EIN Presswire: Agriculture Live Feed Press Releases

Valmont Industries, Inc. Fourth Quarter 2011 Earnings Conference Call

Wed, 08 Feb 2012 04:05:00 +0000

Valmont Industries, Inc. Fourth Quarter 2011 Earnings Conference Call

PR Newswire

OMAHA, Neb., Feb. 7, 2012 /PRNewswire/ -- Valmont Industries, Inc. (NYSE: VMI), a leading global manufacturer of engineered products for infrastructure, mechanized irrigation equipment for agriculture, and a provider of coating services, will hold its Fourth Quarter Earnings Conference Call on Wednesday, February 15, 2012 beginning at 8:00 a.m. CST.

An audio discussion of Valmont's fourth quarter results by Mogens C. Bay, Chairman and Chief Executive Officer and Terry J. McClain, Senior Vice President and Chief Financial Officer, will be available live by telephone by dialing 1-877-493-2981 and entering Conference ID#: 30187306 or via the Internet at 8:00 a.m. CST on February 15, 2012, by pointing browsers to: http://www.valmont.com/page.aspx?id=445&pid=21. After the event you may listen by accessing the above link or by telephone. Dial 1-800-642-1687 or 706-645-9291, and enter the Conference ID#: 30187306 beginning February 15, 2012 at 10:00 a.m. CST through 12:00 p.m. CST on February 22, 2012.

Valmont is a global leader in designing and manufacturing poles, towers and structures for lighting and traffic, wireless communication and utility markets, industrial access systems, road safety products and a provider of protective coating services. Valmont also leads the world in mechanized irrigation equipment for agriculture, enhancing food production while conserving and protecting natural water resources.

SOURCE Valmont Industries, Inc.

AgriMarine Exports Pacific Salmon Eggs to China

Tue, 07 Feb 2012 21:59:44 +0000

AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), a leader in floating solid-wall containment technology and production for sustainable aquaculture, is pleased to announce that it has exported 1.5 million Pacific salmon ova to its 100% owned hatchery in Benxi, China. The ova came from genetic stocks that have been selected for their high growth performance and are federally-certified and pathogen-free. It is estimated that the potential value of these fish in China will be over $20 million when they reach market size in 2013 and 2014.

In order to accommodate the Company's largest shipment to date of Canadian salmon ova, AgriMarine recently completed Phase 2 of its plan to modernize its hatchery. With the installation of new Recirculating Aquaculture System (RAS) technology, the Company will be able to expand its smolt production capacity to 5 million annually through greater efficiency in the use of its already impressive ground water resources. This modernization lays the groundwork for future increased salmon harvests and puts the Benxi hatchery on par with the latest hatchery technology anywhere in the world.

"Despite world-wide salmon price volatility in the markets in 2011, we are still seeing strong demand for our locally produced, fresh and frozen fish products, which are free of import tariffs, duties and transatlantic transportation costs," remarked Richard Buchanan, President and CEO of AgriMarine Holdings. "We have a progressive, planned approach to increase fish production in our Chinese farms as we focus our efforts into growing distribution channels."

AgriMarine's strategic position in China makes it the leader in local salmon production. The next salmon harvest is scheduled for Q3, 2012.

About AgriMarine Holdings Inc.

Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary solid-wall closed containment systems for the rearing of finfish. The Company utilizes its innovative, clean technology to rear salmon and trout in its farms in China and Canada. The AgriMarine System can be applied worldwide in warm or cold climate conditions, in oceans, reservoirs and lakes. The AgriMarine System addresses sustainability issues in finfish aquaculture, creates an optimal fish rearing environment, offers a better farm management system with added environmental benefits and meets consumer and retailer demands for sustainable aquaculture.

Forward-Looking Information

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.

AgriMarine Holdings Inc.
Richard Buchanan
President and CEO
(604) 568-4672
(604) 568-4673 (FAX)
rbb@agrimarine.com
AgriMarine Holdings Inc.
Alexia Helgason
Manager, Media Relations and Marketing
(604) 728-4407
alexia@agrimarine.com
www.agrimarine.com

Sugar Industry's Latest Move Demonstrates Its Strategy: Pose As A 'Safer' Sweetener

Tue, 07 Feb 2012 21:38:08 +0000

Sugar Industry's Latest Move Demonstrates Its Strategy: Pose As A 'Safer' Sweetener

PR Newswire

WASHINGTON, Feb. 7, 2012 /PRNewswire-USNewswire/ -- In a bid to revive litigation claims that a federal judge had dismissed, the refined sugar industry's latest maneuver actually underlines its true objective: to confuse American consumers by suggesting that cane and beet sugar is healthier than sugar made from corn.

"The refined sugar industry's latest attempt to sue Corn Refiners Association (CRA) members is simply a rehash of the same groundless claims that a federal judge rejected last year," said Audrae Erickson, President of the Corn Refiners Association. She added, "This case is about the free flow of fact-based information about sugars to Americans. In that regard, it's important to recognize that the court previously dismissed a portion of the case based on a California law designed to prevent just these kinds of baseless lawsuits."

"We will defend the case aggressively," Erickson said. "In fact, we welcome an opportunity to expose the refined sugar industry's self-serving actions in this decade-long war on sugar made from corn."

The case, which is pending in a Los Angeles federal court, pits the refined sugar industry against CRA and its member companies. A federal judge dismissed all claims against the CRA members last year, but allowed the refined sugar companies a second chance to rewrite their lawsuit and come up with new allegations. The refined sugar companies refiled those claims in November, and in this week's filings argued why they should not be dismissed a second time. A hearing on the motion to dismiss the sugar industry's claims is set for March 19.

SOURCE Corn Refiners Association

Verti-Gro Partners With EnviroIngenuity

Tue, 07 Feb 2012 21:36:00 +0000

Verti-Gro Is the Leading Manufacturer of Commercial and Residential Hydroponic Vertical Farming Systems

EnviroIngenuity today announced a partnership with Verti-Gro® to represent and promote hydroponic vertical farming systems throughout Southern California.

Verti-Gro, Inc. designs and manufactures cost-effective, high density hydroponic growing systems. It offers stacked towers to suit large-scale commercial production needs which can be downsized for residential use and Community Supported Agriculture.

"Southern Californians are more focused on the benefits of locally-grown food and the holistic health and well-being that come from eating un-processed raw food," said Tim Carpenter, founder of Verti-Gro, Inc. "With ample sun and temperate conditions, these systems present an immediate and affordable opportunity for families and communities to eat healthy."

Verti-Gro® hydroponic systems employ insulated stacked pots with an automated drip system that circulates nutrients through the plants. The company offers a simple economical and pesticide-free system, and supports it with a wealth of information and training for entry level home gardeners and large scale commercial farms.

"Verti-Gro's system reduces energy and water use by more than 85 percent and saves space," said Erik Cutter, Managing Director of EnviroIngenuity. "It also virtually eliminates greenhouse gas emissions by reducing the need to transport produce across long distances, and it doesn't use soil which is becoming a very limited resource."

EnviroIngenuity recently launched its vertical farming division to bring hydroponic vertical farming processes to Southern California to enable individuals and communities to grow their own food within urban areas. Through this new partnership, the company will develop job training programs for youth.

"Our curriculum and products will allow youth to develop valuable life-skills, grow their own food and ultimately start their own business in urban agriculture," said Cutter. "This is one very healthy job opportunity that cannot be outsourced."

About Verti-Gro®
For 20 years, Verti-Gro, Inc. has developed tools and methods for vertical growing and vertical gardening to efficiently utilize space and energy. These methods use hydroponics which allow gardeners to grow produce without soil. Verti-Gro is based in Summerfield, FL on a 12-acre farm with a learning center. Verti-Gro® products are sold worldwide.

