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Origin Agritech Limited Reports Unaudited Third Quarter Financial Results For Three Months Ended June 30, 2014
Date:8/3/2014

14 compared with RMB13.5 million a year ago. The decrease in selling expenses was mainly due to lower transportation expenses this quarter. General and administrative expenses were RMB10.6 million (US$1.7 million) compared with RMB13.6 million for the third quarter of fiscal 2013. The decrease was mainly due to the continued implementation of expense control measures. Research and development expenses were RMB8.8 million (US$1.4 million) in the third quarter of fiscal 2014, which was slightly down from RMB10.0 million for the same period last year.

Loss from operations for the third quarter of fiscal 2014 amounted to RMB6.3 million (US$1.0 million) compared with profit of RMB8.4 million for the same quarter in fiscal 2013.

Net loss for the third quarter of fiscal 2014 was RMB14.7 million (US$2.4 million), or net loss per basic and diluted share of RMB0.65 (US$0.11), compared to a net profit of RMB6.1 million, or net profit per basic and diluted share of RMB0.26 in the same period one year ago.

BALANCE SHEETAs of June 30, 2014, cash and cash equivalents were RMB90.4 million (US$14.7 million) and shareholders' equity attributable to the Company was RMB175.2 million (US$28.5 million). The Company had short-term borrowings of RMB285 million (US$46.3 million) and long-term borrowings of RMB64.8 million (US$10.5 million). Short-term borrowings were mainly for working capital, while long-term borrowings were mainly used for the Xinjiang Origin corn seed production facilities. Advances from customers were RMB209.9 million (US$34.1 million) as of June 30, 2014.

In June 2014, the Company disposed of the subsidiary, Kunfeng, for the amount of RMB 12 million (US$1.9 million), and the realized loss from this disposition was RMB 2.7 million (US$0.4 million).

About OriginFounded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, Origin Agritech Limited (NASDAQ GS: SEED) is China's leading agricultural biotechnology c
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