Company: S&W Seed Company
Ticker: Nasdaq: SANW
Sector: Industrials
Investor Contact: Robert Blum

S&W Announces Fiscal 2018 Financial Results

SACRAMENTO, Calif., Sept. 20, 2018 — S&W Seed Company (Nasdaq: SANW) today announced financial results for the fourth quarter and fiscal year ended June 30, 2018.

S&W Seed Company is a leading provider of seed genetics, production, processing and marketing. (PRNewsFoto/S&W Seed Company)

Mark Wong, president and chief executive officer of S&W Seed Company, commented, “Over the past year, the management team and S&W’s board have been aligned on a comprehensive strategic plan to become a more diversified middle market agricultural company. Our focus is to evolve beyond our dependence on our alfalfa seed operations and certain geographical markets which carry higher political, regulatory, and economic risks, and at the same time develop and acquire higher-value trait technologies.”

“In particular, we have made significant advancements with our Calyxt partnership where we recently announced the successful transfer of our proprietary alfalfa seed and plants from the research and development facility at Calyxt to S&W for field evaluation and testing. This marked a significant milestone in the collaboration between the two companies. We have expanded our sales and marketing capabilities with the appointment of key industry veterans that create the bridge that connects our R&D to our sales teams and ultimately our customers. At the same time, we have created a joint venture with AGT Foods Africa (Pty) Ltd, and further integrated our acquired NexSteppe sorghum germplasm, that will increase our sorghum presence in key regions. This focus on commercialization efforts matches a simultaneous focus on research and development and advancement of our stevia efforts where we expanded our existing agreement with an international consumer products company to perform breeding and targeting of novel stevia traits. Overall, we are pleased with the progress made to achieve our goals.”

“During fiscal year 2018, Saudi Arabian water regulations continued to impact revenue and profitability. However, alfalfa seed revenues in other regions have remained relatively flat over the past couple of years, despite difficult market environments. We have instituted a series of initiatives within our alfalfa operations to drive continued focus in key geographies, while at the same time investing in trait technologies that we believe will help grow market share in the future.”

Mr. Wong concluded, “Our mantra during the year has been ‘Evolving Beyond.’ I am pleased with our progress over the last year to better position us for success by advancing key alfalfa trait development, expanding our sorghum operations, better alignment of our sales and marketing strategies, progressing our stevia program, and increasing the value we obtain for each pound of seed sold. I look forward to continued progress in fiscal 2019.”

Annual Results

For the fiscal year ended June 30, 2018, S&W reported revenue of $64.1 million, compared to revenue of $75.4 million in fiscal 2017. The decrease was largely attributable to decreased shipments to Saudi Arabia as a result of water use regulations in the country. For fiscal 2018, revenue from Saudi Arabian destinations was $1.5 million compared to $12.1 million in fiscal 2017, and $26.0 million in fiscal 2016. Revenue in the United States, S&W’s largest market, was $41.7 million in fiscal 2018 compared to $41.5 million in fiscal 2017.

Gross margins during fiscal 2018 improved 160 basis points to 23.0% compared to gross margins of 21.4% in fiscal 2017. This improvement in gross margins was primarily due to product sales mix during the year where the Company had a higher concentration of sales, as a percentage of total revenue, to Pioneer; coupled with reductions of production costs of proprietary seed.

Total operating expenses in fiscal 2018 were $17.7 million compared to $18.5 million in fiscal 2017. Adjusted operating expenses (see Table A-2) during fiscal 2018 were $17.7 million, compared to $17.3 million in fiscal 2017. On an adjusted basis, SG&A decreased by $520,000, while R&D increased by $856,000 over the prior year. S&W continues to focus on operating efficiencies while maintaining an investment in developing next generation products that are intended to drive growth in revenues and gross profit margins. Included in fiscal 2018 operating expenses was a charge of $66,000 related to transactions expenses, whereas included in fiscal 2017 operating expenses was a charge of $837,000 related to employee separation costs, a $319,000 impairment charge related to the carrying value of certain stand establishment assets and a $60,000 reserve for uncollectable sub-lease income.

