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Alliance Grain Traders Inc. Announces Q2 2011 Results and Dividend

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  Published in House and Home on Thursday, August 11th 2011 at 4:56 GMT by Market Wire
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REGINA, Aug. 11, 2011 /CNW/ - Alliance Grain Traders Inc. (TSX: AGT) ("AGT") has announced its financial results for the three and six months ended June 30, 2011.

Results for the quarter include:

"We are pleased with the progress we have made in the fiscal 2011 year to date. We believe these are good results, given the fact that this is typically the slowest period for global markets as they look to Turkish and Indian harvest and ahead to new crop harvest from North America and the start to the crop season in Australia. Results were certainly affected on timing issues because of the crop harvest in Turkey being delayed to mid-June and the floods and rains affecting farm deliveries and rail service in North America.  These events resulted in some revenues shifting off into the Q3 2011 period.   We are optimistic about the potential the harvest in Canada and the U.S. will provide. Conditions, in most regions, have been near optimal over the past weeks and we have received the first samples from our new crop harvest already.  We expect farmers to be out harvesting in full scale by the third week of August. Crop conditions are being reported as good to excellent in most regions and we see this providing potential for yield gains. These gains, added to the carryover stocks from 2010, will give our facilities the product needed to fill the demand we see is on the horizon in the latter half of 2011 and into 2012," said Mr. Murad Al-Katib, President and CEO of Alliance Grain Traders Inc.

"We have stated many times that whatever the crop conditions are, challenging as they were in 2010 or positive as we expect 2011 may be, global agri-business companies such as ours, must be ready to capitalize on the opportunities. We have remained focused on bolstering our facilities and processing expertise, our origination reach, and our market distribution. Global business is expected to return to normal and when demand opens up, products must be ready to ship. We expect a busy last half to 2011," added Mr. Al-Katib.

"As we expect in the late first half of each year, markets are recalibrating their buying activities for the rest of the year, resulting in the slower buying we saw in the period. This quarter has been no different; however our optimism for positive conditions through the rest of the year remains. We have stated many times our commitment to our strategies. The products we offer are required for sustaining large populations around the globe. Our recent acquisitions and expansions assist us in solidifying our market position as a leading pulses and staple foods supplier in the world. We are committed to growing this position and a continuation of our plans to become the preferred pulses, staple food and ingredient supplier to global markets," added Huseyin Arslan, Executive Chairman of the Board of Directors for AGT.

AGT also announced its cash dividend for the quarter ending September 30, 2011 of $0.15 per common share. The dividend will be payable on October 7, 2011 to shareholders of record on October 5, 2011. This dividend is an eligible dividend for Canadian income tax purposes. AGT's increased annualized cash dividend is approximately $0.60 per common share.

The financial statements and notes for the three and six months ended June 30, 2011, as well as the related management's discussion and analysis have been filed under AGT's profile on [ www.sedar.com ] and have been posted on the AGT web site at [ www.alliancegrain.com ]. All amounts are reported in Canadian dollars. Quarterly results are now being reported based on International Financial Reporting Standards ("IFRS"). The new policies have been consistently applied to all periods noted in this news release and all prior period information has been restated or reclassified for comparative purposes unless otherwise noted. Further details on the transition to IFRS are provided in the notes to our interim consolidated financial statements for the three and six months ended June 30, 2011.

Alliance Grain Traders invites you to join our second quarter 2011 conference call on Thursday, August 11, 2011 at 11:00 a.m. Eastern time. To join the conference, please dial 1-800-319-4610 (Toll free in Canada & USA) or +1-604-638-5340 (Outside Canada & USA). 

A recording of the call will be available on our website at [ alliancegrain.com ] on August 15, 2011.  A telephone replay will also be available until midnight Eastern time, Thursday, August 25, 2011.  To access the replay, please call 1-800-319-6413 (Toll free from Canada & USA,) or +1-604-638-9010 (from outside Canada & USA).  When prompted, enter the code 4537, followed by the number sign (#).

Alliance Grain Traders Inc. Profile
Alliance Grain Traders Inc. (AGT) is a pulse processor and exporter engaged in the business of value-added processing (cleaning, splitting, sorting and bagging) of pulses and specialty crops, for export and domestic markets. Through its offices and processing facilities located in some of the best pulse growing regions in Canada, the U.S., Turkey, Australia and China and merchandising and sales offices in the U.K., the Netherlands and Spain, AGT handles a full range of pulses and specialty crops including lentils, peas, chickpeas, beans and canary seed.  Through its subsidiaries in Turkey, the Arbel Group, AGT also produces staple foods such as Arbella Pasta, rice, and milled wheat products, including bulgur and semolina.

Cautionary Statements
Certain statements in this press release are forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by AGT at the time of preparation, may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AGT (including its operating subsidiaries) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of harvests, fluctuations in the price of lentils and other crops, failure of plant, equipment or processes to operate as anticipated, accidents or labour disputes, risks relating to the integration of acquisitions or to international operations, as well as those factors referred to in the section entitled "Risk Factors" in the Annual Information Form of AGT dated March 28, 2011 which is available on SEDAR at [ www.sedar.com ], and which should be reviewed in conjunction with this document. Although AGT has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.  AGT expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

* Non-IFRS Financial Measures
*EBITDA (Earnings Before Interest, Income Taxes, Depreciation and Amortization), Adjusted EBITDA* (Earnings before interest, income taxes, depreciation and amortization and any effects of non-cash foreign exchange adjustment) and Adjusted Net Earnings* (Earnings before any effects of non-cash foreign exchange adjustments) are financial measures used by many investors to compare companies on the basis of operating results, asset value and the ability to incur and service debt.  Management believes that EBITDA*, Adjusted EBITDA* and Adjusted Net Earnings* are important measures in evaluating the performance of AGT and in determining whether to invest in AGT.  However EBITDA*, Adjusted EBITDA* and Adjusted Net Earnings* are not recognized earnings measures under IFRS and do not have a standardized meaning prescribed by IFRS. They are not intended to represent cash flow or results of operations in accordance with IFRS.  Therefore, EBITDA*, Adjusted EBITDA* and Adjusted Net Earnings* may not be comparable to similar measures presented by other issuers.  Investors are cautioned that EBITDA*, Adjusted EBITDA* and Adjusted Net Earnings* should not be construed as alternatives to net earnings or loss determined in accordance with IFRS as an indicator of AGT's performance or to cash flows from operating, investing and financing activities of liquidity and cash flows. For a reconciliation of net earnings determined in accordance with IFRS to EBITDA*, Adjusted EBITDA* and Adjusted Net Earnings*, see the table on page 31 in the management's discussion and analysis for the three and six months ended June 30, 2011 available under AGT's profile on [ www.sedar.com ] and on the AGT web site at [ www.alliancegrain.com ].