SSC SEC Services Corp. (SECUF)

[Belek]

Input Set to Release Q1-FY2015 This Week
Input is set to release their Q1 audited financials this week. The following gives a summary or our expectations
for the quarter and FY2015.
We expect Canola revenues for FY2015 of $25.18 million. A majority of the canola will be realized in later
quarters when the canola is harvested. However, in Q1 FY2015, INP will report revenues that were from the
FY2014 harvest season due to the backlog in shipping. In a Q1 update released by management, the company
received 4,585 tonnes of canola in the quarter, bringing their total received to 11,134 tonnes. Input is due
18,932 tonnes of canola plus any bonus tonnage. The average price realized per tonne was $493.
We anticipate gross margins for FY2015 of 36.9%. We also anticipate that expenses will normalize as there are
no one-time expenses from the listing of the company. Our estimated net income estimate for FY2015 is $7.56
million FY2015.
Input raised $40.25 million plus a fully subscribed over allotment for $6.04 million during the quarter. The
aggregate gross proceeds raised by Input were $40.29 million. We feel that capital deployed continues to be
strong. Input entered into 11 new streaming contracts making $11.7 million in upfront payments. Management
notes this is in line with their internal estimates. With the bought deal financing ,the company has substantial
cash on hand and we feel the strong deployment of capital will continue.

Input is due to release their Q1 financials August 19, 2014. We feel that Input will report a strong start for
FY2015, and anticipate the company to continue with strong capital deployment.
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