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Yongye International Announces Fourth Quarter and Full Year 2013 Financial Results
- Full Year Revenue Increased 49.4% to $661.9 Million -
- Full Year Net Income Increased 82.3% to $170.8 Million -
BEIJING, March 17, 2014 -- Yongye International, Inc. (NASDAQ: YONG)("Yongye" or the "Company"), a leading developer, manufacturer, and distributor of crop nutrient products in the People's Republic of China ("PRC"), today announced its financial results for the fourth quarter and full year ended December 31, 2013.
Full Year 2013 Financial Highlights
|·||Revenue increased 49.4% to $661.9 million in 2013 from $443.0 million in 2012.|
|·||Shipment of Yongye’s agricultural nutrient products increased 22.1% to $662.0 million in 2013 from $542.2 million in 2012, within the Company’s guidance of $650 to $680 million.|
|·||Gross profit increased 54.3% year-over-year to $404.9 million.|
|·||Income from operations increased 83.7% to $214.8 million from $116.9 million in 2012.|
|·||Net income attributable to Yongye increased 82.3% to $170.8 million, or $2.93 per diluted share, compared to $93.7 million, or $1.62 per diluted share, in the same period of 2012.|
|·||Adjusted net income attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, a change in the fair value of derivative liabilities, and goodwill impairment charge, was $173.8 million, or $2.99 per diluted share, compared to $111.4 million, or $1.94 per diluted share, in the same period of 2012.*|
|·||Operating cash inflow was $21.0 million in 2013 compared to an operating cash outflow of $51.4 million in 2012.|
|·||At the end of 2013, the amount of accounts receivable outstanding was $343.5 million, of which $124.1 million was past the Company’s six-month credit term. As of March 12, 2014, approximately $260.2 million had been collected from the Company’s distributors, including $236.2 million of the accounts receivable outstanding at December 31, 2013. $111.9 million of the past due accounts receivable at December 31, 2013 were subsequently collected.|
Fourth Quarter 2013 Financial Highlights
- Revenue increased 29.0% to $92.0 million from $71.3 million in the fourth quarter of 2012.
- Shipment of Yongye’s agricultural nutrient products increased 30.2% to $110.8 million from $85.1 million in the fourth quarter of 2012.
- Gross profit increased 37.2% year-over-year to $52.7 million.
- Income from operations was $16.3 million, compared to $18.7 million in the fourth quarter of 2012.
- Net income attributable to Yongye was $14.6 million, or $0.24 per diluted share, compared to$19.4 million, or $0.32 per diluted share, in the same period of 2012.
- Adjusted net income attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, a change in the fair value of derivative liabilities, and goodwill impairment charge was $15.3 million, or $0.25 per diluted share, compared to $20.4 million, or $0.34 per diluted share, in the same period of 2012.*
Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye International, stated, “We are pleased with our overall performance in 2013. Our growth was in line with expectations, our branded retailer network exceeded the target of 36,000 and we also achieved positive cash flow from operations for the full year. We saw strong demand for Shengmingsu and two of our new products and we remain focused on our efforts to collect outstanding accounts receivable. As of March 12, 2014, we had collected a vast majority of the overdue accounts receivable at December 31, 2013.”
The following information was filed by Yongye International, Inc. (YONG) on Monday, March 17, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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