Tim Carpenter, the founder of Verti-Gro, Inc., has been involved in hydroponic research, development and production for more than 40 years. An internationally recognized consultant, he has traveled the world as an educator in the greenhouse industry using vertical plant production technologies. Carpenter specializes in hydroponic production of fruits, vegetables, greens, large-scale commercial and vertical home growing systems. Carpenter has partnered with EPCOT and NASA to develop hydroponic projects including the garden display, Living With the Land. www.VertiGro.com

About EnviroIngenuity
EnviroIngenuity was founded in 2009 by Erik Cutter. The company is comprised of forward-thinking professionals whose goal is to take advantage of the growing demand for more efficient, cost effective sustainable energy solutions, employing solar PV, hi-efficiency LED lighting, green building and vertical food production technologies. EnviroIngenuity's mission is "advancingreenergy" and reducing waste, thus better utilizing limited natural resources. As businesses invest in a lower carbon future, the EnviroIngenuity team is focused on helping organizations move forward to deploy sustainable energy solutions using disruptive technologies. www.EnviroIngenuity.com

Media Contact:
Jessica McLeish
949-294-3554

FMC Signs Exclusive Agreement for Access to New Patented Fungicide

Tue, 07 Feb 2012 21:30:00 +0000

FMC Signs Exclusive Agreement for Access to New Patented Fungicide

PR Newswire

PHILADELPHIA, Feb. 7, 2012 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today it has signed an exclusive distribution and development agreement with Consumo em Verde (CEV), Biotecnologia das Plantas, S.A. of Portugal for the unique patented fungicidal active ingredient blad, which has a new mode of action. FMC Agricultural Products Group will develop and market the fungicide in the United States and Canada as Problad Plus™ for all crop and non-crop uses.

(Logo: http://photos.prnewswire.com/prnh/20111101/NE97440LOGO )

Problad Plus was developed over the past 10 years by researchers at the Instituto Superior de Agronomia (ISA) at Lisbon University, Portugal. The new fungicide is effective on a broad spectrum of difficult-to-control plant diseases affecting tomatoes, strawberries, grapes and nut crops. Registration for Problad Plus has been submitted to the U.S. Environmental Protection Agency with an anticipated approval as a biopesticide in early 2013.

FMC began additional testing of Problad Plus on key crops in California and Florida in 2011 and plans an extensive field trial program throughout North America for 2012. FMC plans to expand the registration to additional crops in the near future.

"Obtaining access to additional products has been a key strategic initiative for FMC's North America crop business and Problad Plus will allow us to offer a broad-spectrum fungicide with a new unique mode of action that growers can use in their disease control program," said Bob Trogele, North America area director, FMC Agricultural Products. "This will be a key integrated pest management addition to our rapidly expanding tree, fruit and vegetable crop segment portfolio and its plant-based production process makes it a great example of modern pest control that is sustainable."

"Problad Plus is new and unique technology that has demonstrated performance in field trials better than or equal to currently used industry standard traditional fungicides," said Neil DeStefano, North America director of business and product development, FMC Agricultural Products. "CEV was looking for a partner to develop and commercialize their exciting new technology and FMC was able to demonstrate this as one of our key core competencies."

Field trials have demonstrated efficacy on a broad spectrum of difficult-to-control diseases such as botrytis, powdery mildew, anthracnose as well as others.

About FMC Corporation
FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. In 2010, FMC had annual sales of approximately $3.1 billion. The company employs approximately 5,000 people throughout the world, and operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals. For more information, visit www.FMC.com.

About Consumo em Verde
CEV was incorporated in Portugal in 2006 by three university professors. It was the first new business project to emerge from the CoHitec program, a local initiative organized by COTEC, an innovation association, and the North Carolina State University, aimed at promoting a speedy transition from ip-protected university research into hi-tech hi-growth businesses. The next round of financing was subscribed by two investment funds, an industrial company and a diversified conglomerate. In 2007, CEV invested in a pilot plant to develop the process and produce sufficient field-trial quantities and is now starting construction of an industrial plant in central Portugal due to come on stream by the end of the year.

Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2010 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.

SOURCE FMC Corporation

Universal Corporation Reports Improved Third Quarter Results

Tue, 07 Feb 2012 21:00:00 +0000

Universal Corporation Reports Improved Third Quarter Results

PR Newswire

RICHMOND, Va., Feb. 7, 2012 /PRNewswire/ --

HIGHLIGHTS

Third Quarter

Diluted earnings per share of $2.06, up 13% from prior year

Segment operating income of $83 million, up $6 million from prior year

Nine Months

Segment operating income of $175 million, down $22 million from prior year

Diluted earnings per share of $2.34, after $1.39 in net unusual charges

Unusual charges included a $49 million charge on loss of appeal of European Commission fine

George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE:UVV), reported that net income for the third quarter of fiscal year 2012, which ended on December 31, 2011, was $58.5 million, or $2.06 per diluted share, about 12% above last year's net income of $52.3 million, or $1.82 per diluted share, for the same period. These results included the effect of several unusual items, largely related to asset sales, which are described in the table below and amount to net pretax benefits of $10.7 million ($0.25 per diluted share) for the third quarter of fiscal year 2012 and $8.4 million ($0.18 per diluted share) for the same period last year. Segment operating income, which excludes those unusual items, increased by $5.6 million to $83.4 million as improved performance in the Company's Other Regions segment outweighed declines in the North America and the Other Tobacco Operations segments. Revenues for the quarter of $672 million were down about 2%, reflecting lower leaf prices on higher volumes.

For the nine months ended December 31, 2011, net income was $66.3 million, or $2.34 per diluted share, including the effect of the charge in the second fiscal quarter for the European Commission fine described below. That charge and other unusual items amounted to a net pretax charge of $38.6 million ($1.39 per diluted share) for the nine-month period. Those results compare to last year's net income of $129.4 million, or $4.46 per diluted share, which also includes unusual items amounting to a net benefit of $12.8 million ($0.28 per diluted share).

Segment operating income declined by $21.8 million for the nine-month period ended December 31, 2011, compared with the prior year. Those results included the first quarter impact from last year's assignment of Brazilian farmer contracts to Philip Morris International ("PMI") and a portion of the decline in processing volumes in the Company's North America segment, as well as reduced volumes and margins in the Other Tobacco operations segment. Operating results in this period included $12 million in dividend income from unconsolidated subsidiaries. Consolidated revenues fell by 5% to $1.8 billion for the nine months ended December 31, 2011, in part due to lower leaf prices on higher shipments, and in part because toll processing volumes replaced a portion of leaf sales to PMI as a result of the contract assignments last year.

The following table sets forth the unusual items included in reported results, none of which are included in segment results:

	Three Months Ended December 31,		Nine Months Ended December 31,
(in millions of dollars, except per share amounts)	2011	2010	2011	2010
Charges and (gains)
Charge for (reversal of) European Commission fines in Italy and Spain (1)	$ —	$ —	$ 49.1	$ (7.4)
Restructuring and impairment costs, primarily in the United States, South America,
and Europe (2)	0.4	11.0	10.2	14.0
Gain on fire loss insurance settlement in Europe (3)	—	—	(9.6)	—
Gain on sale of facility in Brazil (4)	(11.1)	—	(11.1)	—
Gain on assignment of farmer contracts and sale of related assets in Brazil (5)	—	(19.4)	—	(19.4)

Total effect on operating income	$ (10.7)	$ (8.4)	$ 38.6	$ (12.8)

Total effect on net income	$ (7.0)	$ (5.1)	$ 39.4	$ (8.0)

Total effect on diluted earnings per share	$ 0.25	$ 0.18	$ (1.39)	$ 0.28

(1) Fiscal year 2012 - fines and accumulated interest related to the September 9, 2011, decision by the General Court of the European Union rejecting an Italian subsidiary's application to reinstate immunity related to infringements of European Union antitrust law in the Italian raw tobacco market.
Fiscal year 2011 - the reversal of a portion of a European Commission fine recorded by an Italian subsidiary in 2005 related to the Spanish tobacco processing market, following a decision of the General Court of the European Union that reduced the amount of the fine by half.
(2) Restructuring and impairment charges, primarily related to plant closures and workforce reductions in several areas.
(3) Fire loss insurance settlement in June 2011 related to a plant fire in Europe in 2010. The operating assets have been replaced.
(4) Sale of land and storage buildings in Brazil in November 2011.
(5) Assignment of farmer production contracts and related assets in Brazil in October 2010.

Mr. Freeman stated, "I am pleased with our strong third quarter performance, which is the result of our successful efforts in managing our business in this year's oversupply situation. We are working closely with customers, both old and new, to meet their requirements, and we are carefully monitoring our commitments for the upcoming crop cycle.

"Recent fiscal quarters reflected a slower start to the buying seasons in Brazil and Malawi, but we believe that we are back on track with shipment timing in most origins. Green prices have generally declined, as we expected. Although we continue to deal with the previously anticipated effects of the decreased processing volumes in North America and the challenging markets in our oriental and dark tobacco operations, impacts from the global oversupply have been moderate. Our sales activity has been robust, and our hard-working teams around the globe are united.

