thirty five canola streaming contracts in Saskatchewan, Alberta and Manitoba for total up-front payments of $20.2 million. As a result, Input more than tripled its total number of canola streams from 15 to 68 over the last fiscal year, successfully expanding into Manitoba and Alberta.ÂÂ
A summary of the capital deployment for the previous three fiscal years is summarized in the table below:
Fiscal Year
2013
2014
2015
Total
Deployment ($ millions)
Total Number of Streaming Clients
$6.1
5
$25.0
15
$48.9
68
$80.0
68
ÂÂ
"We are very excited about the progress we have made building our book of canola streams over the past year," said President and CEO Doug Emsley. "Our marketing efforts are paying off, we have expanded into two more provinces, and we are de-risking our portfolio with large numbers of smaller streams spread across a growing geographic area. Streaming is on its way to becoming a standard tool for farmers to flexibly fund their working capital requirements."
These newly announced investments bring Input's total capital deployment to date to $80.0 million in canola streaming contracts with a total of sixty eight farmers.
Near-Term Contracted Volume Summary Based on Current Streaming Contracts
Harvest Year
2015
2016
2017
2018
Projected Base Tonnes
70,000
50,000
50,000
50,000
Average Crop Payment per Base Tonne(1)
$61
$72
$72
$72
ÂÂ
Record Canola Tonnage Delivered and Sold
Input sold 7,269 metric tonnes ("tonnes" or "MT") of canola during the quarter at an average price of $459 per MT, for quarterly streaming revenue of $3.3 million.
Input also generated $5.7 million in revenue through short-term canola trading contracts with producers.
For the fiscal year ended March 31, 2015, Input sold 24,181 MT of canola at an average price of $459 per MT, for annual streaming revenue of $11.1 million. This represents a year-over-year quadrupling in canola sold and streaming revenue received.
The following table summarizes canola sales for the 2015 fiscal year, compared to the 2014 fiscal year:
Fiscal Quarter
Q1
Q2
Q3
Q4
FY Total
FY2014 Canola Streaming Volume (MT)
--
--
2,646
3,903
6,549
Average Net Realized Price
--
--
$472
$470
$471
FY2015 Canola Streaming Volume (MT)
4,585
4,146
8,182
7,269
24,181
Average Net Realized Price
$493
$463
$441
$459
$459
% Change (in Volume)
--
--
209%
86%
269%
ÂÂ
Due to rail transportation and system delays, the sale of approximately 11,500 MT of canola from the 2014 crop will be carried over into Input's next fiscal year.
In addition, as a result of poor canola crop results in 2014 in parts of eastern Saskatchewan, Input is working with a few farmers in the region to amend their streaming delivery schedules. It is expected that about 9,400 MT that had been scheduled for delivery from the 2014 crop will be rescheduled into future crop years.
"While we are very happy with Input's growth over the past year, we are not entirely satisfied with the grain system's ability to receive our streamed canola in as timely and predictable a way as we would like," said President and CEO Doug Emsley. "We are developing a new canola marketing plan for the upcoming year with the goal of improving our transportation and logistics in order to make Input's canola deliveries more timely, regular and predictable."
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