Des Moines, IA, United States
Des Moines, IA, United States

China Green Agriculture, Inc. is based in Xi'an, China. It became the first Chinese company listed on the New York Stock Exchange market. It is also the first Chinese company to list on NYSE Euronext markets in 2009. It became a public company in 2008. China Green Agriculture produces and distributes humic acid based liquid compound fertilizer. Tao Li is the chief executive officer of China Green Agriculture. Wikipedia.


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XI'AN, China, May 13, 2017 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that it will host an earning call to discuss the third quarter of fiscal year 2017's financial results on 7:00 AM Eastern Time on Monday, May 15, 2017. To participate in the conference call, please dial any of the following numbers: To access the replay, please dial any of the following numbers: The replay will be available 1 hour after the end of the conference. The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd ("Gufeng") and a variable interest entity, Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"). Shaanxi Lishijie Agrochemical Co., Ltd. ("Lishijie"), Songyuan Jinyangguang Sannong Service Co., Ltd. (Jinyangguang"), Shenqiu County Zhenbai Agriculture Co., Ltd. ("Zhenbai Argi"), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. ("Wangtian"), Aksu Xindeguo Agricultural Materials Co., Ltd. (Xindeguo"), and Xinjiang Xinyulei Eco-agriculture Science and Technology co., Ltd. ("Xinyulei"), Sunwu Xiangrong Agricultural Materials Co., Ltd. (Xiangrong), and Anhui Fengnong Seed Co. Ltd. (Fengnong). For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-green-agriculture-announced-to-hold-an-earnings-conference-call-for-q3-fy2017-on-may-15-2017-300457137.html


To access the replay, please dial any of the following numbers: The replay will be available 1 hour after the end of the conference. The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd ("Gufeng") and a variable interest entity, Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"). Shaanxi Lishijie Agrochemical Co., Ltd. ("Lishijie"), Songyuan Jinyangguang Sannong Service Co., Ltd. (Jinyangguang"), Shenqiu County Zhenbai Agriculture Co., Ltd. ("Zhenbai Argi"), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. ("Wangtian"), Aksu Xindeguo Agricultural Materials Co., Ltd. (Xindeguo"), and Xinjiang Xinyulei Eco-agriculture Science and Technology co., Ltd. ("Xinyulei"), Sunwu Xiangrong Agricultural Materials Co., Ltd. (Xiangrong), and Anhui Fengnong Seed Co. Ltd. (Fengnong). For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-green-agriculture-announced-to-hold-an-earnings-conference-call-for-q3-fy2017-on-may-15-2017-300457137.html


