Sino Agro Food, Inc. (OTCQB: SIAF.PK), an emerging integrated,
diversified agriculture technology and organic food company with
executive offices and principal operations located throughout the
Peoples Republic of China, is pleased to announce the Company’s
financial results for 3rd quarter ended September 30, 2011.
Earnings Conference Call Information
The Company has scheduled its quarterly conference call to
discuss 3rd Quarter Financial Results at 10:00 am (Eastern Time) on
November 22, 2011. Mr. Solomon Lee, the Company’s Chairman and
Chief Executive Officer, will be on hand for a question-and-answer
session during the conference call.
To attend the Earnings Conference Call, please make note of the
following information:
Date: November 22, 2011 Time: 10:00AM, U.S. Eastern
Standard Time Participant Dialing Instructions: Toll Free
Number: (1-800) 868-1837 Direct Dial Number: (1-404) 920-6440
Conference Code: 149671# Conference Playback Instructions:
Toll Free Number: (1-800) 704-9804 Direct Dial Number: (1-404)
920-6604 Conference Code: * then 149671#
Earnings Per Share
For the three months ended September 30, 2011 and 2010, basic
earnings per share from continuing operations attributable to Sino
Agro Food, Inc. and subsidiaries common stockholders amount to
$0.11 and $0.05, respectively. For the nine months ended September
30, 2011 and 2010, basic earnings (loss) per share from continuing
operations attributable to Sino Agro Food, Inc. and subsidiaries
common stockholders amount to $0.17 and ($0.07), respectively.
For the three months ended September 30, 2011 and 2010, diluted
earnings per share from continuing operations attributable to Sino
Agro Food, Inc. and subsidiaries common stockholders amount to
$0.10 and $0.05, respectively. For the nine months ended September
30, 2011 and 2010, diluted earnings (loss) per share from
continuing operations attributable to Sino Agro Food, Inc. and
subsidiaries common stockholders amount to $0.15 and ($0.07),
respectively.
For the three months ended September 30, 2011 and 2010, basic
earnings per share from continuing and discontinued operations
attributable to Sino Agro Food, Inc. and subsidiaries common
stockholders amount to $0.11 and $0.12, respectively. For the nine
months ended September 30, 2011 and 2010, basic earnings per share
from continuing and discontinued operations attributable to Sino
Agro Food, Inc. and subsidiaries common stockholders amount to
$0.34 and $0.06, respectively.
For the three months ended September 30, 2011 and 2010, diluted
earnings per share from continuing and discontinued operations
attributable to Sino Agro Food, Inc. and subsidiaries common
stockholders amount to $0.10 and $0.11, respectively. For the nine
months ended September 30, 2011 and 2010, diluted earnings per
share from continuing and discontinued operations attributable to
Sino Agro Food, Inc. and subsidiaries common stockholders amount to
$0.31 and $0.05, respectively.
Revenues
Revenue including continued and discontinued operations
increased by $5,517,298 or 36.34% to $20,700,466 for the three
months ended September 30, 2011 from $15,183,168 for the three
months ended September 30, 2010. The increase was primarily due to
the increase of revenue and performance generated from the fishery,
cattle farm, beef and the maturity of other sectors’ businesses
improving their revenues even though the Company discontinued the
dairy segment effective January 2011. The Company earned revenue $0
for the three months ended September 30, 2011 from the discontinued
segment – dairy as compared with revenue of $9,669,581 for the
three months ended September 30, 2010 from the discontinued segment
- dairy.
Revenue – Fishery: Revenue from
fishery increased by $9,469,667 or 717.27% from $1,320,223 for the
three months ended September 30, 2010 to $10,789,890 for the three
months ended September 30, 2011. The increase in fishery was
primarily due to our increased contract service income from fishery
and prawn development contract and sale of fish and prawn for the
three months ended September 30, 2011 instead of consulting income
and sale of fingerlings for the three months ended September 30,
2010.
Revenue – Plantation: Revenue from
our plantation slightly decreased by $268,998 from $3,509,397 for
the three months ended September 30, 2010 to $3,240,399 for the
three months ended September 30, 2011. The slight decrease in
plantation revenue was primarily due to a decrease in the harvest
in the third quarter of 2011.
Revenue – Cattle farm: Revenue from
cattle farm development increased by $2,078,099 from $0 for the
three months ended September 30, 2010 to $2,078,099. The increase
in cattle farm was primarily due to the commencement of our
contract services in the cattle farm industry for the three months
ended September 30, 2011.
