China Agritech, Inc. Increases Net Revenues and Net Income Guidance for 2009
October 09 2009 - 6:30AM
PR Newswire (US)
BEIJING, Oct. 9 /PRNewswire-Asia-FirstCall/ -- China Agritech, Inc.
(NASDAQ:CAGC) ("China Agritech" or "the Company"), a leading
national liquid and granular organic compound fertilizer
manufacturer and distributor in China, today announced that it is
increasing its annual net revenue and net income guidance for the
year ended December 31, 2009. This increase in guidance follows a
56.9% increase in net revenues and 91.2% rise in net income for the
second quarter ended June 30, 2009. The Company is now expecting
net revenue for the year 2009 to be as high as $70 million versus
the previous guidance of over $60 million. The revised guidance for
net income is approximately $12.5 million compared with the
previous net income guidance of $9.5 million. Diluted earnings per
share are now expected to approximate $1.88, based on the current
average number of diluted shares outstanding. The new guidance
represents almost a 55% increase for net revenues and around a 45%
rise for net income over the year 2008 results. Mr. Yu Chang,
Chairman and Chief Executive Officer of China Agritech, commented,
"We are gratified with the success of our new regional production
facilities and our expanded line of organic fertilizers. We now
offer farmers more solutions to grow their crops and improve soil
fertility. We may also benefit from the Chinese government's
promotion of organic food and therefore organic fertilizers, as
well as from the measures enacted to improve farmers' wealth." The
revised 2009 guidance for net revenue and net income is based on
the Company's current views on the operating and market conditions,
which are subject to change. About China Agritech, Inc. China
Agritech, Inc. is engaged in the development, manufacture and
distribution of liquid and granular organic compound fertilizers
and related products in China. The Company has developed
proprietary formulas that provide a continuous supply of
high-quality agricultural products while maintaining soil
fertility. The Company sells its products to farmers located in 28
provinces of China. For more information about the Company, please
visit http://www.chinaagritechinc.com/ . Safe Harbor Statement This
release may contain certain "forward-looking statements" relating
to the business of China Agritech and its subsidiary companies,
which can be identified by the use of forward-looking terminology
such as "believes," "expects," "anticipates," "estimates" or
similar expressions, including, but not limited to, statements
regarding the continued demand for China Agritech's products, China
Agritech's ability to sustain growth for the balance of the year
and China Agritech's ability to generally meet all of its
objectives. Such forward-looking statements involve known and
unknown risks and uncertainties, including all business
uncertainties relating to product development, marketing,
concentration in a single customer, raw material costs, market
acceptance, future capital requirements, and competition in general
and other factors 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 SEC.
Except as required by law, China Agritech is under no obligation to
update or alter its forward-looking statements whether as a result
of new information, future events or otherwise. For more
information, please contact: In China: Mr. Gareth Tang Chief
Financial Officer China Agritech, Inc. Tel: +86-10-5962-1220 Email:
In the U.S.: Mr. Kevin Theiss Investor Relations Grayling Tel:
+1-646-284-9409 Email: DATASOURCE: China Agritech, Inc. CONTACT: In
China: Mr. Gareth Tang, Chief Financial Officer, China Agritech,
Inc., +86-10-5962-1220, or ; In the U.S.: Mr. Kevin Theiss,
Investor Relations, Grayling, +1-646-284-9409, or Web site:
http://www.chinaagritechinc.com/
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