GAAP net loss for fiscal 2018 was $(4.7) million, or $(0.21) per basic and diluted share, compared to GAAP net loss of $(11.8) million, or $(0.67) per basic and diluted share, in fiscal 2017. In fiscal 2017, the Company recorded a valuation allowance of $9.6 million against its deferred tax assets which resulted in GAAP income tax expense of $8.2 million for the fourth quarter of fiscal 2017.

Adjusted non-GAAP net loss (see Table A-2) for fiscal 2018, excluding various items (transaction costs, change in derivative warrant liabilities, and interest expense – amortization of debt discount), was $(4.9) million, or $(0.22) per basic and diluted share. Adjusted non-GAAP net loss (see Table A-2) for fiscal 2017, excluding various items (separation charges, reserve for uncollectable sub-lease income, impairment charges, change in derivative warrant liabilities, change in contingent consideration obligation, loss on equity method investments, anticipated loss on sub-lease land, interest expense – amortization of debt discount, and valuation allowance for deferred tax assets), was $(1.8) million, or $(0.10) per basic and diluted share.

Adjusted EBITDA (see Table B) for fiscal 2018 was $1.3 million, compared to adjusted EBITDA of $3.5 million in fiscal 2017.

Conference Call

S&W Seed Company has scheduled a conference call for today, Thursday, September 20, 2018, at 11:00 am ET (8:00 am PT) to review these results. Interested parties can access the conference call by dialing (844) 861-5498 or (412) 317-6580 or can listen via a live Internet webcast, which is available in the Investor Relations section of the Company’s website at http://www.swseedco.com/investors. A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, confirmation # 10124150. A webcast replay will be available in the Investor Relations section of the Company’s website at http://www.swseedco.com/investors for 30 days.

Non-GAAP Financial Measures

In addition to financial results reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company has provided the following non-GAAP financial measures in this release and the accompanying tables: adjusted EBITDA, adjusted non-GAAP net income (loss) and adjusted earnings (loss) per share. S&W uses these non-GAAP financial measures internally to facilitate period-to-period comparisons and analysis of its operating performance and liquidity, and believes they are useful to investors as a supplement to GAAP measures in analyzing, trending and benchmarking the performance and value of the Company’s business. However, these measures are not intended to be a substitute for those reported in accordance with GAAP. These measures may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures.

For reconciliations of historical non-GAAP financial measures to the most comparable financial measures under GAAP, see Tables A-1, A-2 and B accompanying this release.

In order to calculate these non-GAAP financial measures, the Company makes targeted adjustments to certain GAAP financial line items found on its Consolidated Statement of Operations, backing out non-recurring or unique items or items that the Company believes otherwise distort the underlying results and trends of the ongoing business. The Company has excluded the following items from one or more of our non-GAAP financial measures for the periods presented:

Selling, general and administrative expenses; operating expenses. We exclude a portion of SG&A expense and operating expenses related to transaction expenses related to acquisitions and financings. Acquisition-related expenses include transaction fees, due diligence costs and other direct costs associated with our acquisitions. These amounts are unrelated to our core performance during any particular period and are impacted by the timing of the acquisition. We exclude acquisition-related expenses from our SG&A expense and total operating expenses to provide investors a method to compare our operating results to prior periods and to peer companies, as such amounts can vary significantly based on the frequency of acquisitions and the magnitude of acquisition expenses. We also exclude a portion of SG&A expense and operating expenses related to employee separation costs and a reserve for uncollectible sub-lease income. The amounts are unrelated to our core performance during any particular period. We exclude employee separation related expenses and the reserve for uncollectible sub-lease income from our SG&A expense and total operating expenses to provide investors a method to compare our operating results to prior periods and to peer companies.

