Tobacco Grower Alliance One Has 4Q Loss

Source from:  MORRISVILLE, N.C. (AP) Friday June 15 06/18/2007

Tobacco Grower Alliance One International's 4th-Quarter Loss Narrows Despite Sales Drop Alliance One International Inc., a grower and processor of leaf tobacco, said late Thursday its fiscal fourth-quarter loss narrowed despite lower revenue as the company reduced costs by more than expected. Alliance One also said it will not file its Form 10-K for the fiscal year on time because of delays caused by previously announced restatements of quarterly earnings to fix tax expense accounting issues. The company anticipates filing the report, which is legally required and a prerequisite for continued listing on a stock exchange, by June 25. In the quarter ended March 31, the Morrisville, N.C., grower reported a loss of $6.2 million, or 7 cents per share. A year ago, the loss was $323.4 million, or $3.76 per share. Revenue fell 25 percent to $433.2 million from $581.3 million last year. The cost of goods and services sold fell to $380 million from $581.8 million. The company said revenue fell because of the dollar's decline against many foreign currencies. Alliance One has operations in Africa and South America. The company had to dispose of lower quality tobacco, which cut into the bottom line. For the year, the company's loss narrowed sharply to $21.6 million, or 25 cents per share from $447.5 million, or $5.51. Revenue dropped 6 percent to $1.99 billion. Enditem