Fresno-based S&W Seed Co. has announced first quarter fiscal 2017 revenue of $12.25 million, with gross profit margins of 15.9 percent.

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S&W Seed Co. produces proprietary and non-proprietary seed products around the globe for a variety of forage and specialty crops, with a specialization in alfalfa.

The company, traded on Nasdaq under the ticker SANW, projects record annual revenue of about $100 million for its current fiscal year, which ends June 30, 2017. That’s would be up 4 percent over its fiscal 2016 revenue.

S&W’s first quarter results were down slightly compared to the first quarter of fiscal 2016, when revenue was $12.255 million with gross profit margins of 16.1 percent.

“The first quarter of our fiscal year is seasonally our lowest sales volume quarter of the year, but our busiest production period as we work with our contracted grower base to finalize the North American harvests which will set the stage for the remainder of the fiscal year,” said Mark Grewal, president and CEO of S&W Seed Co. “Our production team did an outstanding job securing a 15% increase in acreage dedicated to seed production. With nearly 90% of the North American harvest complete, we are expecting a global increase of contracted seed production for calendar year 2016 of more than 20%. This improvement in contracted seed inventory will help us to drive organic revenue growth in fiscal 2017, replenish our depleted inventory levels, and minimize the need to purchase higher cost inventory from the spot market to meet the needs of our customers.”

“With a tremendous team in place to drive growth, efficiencies and innovation, I look forward to a strong fiscal 2017,” Grewal added.