XI'AN, China, June 15 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA) ("China Green Agriculture" or "the Company"), a leading producer and distributor of humic acid ("HA") based compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., today announced that it has reaffirmed previously announced guidance of $50.6 million to $51.2 million in revenue and $21.1 million to $21.4 million in net income, or EPS of $0.90 to $0.91, for the fiscal year ending June 30, 2010. The Company also announced that as of June 10, 2010, it had reached its annual sales volume target, which represents an increase of more than 40% over total sales volume of 15,042 metric tons for the fiscal year ended June 30, 2009.
China Green Agriculture's achievement by June 10 of its target sales volume goal for fiscal year 2010 was driven by an expanded product mix, effective marketing and sales efforts, and favorable market conditions in China, supported by the increased production capacity due to the addition of the Company's second production line.
"Based on our current level of performance and outlook, we are confident in our ability to increase our sales volume by at least 40% per year over the next two fiscal years due to anticipated strong sales of our HA compound fertilizer products, which could be accelerated through targeted acquisitions," commented Mr. Tao Li, the Company's chairman and CEO. "With our increased production capacity, new R&D facilities coming on line, expanding geographic footprint and strong working capital position, we are poised to capitalize on further market share gains within the fertilizer industry to drive future revenue growth and profitability."
About China Green Agriculture, Inc.
China Green Agriculture, Inc. currently offers 148 different HA-based compound fertilizers, which are distributed via 552 individual distributors covering 21 provinces, 4 autonomous regions and 3 municipal cities in China. Its fertilizer products are certified by the Chinese government as "Green Food Production Materials." The leading five provinces which collectively accounted for 40.4% of the Company's fertilizer revenue for the three months ended March 31, 2010 are Shaanxi (11.2%), Shandong (10.8%), Anhui (7.9%), Henan (5.6%), and Sichuan (4.9%). For more information, visit http://www.cgagri.com.
Safe Harbor Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
For more information, please contact:
In the US:
China Green Agriculture, Inc.
Mr. Ken Ren, Chief Financial Officer
Tel: +1-530-220-3026 (US) or +86-29-8826-6381
HC International, Inc.
Ted Haberfield, Executive VP
China Green Agriculture, Inc.
Mr. Jonnie Wang, Secretary of Board, Investor Relations Officer
SOURCE China Green Agriculture, Inc.