Viterra's consolidated sales and other operating revenues for the first quarter of fiscal 2010 grew 29% or US$404.0 million to US$1.8 billion, buoyed by contributions associated with the acquisition of ABB Grain Ltd. in September 2009.

EBITDA for the quarter was US$89.8 million compared to a first quarter EBITDA loss of US$6.4 million in fiscal 2009, which included a fertiliser inventory write-down of US$28.1 million.

EBITDA from Viterra's North American operations for the quarter was US$23.2 million, a significant improvement from last year's first quarter results. EBITDA contributions from the Company's Australian operations was US$66.6 million, primarily reflecting a recovery in South Australian production levels and the corresponding increase in first quarter receipts into its system due to a return to normalised production levels and a successful harvest in South Australia.

Viterra's first quarter net earnings were US$10.7 million or US$0.03 per share, which compares to a net loss of US$33.0 million or US$0.14 per share in the same three-month period of 2009 (excluding the 2009 first quarter write-down, the net loss last year was US$13.6 million). The first quarter of fiscal 2010 includes a full three months of contributions from Australia.

President and Chief Executive Officer, Mayo Schmidt said, "Results from our acquisition of the Australian operations reflect normalised conditions for this business. We are implementing a proven pipeline grain handling and marketing model for our core operations focused on an integrated grower relations programme and a comprehensive handling, logistics and international marketing strategy. It is a model that we are confident will improve the value proposition for all stakeholders over the long-term and solidify Viterra as the marketer of choice within the region."

Viterra's North American grain shipments for the quarter ended January 31, 2010 were 3.6 million tonnes, comparable with the 3.8 million tonnes shipped in the first quarter of 2009.

Canadian Wheat Board shipments were on par with last year, while open market shipments were lower than the previous year's quarter due to lower canola shipments resulting from temporary import restrictions into China. North American margins were consistent with the previous year, despite slightly lower volumes, due to additional drying revenues and blending opportunities relative to the previous year's period.

EBITDA from the company's Grain Handling and Marketing Segment was US$109.7 million of which the Australian contribution was US$64.0 million. The North American contribution was US$45.7 million, just slightly lower than US$47.9 million in the first quarter of 2009.

In Viterra's Agri-products segment (which includes financial products), sales and other operating revenues were US$215.3 million compared to US$189.9 million for the same three-month period of 2009. Fertiliser sales volumes were 15% higher in North America than the prior year's first quarter reflecting affordable fertiliser pricing and growers' desire to replenish soil nutrients in the spring.

Meanwhile, sales in the Processing segment for the quarter, which now include contributions from food and feed processing operations, were US$311.5 million, up US$65.8 million the same period a year-ago. The year-over-year increase in sales primarily reflects: the acquisition of a canola crush plant in June of 2009, which generated US$30.4 million in sales for the quarter; the addition of the New Zealand feed business, which generated sales of US$18.1 million for the quarter; and the revenue increases more than offset a decline in North American feed sales in the first quarter of fiscal 2010, which reflect similar volumes, but substantially lower commodity prices.

The Processing segment's EBITDA for the quarter was US$23.2 million, an increase of US$11.4 million from the first quarter of fiscal 2009, which included EBITDA of US$15.5 million from food manufacturing in the quarter and US$7.7 million from feed manufacturing.

For the three months ended January 31, 2010, cash flow provided by operations increased by US$75.0 million to US$60.1 million or US$0.16 per share.