The COVID-19 pandemic had a significant negative impact on logistics
S&W Seed Company has announced certain unaudited preliminary financial results for the fiscal year ended June 30, 2021. Preliminary core revenue for fiscal 2021 is expected to be approximately $69.8 million, compared to core revenue for fiscal 2020 of $59.9 million, an expected increase of approximately 16.5 per cent. Preliminary total revenue for fiscal 2021 is expected to be approximately $84.0 million, compared to total revenue for fiscal 2020 of $79.6 million, an expected increase of approximately 5.5 per cent.
The COVID-19 pandemic had a significant negative impact on logistics, as experienced in several industries across the globe, contributing to delayed shipments to the company’s customers and also increasing its costs of goods sold.
Approximately $5.0 million of revenue that the company expected to recognise in the fourth quarter of fiscal 2021 is instead expected to be recognized in the first quarter of fiscal 2022. The company expects gross profit margins to be approximately 16.3 per cent for fiscal 2021, with an estimated impact of approximately $1.5 million from increased shipping and transportation costs. Adjusted EBITDA for fiscal 2021 is expected to be in a range of $13.0 to $13.2 million.
S&W Seed Company has not finalised its financial statements for the fourth quarter or a full year of fiscal 2021.
