BEIJING, April 21 /PRNewswire-Asia-FirstCall/ -- Yongye Biotechnology International, Inc. (OTC Bulletin Board: YGYB; "Yongye" or the "Company"), a leading distributor of plant and animal nutrient products located in the People's Republic of China, today announced preliminary financial results for its fiscal quarter ended March 31, 2009. The Company expects net revenue for the quarter ended March 31, 2009 to be from $12.0 million to $12.5 million, up approximately 26% to 31% from $9.5 million for the quarter ended March 31, 2008. Net income is expected to be $2.75 million to $3.0 million, up approximately 145% to 168% from the corresponding previous quarter, and fully diluted EPS on weighted average number of shares is expected to be $0.13 to $0.15.
Yongye sold over 95,000 units of its plant nutrient product in the quarter ended March 31, 2009, a 26% increase from 75,596 units sold in the corresponding period in 2008. This increase in units sold was due primarily to expansion of the distribution network, and a strong performance by the distributors who develop and maintain the independently owned, branded store network through which Yongye sells its plant product.
"Yongye has already reached significant performance milestones in 2009. Strong demand for our 'Shengmingsu' products and further expansion of our distribution network led to noteworthy revenue and profit growth," commented Mr. Zishen Wu, Chief Executive Officer of Yongye. "While strong seasonality is apparent in our quarterly sales figures, we are pleased with the financial growth which we achieved this last quarter. We also added four new provinces to our branded retail store sales trial program through which we add stores to our sales network. We are confident that we will achieve our fiscal year 2009 revenue guidance estimate of $66 million and net income guidance estimate of $15.8 million."
The Company's preliminary expectation
|SOURCE Yongye Biotechnology International, Inc.|
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