The diluted weighted average number of shares outstanding increased from 11,444,775 in the third quarter of 2007 to 20,103,760 in the quarter ended September 30, 2008 because additional shares were issued in private placements in April and September 2008.
Nine Months 2008 Results
Net revenue was $45.2 million in the nine months ended September 30, 2008, up 320.3% from $10.8 million for the nine months ended September 30, 2007. Gross profit was $23.5 million with a gross margin of 52.0%, compared to $5.4 million with a gross margin of 50.1% for the nine months ended September 30, 2007. Operating income was $14.8 million with an operating margin of 32.7%, compared to $4.8 million with an operating margin of 44.7% in the nine months ended September 30, 2007. Net income was $12.2 million, or $0.75 per diluted share, compared to $4.5 million, or $0.40 per diluted share, for the nine months ended September 30, 2007.
On September 30, 2008, cash totaled $6.8 million, compared to $376,002 as of December 31, 2007. The cash balance increased because of increased cash sales, collections of the previous quarter accounts receivable and the private placement that took place in September 2008.
Accounts receivable was $20.7 million as of September 30, 2008,
compared to $1.6 million as of December 31, 2007. This large accounts
receivable is due in part to the high level of sales throughout the third
quarter. Additionally, it is customary in China's agriculture industry to
extend credit terms which allow distributors to pay over a longer period of
time than what may be usual in other industries. Consequently, the
collection cycle for accounts receivable tends to take longer than in other
industries. The Company has every reason to believe that its accounts
receivable will be paid under the terms extended to its customers through
the end of 2008. As of September 30, 2008, Yongye did not have any accounts
|SOURCE Yongye Biotechnology International, Inc.|
Copyright©2008 PR Newswire.
All rights reserved