China Green Agriculture Reports Fiscal Year 2017 Financial Results, Meets Previously Raised Full Year Guidance, Provides Guid...
October 20 2017 - 7:01AM
China Green Agriculture, Inc. (NYSE:CGA) (“China Green Agriculture”
or the “Company”), a company which mainly produces and distributes
humic acid-based compound fertilizers, varieties of compound
fertilizers and agricultural products through its subsidiaries and
variable interest entities in China, today announced its financial
results for the Fiscal Year ended June 30, 2017 and guidance on
revenues and net incomes for the First Fiscal Quarter 2018 and
Fiscal Year 2018.
Highlights:
- Sales increased 6% from $268 million to $285 million; Net
Income increased 2% from 24.7 million to $25.2 million; Earning per
Share (EPS) of $0.66 for the Fiscal Year 2017; Sales, Net Income,
and EPS all met previously raised full year guidance of $285
million, $25 million, and $0.65 per share.
- Guidance for First Fiscal Quarter 2018: Revenue of $58 million
to $67 million; Net Income of $5 million to $7 million; EPS of
$0.13 to $0.17 based on 38.5 million fully diluted shares.
- Guidance for Fiscal Year 2018: Revenue of $263million to $301
million; Net Income of $21 million to $30 million; EPS of $0.54 to
$0.77 based on 38.5 million fully diluted shares.
Financial Summary
Fourth Fiscal Quarter 2017 Results (USD)(Three Months ended June
30, 2017)
|
|
Q4 FY2017 |
|
|
Q4 FY2016 |
|
|
CHANGE (%) |
|
Net Sales |
|
$ |
83.3
million |
|
|
$ |
79.0
million |
|
|
|
5.4 |
% |
Gross Profit |
|
$ |
19.7
million |
|
|
$ |
21.5
million |
|
|
|
(8.4 |
)% |
Net Income |
|
$ |
4.1
million |
|
|
$ |
5.0
million |
|
|
|
2.0 |
% |
EPS (Diluted) |
|
$ |
0.10 |
|
|
$ |
0.13 |
|
|
|
|
|
Fiscal Year 2017 Results (USD)(Fiscal Year ended June 30,
2017)
|
|
FY2017 |
|
|
FY2016 |
|
|
CHANGE (%) |
|
Net Sales |
|
$ |
285.2
million |
|
|
$ |
268.8
million |
|
|
|
6.1 |
% |
Gross Profit |
|
$ |
83.7
million |
|
|
$ |
93.0
million |
|
|
|
(10.0 |
)% |
Net Income |
|
$ |
25.2
million |
|
|
$ |
24.7
million |
|
|
|
1.8 |
% |
EPS (Diluted) |
|
$ |
0.66 |
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
38.1
million |
|
|
|
36.7
million |
|
|
|
|
|
“Fiscal Year 2017 has been a critical year for
us. We are very pleased with our business results in this volatile
market. The guidance-met results proved the steady success of our
transition strategy.”
Mr. Zhuoyu Li, President of the Company,
continued: “The two more strategic acquisitions we did this year
highlighted the new expansion of the Company. With the six
acquisitions from 2016, we have now built a brand new wholesales
segment, constituting eight wholesalers nationwide. These
wholesalers’ founders are great entrepreneurs in their own markets,
and now we all are united in one team together.”
We share the same value, and have the same
vision. We will build a top-notch manufacturing and distribution
platform in the agriculture industry in China.”
“I am very glad that we had another great fiscal
year.,” said Mr. Tao Li,the Chairman and CEO of the Company. “While
we are in Fiscal Year 2018, we expect to earn revenue of $262 to
$301 million; net income of $21 to $30 million; and an EPS of $0.54
to $0.77 based on 38.5 million fully diluted shares.”
First Fiscal Quarter 2018 and Fiscal Year 2018 Guidance
For the first quarter ending September 30, 2017,
management expects net sales of $55 to $60 million, net income of
$5 to $7 million, and EPS of $0.13 to $0.17 based on 38.5 million
fully diluted shares. For the Fiscal Year 2018, management expects
net sales of $262 million to $301 million, net income of $21
million to $30 million, and an EPS of $0.54 to $0.77 based on 38.5
million fully diluted shares. Management expects to update the
Company’s fiscal year guidance when it announces the financial
results of the First Fiscal Quarter 2018.
Conference Call
The Company will hold a conference call at 7:00
a.m. EDT on Friday, October 20, 2017. Any interested participants
are welcome to join in the call by following the dial-in details as
set out below.
US Dial In: |
1-888-346-8982 |
Int’l Dial In: |
1-412-902-4272 |
A playback will be available through October 27,
2017. To listen, please call 1- 877-344-7529 within the United
States or 1-412-317-0088 when calling internationally. Replay
Access Code# 10113556.
About China Green Agriculture, Inc.
The Company produces and distributes humic
acid-based compound fertilizers, other varieties of compound
fertilizers and agricultural products through its wholly-owned
subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co.,
Ltd. (“Jinong”), Beijing Gufeng Chemical Products Co., Ltd
(“Gufeng”) and a variable interest entity, Xi’an Hu County Yuxing
Agriculture Technology Development Co., Ltd. (“Yuxing”). Shaanxi
Lishijie Agrochemical Co., Ltd. (“Lishijie”), Songyuan Jinyangguang
Sannong Service Co., Ltd. (Jinyangguang”), Shenqiu County Zhenbai
Agriculture Co., Ltd. (“Zhenbai Argi”), Weinan City Linwei District
Wangtian Agricultural Materials Co., Ltd. (“Wangtian”), Aksu
Xindeguo Agricultural Materials Co., Ltd. (Xindeguo”), and Xinjiang
Xinyulei Eco-agriculture Science and Technology co., Ltd.
(“Xinyulei”), Sunwu Xiangrong Agricultural Materials Co., Ltd.
(Xiangrong), and Anhui Fengnong Seed Co. Ltd. (Fengnong). For more
information, visit http://www.cgagri.com. The Company routinely
posts important information on its website.
Safe Harbor Statement
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 concerning the Company’s business, products and
financial results. The Company’s actual results may differ
materially from those anticipated in the forward-looking statements
depending on a number of risk factors including, but not limited
to, the following: general economic, business and environment
conditions, development, shipment, market acceptance, additional
competition from existing and new competitors, changes in
technology, the execution of its ten-year growth plan, the foreign
exchange risk amid the unexpected announcement by the PRC
government in August 2015 sending the yuan to a 3% devaluation and
various other factors beyond the Company’s control. All
forward-looking statements are expressly qualified in their
entirety by this Safe Harbor Statement and the risk factors
detailed in the Company’s reports filed with the SEC. China Green
Agriculture undertakes no duty to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this release, except as required by applicable law or
regulations.
For more information, please contact:
China Green Agriculture, Inc.Tel: +86-29-88266383Email:
info@cgagri.com
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