"While our results included several unusual charges and benefits this year, our underlying business results have remained healthy, and we are performing at levels comparable to our historical norms. During the third quarter, despite volatile financial markets, we successfully refinanced our primary $450 million global working capital facility, and our balance sheet remains strong. In addition, we have maintained our focus on providing returns to our shareholders and increased our common stock dividend for the 41st consecutive year.

"Although it is too early to report specifically about the coming crop season, we continue to expect this year's oversupply situation to influence pricing and margins into the next fiscal year. At the same time, we do anticipate that crop sizes will come down in many of our growing regions during the next year, which could mitigate those pressures, and markets for some grades may be tightening. Our customers continue to signal their desire for high quality, compliant tobacco, which has always been our core strength. I am excited about our prospects for the future as we continue to develop our plans and programs to support stable supplier markets, enhance production efficiencies, and improve sustainable tobacco production."

FLUE-CURED AND BURLEY LEAF TOBACCO OPERATIONS:

Third Quarter

Operating income for the third quarter of fiscal year 2012, for the flue-cured and burley tobacco operations, which comprise the North America and Other Regions segments, increased by 11% to $82.6 million, compared to the same period last year, on a combination of strong results for the Other Regions segment and declines in North America. Revenues for the group were up about 1% at $639.2 million.

Income from operations for the Other Regions segment was up 46% from last year, to $69.4 million. The Africa region showed improvement, as sales growth on larger crops in some origins and a favorable comparison to delayed shipments last year were offset somewhat by reductions in third party processing. Earnings for the South America region were up, primarily due to higher shipments that reflected a catch-up of seasonal deliveries delayed from earlier quarters, along with savings from cost cutting efforts and lower costs related to a smaller farmer base, including those related to advances. Earnings for the Asia region declined for the quarter, primarily due to lower trading levels. Results for the Other Regions segment results also included $6 million in dividend income from unconsolidated subsidiaries. Revenues for that segment of $529 million were up nearly 5% on higher shipment volumes in Africa and South America, partly offset by lower trading volumes in Asia, as well as the pass-through to customers of lower green prices. Operating income for the North America segment decreased by 50% to $13.2 million on reduced third party processing volumes and the absence of last year's earnings from the Canadian facility, which was closed in March 2011. Revenues for this segment of $109.7 million were down 12%, as reduced green processing volumes were partially offset by an increase in current and old crop direct leaf sales.

Nine Months

Operating income for the flue-cured and burley tobacco operations was $170.6 million for the nine months ended December 31, 2011, compared to $180.9 million for the same period in the prior year. Revenues of $1.7 billion were relatively flat compared with last year. Earnings for the Other Regions segment for the nine months increased about 6% to $146.7 million, compared to the same period last year. In the South America region, the effect of reduced leaf sales to PMI related to last year's assignment of farmer contracts was mitigated by increased processing volumes and cost savings efforts. Africa region operations reflected lower margins in most origins, in part related to business mix and lower prices, balanced by higher shipments in some origins and lower green leaf costs. Results for the Asia region declined on a combination of lower margins on trading volumes and an unfavorable comparison on currency remeasurement in the Philippines. In Europe, lower volumes and higher leaf costs were offset by insurance recoveries. Selling, general, and administrative expenses for the segment were down, due primarily to lower costs related to a smaller farmer base in South America. In addition, results for the Other Regions segment included $12 million in dividend income from unconsolidated subsidiaries. Revenues for the Other Regions segment of $1.4 billion were down about 3%, reflecting lower leaf volumes in South America, higher volumes in Africa, and lower prices generally, as our customers received benefits of lower leaf prices at the farm level. North America's results fell by 44% to $23.9 million on the change in processing volumes, although leaf sales were up for the period. In addition, cost savings from restructuring efforts moderated the negative impact of the closure of the Company's Canadian operations. These factors also caused revenue to fall by about 12%.

OTHER TOBACCO OPERATIONS:

The Other Tobacco Operations segment operating income declined by $2.6 million for the quarter and $11.4 million for the nine months, compared with the same periods in the previous fiscal year. The declines in both periods were driven mainly by lower results in the dark tobacco operations on reduced volumes and margins, reflecting weaker domestic retail markets, as well as the effects of last year's severe weather-related crop damage in Indonesia. Results from the oriental tobacco joint venture improved for the quarter on the absence of one-time charges for business realignment taken in the same period last year. However, joint venture results were down for the nine months, partly due to reduced volumes from shipments delayed into the fourth quarter, as well as lower margins, which were also affected by inventory writedowns. Revenues for this segment decreased for the quarter by $24.4 million, or 42%, as a result of the transfer of some business from the just-in-time Special Services group to the Other Regions segment, the timing of shipments of oriental tobaccos to the United States, and lower dark tobacco volumes. Similar factors influenced a $45.5 million drop in revenues for the nine-month period.

OTHER ITEMS:

In September 2011, the Company announced that the General Court of the European Union issued a decision rejecting the appeal of Deltafina, S.p.A, its Italian subsidiary. That appeal related to the European Commission's revocation of Deltafina's immunity from a fine of euro 30 million (about $41 million on September 9, 2011) assessed against Deltafina and Universal jointly for actions in connection with Deltafina's purchase and processing of tobacco in the Italian raw tobacco market between 1995 and 2002. Deltafina has appealed the decision of the General Court to the European Court of Justice. The appeal process could take up to two years. Effective with the September 9, 2011 General Court decision, the Company recorded a charge for the full amount of the fine (euro 30 million) plus accumulated interest (euro 5.9 million). The charge totaled $49.1 million at the exchange rate in effect on the date of the General Court decision.

Cost of sales decreased by about 5% to $1.4 billion for the nine months ended December 31, 2011, and by about 2% for the quarter, primarily as a result of lower green leaf prices in some origins and on lower trading volumes in both periods. Selling, general, and administrative costs fell by about $10 million in both the third quarter and in the first nine months of fiscal year 2012 compared to the previous year. Both periods benefited from a favorable comparison on costs related to a smaller farmer base in South America. In addition, the nine-month period reflects a positive variance from the reversal of non-income tax provisions due to a favorable tax ruling in South America and reduced employment costs as a result of lower performance-based compensation expense in various operations, partially offset by unfavorable variances due to currency remeasurement primarily in South America and Asia.

Interest expense was almost flat for the third quarter and the nine months ended December 31, 2011, compared with the same periods in the previous year. Interest income in the nine months of the current year was about $1 million lower, due to the previous year's recognition of interest income on the return of funds that had been escrowed to bond the appeal of the European Commission fine in Spain.

The consolidated effective income tax rates on pretax earnings were approximately 30% and 41% for the quarter and nine months ended December 31, 2011. The rate for the nine-month period was significantly higher than normal because the Company did not record an income tax benefit on the non-deductible fine portion of the charge recorded in September 2011 for the European Commission fine and interest in Italy. Without that item, the effective income tax rate would have been approximately 29% for the nine months. That rate and the effective rate for the quarter were lower than the 35% federal statutory rate primarily due to the effect of exchange rate changes on deferred income taxes of certain foreign subsidiaries and to recoveries of prior year state income taxes. The effective income tax rates for the quarter and nine months ended December 31, 2010, were approximately 29% and 30%, respectively. Those rates were lower than the 35% U.S. federal statutory rate primarily due to the recognition of foreign tax credits.

In November 2011, the Company sold land and storage buildings in Brazil in exchange for other property and $9.4 million in cash. The transaction resulted in a gain of $11.1 million, which is reported in other income in the consolidated statements of income.

Additional information

Amounts described as "net income" and "earnings per diluted share" that are included in the previous discussion are attributable to Universal Corporation and exclude earnings related to non-controlling interests in subsidiaries.

This information includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company cautions readers that any statements contained herein regarding earnings and expectations for its performance are forward-looking statements based upon management's current knowledge and assumptions about future events, including anticipated levels of demand for and supply of its products and services; costs incurred in providing these products and services; timing of shipments to customers; changes in market structure; government regulation; product taxation; industry consolidation and evolution; and general economic, political, market, and weather conditions. Actual results, therefore, could vary from those expected. A further list and description of these risks, uncertainties, and other factors can be found in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2011, and in other documents the Company files with the Securities and Exchange Commission. This information should be read in conjunction with the Annual Report on Form 10-K for the year ended March 31, 2011.

