Alliance One International 9-month Loss Widens

(RTTNews) - Alliance One International Inc. (AOI) reported that its net loss for the nine months ended December 31, 2015 widened to $36.1 million or $4.06 per share, from $28.5 million or $3.24 per share for the prior year period. Included in net loss for the nine months ended December 31, 2015 was $4.1 million of restructuring and asset impairment charges and $1.8 million expense related to the Kenyan investigation for legal and professional costs. After adjusting for tax, these items negatively impacted earnings per basic share by $0.53.

Sales decreased 12.2% to $1.172 billion primarily due to lower green prices.

Tobacco revenues decreased 10.8% overall due to the decrease in global volumes and a 9.0% decrease in average sales prices to $4.56 per kilo. Average sales prices decreased due to changes in product mix, the negative impact on pricing resulting from currency related cost and sales decreases, an oversupply of tobacco in the market and lower prices paid to tobacco suppliers in most regions.

The company is currently closing fiscal year 2016 books and expects sales of about $1.9 billion and adjusted EBITDA similar to the prior year.