Impairment charges. We exclude an impairment charge of $319,000 related to the carrying value of certain stand establishment assets which were deemed impaired and uncollectible from a certain sub-leasee. This amount is a non-recurring charge and is unrelated to our core performance during any particular period, and therefore, we believe it is useful to exclude this amount in order to better understand our business performance and allow investors to compare our results with peer companies.

Changes in derivative warrant liabilities. Change in derivative warrant liabilities are related to the change in fair value of the warrants issued in conjunction with our Convertible Debentures issued in December 2014. These amounts are non-cash gains and/or losses, and are unrelated to our core performance during any particular period. We believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.

Changes in contingent consideration obligations. Change in contingent consideration obligations is related to the change in fair value of the contingent consideration potentially owed as a result of the previously announced acquisitions. These amounts are non-cash gains and/or losses, and are unrelated to our core performance during any particular period. We believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.

Loss on equity method investment. Losses from our equity method investment are related to our portion of losses incurred from our joint venture in Argentina. These amounts are unrelated to our core performance during any particular period, and therefore, we believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.

Interest expense – amortization of debt discount. Amortization of debt discount and debt issuance costs are primarily related to our Convertible Debentures and warrants issued in December 2014 as well as our working capital lines of credit and term loans. These amounts are non-cash charges and are unrelated to our core performance during any particular period. We believe it is useful to exclude these amounts in order to better understand our business performance and allow investors to compare our results with peer companies.

Non-GAAP Tax Rate. The estimated non-GAAP effective tax rate adjusts the tax effect to quantify the tax consequences of the excluded non-GAAP items.

Descriptions of the non-GAAP financial measures included in this release and the accompanying tables are as follows:

Adjusted net income (loss) and non-GAAP earnings (loss) per share. We define non-GAAP net income (loss) as net income (loss) less non-recurring transaction charges, separation costs, reserves for uncollectible sub-lease income, impairment charges, change in derivative warrant liabilities, change in contingent consideration obligation, anticipated loss on sub-lease land, interest expense – amortization of debt discount, and loss on equity method investment. However, in order to provide a complete picture of our recurring core business operating results, we also exclude from non-GAAP net income (loss) the tax effects of these adjustments. We used an effective tax rate that we believe would be applied had our income approximated the non-GAAP net income (loss) for the presented periods. We caution investors that the tax effects of these adjustments are based on management’s estimates. We believe that these non-GAAP financial measures provide useful supplemental information for evaluating our operating performance.

Adjusted EBITDA is a non-GAAP financial measure that we define as GAAP net income (loss), adjusted to exclude non-recurring transaction costs, separation costs, reserve for uncollectible sub-lease income, impairment charges, depreciation and amortization, non-cash stock-based compensation, foreign currency (gain) loss, change in derivative warrant liabilities, change in contingent consideration obligation, anticipated loss on sub-lease land, loss on equity method investment, interest expense – amortization of debt discount, interest expense, and provision (benefit) for income taxes. We believe that the use of adjusted EBITDA is useful to investors and other users of the Company’s financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. We use adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of our overall assessment of our performance, for planning purposes, including the preparation of our annual operating budget, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. Management does not place undue reliance on adjusted EBITDA as its only measure of operating performance. Adjusted EBITDA should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP.

About S&W Seed Company
Founded in 1980, S&W Seed Company is a global agricultural company headquartered in Sacramento, California. S&W’s vision is to be the world’s preferred proprietary seed company which supplies a range of forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in alfalfa seed, with significant research and development, production and distribution capabilities. S&W’s capabilities span the world’s alfalfa seed production regions, with operations in the Western United States, including the San Joaquin and Imperial Valleys of California, Australia, and Canada, and S&W sells its seed products in more than 30 countries around the globe. S&W also provides hybrid sorghum and sunflower, and is utilizing its research and breeding expertise to develop and produce stevia, the all-natural, zero calorie sweetener for the food and beverage industry. For more information, please visit www.swseedco.com.

Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” Forward-looking statements in this release include, but are not limited to, our strategic plan to become a more diversified middle market agricultural company, the expected increase in our sorghum presence in key regions, and the advancement of our strategic plans and commercialization strategies. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risk that our strategic initiatives may not achieve the expected results, and risks associated with our ability to successfully optimize and commercialize our business. These and other risks are identified in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended June 30, 2017 and in other filings subsequently made by the Company with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

TABLE A-1

S&W SEED COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended

Three Months Ended

June 30,

June 30,

2018

2017

NON-GAAP

NON-GAAP

NON-GAAP

NON-GAAP

GAAP

Adjustments

Adjusted

GAAP

Adjustments

Adjusted

Revenue

$

9,891,828

$

9,891,828

$

17,886,250

$

17,886,250

Cost of revenue

8,791,859

8,791,859

14,712,370

14,712,370

Gross profit

1,099,969

1,099,969

3,173,880

3,173,880

Operating expenses

Selling, general and administrative expenses

2,465,818

(7,846)

2,457,972

4,014,496

(837,329)

3,177,167

Research and development expenses

1,225,319

1,225,319

839,487

839,487

Depreciation and amortization

841,468

841,468

850,032

850,032

Disposal of property, plant and equipment (gain) loss

(1,204)

(1,204)

70,908

(60,468)

10,440

Total operating expenses

4,531,401

(7,846)

4,523,555

5,774,923

(897,797)

4,877,126

Loss from operations

(3,431,432)

7,846

(3,423,586)

(2,601,043)

897,797

(1,703,246)

Other expense

Foreign currency (gain) loss

(6,676)

(6,676)

5,746

5,746

Change in derivative warrant liabilities

(676,100)

676,100

Change in contingent consideration obligation

153,909

(153,909)

Anticipated loss on sub-lease land

424,600

(424,600)

Interest expense – amortization of debt discount

50,761

(50,761)

44,029

(44,029)

Interest expense

618,773

618,773

376,734

376,734

Loss before income taxes

(4,094,290)

58,607

(4,035,683)

(2,929,961)

844,235

(2,085,726)

Provision (benefit) for income taxes

191,858

191,858

8,161,120

(8,728,124)

(567,004)

Net loss

$

(4,286,148)

58,607

$

(4,227,541)

$

(11,091,081)

9,572,359

$

(1,518,722)

Net loss per common share:

Basic

$

(0.18)

$

(0.24)

$

(0.62)

$

(0.08)

Diluted

$

(0.18)

$

(0.24)

$

(0.62)

$

(0.08)

Weighted average number of common shares outstanding:

Basic

24,342,906

17,979,681

17,979,681

17,979,681

Diluted

24,342,906

17,979,681

17,979,681

17,979,681

TABLE A-2

S&W SEED COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Year Ended

Year Ended

June 30,

June 30,

2018

2017

NON-GAAP

NON-GAAP

NON-GAAP

NON-GAAP

GAAP

Adjustments

Adjusted

GAAP

Adjustments

Adjusted

Revenue

$

64,085,510

$

64,085,510

$

75,373,810

$

75,373,810

Cost of revenue

49,332,052

49,332,052

59,232,846

59,232,846

Gross profit

14,753,458

14,753,458

16,140,964

16,140,964

Operating expenses

Selling, general and administrative expenses

10,503,020

(66,160)

10,436,860

11,794,026

(837,329)

10,956,697

Research and development expenses

3,887,723

3,887,723

3,032,112

3,032,112

Depreciation and amortization

3,439,287

3,439,287

3,325,743

3,325,743

Disposal of property, plant and equipment (gain) loss

(82,980)

(82,980)

78,538

(60,468)

18,070

Impairment charges

319,001

(319,001)

Total operating expenses

17,747,050

(66,160)