At 5:00 p.m. (Eastern Time) on February 7, 2012, the Company will host a conference call to discuss these results. Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time. A replay of the webcast will be available at that site through May 7, 2012. A taped replay of the call will be available through February 28, 2012, by dialing (855) 859-2056. The confirmation number to access the replay is 49266424.

Headquartered in Richmond, Virginia, Universal Corporation is the leading global leaf tobacco merchant and processor and conducts business in more than 30 countries. Its revenues for the fiscal year ended March 31, 2011, were $2.6 billion. For more information on Universal Corporation, visit its web site at www.universalcorp.com.

UNIVERSAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of dollars, except per share data)
	Three Months Ended December 31,		Nine Months Ended December 31,
	2011	2010	2011	2010
	(Unaudited)		(Unaudited)
Sales and other operating revenues	$ 672,420	$ 688,208	$ 1,792,911	$ 1,891,312
Costs and expenses
Cost of goods sold	525,315	534,164	1,432,022	1,501,757
Selling, general and administrative expenses	64,747	74,826	183,985	194,103
Other income	(11,111)	(19,368)	(20,703)	(19,368)
Restructuring and impairment costs	399	10,995	10,220	13,964
Charge for (reversal of) European Commission fines in Italy and Spain	—	—	49,091	(7,445)
Operating income	93,070	87,591	138,296	208,301
Equity in pretax earnings (loss) of unconsolidated affiliates	1,072	(1,439)	(2,264)	953
Interest income	519	754	1,240	2,614
Interest expense	6,175	6,257	17,373	17,245
Income before income taxes and other items	88,486	80,649	119,899	194,623
Income taxes	26,884	23,064	48,972	58,837
Net income	61,602	57,585	70,927	135,786
Less: net (income) loss attributable to noncontrolling interests in subsidiaries	(3,149)	(5,287)	(4,625)	(6,337)
Net income attributable to Universal Corporation	58,453	52,298	66,302	129,449
Dividends on Universal Corporation convertible perpetual preferred stock	(3,712)	(3,712)	(11,137)	(11,137)
Earnings available to Universal Corporation common shareholders	$ 54,741	$ 48,586	$ 55,165	$ 118,312

Earnings per share attributable to Universal Corporation common shareholders:
Basic	$ 2.36	$ 2.05	$ 2.38	$ 4.93
Diluted	$ 2.06	$ 1.82	$ 2.34	$ 4.46

UNIVERSAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
	December 31, 2011	December 31, 2010	March 31, 2011
	(Unaudited)	(Unaudited)
ASSETS
Current
Cash and cash equivalents	$ 152,368	$ 91,427	$ 141,007
Accounts receivable, net	406,541	292,490	335,575
Advances to suppliers, net	94,732	132,815	160,616
Accounts receivable - unconsolidated affiliates	912	35,978	10,433
Inventories - at lower of cost or market:
Tobacco	862,991	940,168	742,422
Other	57,261	50,551	48,647
Prepaid income taxes	13,661	8,633	18,661
Deferred income taxes	52,766	43,669	47,009
Other current assets	71,121	65,784	73,864
Total current assets	1,712,353	1,661,515	1,578,234
Property, plant and equipment
Land	16,976	15,490	14,851
Buildings	225,010	265,390	257,380
Machinery and equipment	531,183	552,575	555,316
	773,169	833,455	827,547
Less accumulated depreciation	(469,414)	(512,413)	(510,844)
	303,755	321,042	316,703
Other assets
Goodwill and other intangibles	99,293	99,602	99,546
Investments in unconsolidated affiliates	84,306	103,821	115,478
Deferred income taxes	13,683	36,373	18,177
Other noncurrent assets	56,249	96,493	99,729
	253,531	336,289	332,930
Total assets	$ 2,269,639	$ 2,318,846	$ 2,227,867
See accompanying notes.

UNIVERSAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
	December 31, 2011	December 31, 2010	March 31, 2011
	(Unaudited)	(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Notes payable and overdrafts	$ 130,165	$ 204,769	$ 149,291
Accounts payable and accrued expenses	199,408	180,054	213,014
Accounts payable - unconsolidated affiliates	7,207	15,355	4,154
Customer advances and deposits	45,061	87,934	8,426
Accrued compensation	20,638	19,029	30,201
Income taxes payable	12,085	11,901	12,265
Current portion of long-term obligations	15,000	95,000	95,000
Total current liabilities	429,564	614,042	512,351
Long-term obligations	395,000	322,486	320,193
Pensions and other postretirement benefits	100,690	100,719	102,858
Other long-term liabilities	87,147	47,661	50,213
Deferred income taxes	49,179	44,963	42,847
Total liabilities	1,061,580	1,129,871	1,028,462
Shareholders' equity
Universal Corporation:
Preferred stock:
Series A Junior Participating Preferred Stock, no par value, 500,000 shares
authorized, none issued or outstanding	—	—	—
Series B 6.75% Convertible Perpetual Preferred Stock, no par value,
5,000,000 shares authorized, 219,999 shares issued and outstanding
(219,999 at December 31, 2010, and March 31, 2011)	213,023	213,023	213,023
Common stock, no par value, 100,000,000 shares authorized, 23,245,254
shares issued and outstanding (23,569,443 at December 31, 2010, and
23,240,503 at March 31, 2011)	194,806	193,263	191,608
Retained earnings	844,150	824,244	825,751
Accumulated other comprehensive loss	(62,152)	(53,670)	(44,776)
Total Universal Corporation shareholders' equity	1,189,827	1,176,860	1,185,606
Noncontrolling interests in subsidiaries	18,232	12,115	13,799
Total shareholders' equity	1,208,059	1,188,975	1,199,405
Total liabilities and shareholders' equity	$ 2,269,639	$ 2,318,846	$ 2,227,867
See accompanying notes.

UNIVERSAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
	Nine Months Ended December 31,
	2011	2010
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 70,927	$ 135,786
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation	31,496	32,474
Amortization	1,277	1,220
Provisions for losses on advances and guaranteed loans to suppliers	10,432	19,554
Foreign currency remeasurement loss (gain), net	4,812	(1,368)
Equity in net income of unconsolidated affiliates, net of dividends	18,769	1,921
Gain on fire loss insurance settlement	(9,592)	—
Gain on sale of property in Brazil	(11,111)	—
Gain on assignment of farmer contracts and sale of related assets	—	(19,368)
Restructuring and impairment costs	10,220	13,964
Charge for (reversal of) European Commission fines in Italy and Spain	49,091	(7,445)
Other, net	16,289	(3,842)
Changes in operating assets and liabilities, net	(132,623)	(262,251)
Net cash provided (used) by operating activities	59,987	(89,355)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(30,251)	(31,801)
Proceeds from assignment of farmer contracts and sale of related assets	—	—
Proceeds from assignment of farmer contracts and sale of related assets	—	34,946
Proceeds from sale of property, plant and equipment, and other	18,650	2,512
Proceeds from fire loss insurance settlement	9,933	—
Net cash provided (used) by investing activities	(1,668)	5,657
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance (repayment) of short-term debt, net	(11,336)	22,510
Issuance of long-term obligations	—	—
Issuance of long-term obligations	100,000	—
Repayment of long-term obligations	(95,000)	(15,000)
Dividends paid to noncontrolling interests	(94)	(100)
Issuance of common stock	134	—
Repurchase of common stock	(4,004)	(33,450)
Dividends paid on convertible perpetual preferred stock	(11,137)	(11,137)
Dividends paid on common stock	(33,320)	(34,011)
Proceeds from termination of interest rate swap agreements	13,388	—
Other	(3,539)	—
Net cash used by financing activities	(44,908)	(71,188)
Effect of exchange rate changes on cash	(2,050)	360
Net increase (decrease) in cash and cash equivalents	11,361	(154,526)
Cash and cash equivalents at beginning of year	141,007	245,953
Cash and cash equivalents at end of period	$ 152,368	$ 91,427
See accompanying notes.

NOTE 1. BASIS OF PRESENTATION

Universal Corporation, with its subsidiaries ("Universal" or the "Company"), is the leading global leaf tobacco merchant and processor. Because of the seasonal nature of the Company's business, the results of operations for any fiscal quarter are not necessarily indicative of results that could be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. Certain amounts in prior year statements have been reclassified to conform to the current year presentation. This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2011.

