Beijing, China
May 26, 2009
- Advances from customers for Q2 09 were RMB 165.21 million from RMB 105.17 million in Q2 08, an increase of 57.09%
- Deferred revenues for Q2 09 were RMB 443.40 million
from RMB 400.15 million in Q2 08, an increase of 10.80%
Origin Agritech Limited (NASDAQ: SEED), a technology-focused supplier of crop seeds in China today announced unaudited financial results for the second quarter ended March 31, 2009. Origin prepares its financial statements in accordance with generally accepted accounting principles (GAAP) of the United States.
FINANCIAL RESULTS OVERVIEW
During the second quarter of fiscal 2009, the Company generated revenues of RMB 1.16 million (US$0.17 million), a decrease of 25.64% from RMB 1.56 million (US$0.22 million) generated in the three months ended March 31, 2008. While the second quarter traditionally generates limited revenues, the deferred revenues on the balance sheet will be recognized as revenue in the third quarter.
Gross loss for the three-months ended March 31, 2009 was RMB3.37 million (US$0.49million) compared to RMB3.30 million (US$0.47 million) in the same period of the prior year.
Total operating expenses for the three-months ended March 31, 2009 were RMB31.29 million (US$4.58 million) compared with RMB33.84 million (US$4.83 million) reported for the same period in 2008, representing a decrease of 7.5%. Selling and marketing expenses were RMB9.64 million (US$1.41 million) for the second quarter of 2009, representing a decrease of 17.04% from RMB 11.62 million (US$1.66 million) for the same period of the last year. This decrease was mainly due to a change in the salary structure, lower rental fees, and lower advertising expenses although expenses were lower across a variety of categories. General and administrative expenses of RMB15.42 million (US$2.26 million) for the second quarter ended March 31, 2009, decreased 8.49% from RMB16.85 million (US$2.40 million) for the three months ended March 31, 2008 mainly due to the lower spending across a variety of different categories including lower consulting fees. Research and development expenses increased to RMB6.22 million (US$0.91 million) for the three-months ended March 31, 2009 from RMB5.37 million (US$0.77million) for the same quarter last year, with an increase of 15.83% as the Operating loss for the second quarter of 2009 amounted to RMB34.66million (US$5.07 million) compared with an operating loss of RMB37.14 million (US$5.30 million) for the same period in 2008.
Net loss for the second quarter of 2009 was RMB81.32 million (US$11.90 million), or RMB 3.53 (US$0.52) per diluted share, as compared to a net loss of RMB29.77 million (US$4.25 million), or RMB 1.30 (US$0.18) per diluted share in the same period one year ago.
On a non-GAAP basis, excluding non-recurring charges related to the convertible notes, net loss for the second quarter of 2009 was US$3.89 million, or US$0.17 per diluted share, as compared to a net loss of US$4.19 million), or US$0.18 per diluted share in the same period one year ago.
Full report: http://www.originagritech.com/news/news_contents.php?id=64
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