Exhibit 99.1

PENFORD REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 FINANCIALRESULTS

CENTENNIAL, CO, November 13, 2014 – Penford Corporation (Nasdaq: PENX), a leader in ingredient systems for food and industrial markets, today reported fourth quarter and fiscal year 2014 results.

Fiscal 2014 net income improved 94% over 2013 to $7.8 million. Diluted earnings per share for the fiscal year ended August 31, 2014, increased to $0.60 from $0.32 a year ago. Gross margin expanded by over 20% to $54.3 million for the year, benefiting from higher profitability in both divisions. Consolidated sales for the year were $443.9 million compared with $467.3 million in the last fiscal year, primarily reflecting lower corn prices that were passed through to customers and reduced industrial starch and by-product revenues.

Fourth quarter net income increased to $3.0 million, or $0.23 per diluted share, from a loss in last year’s comparable quarter. Gross margin in the fourth quarter rose to $16.6 million, more than double last year’s result. Quarterly consolidated sales were $109.1 million compared to $117.4 million in fourth quarter 2013.

Penford Corporation - Financial Highlights:

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Highlights for the quarter and the year are as follows:

Food Ingredients Division

Industrial Ingredients Division

Credit Facility

Merger Details

As a result of the announcement of the definitive merger agreement with Ingredion Incorporated, Penford Corporation will not host a conference call to discuss the results of the fourth quarter and full fiscal year 2014.

About Penford Corporation

Penford Corporation develops, manufactures and markets specialty ingredient systems for a variety of food and industrial products. Penford operates six manufacturing facilities and three research and development centers in the United States.

The statements contained in this release that are not historical facts are forward-looking statements that represent management’s beliefs and assumptions based on currently available information. Forward-looking statements can be identified by the use of words such as “believes,” “may,” “will,” “looks,” “should,” “could,” “anticipates,” “expects,” or comparable terminology or by discussions of strategies or trends. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly affect expected results. Actual future results could differ materially from those described in such forward-looking statements, and the Company does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that could cause actual results to differ materially are the risks and uncertainties discussed in this release and those described from time to time in other filings with the Securities and Exchange Commission which include, but are not limited to: competition; the possibility of interruption of business activities due to equipment problems, accidents, strikes, weather or other factors; product development risk; changes in corn and other raw material prices and availability; the Company’s inability to comply with the terms of instruments governing the Company’s debt; changes in general economic conditions or developments with respect to specific industries or customers affecting demand for the Company’s products, including changes in government rules or incentives affecting ethanol consumption, unfavorable shifts in product mix; unanticipated costs, expenses or third party claims; impairment of the Company’s long-lived assets that could result in a noncash charge to reported earnings; interest rate, chemical and energy cost volatility; changes in returns on pension plan assets and/or assumptions used for determining employee benefit expense and obligations; unforeseen developments in the industries in which Penford operates; and other factors described in the “Risk Factors” section in reports filed with the Securities and Exchange Commission.

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TABLES TO FOLLOW

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Penford Corporation

Financial Highlights

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Penford Corporation

Consolidated Statements of Operations

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Penford Corporation

Reconciliation of Non-GAAP Measure

To supplement the segment and consolidated financial results prepared in accordance with generally accepted accounting principles (“GAAP”), the Company utilizes a non-GAAP financial measure-net income (loss) before interest, taxes, depreciation and amortization expense (“EBITDA”). The Company uses EBITDA to evaluate performance and establish goals. The Company believes that this measure is valuable to investors in assessing the Company’s operating results when viewed in conjunction with GAAP results. This non-GAAP measure is not a substitute for, or an alternative to, the corresponding measure calculated in accordance with GAAP.

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