NOTE 2. GUARANTEES AND OTHER CONTINGENT LIABILITIES

Guarantees of bank loans to growers for crop financing and construction of curing barns or other tobacco producing assets are industry practice in Brazil and support the farmers' production of tobacco there. At December 31, 2011, the Company's total exposure under guarantees issued by its operating subsidiary in Brazil for banking facilities of farmers in that country was approximately $33 million ($38 million face amount including unpaid accrued interest, less $5 million recorded for the fair value of the guarantees). About 95% of these guarantees expire within one year, and the remainder expire within two years. The subsidiary withholds payments due to the farmers on delivery of tobacco and forwards those payments to the third-party banks. Failure of farmers to deliver sufficient quantities of tobacco to the subsidiary to cover their obligations to the third-party banks could result in a liability for the subsidiary under the related guarantees; however, in that case, the subsidiary would have recourse against the farmers. The maximum potential amount of future payments that the Company's subsidiary could be required to make at December 31, 2011, was the face amount, $38 million including unpaid accrued interest ($97 million as of December 31, 2010, and $73 million at March 31, 2011). The fair value of the guarantees was a liability of approximately $5 million at December 31, 2011 ($20 million at December 31, 2010, and $21 million at March 31, 2011). In addition to these guarantees, the Company has other contingent liabilities totaling approximately $4 million.

Various subsidiaries of the Company are involved in other litigation and tax examinations incidental to their business activities. While the outcome of these matters cannot be predicted with certainty, management is vigorously defending the claims and does not currently expect that any of them will have a material adverse effect on the Company's financial position. However, should one or more of these matters be resolved in a manner adverse to management's current expectation, the effect on the Company's results of operations for a particular fiscal reporting period could be material.

NOTE 3. EARNINGS PER SHARE

The following table sets forth the computation of earnings per share for the periods presented in the consolidated statements of income.

	Three Months Ended December 31,		Nine Months Ended December 31,
(in thousands, except per share data)	2011	2010	2011	2010
Basic Earnings Per Share
Numerator for basic earnings per share
Net income attributable to Universal Corporation	$ 58,453	$ 52,298	$ 66,302	$ 129,449
Less: Dividends on convertible perpetual preferred stock	(3,712)	(3,712)	(11,137)	(11,137)
Earnings available to Universal Corporation common shareholders
for calculation of basic earnings per share	54,741	48,586	55,165	118,312
Denominator for basic earnings per share
Weighted average shares outstanding	23,238	23,738	23,220	24,010
Basic earnings per share	$ 2.36	$ 2.05	$ 2.38	$ 4.93
Diluted Earnings Per Share
Numerator for diluted earnings per share
Earnings available to Universal Corporation common shareholders	$ 54,741	$ 48,586	$ 55,165	$ 118,312
Add: Dividends on convertible perpetual preferred stock (if
conversion assumed)	3,712	3,712	11,137	11,137
Earnings available to Universal Corporation common shareholders
for calculation of diluted earnings per share	58,453	52,298	66,302	129,449
Denominator for diluted earnings per share:
Weighted average shares outstanding	23,238	23,738	23,220	24,010
Effect of dilutive securities (if conversion or exercise assumed)
Convertible perpetual preferred stock	4,775	4,752	4,769	4,747
Employee share-based awards	368	302	320	262
Denominator for diluted earnings per share	28,381	28,792	28,309	29,019
Diluted earnings per share	$ 2.06	$ 1.82	$ 2.34	$ 4.46

For the nine months ended December 31, 2011 and 2010, certain employee share-based awards were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. These awards included stock appreciation rights and stock options totaling 435,801 shares at a weighted-average exercise price of $55.81 for the nine months ended December 31, 2011, and 669,401 shares at a weighted-average exercise price of $52.48 for the nine months ended December 31, 2010.

NOTE 4. SEGMENT INFORMATION

The principal approach used by management to evaluate the Company's performance is by geographic region, although some components of the business are evaluated on the basis of their worldwide operations. The Company evaluates the performance of its segments based on operating income after allocated overhead expenses (excluding significant non-recurring charges or credits), plus equity in pretax earnings of unconsolidated affiliates.

Operating results for the Company's reportable segments for each period presented in the consolidated statements of income were as follows:

	Three Months Ended December 31,		Nine Months Ended December 31,
(in thousands of dollars)	2011	2010	2011	2010
SALES AND OTHER OPERATING REVENUES
Flue-cured and burley leaf tobacco operations:
North America	$ 109,743	$ 124,072	$ 236,101	$ 243,990
Other regions (1)	529,476	506,568	1,423,275	1,468,326
Subtotal	639,219	630,640	1,659,376	1,712,316
Other tobacco operations (2)	33,201	57,568	133,535	178,996
Consolidated sales and other operating revenues	$ 672,420	$ 688,208	$ 1,792,911	$ 1,891,312
OPERATING INCOME
Flue-cured and burley leaf tobacco operations:
North America	$ 13,234	$ 26,693	$ 23,864	$ 42,383
Other regions (1)	69,382	47,620	146,732	138,530
Subtotal	82,616	74,313	170,596	180,913
Other tobacco operations (2)	814	3,466	4,044	15,492
Segment operating income	83,430	77,779	174,640	196,405

Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (3)	(1,072)	1,439	2,264	(953)
Restructuring and impairment costs (4)	(399)	(10,995)	(10,220)	(13,964)
Charge for (reversal of) European Commission fines
in Italy and Spain (4)	—	—	(49,091)	7,445
Add: Other income (4)	11,111	19,368	20,703	19,368
Consolidated operating income	$ 93,070	$ 87,591	$ 138,296	$ 208,301

(1) Includes South America, Africa, Europe, and Asia regions, as well as inter-region eliminations.
(2) Includes Dark Air-Cured, Special Services, and Oriental, as well as inter-company eliminations. Sales and other operating revenues for this reportable segment include limited amounts for Oriental because its financial results consist principally of equity in the pretax earnings of an unconsolidated affiliate.
(3) Item is included in segment operating income, but not included in consolidated operating income.
(4) Item is not included in segment operating income, but is included in consolidated operating income.

SOURCE Universal Corporation

Director of Ag Announces Grants for 4-H, FFA Youth Service Projects

Tue, 07 Feb 2012 20:10:00 +0000

Director of Agriculture, Dr. Jon Hagler announced the recipients of the Missouri Department of Agriculture's Building Our American Communities 2012 grant program today. Nine Missouri 4-H clubs and 10 local chapters of the National FFA Organization received grants for community service projects this year.

"The Building Our American Communities program is an outstanding opportunity for young people to be involved in their hometowns and to truly make a difference in those communities," said Director Hagler. "Young people are the future of Missouri's agriculture industry and I am proud to see their initiative and commitment to service featured in each of these projects."

The Building Our American Communities program has been supporting youth projects in Missouri since the 1970s. Each year, youth organizations throughout Missouri submit proposals for grants, which range from $100 to $500 and support specific projects within each community.

Projects selected for funding are expected to benefit rural communities and promote community development. 4-H clubs and FFA chapters awarded grants this year must complete their projects no later than September 1, 2012.

Grants were awarded to 4-H clubs in Howell, Oregon, Wright, Andrew, Livingston and Linn counties, and to FFA chapters in Oregon, Scott, Vernon, Morgan, Lincoln and Linn counties. The groups receiving 2012 grants are:

FFA Chapters
• Alton FFA Chapter, Alton
• Bronaugh FFA Chapter, Bronaugh
• Bucklin FFA Chapter, Bucklin
• Couch FFA Chapter, Myrtle
• Elsberry FFA Chapter, Elsberry
• Kelly-Benton FFA Chapter, Benton
• Lutie FFA Chapter, Theodosia
• Oran FFA Chapter, Oran
• Stover FFA Chapter, Stover
• Versailles FFA Chapter, Versailles

4-H Clubs
• Glenwood 4-H Club, West Plains
• Grovespring Go-Getters 4-H Club, Niangua
• Hartville Jolly Jump Ups 4-H Club, Hartville
• Jolly Jokers 4-H Club, Versailles
• Kodiak Kadettes 4-H Club, Fillmore
• Kountry Kids 4-H Club, Stover
• Liberty 4-H Club, Chillicothe
• Thayer Bobcats 4-H Club, Thayer
• Wyandotte 4-H Club, Marceline

Projects may include improvements to existing facilities, grounds or buildings that are used by various groups or organizations in the applicant's community. Previously funded projects have included landscape and beautification projects, safety improvements for local fairgrounds and small renovations on damaged and aged public use structures.