Revenue - Beef: Revenue from beef
increased by $3,908,111 from $683,967 for the three months ended
September 30, 2010 to $4,592,078 for the three months ended
September 30, 2011.
Cost of Goods Sold
Cost of goods sold included in continued and discontinued
operations increased by $4,812,778 or 77.84% to $10,995,486 for the
three months ended September 30, 2011 from $6,182,708 for the three
months ended September 30, 2010. The increase was primarily due to
the Company increasing its scale of operation from continued
operations - fishery, plantation, cattle farm and beef for three
months ended September 30, 2011 as compared for the three months
ended September 30, 2010. During the three months ended September
30, 2010 the cost of sales related to our discontinued operations –
dairy segment amounted to $4,498,673 as compared to $0 for the
quarter ended September 30, 2011.
Cost of goods sold - Fishery. Cost
of goods sold from fishery increased by $6,527,892 from $472,112
for the three months ended September 30, 2010 to $7,000,004 for the
three months ended September 30, 2011. The increase in fishery was
primarily due to an increase in the sales volume relating to fish
and prawn and the development of contracting service for the three
months ended September 30, 2011 compared to the three months ended
September 30, 2010.
Cost of goods sold - Plantation.
Cost of goods sold from our plantation slightly decreased by
$141,481 from $999,954 for the three months ended September 30,
2010 to $858,473 for the three months ended September 30, 2011.
This decrease in the cost of goods sold – plantation was primarily
due to a decrease in the harvest in the third quarter of 2011.
Cost of goods sold - Cattle farm.
Cost of goods sold from cattle farm development increased by
$926,423 from $0 for the three months ended September 30, 2010 to
$926,423. The increase in cattle farm was primarily due to the
commencement of our contract services in the cattle farming
industry during the second and third quarters of 2011.
Cost of goods sold - Beef. Cost of
goods sold from beef increased by $1,998,617 from $211,969 for the
three months ended September 30, 2010 to $2,210,586 for the three
months ended September 30, 2011.
Gross Profit
Gross profit, including continued and discontinued operations,
increased by $704,520 or 7.83% to $9,704,980 for the three months
ended September 30, 2011 from $9,000,460 for the three months ended
September 30, 2010. The increase was primarily due to the
corresponding increase in revenues from fishery, cattle farm and
beef operations.
Gross profit - Fishery. Gross
profit from fishery increased by $2,941,775 from $848,111 for the
three months ended September 30, 2010 to $3,798,886 for the three
months ended September 30, 2011. The increase in fishery was
primarily due to our increased volume of sale of fish and prawn and
development contracting services for the three months ended
September 30, 2011 instead of consulting income and sale of
fingerlings for the three months ended September 30, 2010.
Gross profit – Plantation: Gross
profit from our plantation decreased by $127,517 from $2,509,443
for the three months ended September 30, 2010 to $2,381,296 for the
three months ended September 30, 2011. The slight decrease in cost
of goods sold – plantation was primarily due to a decrease in the
harvest in the third quarter of 2011.
Gross profit - Cattle farm: Gross
profit from cattle farm development increased by $1,151,676 from $0
for the three months ended September 30, 2010 to $1,151,676 for the
three months ended September 30, 2011. The increase in cattle farm
was primarily due to the commencement of our contract services in
the cattle farming industry.
Gross profit – Beef: Gross profit
from beef increased by $1,909,494 from $471,998 for the three
months ended September 30, 2010 to $2,381,492 for the three months
ended September 30, 2011.
SINO AGRO FOOD, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
Three months Three months Nine months Nine months ended
ended ended ended
September 30, 2011
September 30, 2010
September 30, 2011
September 30, 2010
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Continuing operations $ $ $ $
Revenue
20,700,466 5,513,587 30,527,367 6,209,118
Cost of goods sold
10,995,486 1,684,035 15,067,749 1,684,035
Gross profit 9,704,980 3,829,552 15,459,618
4,525,083
General and administrative expenses
(1,705,177 ) (197,759 ) (2,939,417 ) (1,640,927 )
Net
income (loss) from operations 7,999,803 3,631,793
12,520,201 2,884,156
Other income
(expenses) Other income 91,289 - 109,905 -
Gain (loss) of extinguishment of debts 49,265 73,950 631,691
(6,077,230 )
Interest expense (3,059 ) (1,488 )
(10,531 ) (5,893 )
Net income (expenses) 137,495
72,462 731,065 (6,083,123 )
Net
income before income taxes 8,137,298 3,704,255 13,251,266
(3,198,967 ) . .
