China Modern Updates Net Income Guidance to $18.5 Million or $0.40 EPS for the Fiscal Year 2012
The Projected Net Income and EPS Will Grow 109% and 73% Respectively Year Over Year
(firmenpresse) - HARBIN, CHINA -- (Marketwire) -- 07/31/12 -- China Modern Agricultural Information Inc. ("the Company", "China Modern") (OTCBB: CMCI), a high-tech livestock company specializing in the breeding of cows and calves, the production and sale of milk and the sale of organic fertilizer, today releases the updated projection of its earnings for the fiscal year 2012 ended June 30, 2012. The forecasted net income will be increased by 109% year over year to $18.5 million or $0.40 per basic and diluted earnings per share.
Mr. Youliang Wang, Chief Executive Officer of China Modern Agricultural Information, commented, "We released the Company's projected earnings for the fiscal year 2012 in May 2012. Driven by the strong demand of raw milk in China, we saw a stronger growth of our business and are updating the projected earnings for the fiscal year 2012. During the twelve months ended June 30, 2012, we saw the sales price of milk increased by approximately 53% to USD 0.50 per kg comparing with the 2011 fiscal year. Due to the adaption of our new business model since June 2011, the operating costs have been dramatically decreased, which improved the profit margins. Our acquisition of Yulong Cattle in November 2011 further improved our capacity of milk production, which is an important driver for our revenue growth."
Mr. Wang, continued, "The demand for raw milk in China will stay strong in the next several years, which will be a key driver for our business growth. With our new business model in place, management has been able to focus additional time and resources on building our customer base and cultivating industry relationships, and I am confident China Modern will keep delivering strong top-line and bottom-line results."
The projected revenue for the year ended June 30, 2012 is forecasted as approximate $29.8 million, an increase of $4.8 million or 19% compared to $25.0 million for the year ended June 30, 2011. The revenues from sales of raw milk and the sales commission from farmers are forecasted as $19.8 million and $10.0 million respectively. The projected gross profit is $19.7 million, an increase of $6.6 million or 51% compared with the same period last year. The gross profit margin is projected to be increased from 52% to approximate 66%. The projected net income is $18.5 million, an increase of about $9.6 million or 109%, compared to the same period of last year. The projected earnings per share is projected to be increased from $0.23 to about $0.40, an increase of 73% year over year.
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our 8K/A dated March 31, 2011, and other recent filings. These filings are available at .
Wang Youliang
CEO
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Datum: 31.07.2012 - 06:30 Uhr
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News-ID 1137886
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