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Yongye International Raises 2010 Guidance and Reaffirms Year

发布时间:2019-01-26 作者:AG88 分类:全球大事件

BEIJING, March 29 /PRNewswire-Asia-FirstCall/ -- Yongye International, Inc. (Nasdaq: YONG), ("Yongye or "the Company") a leading manufacturer, developer and distributor of Shengmingsu brand plant and animal nutrient products in the People's Republic of China (PRC), today announced that the Company expects 2010 annual revenues of between $160 million and $165 million, representing an increase of between 63% and 68% over last year's revenue of $98.1 million. This new revenue guidance is up from the previously issued guidance estimate of $147 million or a 50% increase over 2009 revenue. The Company also announced that it expects adjusted net income, which excludes the impact of certain non-cash expenses such as the change in fair value of warrants, of between $42 million and $45 million, representing an increase of between 60% and 72% over 2009 adjusted net income of $26.2 million.

"We expect 2010 to be another year of strong growth for Yongye as a result of our geographic expansion strategy and our ability to scale our business to meet strong market demand for our products," said Mr. Zishen Wu, Chairman and CEO of Yongye International. "We are raising our guidance as we are experiencing higher than expected demand in our new markets in the central and southern provinces of China as well as from our traditional northern markets. The brand recognition of our Shengmingsu plant and animal nutrient products continues to increase and we remain optimistic about our business prospects."

The Company also reaffirmed its previously announced estimate that the number of independently-owned, branded stores selling Yongye's Shengmingsu products will increase to at least 20,000 by the end of 2010, which represents a 120% increase over the 2009 year-end figure of 9,110.

Yongye's branded store network enables the Company to rapidly penetrate rural Chinese markets and further promotes strong brand awareness and recognition through marketing and education at the village level. These independently-owned stores feature prominent Yongye branding on the storefront and premium in-store displays. Yongye supports its distributor and branded store network with targeted local advertising and product education campaigns to assist in driving traffic to these rural stores.

Mr. Wu added, "We believe our branded store network is a key to our growth in 2010 and beyond and see great expansion in the network for this year. This is a testament to the strength of our Shengmingsu brand, the uniqueness of our sales and marketing model, and the strong local support of our distribution partners. We will continue to work with our distribution partners to increase the reach of our brand and our overall retail footprint. We expect to have a national presence by the end of 2010."

About Yongye International, Inc.

Yongye International, Inc., headquartered in Beijing, is engaged in the manufacturing, development, distribution and sales of Shengmingsu brand plant and animal nutrient products. The Company's patented and patent pending formulas and proprietary extraction processes allow it to create products that increase crop yields and improve the health of livestock. Its sole operating subsidiary, Inner Mongolia Yongye Nongfeng Biotechnology Co., Ltd., is headquartered in Beijing with major operations located in Inner Mongolia, People's Republic of China. For more information, please visit the Company's website at http://www.yongyeintl.com .

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believeAAAAAAApects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Yongye International, Inc.

Mr. Larry Gilmore, VP of Corporate Strategy

Phone: +86-10-8232-8866 x8880

Email: larry.gilmore@yongyeintl.com

CCG Investor Relations, Inc.

Mr. Crocker Coulson, President

Phone: +1-646-213-1915

Email: crocker.coulson@ccgir.com

Athan Dounis, Account Manager

Phone: +1-646-213-1916

Email: athan.dounis@ccgir.com

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