For more information, contact the Missouri Department of Agriculture or visit mda.mo.gov.

Universal Corporation Announces Quarterly Dividends and Adjustment to Conversion Rate

Tue, 07 Feb 2012 19:58:02 +0000

Universal Corporation Announces Quarterly Dividends and Adjustment to Conversion Rate

PR Newswire

RICHMOND, Va., Feb. 7, 2012 /PRNewswire/ -- George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE:UVV), announced today that the Company's Board of Directors declared a quarterly dividend of forty-nine cents ($0.49) per share on the common shares of the Company, payable May 14, 2012, to common shareholders of record at the close of business on April 9, 2012.

In addition, the Board of Directors declared a quarterly dividend of $16.875 per share on the Series B 6.75% Convertible Perpetual Preferred Stock ("Series B Preferred Stock"), payable March 15, 2012, to shareholders of record as of 5:00 p.m. Eastern Time on March 1, 2012.

Effective with the payment of the Company's common stock dividend on February 13, 2012, the Company will adjust the conversion rate on its Series B Preferred Stock. The adjustment of the conversion rate on the Series B Preferred Stock is required by the terms and conditions of the Series B Preferred Stock offering documents due to increases in the cash dividend per share of Universal's common stock. The adjusted conversion rate on the Series B Preferred Stock will be 21.7365 common shares per $1,000 of liquidation preference of Series B Preferred Stock. The new rate, which represents an increase of 0.5%, will be equivalent to a conversion price of approximately $46.01 per common share.

Headquartered in Richmond, Virginia, Universal Corporation is the leading global leaf tobacco merchant and processor and conducts business in more than 30 countries. Its revenues from continuing operations for the fiscal year ended March 31, 2011, were $2.6 billion. For more information on Universal Corporation, visit its web site at www.universalcorp.com.

SOURCE Universal Corporation

Migao Corporation to Host Third Quarter Financial Results Conference Call

Tue, 07 Feb 2012 19:46:21 +0000

Migao Corporation (TSX:MGO) will be hosting a conference call to discuss the Company's fiscal 2012 third quarter financial results for the period ended December 31, 2011. Mr. Randall Smallbone, CFO, and Jay Hussey, V.P. Corporate Finance will be hosting the call.

Migao will be issuing a press release announcing the quarterly results pre-market open on Tuesday February 14, 2012.

DATE:	Tuesday February 14, 2012

TIME:	02:00pm, Eastern Time

DIAL IN NUMBER:	416-340-2218 or 1-866-226-1793

TAPED REPLAY:	905-694-9451 or 1-800-408-3053

TAPED REPLAY ACCESS CODE:	2855501# (expires February 28, 2012)

Migao Corporation
Jay Hussey
Vice President Corporate Finance
416-869-1108 ext. 104
jay.hussey@migaocorp.com
Migao Corporation
Randall Smallbone
Chief Financial Officer
416-869-1108 ext. 103
randall.smallbone@migaocorp.com

Fresh Springtime Sautes

Tue, 07 Feb 2012 18:54:00 +0000

(Family Features) Spring brings warming weather, more sunshine -- and juicy vegetables. It's the perfect time of year to incorporate garden-fresh favorites into your mealtime repertoire. Whether it's peppers, onions, mushrooms or tomatoes that suit your springtime fancy, try combining them with your favorite protein, like pork, in a sizzling, simple sauté.

Because pork chops are so easy to work with, they're the perfect companions for fresh vegetables. You can cut and cook them up fresh, or repurpose leftover chops in many delicious sautés.

If you're looking to spice up your sauté skills, follow these simple tips:

Keep It Uniform: The high heat of a sauté pan causes meats and vegetables to cook quickly. In order for items to cook evenly, it is important to cut and slice items in a uniform size.
Keep It Juicy: Use tongs or a spatula instead of a fork when placing pieces in the pan or when turning. Piercing meat with a fork allows juices to escape.
Keep It Uncovered: Cook in an uncovered skillet over medium-high heat, turning occasionally.

For more inspiration, tips and sizzling chop recipes to enjoy all year long, visit www.PorkBeInspired.com, "Like" the National Pork Board on www.Facebook.com/PorkBeInspired, follow them on Twitter @allaboutpork, and "Circle" them on Google+.

Italian Pork and Vegetable Sauté
Makes: 4 servings
Prep Time: 10 minutes
Cook Time: 12 minutes

2	tablespoons olive oil, divided
1	large red bell pepper, cored and cut into 1/2-inch dice
10	ounces cremini mushrooms, sliced
3	scallions, white and green parts, thinly sliced
1	pound boneless pork sirloin chops, cut into 1-inch cubes
	Coarse salt
	Freshly ground black pepper
1	tablespoon all-purpose flour
1/2	cup dry white wine, such as Pinot Grigio, or non-alcoholic varietal grape juice, such as Chardonnay
1/2	cup water

Heat 1 tablespoon oil in large ovenproof skillet over medium-high heat. Add red pepper and cook, stirring often, until beginning to soften, about 1 minute. Add mushrooms and cook, stirring often, until juices evaporate, about 5 minutes. Stir in scallions and cook until wilted, about 1 minute. Transfer to a plate.

Season pork with 1/2 teaspoon salt and 1/4 teaspoon pepper. Add remaining 1 tablespoon oil to skillet and heat. Add pork and cook, turning occasionally, until browned and meat is slightly pink when pierced to the center with tip of sharp knife, about 5 minutes. Sprinkle with flour and stir with wooden spoon to coat pork.

Add wine and 1/2 cup water; and bring to a boil, scraping up browned bits in pan with wooden spoon. Return vegetables to pan and cook until sauce is nicely thickened, about 1 minute. Season with salt and pepper. Serve hot.

Serving Suggestions: Serve sauté spooned over cooked orzo or corkscrew pasta tossed with green peas and freshly grated Parmesan cheese.

Nutrition per serving (pork and sauté): Calories: 230; Fat: 11g; Saturated Fat: 2g; Cholesterol: 55mg; Sodium: 55mg; Carbohydrate: 8g; Protein: 20g

About Family Features Editorial Syndicate
This and other food and lifestyle content can be found at www.editors.familyfeatures.com. Family Features is a leading provider of free food and lifestyle content for use in print and online publications. Register with no obligation to access a variety of formatted and unformatted features, accompanying photos, and automatically updating Web content solutions.

Wendy MacDonald
wmacdonald@familyfeatures.com
1-888-824-3337 ext. 235
http://editors.familyfeatures.com

Italian Pork and Vegetable Sauté

Passionate for Pork Tenderloin: Delicious and Heart-Healthy

Tue, 07 Feb 2012 18:50:00 +0000

(Family Features) Tender and delicious pork tenderloin now has an additional benefit; it has been deemed heart-healthy! Recently certified by the American Heart Association, pork tenderloin now bears the iconic Heart-Check mark, making it easier than ever to spot this extra lean protein when navigating grocery aisles.

Maintaining a healthy diet is an important part of cardiovascular health and eating heart-healthy foods may help reduce risk factors associated with heart disease, stroke and more. Naturally low in sodium and delicious, pork tenderloin is a flavorful solution for those who want to take care of their heart without neglecting their taste buds.

Nutritious: Pork packs nutrients in every lean serving. A 3-ounce portion of pork tenderloin is an "excellent" source of protein, thiamin, vitamin B6, phosphorous and niacin, and a "good" source of potassium, riboflavin and zinc, yet contributes only 6 percent of calories to a 2,000-calorie diet.
Leaner than ever: On average, the most common cuts of pork have 16 percent less total fat and 27 percent less saturated fat than 21 years ago. Ounce for ounce, pork tenderloin is as lean as a skinless chicken breast. Choose cuts of pork that come from the loin -- including chops and roasts -- and 96 percent lean ground pork, for the leanest cuts of pork available.

If you're looking to incorporate more heart-healthy foods into your diet without sacrificing flavor, rest assured tenderloin recipes, like Sautéed Pork Medallions with Lemon-Garlic Sauce, will do the trick.

