• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases
      • All News Releases
      • All Public Company
      • English-only


      • News Releases Overview
      • Multimedia Gallery
      • All Multimedia
      • All Photos
      • All Videos


      • Multimedia Gallery Overview
      • Trending Topics
      • All Trending Topics


  • Business & Money
      • Auto & Transportation
      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation


      • Auto & Transportation Overview
      • Business Technology
      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors


      • Business Technology Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Financial Services & Investing
      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital


      • Financial Services & Investing Overview
      • General Business
      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News


      • General Business Overview
  • Science & Tech
      • Consumer Technology
      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications


      • Consumer Technology Overview
      • Energy & Natural Resources
      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities


      • Energy & Natural Resources Overview
      • Environ­ment
      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters


      • Environ­ment Overview
      • Heavy Industry & Manufacturing
      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco


      • Heavy Industry & Manufacturing Overview
      • Telecomm­unications
      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications


      • Telecomm­unications Overview
  • Lifestyle & Health
      • Consumer Products & Retail
      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys


      • Consumer Products & Retail Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Health
      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine


      • Health Overview
      • Sports
      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories


      • Sports Overview
      • Travel
      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry


      • Travel Overview
  • Policy & Public Interest
      • Policy & Public Interest
      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy


      • Policy & Public Interest Overview
  • People & Culture
      • People & Culture
      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women


      • People & Culture Overview
      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO

      Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

China Agri-Business Successfully Implemented "New Agriculture-Generator" Campaign in 2010


News provided by

China Agri-Business, Inc

Apr 06, 2011, 08:20 ET

Share this article

Share this article


XI'AN, China, April 6, 2011 /PRNewswire-Asia-FirstCall/ -- China Agri-Business, Inc. (the "Company," OTC: CHBU), a manufacturer and distributor of organic agricultural application products in China, announced its operating results for the year ended December 31, 2010. Revenue increased 304% to $12 million, compared to $3 million in 2009. Net income for 2010 increased to $3.6 million, or $0.28 per basic and diluted share, compared to net income of $1.1 million, or $0.08 per basic and diluted share in 2009.

2010 Financial Highlights

  • The revenue from branded and outsourced direct sales stores was $9,243,632 in 2010, an increase of $8,209,639, or 794%, compared to $1,033,993 in 2009.
  • The revenue from our national sales network was $3,023,072 in 2010, an increase of $1,018,505, or 51%, compared to $2,004,567 in 2009.
  • Revenue from our manufactured products was $6,360,315 in 2010, an increase of $3,321,755, or 109%, compared to $3,038,560 in 2009.
  • Revenue from sales of products manufactured by third parties was $5,906,389 in 2010 as compared to none in 2009.
  • The gross profit margin of our internally made products was 66% and 65% for the years ended December 31, 2010 and 2009, respectively.
  • The gross profit margin for our retail sales of fertilizer products from other manufacturers in our direct sale stores was 21% for the year ended December 31, 2010.

Mr. Liping Deng, Chief Executive Officer, President, and Director of the Company, commented, "We believe that the increase in sales in 2010 was primarily attributable to the successful implementation of our "New Agriculture-Generator" campaign, which was designed to expand our distribution network and to establish a closer relationship with farmers through agricultural cooperatives in the rural areas of China. To better facilitate our further development, we outsourced our direct sales stores beginning from December 2010. We will refer our super chain stores and outsourced stores together as "Xinsheng Shiji Branded Stores". We not only provide our products to these Xinsheng Shiji Branded Stores, but also provide training and other support services to establish customer loyalty and to attract new customers."

As of December 31, 2010, there were approximately 500 Xinsheng Shiji Branded Stores. The majority of branded stores are located in Shannxi Province (local province); others are located in Hunan and Sichuan provinces. For the year ended December 31, 2010, approximately 75% of revenue was generated from our Xinsheng Shiji Branded Stores, and 25% from our national sales network.

China Agri-Business, Inc.

Consolidated Balance Sheets

December 31, 2010 and 2009










2010


2009







Assets




Current Assets





Cash and cash equivalents

$   13,153,741


$     9,625,657


Accounts receivable, net

93,634


28,310


Inventory

91,596


138,253


Other receivables

-


7,911


Prepaid expenses

16,143


25,396

Total Current Assets

13,355,114

 

9,825,527

Property, plant and equipment, net

599,468


337,995

Investment in Tienwe Technology

909,120


879,000

Deferred financing costs, net

-


72,732

Prepaid land lease costs

538,654


-

Intangible assets, net

114,235


3,724

Total Assets

$   15,516,591

 

$   11,118,978

Liabilities and Stockholders' Equity

 

 

 

Current Liabilities





Current portion of long-term debt

$            9,405


$            8,779


Current portion of convertible notes, net

-


427,501


Accounts payable and accrued liabilities

337,576


286,128


Due to chief executive officer - non-interest bearing, due on demand

501,215


-

Total Current Liabilities

848,196

 

722,408













Long Term Liabilities





Long-term debt

99,728


105,618

Total Long Term Liabilities

99,728

 

105,618







Total Liabilities

947,924

 

828,026







Stockholders' Equity





Undesignated preferred stock, par value $.001 per share; authorized 4,900,000 shares; none issued

-


-


Common stock, par value $.001 per share; authorized 100,000,000 shares,





issued and outstanding 13,118,574 and 12,958,574, respectively

13,119


12,959


Additional paid-in capital

4,610,052


4,370,212


Retained earnings

8,289,263


4,708,473


Accumulated other comprehensive income

1,656,233


1,199,308

Total stockholders' equity

14,568,667

 

10,290,952

Total Liabilities and Stockholders' Equity

$   15,516,591

 

$   11,118,978

China Agri -Business, Inc.

