US Farms, Inc. is one agricultural corporation whose revenue seems un-affected by reports stating that the past 12 months have been some of the driest on record. Recent droughts have had adverse affects on the operations of many commercial farming companies, but US Farms, Inc. is not one of them.
News came from San Diego this morning that the company’s unaudited revenue for the First Quarter of 2008 totaled 2.38 Million Dollars. That figure represents a 42 percent increase over First Quarter 2007 earnings, which reached $1.67 Million. This astronomical feat is being largely attributed to Tomato and Garlic revenues generated through the Company’s California Produce Exchange project, as well as bolstered sales of Asparagus and Aloe Vera crops.
In addition to this morning’s good news, investor interest this quarter has been piqued by US Farms’ announcement of entry into a fulfillment agreement with Morgan Creek Tropicals, a wholesale provider of Tropical Plants as well as Nursery Stock. This agreement stands to make US Farms one of Morgan Creek Tropicals’ largest retail customers, increasing profitable utilization of the company’s 100,000 square foot green house facility.
The company’s hopes for the proximate future were iterated in a statement taken from President and CEO, Yan Skwara, who cited: “In the first quarter, we achieved key milestones that position the Company for continued revenue growth for the remainder of fiscal year 2008 and into 2009.”
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