AGI Releases Financials

Ag Growth International Inc. last week announced its three- and six-month financials for the periods ended June 30.

In the first six months of 2015, the company reported profits of about $4.8 million, compared to about $14.9 million for the first six months of 2014. Adjusted profits are more comparable, showing $19.3 million for the first six months of 2015 and $16.8 million for 2014.

CEO Gary Anderson said that "by far, the highlight of the quarter was the closing of the Westeel transaction."

He said the company has made great progress in integrating Westeel and completing a revised organizational structure that includes substantial annual savings.

"I am extremely pleased with the caliber of people on the Westeel team," Anderson said. "They have demonstrated great pride in their brand and commitment to our customers."

He also said: "While the drought in western Canada has taken some of the wind out of our sails for the remainder of this year, we remain very excited with this acquisition and the benefits Westeel will deliver in the long run."

Westfield (AGI) |  Member since 2005  aggrowth.com S