Origin Agritech Limited, a technology-focused supplier of hybrid and genetically modified crop seeds in China, incorporated in BVI, announced the unaudited financial results for the first quarter of fiscal year, ended December 31, 2009. The company reported the increase of deferred revenues by 24.8%.
For the first quarter of the year, BVI company’s revenues made US$5.65 million, a 31.5% decrease from US$8.24 million reported for the first quarter of the last year. The revenues were mainly from the sales of higher margin canola seed products for the quarter period. Gross profit for the three-months ended December 31, 2009 was US$3.01 million – this is a 33.6% increase from US$2.25 million reported for the same period of the prior year. Gross margins for this quarter were 53.3% versus 47.9% for the canola seed sales for Q109 (exclusive of scrap sales).
Origin Agritech reported total operating expenses for the period in the amount of US$5.71 million, compared to US$5.85 million reported for the same period of 2008. Selling and marketing expenses decreased by 20.8% and were US$1.53 million in the first quarter of 2010, compared to US$1.94 million for the same period of the last year. There was a 14.0% increase of general and administrative expenses, which made US$2.99 million against US$2.62 million for the three months ended December 31, 2008. The company noted that differences in operating expenses just represent small variations year over year, and the expenses are expected to be relatively flat annually, across all operating expenses and within each separate category.
Operating loss for the first quarter period was US$2.69 million, compared with an operating loss of US$3.59 million for the same period of 2008. Net loss for the first quarter was US$1.98 million, or US$0.09 per diluted share, while in the first quarter of the last year it was US$2.87 million, or US$0.13 per diluted share.
Origin Agritech Limited (http://bvi-companies.blogspot.com/2008/01/origin-agritech-limited.html), a technology-focused supplier of hybrid and genetically modified crop seeds in China, incorporated in BVI, announced the unaudited financial results for the first quarter of fiscal year, ended December 31, 2009. The company reported the increase of deferred revenues by 24.8%.
For the first quarter of the year, BVI company’s revenues made US$5.65 million, a 31.5% decrease from US$8.24 million reported for the first quarter of the last year. The revenues were mainly from the sales of higher margin canola seed products for the quarter period. Gross profit for the three-months ended December 31, 2009 was US$3.01 million – this is a 33.6% increase from US$2.25 million reported for the same period of the prior year. Gross margins for this quarter were 53.3% versus 47.9% for the canola seed sales for Q109 (exclusive of scrap sales).
Origin Agritech (http://finance.yahoo.com/q?s=SEED) reported total operating expenses for the period in the amount of US$5.71 million, compared to US$5.85 million reported for the same period of 2008. Selling and marketing expenses decreased by 20.8% and were US$1.53 million in the first quarter of 2010, compared to US$1.94 million for the same period of the last year. There was a 14.0% increase of general and administrative expenses, which made US$2.99 million against US$2.62 million for the three months ended December 31, 2008. The company noted that differences in operating expenses just represent small variations year over year, and the expenses are expected to be relatively flat annually, across all operating expenses and within each separate category.
Operating loss for the first quarter period was US$2.69 million, compared with an operating loss of US$3.59 million for the same period of 2008. Net loss for the first quarter was US$1.98 million, or US$0.09 per diluted share, while in the first quarter of the last year it was US$2.87 million, or US$0.13 per diluted share
This entry was posted
on Monday, February 15th, 2010 at 5:27 pm and is filed under BVI company interim financial results, Unaudited financial results.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.