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Yongye International Announces Second Quarter 2012 Financial Results
Date:8/9/2012

re for the same period of 2011.

(*) See the table following this press release for a reconciliation of gross profit, income from operations, net income and diluted EPS to exclude non-cash items related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities to the comparable financial measure prepared in accordance with US Generally Accepted Accounting Principles ("U.S. GAAP"). 

Financial ConditionAs of June 30, 2012, the Company had $82.0 million in cash and restricted cash, compared to $81.2 million as of December 31, 2011. Working capital was $329.6 million, compared to $270.4 million at the end of 2011. The Company had $25.3 million in short-term bank loans and $11.0 million in long-term debt as of June 30, 2012.  Stockholders' equity totaled $395.7 million as of June 30, 2012, compared to $331.9 million at the end of 2011. Cash flow provided by operating activities was $8.1 million and cash flow used in operating activities was $(27.8) million for the six months ended June 30, 2012 and 2011, respectively. The change was primarily due to the decrease of $31.7 million in working capital consumption. That was mainly driven by collection of accounts receivable, partially offset by a higher inventory balance. Other factor includes an increase of $9.6 million in earnings.

Recent Developments

  • On June 8, 2012, the Company held its 2012 Annual Meeting of Shareholders at the Company's offices in Hohhot, Inner Mongolia, China. At the meeting, Yongye shareholders approved the reelection of Zishen Wu, Nan Xu, Xiaochuan Guo, Sean Shao, Xindan Li and Rijun Zhang as members of the Board of Directors for a one-year term expiring at the 2013 annual meeting of shareholders. Additionally, holders of the Company's Series A preferred shares reappointed Homer Sun as their designee to the Board of Directors and the
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    • SOURCE Yongye International, Inc.
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