Archived Issues

Alliance One International reports full-year results

Alliance One International Inc. posted a net income of $13.3 million in the fiscal year that ended March 31, compared with a net loss of $18.8 million in the previous 12-month period.

Underlying net income for the fiscal year, which excludes market valuation adjustments for derivative financial instruments, discontinued operations and nonrecurring items, was $18.9 million, compared with $8.8 million on the same basis last year.

On May 13, Dimon Inc. and Standard Commercial Corp. merged to become Alliance One International. The figures reported pertain only to Dimon on a stand-alone basis.

Sales and other operating revenues for the fourth quarter were $319.2 million, compared with $303.1 million for the year earlier quarter. Increased shipments from Europe and Asia were partially offset by decreased shipments from North America. Sales and other operating revenues for the fiscal year that ended March 31 were $1.31 billion, compared to $1.15 billion for the year earlier 12-month period.

Brian J. Harker, chairman and ceo, stated, “We are very excited about the future for Alliance One International. During the current fiscal year, we will be working hard on the successful implementation of our integration plan that is now well under way and achieving the planned annual cost savings of $60 million once the integration process is concluded.”