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Yongye International Announces First Quarter 2014 Financial Results
- Revenue Increased 236.5% Year-Over-Year to 152.3 Million -
- Generated Net Income of $23.6 Million Compared to a Net Loss of $0.6 Million a Year Ago -
BEIJING, May 12, 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 quarter ended March 31, 2014.
First Quarter 2014 Financial Highlights
|·||Revenue increased 236.5% to $152.3 million from $45.3 million in the first quarter of 2013.|
|·||Shipments of Yongye’s agricultural nutrient products increased 293.6% to $172.0 million in the first quarter of 2014 from $43.7 million in the first quarter of 2013.|
|·||Gross profit increased 154.5% year-over-year to $55.1 million.|
|·||Income from operations increased 2,570.2% to $30.3 million from $1.1 million in the first quarter of 2013.|
|·||Net income attributable to Yongye was $22.4 million, or $0.37 per diluted share, compared to a net loss of $0.6 million, or a loss of $0.03 per diluted share, in the same period of 2013.|
|·||Adjusted net income attributable to Yongye, which excludes non-cash expense related to the amortization of the acquired Hebei customer list, was $23.1 million, or $0.38 per diluted share, compared to an adjusted net income attributable to Yongye of $0.1 million, or a loss of $0.01 per diluted share, in the same period of 2013.*|
|·||The Company collected $263.6 million from its distributors during the first quarter of 2014.|
|·||Operating cash flow was $101.2 million, compared to $141.1 million in the same period of 2013.|
Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye International, stated, “The first quarter was highlighted by the introduction of our new water soluble humic acid product, which improves the soil structure and the ability of fertilizer and water retention and enhances crop resistance against drought, freezing, diseases, and stalk leaning. Based on how this product is used, the first quarter represents peak season for the water soluble humic acid product. Accordingly, the initial demand for the product was quite strong as first quarter sales were $79.5 million, or 52.2% of total sales. While we would not expect this level of sales for the remainder of the year due to seasonality, this new water soluble humic acid product is a complementary addition to our product portfolio, despite the product carrying lower margins than our other products. Another factor of the year over year growth in the first quarter of this year is that we had a low-performing first quarter in 2013, with significant decreases in revenue and shipments compared to the first quarter of 2012.”
Mr. Wu continued, “While China’s macroeconomic growth prospects remain unstable, we will continue to mitigate market risk with strong execution. We are reiterating our previously provided 2014 guidance of total shipments in the range of $800 million to $850 million and the expansion of our branded retailer network to 36,500 by year-end.”
First Quarter 2014 Financial Results
Sales increased by $107.1 million, or 236.5%, to $152.3 million in the first quarter of 2014, from $45.3 million for the same period of 2013. The increase in revenue was primarily due to the expansion of our business and the introduction of the new water soluble humic acid product. In the first quarter of 2014, $71.0 million, or 46.6% of the total sales, were from liquid crop nutrient, $79.5 million, or 52.2% of the total sales, were from the new water soluble humic acid product, and $1.8 million, or 1.2% of the total sales, were from powder animal nutrient products. Of our liquid crop nutrient products, the two products for crop seeds and roots contributed $30.9 million, or 43.4% of total liquid crop nutrient sales, while the regular crop nutrient product contributed $40.1 million, or 56.6% of total liquid crop nutrient sales. During the first quarter of 2014, the number of branded retailers increased from 36,100 at the end of 2013 to 36,200.
The following information was filed by Yongye International, Inc. (YONG) on Monday, May 12, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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