Consolidated Statements of Income and Comprehensive Income

For the Years Ended December 31, 2010 and 2009







 

2010

 

2009









Sales of products

$   12,274,091

 

$   3,038,560

Cost of goods sold

6,818,881

 

1,065,599

Gross profit

5,455,210

 

1,972,961





Selling, general and administrative expenses

1,737,742

 

708,042

Income from operations

3,717,468

 

1,264,919

Interest and other income

26,497

 

23,315

Interest expense

(163,175)

 

(225,288)

Loss on impairment of products rights

-

 

(8,685)

Income before income taxes

3,580,790

 

1,054,261

Income taxes

-

 

-

Net income

$     3,580,790

 

$   1,054,261





Earnings per common share:




Basic and Diluted

$              0.28

 

$            0.08





Weighted average number of common shares used to compute earnings per common share:




 Basic and Diluted

12,965,149

 

12,958,574





Comprehensive Income:




Net income

$     3,580,790

 

$   1,054,261

Other comprehensive income - foreign currency translation adjustment

456,925

 

13,632

Comprehensive Income

$     4,037,715

 

$   1,067,893

About China Agri-Business, Inc.

China Agri-Business, Inc., through its operating company in China, Shaanxi Xinsheng Centennial Agriculture and Technology Co., Ltd., manufactures and sells non-toxic fertilizer, bactericide, and fungicide products used for farming in China. Crops grown with Xinsheng's products are eligible to qualify for the "AA Green Food" rating administered by the China Green Food Development Center, an agency under the jurisdiction of the Ministry of Agriculture of the People's Republic of China (however, our products themselves do not bear the "AA green food" designation). The Company's two primary product groups are organic fertilizers (Xinsheng Luyuan brand) and bactericides (Xinsheng Lufeng brand). The Company has a total of five brands and produces more than 50 different applications, including products designed to stimulate plant growth, condition soil, and prevent and cure plant diseases and parasites. The Company has products for a variety of crops, including potatoes, vegetables, cotton, fruit plants, and orchard trees. The products can be used alone or as supplements with other products. The Company's Xinsheng manufacturing facilities are located in Xi'an, Shaanxi province, China. For more information about China Agri, please visit http://www.chinaagri-business.com.

Forward-Looking Statements

This news release contains forward-looking statements. These statements can be identified by the use of forward-looking terminology such as "anticipates," "believes," "continue," "could," "estimates," "expects," "future," "goal," "hopes," "intends," "may," "objective," "plans," "potential," "scheduled," "seek," "should," or "will" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. We caution you that no statements contained in this news release should be construed as a guarantee or assurance of future performance or results or the implementation of our current plans. You should not place undue reliance upon any forward-looking statements. Forward-looking statements involve risks and uncertainties, including those discussed under "Item 1A.  Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2009 and in other reports we file with the Securities and Exchange Commission ("SEC"). The actual results that we achieve may differ materially from any forward-looking statements due to the effect of such risks and uncertainties. These forward-looking statements are based on current expectations, and, except as required by law, we assume no obligation to update this information whether as a result of new information, future events, or otherwise. You are urged to carefully review and consider the various disclosures made by us in our Annual Report on Form 10-K for the year ended December 31, 2009 and in our other reports we file with the SEC that attempt to advise interested parties of the risks that may affect our business, financial condition, and results of operations.

For more information, please contact:


Michael Segal

Director

Telephone +1 646 623 6999


Mr. Delong Zhou

Chief Financial Officer

Telephone +1 917 825 2997

[email protected]


China Agri-Business, Inc.  

Building 2, Unit 1, 15th Floor  

Ling Xian Xin Cheng  

86 Gaoxin Road  

Hi-Tech Industrial Development Zone

Xi'an, Shaanxi, China 710065

Telephone +86 29 6859 6556 or 6557

www.chinaagri-business.com

SOURCE China Agri-Business, Inc

Modal title

    Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

    Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

    About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement

    • Asia
    • Brazil
    • Canada
    • Czech
    • Denmark
    • Finland
    • France
    • Germany
    • India
    • Israel
    • Italy
    • Mexico
    • Middle East
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Russia
    • Slovakia
    • Spain
    • Sweden
    • United Kingdom

    My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision


Products


About


My Services
  • All News Releases
  • Online Member Center
  • ProfNet℠
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2021 Cision US Inc.