17,680,890

18,549,420

(1,216,798)

17,332,622

Loss from operations

(2,993,592)

66,160

(2,927,432)

(2,408,456)

1,216,798

(1,191,658)

Other expense

Foreign currency (gain) loss

(12,584)

(12,584)

1,388

1,388

Change in derivative warrant liabilities

(431,300)

431,300

(1,517,500)

1,517,500

Change in contingent consideration obligation

231,584

(231,584)

Anticipated loss on sub-lease land

424,600

(424,600)

Loss on equity method investment

144,841

(144,841)

Interest expense – amortization of debt discount

169,045

(169,045)

1,176,023

(1,176,023)

Interest expense

1,863,288

1,863,288

1,324,945

1,324,945

Loss before income taxes

(4,582,041)

(196,095)

(4,778,136)

(4,194,337)

1,676,346

(2,517,991)

Provision (benefit) for income taxes

143,049

143,049

7,627,705

(8,346,088)

(718,383)

Net loss

$

(4,725,090)

(196,095)

$

(4,921,185)

$

(11,822,042)

10,022,434

$

(1,799,608)

Net loss per common share:

Basic

$

(0.21)

$

(0.22)

$

(0.67)

$

(0.10)

Diluted

$

(0.21)

$

(0.22)

$

(0.67)

$

(0.10)

Weighted average number of common shares outstanding:

Basic

22,481,491

22,481,491

17,718,057

17,718,057

Diluted

22,481,491

22,481,491

17,718,057

17,718,057

TABLE B

S&W SEED COMPANY

ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED EBITDA

(unaudited)

Three Months Ended

Years Ended

June 30,

June 30,

2018

2017

2018

2017

Net loss

$

(4,286,148)

$

(11,091,081)

$

(4,725,090)

$

(11,822,042)

Non-recurring transaction costs

7,846

66,160

Separation costs

674,597

674,597

Reserve for uncollectable sub-lease income

223,200

223,200

Non-cash stock based compensation

148,285

523,912

748,516

1,409,368

Depreciation and amortization

841,468

850,032

3,439,287

3,325,743

Impairment charges

319,001

Foreign currency (gain) loss

(6,676)

5,746

(12,584)

1,388

Change in derivative warrant liabilities

(676,100)

(431,300)

(1,517,500)

Change in contingent consideration liabilities

153,909

231,584

Loss on equity method investment

144,841

Anticipated loss on sub-lease land

424,600

424,600

Interest expense – amortization of debt discount

50,761

44,029

169,045

1,176,023

Interest expense

618,773

376,734

1,863,288

1,324,945

Provision for income taxes

191,858

8,161,120

143,049

7,627,705

Non-GAAP Adjusted EBITDA

$

(2,433,833)

$

(329,302)

$

1,260,371

$

3,543,453

S&W SEED COMPANY

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

June 30,

June 30,

2018

2017

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

4,320,894

$

745,001

Accounts receivable, net

13,861,932

23,239,325

Inventories, net

60,419,276

31,489,945

Prepaid expenses and other current assets

1,279,794

1,249,921

TOTAL CURRENT ASSETS

79,881,896

56,724,192

Property, plant and equipment, net

13,180,132

13,581,576

Intangibles, net

33,109,780

34,939,079

Goodwill

10,292,265

10,292,265

Other assets

1,303,135

1,563,176

TOTAL ASSETS

$

137,767,208

$

117,100,288

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

5,935,454

$

7,157,745

Accounts payable – related parties

331,694

Deferred revenue

212,393

880,326

Accrued expenses and other current liabilities

3,114,799

2,733,718

Lines of credit, net

32,630,559

27,399,784

Current portion of contingent consideration obligation

2,500,000

Current portion of long-term debt, net

503,012

10,309,664

TOTAL CURRENT LIABILITIES

42,396,217

51,312,931

Long-term debt, net, less current portion

12,977,087

1,096,155

Derivative warrant liabilities

2,836,600

Other non-current liabilities

651,780

632,947

TOTAL LIABILITIES

56,025,084

55,878,633

STOCKHOLDERS’ EQUITY

Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding

Common stock, $0.001 par value; 50,000,000 shares authorized; 24,367,906 issued and 24,342,906 outstanding at June 30, 2018; 18,004,681 issued and 17,979,681 outstanding at June 30, 2017;

