China Green Agriculture, Inc. Reports Fiscal Year 2013 Financial Results

Provides Guidance on Fiscal First Quarter 2014 and Fiscal Year 2014 Revenue and Net Income

Sep 12, 2013, 05:35 ET from China Green Agriculture, Inc.

XI'AN, China, Sept. 12, 2013 /PRNewswire-FirstCall/ --

  • FY2013 sales decreased 0.3% to $216.9 million, net income increased 6.7% to $44.8 million with EPS of $1.61
  • Company Provides Fiscal Year 2014 Guidance Range: Revenue, Net Income and EPS of between $223.5 million and $231.2 million, $43.5 million and $ 46.6 million, and $1.45 and $1.56 based on 30 million number of fully diluted shares, respectively.
  • SEC terminated its investigation of the Company during the fiscal year, with no enforcement actions recommended at the time*.

* The termination of the SEC investigation notice was given under the guidelines in the final paragraph of Securities Act Release No. 5310 including the disclaimer that "All that such a communication (such as the termination notice, note added) means is that the staff has completed its investigation and that at that time no enforcement action has been recommended to the Commission."

China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or the "Company"), a company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced its financial results for the fiscal year ended June 30, 2013.

Financial Summary

Fourth Quarter 2013 Results (USD)

(three months ended June 30, 2013)






Q4 FY2013

Q4 FY2012

CHANGE (%)

Net Sales

$69.8 million

$57.3 million

+21.8%

Gross Profit

$24.5 million

$21.5 million

+14.0%

Net Income

$14.3 million

$11.1 million

+28.4%

EPS (Diluted)

$0.51

$0.41

+23.9%

Weighted Average Shares Outstanding(Diluted)

27.8 million

26.9 million

+3.1%


FY 2013 Results (USD)

(fiscal year ended June 30, 2013)






FY2013

FY2012

CHANGE (%)

Net Sales

$216.9 million

$217.5 million

-0.3%

Gross Profit

$79.4 million

$79.3 million

0.1%

Net Income

$44.8 million

$42.0 million

+6.7%

EPS (Diluted)

$1.61

$1.56

+4.0%

Weighted Average Shares Outstanding(Diluted)

27.8 million

26.9 million

+3.1%





"We are very pleased with our consistent performance in fiscal year 2013 where we continued to build shareholder value through focusing on prudent revenue growth, building the long term durability of our business model, sustained net profits and balance sheet discipline. Our performance in 2012 was noteworthy also due to the period during which a special tariff tax is applied as a result of the absence of an "export window" and lower export demand on Nitrogen-Phosphorous elemented compound fertilizer that traditionally supports our Gufeng business segment.

As we exit our recently concluded fiscal year, we look forward to a year without distractions and expense from the recently to-be-resolved shareholder litigation and start our new fiscal year with a particular focus on building our domestic Jinong and Gufeng fertilizer franchise as well as consolidate our Yuxing operations