BEIJING, China, May 12 /PRNewswire-Asia-FirstCall/ -- Yongye International, Inc. (Nasdaq: YONG), ("Yongye" or the "Company") a leading developer, manufacturer, and distributor of Shengmingsu brand plant and animal nutrient products in the People's Republic of China ("PRC"), today announced its financial results for the quarter ended March 31, 2010.
First Quarter 2010 Highlights -- Revenue increased 100.5% to $24.9 million from the first quarter of 2009 -- Gross profit increased 112.1% to $13.9 million -- Gross margin increased 304 basis points to 55.6% -- Income from operations increased 71.3% to $5.6 million -- Net income increased 32.2% to $4.4 million, or $0.10 per diluted share, compared to $3.3 million, or $0.12 per diluted share, in the first quarter of 2009 -- Adjusted net income, which excludes the impact of the non-cash change in fair value of derivative liabilities of $12,534, increased 40.7% to $4.4 million, or $0.10 per diluted share, compared to $3.1 million, or $0.12 per diluted share, in the same period last year(*) -- Cash flow from operations increased to $0.5 million from negative $1.7 million, while doubling revenue -- Signed an agreement to acquire the development rights for a lignite coal resource project in Inner Mongolia, PRC for $35.1 million
"Our strong first quarter growth was driven by our successful geographic
expansion via our retail-oriented distribution model," said Mr. Zishen Wu,
Chairman and Chief Executive Officer. "We increased the number of
independently-owned, Yongye branded stores in our distribution netw
|SOURCE Yongye International, Inc.|
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