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RiceBran Technologies (RIBT) CEO Brent Rystrom on Q2 2020 Results - Earnings Call Transcript
RiceBran Technologies (NASDAQ:RIBT) Q2 2020 Earnings Conference Call August 12, 2020 4:30 PM ET
Company Participants
Richard Galterio - Ascendant Partners
Brent Rystrom - Chief Executive Officer and President
Todd Mitchell - Chief Financial Officer
Peter Bradley - Executive Chairman
Conference Call Participants
Mark Smith - Lake Street Capital Markets
Paul Sonz - Sonz Partners
Operator
Good day, ladies and gentlemen, and thank you for standing by. Welcome to the RiceBran Technologies Second Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to introduce your host, Mr. Richard Galterio of Ascendant Partners. Please go ahead.
Richard Galterio
Thank you, operator. Good afternoon, listeners. Once again welcome to RiceBran Technologies’ second quarter 2020 financial results conference call. With us today, are Brent Rystrom, Chief Executive Officer and President of RiceBran Technologies; Todd Mitchell, Chief Financial Officer and Peter Bradley, Executive Chairman.
Before I turn the call over to Brent, I want to remind listeners that during the call, management's prepared remarks may contain forward-looking statements that are subject to risks and uncertainties. Management may make additional forward-looking statements in response to your questions today. Therefore, the Company claims protection under Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Actual results may differ from results discussed today, and therefore, we refer you to a more detailed discussion of these risks and uncertainties in the Company’s filings with the SEC. In addition, any projections as to the Company’s future performance represented by management include estimates as of today, August 12, 2020, and the Company assumes no obligation to update these projections in the future as market conditions change.
This webcast and certain financial information provided in this call, including reconciliations of non-GAAP financial measures to comparable GAAP financial measures are available at www.ricebrantech.com on the Investor Relations page.
At this time, I would like to turn the call over to Brent Rystrom, CEO and President of RiceBran Technologies. Mr. Rystrom, please go ahead.
Brent Rystrom
Thank you, Rich, and good afternoon, everyone. RiceBran Technologies faced several challenges in the second quarter of 2020 related to the COVID-19 pandemic. Initial fears of inadequate food supplies caused a surge in demand for rice as consumers engaged in widespread pantry stocking.
This demand accelerated milling for several months, which caused shortages in the supply of paddy rice, the rice that comes into rice mills as a raw material which drove prices from $12 per 100 weight in early 2020 to a peak that was over $23 per 100 weight in late May and early June.
The higher prices and reduced supplies impacted our ability to operate at Golden Ridge, especially in the back half of the second quarter. The shutdown of much of the economy due to COVID-19 restrictions also slowed new customer development, as most of the prospective customers we were pursuing shut down product development and research labs.
In fact, many of them are still closed. In spite of this, we were able to add new customers in equine, pet food and human products in the second quarter. And after weakness in the beginning of the year, we have seen remarkable increases in demand for products from our derivative facility in Dillan Montana, which should have a favorable impact on results in the second half of 2020 and into 2021.echnologies-ribt-ceo-brent-rystrom-on-q2-2020-results-earnings-call-transcript
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