BETHESDA, Md., Aug. 16, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC), a company competing in the rapidly growing materials and infrastructure industry in India and China, announced financial results for the first quarter ended June 30, 2013.
Total revenue was approximately $1,124 thousand for the three months ended June 30, 2013 as compared to approximately $1,268 thousand for the three months ended June 30, 2012. The revenue was from our iron ore business.
Ram Mukunda, CEO of India Globalization Capital, said, "As we previously disclosed, we continue to push hard to operationalize our plants, which we expect will drive revenue and margin. The demand for ore in Inner Mongolia remains relatively strong with a slight uptick in pricing. We still see opportunities for significant revenue growth and profitability through the second half of this year. Our strategy continues to be pursuing accretive acquisitions that can add to our assets, production and near time profitability. We believe that our strategy will add considerable long term value to our shareholders as we are seeing interesting and exciting opportunities."
In the three months ended June 30, 2013, the Company reported a GAAP net income loss of approximately ($634) thousand and a GAAP EPS of ($0.09) compared to a GAAP net income loss of approximately ($528) thousand and a GAAP EPS of ($0.14) for the three months ended June 30, 2012. Included in the GAAP loss for the June 30, 2013 quarter is about $489 thousand of non-cash expenses that include depreciation, non-cash interest and foreign exchange losses.
Selling, general and administrative expenses were approximately $299 thousand for the three months ended June 30, 2013 as compared to approximately $441 thousand for the three months ended June 30, 2012. The decrease in SG&A is based on a reduction of overheads and a realignment to address opportunities in the mining sector.
For the period ended June 30, 2013, our cash and cash equivalents along with restricted cash was approximately $651,465.
As of June 30, 2013, the Company's stockholders' equity was approximately $14,463,452 compared with about $14,974,230 for the period ended March 31, 2013. The Company reported total assets of approximately $18,575,174 as of June 30, 2013 versus about $19,252,593 as of March 31, 2013.
About IGC:
Based in Bethesda, Maryland, India Globalization Capital, Inc. (IGC) is a materials and infrastructure company operating in India and China. In India we mainly engage in supplying and trading iron ore and in leasing construction equipment. In China we own and operate iron ore beneficiation plants and iron ore mines, and supply iron ore to steel mills, specifically in Inner Mongolia. We operate a shipping hub at the border of China and Mongolia. For more information about IGC, please visit IGC's Website at www.indiaglobalcap.com. For information about Ironman, please visit www.hfironman.net.
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," "post", "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "proposed," "confident" or "continue" 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 our business, our competitive environment, infrastructure demands, Iron ore availability and governmental, regulatory, political, economic, legal and social conditions in China and India.
The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, 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, 2013, and Form 10-Q for fiscal quarters ended June 30, 2013, December 31, 2012 and September 30, 2012, filed with the Securities and Exchange Commission on July 16, 2013, August 14, 2013, February 13, 2013 and November 14, 2012, respectively.
| INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES | ||
| CONSOLIDATED BALANCE SHEETS | ||
| All amounts in USD except share data | ||
| As of | ||
| 30-Jun-13 | 31-Mar-13 | |
| (un-audited) | (audited) | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 651,465 | $ 1,064,421 |
| Accounts receivable, net of allowances | 961,837 | 1,066,650 |
| Inventories | 411,930 | 407,060 |
| Prepaid expenses and other current assets | 1,696,845 | 1,730,514 |
| Total current assets | $ 3,722,077 | $ 4,268,645 |
| Intangible Assets & Goodwill | 606,639 | 592,274 |
| Property, plant and equipment, net | 8,126,473 | 8,184,230 |
| Investments in affiliates | 5,109,057 | 5,109,057 |
| Investments-others | 50,404 | 83,489 |
| Deferred acquisition costs | 207,337 | 207,338 |
| Deferred Income taxes | 326,237 | 341,455 |
| Other non-current assets | 426,950 | 466,105 |
| Total assets | $ 18,575,174 | $ 19,252,593 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Trade payables | 615,386 | 600,702 |
| Accrued expenses | 308,883 | 466,960 |
| Notes payable | -- | 1,800,000 |
| Loans - others | 446,803 | 446,694 |
| Other current liabilities | 283,782 | 310,619 |
| Total current liabilities | $ 1,654,854 | $ 3,624,975 |
| Notes payable | 1,800,000 | -- |
| Other non-current liabilities | 656,868 | 653,388 |
| Total liabilities | $ 4,111,722 | $ 4,278,363 |
| Stockholders' equity: | ||
| Common stock — $.0001 par value; 150,000,000 shares authorized; 6,980,098 issued and outstanding as of March 31, 2013 and 7,031,398 issued and outstanding as of June 30, 2013. | $ 6,986 | $ 6,981 |
| Additional paid-in capital | 56,253,449 | 56,147,092 |
| Accumulated other comprehensive income | (2,005,590) | (2,020,764) |
| Retained earnings (Deficit) | (40,330,666) | (39,697,179) |
| Total equity attributable to Parent | $ 13,924,179 | $ 14,436,130 |
| Non-controlling interest | $ 539,273 | $ 538,100 |
| Total stockholders' equity | 14,463,452 | 14,974,230 |
| Total liabilities and stockholders' equity | $ 18,575,174 | $ 19,252,593 |
| INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (Unaudited) | ||
| All amounts in USD except share data | ||
| Three months ended June 30, | ||
| 2013 | 2012 | |
| Revenues | $ 1,123,904 | $ 1,267,680 |
| Cost of revenues (excluding depreciation) | (936,239) | (937,444) |
| Selling, general and administrative expenses | (299,125) | (440,775) |
| Depreciation | (149,294) | (83,594) |
| Operating income (loss) | (260,754) | (194,133) |
| Interest expense | (112,136) | (10,557) |
| Interest income | 4,080 | 837 |
| Other income, net | (261,908) | (368,611) |
| Income before income taxes and minority interest attributable to non-- controlling interest | $ (630,718) | $ (572,464) |
| Income taxes benefit/ (expense) | (1,596) | 31,710 |
| Net income/(loss) | $ (632,314) | $ (540,754) |
| Non-controlling interests in earnings of subsidiaries | (1,173) | 12,438 |
| Net income / (loss) attributable to common stockholders | $ (633,487) | $ (528,316) |
| Earnings/(loss) per share attributable to common stockholders: | ||
| Basic | $ (0.09) | $ (0.14) |
| Diluted | $ (0.09) | $ (0.14) |
| Weighted-average number of shares used in computing earnings per share amounts: | ||
| Basic | 7,003,023 | 3,905,934 |
| Diluted | 7,003,023 | 3,905,934 |