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Yongye International Announces First Quarter 2013 Financial Results
Date:5/10/2013

BEIJING, May 10, 2013 /PRNewswire-FirstCall/ -- Yongye International, Inc. (NASDAQ: YONG), ("Yongye" or the "Company") a leading developer, manufacturer, and distributor of crop nutrient products in the People's Republic of China ("PRC"), today announced its financial results for the quarter ended March 31, 2013.

First Quarter 2013 Financial Highlights

  • Revenue decreased 29.7% to $45.3 million from $64.4 million in the first quarter of 2012
  • Shipments of Yongye's agricultural nutrient products decreased 37.3% to $43.7 million in the first quarter of 2013 from $69.6 million in the first quarter of 2012
  • Gross profit decreased 38.9% year-over-year to $21.6 million
  • Income from operations was $1.1 million, compared to $21.9 million in the first quarter of 2012
  • Net loss attributable to Yongye was $0.6 million, or a loss of $0.03 per diluted share, from net income of $16.4 million, or income of $0.27 per diluted share, in the same period of 2012  
  • Adjusted net income attributable to Yongye, which excludes non-cash expenses related to the amortization of the acquired Hebei customer list, share-based compensation for management and independent directors, and a change in the fair value of derivative liabilities, was $0.1 million, or a loss of $0.01 per diluted share, compared to an adjusted net income attributable to Yongye of $18.3 million, or $0.31 per diluted share, in the same period of 2012*
  • The Company collected $226 million from its distributors during the first quarter of 2013
  • Operating cash flow was $141.1 million compared to $61.7 million in the same period of 2012
  • Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye International, stated, "During the first quarter of 2013, we focused our efforts on the collection of overdue account receivables. To better manage our accounts re
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