For more information and recipes to enjoy today's lean and flavorful pork, visit http://www.PorkBeinspired.com or www.Facebook.com/PorkBeinspired.

Sautéed Pork Medallions with Lemon-Garlic Sauce

Prep time: 10 minutes
Cook time: 10 minutes

1	pork tenderloin (1 pound), trimmed
1/4	teaspoon salt, divided
1/4	teaspoon plus 1/8 teaspoon black pepper, divided
2	teaspoons olive oil, divided
2	cloves garlic, minced
1/2	cup dry white wine (for non-alcoholic, substitute low-sodium chicken broth)
1/2	cup low-sodium chicken broth
	Grated zest and 1 tablespoon juice from 1 lemon
1	tablespoon chopped fresh parsley or 1 1/2 teaspoons chopped fresh sage or rosemary*

Cut pork into 12 slices, about 1-inch thick. Sprinkle pork on all sides with 1/8 teaspoon of the salt and 1/4 teaspoon of the pepper. Heat 1 teaspoon of the oil in a large heavy skillet over medium-high heat. Add the pork and cook, turning once, until the pork is well browned and internal temperature reaches 145°F, about 1 1/2 minutes on each side. Transfer pork to serving platter and cover to keep warm.

Add the remaining 1 teaspoon oil to skillet. Add garlic and cook, stirring constantly, until garlic is fragrant, about 30 seconds. Add the wine and broth. Increase heat to high and cook, stirring to scrape up the browned bits from the bottom of the skillet, until the liquid is reduced by two thirds, about 5 minutes.

Remove the skillet from the heat and stir in the remaining 1/8 teaspoon salt, remaining 1/8 teaspoon pepper, the lemon zest and juice, and the parsley. Serve the pork medallions drizzled with the sauce (makes a generous 1/3 cup; about 1 1/2 tablespoons per serving).

*To substitute fresh herbs with dried herbs, use 1 1/2 teaspoons dried parsley or 3/4 teaspoon dried sage, or 3/4 teaspoon dried rosemary

Serving Suggestion:
Serve the pork with whole wheat linguine or brown jasmine rice to soak up all the delicious lemon sauce. Steamed broccoli rabe or spinach would make a terrific accompaniment.

Makes 4 servings

Nutritional Information per Serving:
Calories: 150	Fat: 5g	Saturated Fat: 1g
Cholesterol: 75mg	Sodium: 220mg	Carbohydrates: 1g
Protein: 24g	Fiber: 0g

Wendy MacDonald
wmacdonald@familyfeatures.com
1-888-824-3337 ext. 235
http://editors.familyfeatures.com

Sauteed Pork Medallions with Lemon-Garlic Sauce

Slimmed-Down Snacks and Small Plates

Tue, 07 Feb 2012 18:15:00 +0000

(Family Features) Whether you're hosting a party or just enjoying some down time with friends, delicious, slimmed-down snacks and small plates made with lean pork are the perfect solution for the health-conscious host.

Chef and registered dietitian, Michelle Dudash explains the benefits of cooking with lean, delicious pork tenderloin. "Ounce for ounce, heart-healthy pork tenderloin is now as lean as a skinless chicken breast. That means you can enjoy serving a dish like Baked Pork Egg Rolls and still stay on track with your diet."

Try serving some of these slimmed down dipping sauces with them:

Sesame Soy - Mix 6 tablespoons lower sodium soy sauce, 1/4 cup rice vinegar, 2 teaspoons sesame oil and 2 teaspoons honey or agave nectar.
Hot and Sweet - 1 tablespoon Asian mustard, 2 tablespoons horseradish, 2 tablespoons red wine vinegar, 2 tablespoons lower sodium soy sauce, 1/2 teaspoon sweetener such as honey or agave nectar.
Honey Apricot - Heat 1 cup honey, 3/4 cup low-sugar apricot preserves and 1/3 cup cold water in a sauce pan over low heat until boiling. Cool before serving.
Sweet and Sour - Heat 1/2 cup low sugar pineapple preserves, 2 tablespoons vinegar, 2 tablespoons pineapple juice, 2 teaspoons soy sauce, 2 teaspoons ketchup, 1 1/2 teaspoons cornstarch and 1/2 teaspoon mild paprika over low heat until well blended and slightly thickened.

For more information, including recipes to help you maintain a healthy diet year-round, visit www.PorkBeinspired.com or www.Facebook.com/PorkBeinspired.

Baked Pork Egg Rolls
Makes: 16 servings
Prep time: 20 minutes
Cook time: 16 minutes

		Cooking spray
4		cups coleslaw mix
2		green onions, thinly sliced
1		cooked pork tenderloin (1 pound), trimmed
1/2		cup chopped fresh cilantro
3		tablespoons hoisin sauce
16		egg roll wrappers

Preheat the oven to 425°F. Spray large baking pan with cooking spray.

Place coleslaw mix and green onions in a medium microwave-safe bowl. Cover with wax paper and microwave on high until softened, 5 minutes. Transfer to a plate and let cool slightly.

Finely chop the tenderloin. Combine tenderloin, coleslaw mixture, cilantro and hoisin sauce in large bowl and toss to mix well.

Working with 1 egg roll wrapper at a time (keep remaining wrappers covered to prevent drying), place wrapper on a work surface with one corner pointing toward you. Brush edge of wrapper with water. Spoon about 1/4 cup pork tenderloin mixture in the center of wrapper.

Fold bottom corner of wrapper over filling. Fold in sides and roll up. Don't worry if your first egg roll doesn't look perfect; you'll master the easy technique after rolling a couple.

Place egg roll seam-side down on plate and cover with damp paper towels to prevent drying. Repeat with the remaining wrappers and filling.

Arrange egg rolls in a single layer seam-side down in prepared baking pan. Lightly spray egg rolls with cooking spray. Bake until the bottoms are lightly browned, about 8 minutes.

Turn egg rolls and bake until tops are lightly browned, about 3 minutes longer. Serve hot or warm.

Nutritional Information per Serving: Calories: 100; Fat: 1g; Saturated Fat: 0g; Cholesterol: 20 mg; Sodium: 200mg; Carbohydrates: 14g; Protein: 9g; Fiber: 1g

Wendy MacDonald
wmacdonald@familyfeatures.com
1-888-824-3337 ext. 235
http://editors.familyfeatures.com

Baked Pork Egg Rolls

Annual Livestock Contest & Workshop Offers Youth, Adults Experience with USDA Grade Standards and Traditional Judging Techniques

Tue, 07 Feb 2012 18:13:04 +0000

The Missouri Livestock Grading and Judging Workshop and Contest will be held Sat. March 10 at the University of Missouri's Trowbridge Livestock Center in Columbia to provide youth and adults better livestock evaluation tools. The 2012 event marks the 23rd year for the program.

"It is important for producers to understand livestock grading and evaluation as they work to remain competitive in today's marketplace," said Director of Agriculture Dr. Jon Hagler. "Livestock is a critical component of Missouri's agriculture industry, and it is important that we provide opportunities for learning in a live-animal evaluation setting. This event is an educational opportunity for all ages to better understand the federal grade standards and sharpen their skills in evaluating livestock."

The workshop, open to grades nine or lower, provides youth involved in 4-H and FFA programs an educational opportunity to learn the process and technique of grading livestock. The workshop is available to the first 275 youth registrants.

Each 4-H and FFA group may register up to 8 members for the workshop, who must be accompanied by an adult leader, parent or instructor.

The contest, open to all ages, is an opportunity to apply national grading standards and to receive feedback on an individual level. Traditional cattle, hog, sheep and goat judging will complete the competition, with trophies being awarded to participants excelling in specific skill and species contests.

A uniform system of grading slaughter cattle by USDA standardizes the production, marketing and distribution of livestock and meats. The Missouri Livestock Grading and Judging Workshop and Contest will help participants apply those standards to grading feeder and slaughter cattle.

Participants ages 21 and older will have the opportunity to qualify as a certified livestock judge, which may lead to opportunities to judge future livestock competitions. The certified livestock judges list will be made available to livestock show officials, activity organizers and the Missouri Association of Fairs and Festivals.

Registration for the livestock contest or workshop is $6 per person. Registrations must be postmarked no later than Feb. 10, 2012. Registration forms are available online at mda.mo.gov or by calling (573) 751-5618.

For more information about the Missouri Department of Agriculture and its programs, visit the Department online at mda.mo.gov.

