BEIJING, Aug. 7, 2012 /PRNewswire-Asia/ -- Origin Agritech Limited (NASDAQ: SEED) ("Origin" or the "Company") , a technology-focused supplier of hybrid and genetically modified crop seeds in China, today announced unaudited financial results for the third quarter ended June 30, 2012. Origin prepares its financial statements in accordance with generally accepted accounting principles (GAAP) of the United States.
FINANCIAL RESULTS OVERVIEWDuring the third quarter of fiscal 2012, revenues increased by 10.1% year-over-year to RMB269.3 million (US$42.7 million) from RMB244.7 million one year ago. Higher revenues this quarter were mainly due to earlier sales settlement with the distributors for the 2012 selling season.
Deferred revenues were RMB257.3 million (US$40.7 million) as of June 30, 2012 compared with RMB287.2 million on June 30, 2011. Deferred revenues mainly reflect the value of Origin's crop seeds after a) sales arrangement is confirmed; b) delivery to the customer is made; and c) pre-payment from the customer is received, but before the final sales price is fixed and determined. The final sales price is primarily determined by sales incentives that Origin gives to its customers. The year-over-year decrease in deferred revenues was mainly due to more revenue is recognized in the current period of this year. Deferred revenues as of June 30, 2012 also included a total of RMB24.9 million (US$3.9 million) of subsidies received from various levels of the Chinese government.
The sum of recognized revenues for the first nine months ended June 30, 2012 and deferred revenues as of June 30, 2012 were RMB568.3 million (US$90.0 million), compared with RMB550.1 million for the same period last year. Excluding the deferred government subsidies, Changchun Origin and the divestiture of Jilin Changrong, the sum of revenues for the first nine months ended June 30, 2012 and d
|SOURCE Origin Agritech Limited|
Copyright©2012 PR Newswire.
All rights reserved