Provision for income taxes - -
- -
Net income (loss) from
continuing operations 8,137,298 3,704,255 13,251,266 (3,198,967
)
Less: Net (income) loss attributable to the non -
controlling interest (1,863,825 ) (875,162 ) (3,055,402 )
(853,986 )
Net income (loss) from continuing operations
attributable to the Sino Agro Food, Inc. and
subsidiaries 6,273,473 2,829,093 10,195,864
(4,052,953 )
Discontinued operations
Gain on sale of discontinued operations - 4,614,146
19,941,880 8,966,587
Less: Net income attributable to the
non - controlling interest - (1,091,060 ) (9,737,929 )
(1,801,178 )
Net income from discontinued operations
attributable to the Sino Agro Food,
Inc. and subsidiaries
- 3,523,086 10,203,951 7,165,409
Net income (loss) attributable to the Sino Agro Food, Inc. and
subsidiaries 6,273,473 6,352,179 20,399,815 3,112,456
Other comprehensive income (loss) Foreign currency
translation gain (loss) 477,072 858,949 3,329,282
1,568,799
Comprehensive income (loss)
6,750,545 7,211,128 23,729,097 4,681,255
Less: other
comprehensive (income) loss attributable to the non -
controlling interest (185,214 ) (184,995 ) (580,930 ) (345,136
)
Comprehensive income (loss) attributable to the Sino
Agro Food, Inc. and subsidiaries 6,565,331 7,026,133
23,148,167 4,336,119
Dividend -
567,800 - 567,800
Earnings
(loss) per share attributable to Sino Agro Food, Inc. and
subsidiaries common stockholders: From continuing and
discontinued operations Basic $0.11 $0.12
$0.34 $0.06
Diluted $0.10 $0.11
$0.31 $0.05
Earnings (loss) per
share attributable to Sino Agro Food, Inc. and subsidiaries
common stockholders: From continuing operations
Basic $0.11 $(0.09 ) $0.17 $(0.07 )
Diluted $0.10 $(0.09 ) $0.15 $(0.07 )
Weighted average number of shares outstanding:
Basic 57,889,347 53,134,303 59,542,620
54,223,823
Diluted 64,889,347
60,134,303 66,542,620 56,685,361
The Company has filed an updated Corporate presentation with the
SEC at:
http://www.sec.gov/Archives/edgar/data/1488419/000114420411055719/v236222_ex99-2.htm
The Company also recently released a short video documentary
covering operations at:
http://www.sinoagrofood.com/?q=content/investor-relations
ABOUT SINO AGRO FOOD, INC.
Sino Agro Food, Inc. (“SIAF”) (http://www.sinoagrofood.com) and
(http://www.siafchina.com) is an integrated, diversified
agricultural technology and organic food company focused on
developing, producing and distributing agricultural products in the
Peoples Republic of China. The Company intends to focus on meeting
the increasing demand of China’s rising middle class for gourmet
and high-quality food items. Current lines of business include the
manufacture and distribution of beef and lamb products, fish
products, bio-organic fertilizer, stock feed and cash crops.
Not a Broker/Dealer or Financial Advisor
Sino Agro Food, Inc. is not a Registered Broker/Dealer or a
Financial Advisor, nor does it hold itself out to be a Registered
Broker/Dealer or Financial Advisor. All material presented in this
press release, on the Company’s website or other media is not to be
regarded as investment advice and is only for informative purposes.
Readers should verify all claims and conduct their own due
diligence before investing in Sino Agro Food, Inc. Investing in
small-cap, micro cap and penny stock securities is speculative and
carries a high degree of risk.
No Offer of Securities
None of the information featured in this press release
constitutes an offer or solicitation to purchase or to sell any
securities of Sino Agro Food, Inc.
FORWARD-LOOKING STATEMENTS
This release contains certain “forward-looking statements”
relating to the business of SIAF and its subsidiary companies,
which can be identified by the use of forward-looking terminology
such as “believes, expects” or similar expressions. Such
forward-looking statements involve known and unknown risks and
uncertainties that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Certain of these risks and uncertainties are
or will be described in greater detail in our filings with the
Securities and Exchange Commission. These forward-looking
statements are based on SIAF’s current expectations and beliefs
concerning future developments and their potential effects on SIAF.
There can be no assurance that future developments affecting SIAF
will be those anticipated by SIAF. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
the control of the Company) or other assumptions that may cause
actual results or performance to be materially different from those
expressed or implied by such forward-looking statements. SIAF
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.