UPDATE 2-Alliance Grain earnings fall on weather problems

* Late harvest hurts performance

* Q3 adj net income falls to C$730,000 from C$4.5 mln
(Adds details from conference call, interview)

WINNIPEG, Manitoba, Nov 15 (BestGrowthStock) – Alliance Grain
Traders (AGT.TO: ) reported bigger quarterly sales on Monday, but
said weather-related crop problems in Western Canada held back
earnings at the expanding Canadian pulse crop handler.

Some of Canada’s key growing areas for pulse crops like
lentils and peas had a late harvest and unfavorably cool, wet
weather during the growing season.

“We believed buyers were hesitant to buy and farmers were
occupied with concerns … they were not delivering grain,”
Murad Al-Katib, Alliance’s president and chief executive, said
in a conference call with analysts.

The late harvest hit profits by delaying sales during a
quarter in which farmers are usually delivering their newly
harvested crop.

Alliance’s overall sales rose quarter over quarter after
the company acquired several new facilities in the past year.

Alliance shares fell 96 Canadian cents, or 3 percent, to
C$27.44 on the Toronto Stock Exchange.

Alliance, based in Regina, Saskatchewan, reported
third-quarter adjusted net income of C$730,000, or 4 Canadian
cents per share, down from year-earlier income of C$4.5
million, or 47 Canadian cents a share.

The adjustment was for currency fluctuations, primarily in
the Canadian dollar and Turkish lira, Chief Financial Officer
Lori Ireland said in an interview. Alliance has crop-processing
facilities in Turkey, the United States and Australia, as well
as with Canada.

Before adjustments, net income for the quarter ended Sept.
30 was C$6.2 million, or 31 Canadian cents a share. Sales
increased to C$137.6 million from C$73.3 million.

Analysts had expected sales of C$127.7 million and earnings
per share of 30 Canadian cents, according to Thomson Reuters

($1=$1.01 Canadian)
(Reporting by Rod Nickel; editing by Rob Wilson)

UPDATE 2-Alliance Grain earnings fall on weather problems