24,367

18,004

Treasury stock, at cost, 25,000 shares

(134,196)

(134,196)

Additional paid-in capital

108,803,991

83,312,518

Accumulated deficit

(21,161,376)

(16,436,286)

Accumulated other comprehensive loss

(5,790,662)

(5,538,385)

TOTAL STOCKHOLDERS’ EQUITY

81,742,124

61,221,655

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

137,767,208

$

117,100,288

S&W SEED COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Years Ended

June 30,

2018

2017

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(4,725,090)

$

(11,822,042)

Adjustments to reconcile net loss from operating activities to net cash used in operating activities

Stock-based compensation

748,516

1,409,368

Change in allowance for doubtful accounts

78,980

449,590

Change in inventory provision

482,250

Depreciation and amortization

3,439,287

3,325,743

(Gain) loss on disposal of property, plant and equipment

(82,980)

78,538

Impairment charges

319,001

Change in deferred tax asset

7,269,420

Change in foreign exchange contracts

272,801

112,970

Change in derivative warrant liabilities

(431,300)

(1,517,500)

Change in contingent consideration obligation

231,584

Amortization of debt discount

169,045

1,176,023

Loss on equity method investment

144,841

Anticipated loss on sub-lease land

424,600

Changes in:

Accounts receivable

9,207,302

4,110,609

Inventories

(29,860,271)

(9,343,989)

Prepaid expenses and other current assets

(241,394)

(41,928)

Other non-current asset

259,683

(9,487)

Accounts payable

(1,052,624)

(7,400,553)

Accounts payable – related parties

(336,494)

(64,424)

Deferred revenue

(456,643)

369,688

Accrued expenses and other current liabilities

307,500

314,402

Other non-current liabilities

21,191

163,386

Net cash used in operating activities

(22,200,241)

(10,300,160)

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to property, plant and equipment

(1,187,307)

(2,960,620)

Proceeds from disposal of property, plant and equipment

45,830

877,617

Acquisition of germplasm assets

(295,034)

Additions to internal use software

(156,185)

Net cash used in investing activities

(1,436,511)

(2,239,188)

CASH FLOWS FROM FINANCING ACTIVITIES

Net proceeds from sale of common stock

22,459,339

Net proceeds from exercise of common stock options

603,862

Taxes paid related to net share settlements of stock-based compensation awards

(115,319)

(143,527)

Borrowings and repayments on lines of credit, net

5,439,382

10,488,213

Payment of contingent consideration obligation

(2,500,000)

Borrowings of long-term debt

12,590,318

280,654

Debt issuance costs

(257,964)

Repayments of long-term debt

(10,273,560)

(304,770)

Repayments of convertible debt

(4,721,551)

Net cash provided by financing activities

27,342,196

6,202,881

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(129,551)

176,968

NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS

3,575,893

(6,159,499)

CASH AND CASH EQUIVALENTS, beginning of the period

$

745,001

$

6,904,500

CASH AND CASH EQUIVALENTS, end of period

$

4,320,894

$

745,001

Company Contact:

Investor Contact:

Matthew Szot, Chief Financial Officer

Robert Blum, Joe Dorame, Joe Diaz

S&W Seed Company

Lytham Partners, LLC

Phone: (559) 884-2535

Phone: (602) 889-9700

www.swseedco.com

sanw@lythampartners.com

www.lythampartners.com

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/sw-announces-fiscal-2018-financial-results-300715827.html

SOURCE S&W Seed Company

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