New Report on California Ripe Olive Growers Reflects the 'Fruits' of Their Labor Produce $493.6 Million in Economic Impact

Tue, 07 Feb 2012 17:00:00 +0000

New Report on California Ripe Olive Growers Reflects the 'Fruits' of Their Labor Produce $493.6 Million in Economic Impact

PR Newswire

FRESNO, Calif., Feb. 7, 2012 /PRNewswire/ -- California's ripe olive growers have a significant impact on the state's economy, yielding nearly $493.6 million in annual economic activity – or nearly $1.4 million dollars each day of the year – as a result of grower spending, according to a newly released report commissioned by the California Olive Committee (COC) and conducted by Dennis H. Tootelian, Ph.D., Tootelian & Associates.

"California is the source for America's best ripe olives," said COC's Executive Director Alexander Ott. "The research clearly demonstrates the important role California ripe olive growers play in strengthening the economic climate of our state simply by doing what they love; growing the best olives for consumers."

The research found that about 3,555 jobs are created by growers as a result of their business activities and spending in a variety of farming and non-farming sectors. Additionally, more than $135 million in labor income is generated as a result of their activities. These are dollars going to wages and salaries for new employment as well as for the expanded incomes of those already in the labor force – a portion of which is reinvested throughout California's economy to pay for an array of goods and services.

The report states that nearly $14.7 million in tax revenue and other business licenses and fees are generated from the economic activity created by ripe olive growers, amounting to more than $40,000 each day of the year. Depending on how these funds are used, they can help pay for state and local programs that further benefit the communities where ripe olive growers live and work. For example, the business tax dollars ripe olive growers create could be used to help pay for nearly half of the California Wildlife Conservation Board's 2010-2011 fiscal budget.

The annual impact is based on an average year that was created by using historical and industrial operating statistics from the 2008 through 2010 production years. Olive trees are by nature an alternate-bearing fruit, meaning they produce a big crop one year and a smaller one the next. Therefore, an average year was created to account for variations in ripe olive crop revenues and expenditures due to fluctuations in production, climatic, pest, and other conditions.

"Even though we took a very conservative approach to measuring the olive grower data, the findings demonstrate how important a role California ripe olive growers play in strengthening the economic climate of California – touching nearly every aspect of life in the state," said Tootelian, who is also Director of the Center for Small Business at California State University, Sacramento.

Inputs for the study included grower surveys and interviews and industry statistics. That data came from sources such as the Census of Agriculture; U.S. Department of Agriculture; California Department of Food and Agriculture's California Agricultural Production Statistics 2010-2011; and, University of California Cooperative Extension's Sample Costs to Establish and Produce Table Olives.

All of the data was then analyzed through the IMPLAN model. The IMPLAN model examines economic relationships among businesses and between those businesses and consumers. Ultimately this impact analysis measures changes in economic variables on an entire economy.

The full economic impact report and related fact sheet can be found at www.calolive.org.

Editor's Note: It is important to recognize that this study understates the economic impact of the California ripe olive industry. Because there are only two processors of ripe olives in the state, financial statistics for these non-public companies were not obtained. Accordingly, this study focuses only on ripe olive growers and does not consider the economic impact of processors.

About the California Olive Committee

The California Olive Committee (COC) is a grower-funded program established by a Federal Marketing Order in 1965 to administer marketing, research, inspection and compliance programs on behalf of the ripe olive industry. The COC is comprised of two olive canners and thousands of family farmers, who raise olives on about 27,000 acres of orchards that crisscross the warm inland valleys of California.

About the California Ripe Olive Industry

California produces more than 95 percent of the olives grown in the U.S. today. Typically farms are not mechanically run, industrial farms, but multi-generational orchards powered by hardworking California farmers and their families. Plots come in all sizes – ranging from small 5-acre lots to 1,000-acre multi-crop farms – and are individually serviced by some of the finest stewards of the land with strict growing and handling standards. There are two main varieties of trees that produce California ripe olives: Manzanillo and Sevillano. These different varieties produce different sizes of olives, giving consumers a choice ranging from small to super colossal.

SOURCE California Olive Committee

Ritchie Bros. to conduct first Tipton auction of 2012 the day after World Ag Expo

Tue, 07 Feb 2012 17:00:00 +0000

Ritchie Bros. to conduct first Tipton auction of 2012 the day after World Ag Expo

PR Newswire

More than 245 agricultural tractors to be sold at Ritchie Bros. Tipton auction site on Friday, February 17

TIPTON, CA, Feb. 7, 2012 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest auctioneer of farm, construction and other equipment, will conduct an unreserved public auction at its Tipton, CA auction site on February 17, 2012. The auction will take place the day after World Ag Expo, the world's largest annual agricultural exposition, which is being held five-miles north of the Tipton site in Tulare County from February 14 - 16. More than 1,200 items from more than 250 consignors are already featured in the Tipton auction, including more than 245 agricultural tractors. Bidders can participate in the Tipton auction in-person, online in real time at www.rbauction.com or by proxy.

"We always try to arrange our first Tipton auction of the year around World Ag Expo because it provides convenience for our customers—they can participate and network at the convention and then purchase the equipment they need for the coming season all in one trip," said Jeremy Martella, Regional Sales Manager, Ritchie Bros. Auctioneers. "The auction already features a great selection of equipment, including more than 245 agricultural tractors from Case, John Deere and a variety of other manufacturers. We'll continue to have new equipment items added daily right up to auction day. So we encourage people to come for the show and stay for the auction."

Specific equipment highlights of Tipton, CA:

27 McCormick F Series T3 MFWD agricultural tractors (many unused)
two 2009 John Deere 8430 MFWD agricultural tractors
two 2008 John Deere 9430T belted tractors
a 2008 & a 2007 Challenger MT865B belted tractor
a 2008 & a 2007 John Deere 9530T belted tractor
a 2009 Challenger MT855C agricultural tractor
a 2011 John Deere 524K high lift wheel loader

Every item in the auction will be sold to the highest bidder on auction day—regardless of price—with no minimum bids or reserve prices. Other agricultural equipment highlights include swathers, seeders, spreaders, row crop equipment and more. The auction will also feature construction and transportation equipment, including wheel loaders, loader backhoes, motor graders, motor scrapers, crawler tractors, truck tractors and water, van, utility, dump, flatbed and mechanics trucks.

Consignments are still being accepted for the February 17^th Tipton auction—interested sellers can contact the auction site at +1.559.752.3343.

Ritchie Bros. at 2012 World Ag Expo in Tulare, CA - booth located on O Street, spaces 33 - 35
Ritchie Bros. will be participating at the 45^th annual World Ag Expo from Tuesday, February 14 to Thursday, February 16—the Company's booth is located on O Street, spaces 33 - 35. On Thursday, February 16 at 11 a.m. Ritchie Bros. will conduct a mock auction at its booth, designed to showcase how easy it is to use its auctions—prizes will be awarded (including an iPad2).

Ritchie Bros.' World Ag Expo tradeshow booth will also feature a few equipment items from the February 17^th auction on display. Attendees will also be able to watch live streaming video from Ritchie Bros.' six-day auction in Orlando, FL (the Orlando auction already features more than 10,150 equipment items—the most sold by Ritchie Bros. in a single auction).

Auction details:

Ritchie Bros.' Tipton auction site: 16140 Hwy 99, PO Box 1027, Tipton, CA 93272
Tipton auction site tel: +1.559.752.3343
Time and date: Friday, February 17, 2012. Auction start time: 8:00 a.m.
The auction is open to the public; registration to bid is free; a refundable bid deposit may be required
How to register and bid:

In person at the auction site
Online at rbauction.com - register in advance and bid online in real time on auction day; a refundable bid deposit may be required; first-time bidders should register several days in advance of the auction
By proxy - phone the auction site to place a proxy bid

Interested buyers can come to the auction site to inspect, test and compare items

About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world's builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 43 auction sites worldwide. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com

ATTENTION MEDIA: Photos and other media resources are available for use at http://www.rbauction.com/media. A video showcasing Ritchie Bros.' Grand Opening auction in Tipton, California (February 2010) can be downloaded from YouTube and embedded on media websites: http://youtu.be/7x-Tf54HDIo. Members of the public and the media can follow Ritchie Bros. on Twitter @RitchieBros.

SOURCE Ritchie Bros. Auctioneers