With Revenues Meeting the Guidance, Net Income Beating the Guidance, and Raises Guidance on Full Fiscal Year Revenues and Net Income XI'AN, China, May 15, 2017 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture" or the "Company"), a  producer and distributor of humic acid-based compound fertilizers, varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced its financial results for the third quarter ended March 31, 2017, provided guidance on revenues and net income for the Fourth Fiscal Quarter 2017 and raised guidance on revenues and net income for the 2017 Fiscal Year. "On January 1, 2017, Jinong completed the strategic acquisition of two companies located in Heilongjiang and Anhui provinces in China." Mr. Zhuoyu Li, President of the Company, stated, "Based upon these acquisitions, we are now penetrating  the six market areas in which these newly joined companies  are positioned. We are moving quickly towards our goal of building one of the key production and distribution platforms in rural China." "I am very pleased with the successful acquisitions. They help us take a step forward for transformation of our Company" said Mr. Tao Li, Chairman and Chief Executive Officer of the Company. "Our performance in business operations improved, generating $8.2 million net income in the third quarter ended March 31, 2017. Looking ahead to the 2017 Fiscal Year, we expect to reach revenue of $281 to $301 million; net income of $25 to $29 million; and EPS of $0.65 to $0.75, based on 38.6 million fully diluted shares." Third Quarter of FY2017 Results of Operations Total net sales for the three months ended March 31, 2017 were $81,305,628, an increase of $2,667,154, or 3.4%, from $78,638,474 for the three months ended March 31, 2016. This increase was largely due to the inclusion of net sales from certain newly acquired Variable Interest Entities ("VIEs") during the three months ended March 31, 2017, which contributed approximately $21.3 million, or 26.3%, of the total net sales. The total net sales without inclusion of the VIEs' net sales for the three months ended March 31, 2017 were $59,956,323, a decrease of $18,682,151, or 23.8%, from the same period a year ago. For the three months ended March 31, 2017, Jinong's net sales decreased by $5,285,418, or 16.7%, to $26,316,821 from $31,602,239 for the three months ended March 31, 2016. This decrease was mainly attributable to the decrease in Jinong's sales volume, which was the result of Jinong's implementation of its sales strategy that rebalanced the production of fertilizer types during the last three months. For the three months ended March 31, 2017, Gufeng's net sales were $30,858,499, a decrease of $12,903,559 or 29.5% from $43,762,058 for the three months ended March 31, 2016. This decrease was mainly attributable to Gufeng's lowering selling prices and volumes to answer market demand during the three months ended March 31, 2017. For the three months ended March 31, 2017, Yuxing's net sales were $2,781,003, a decrease of $493,174 or 15.1%, from $3,274,177 during the three months ended March 31, 2016. The decrease was mainly attributable to the decrease in market demand and the lower prices on Yuxing's top-grade flowers. Total cost of goods sold for the three months ended March 31, 2017 was $59,952,995, an increase of $6,048,810, or 11.2%, from $53,904,185 for the three months ended March 31, 2016. The increase was mainly due to the production and sale of VIEs' products, which accounted for $19,260,074, or 32.1% of total cost of goods sold. The total cost of goods sold without including VIEs' cost of goods sold for the three months ended March 31, 2017 was $40,692,921, a decrease of $13,211,264, or 24.5%, from the same period a year ago. Cost of goods sold by Jinong for the three months ended March 31, 2017 was $12,143,167, a decrease of $1,210,055, or 9.1%, from $13,353,222 for the three months ended March 31, 2016. The decrease in cost of goods sold was primarily attributable to the decrease in net sales during the last three months. Cost of goods sold by Gufeng for the three months ended March 31, 2017 was $26,319,435, a decrease of $11,789,876, or 30.9%, from $38,109,311 for the three months ended March 31, 2016. This decrease was primarily attributable to fewer products sold during the last three months. For the three months ended March 31, 2017, cost of goods sold by Yuxing was $2,230,319, a decrease of $211,333, or 8.7%, from $2,441,652 for the three months ended March 31, 2016. This decrease was mainly due to the decrease in Yuxing's net sales during the last three months. Total gross profit for the three months ended March 31, 2017 decreased by $3,381,656 to $21,352,633, as compared to $24,734,289 for the three months ended March 31, 2016. Gross profit margin was 26.3% and 31.5% for the three months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to the Jinong, Gufeng and Yuxing's decreased gross margins for the three months ended March 31, 2017, compared to the same period last year. Gross profit generated by Jinong decreased by $4,075,363, or 22.3%, to $14,173,654 for the three months ended March 31, 2017 from $18,249,017 for the three months ended March 31, 2016. Gross profit margin from Jinong's sales was approximately 53.9% and 57.7% for the three months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to the higher percentage of raw material cost and packaging cost. For the three months ended March 31, 2017, gross profit generated by Gufeng was $4,539,064, a decrease of $1,113,683, or 19.7%, from $5,652,747 for the three months ended March 31, 2016. Gross profit margin from Gufeng's sales was approximately 14.7% and 12.9% for the three months ended March 31, 2017 and 2016, respectively. The decrease in gross profit percentage was mainly due to the increased weight for lower-margin products sales in Gufeng's total sales answering market demand. For the three months ended March 31, 2017, gross profit generated by Yuxing was $550,684, a decrease of $281,841, or 33.9% from $832,525 for the three months ended March 31, 2016.  The gross profit margin was approximately 19.8% and 25.4% for the three months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to the higher percentage of labor cost during the three months ended March 31, 2017. Gross profits generated by VIEs were $2,089,231 with a gross profit margin of approximately 9.8% for the three months ended March 31, 2017. Our selling expenses consisted primarily of salaries of sales personnel, advertising and promotion expenses, freight-out costs and related compensation. Selling expenses were $6,130,825, or 7.5%, of net sales for the three months ended March 31, 2017, as compared to $3,441,511, or 4.4%, of net sales for the three months ended March 31, 2016, an increase of $2,689,314, or 78.1%. The selling expenses of VIEs were $912,957, or 1.8%, of VIEs' net sales. The selling expenses of Yuxing were $10,690, or 0.4%, of Yuxing's net sales for the three months ended March 31, 2017, as compared to $47,110, or 1.4%, of Yuxing's net sales for the three months ended March 31, 2016. The selling expenses of Gufeng were $80,781, or 0.3%, of Gufeng's net sales for the three months ended March 31, 2017, as compared to $186,626, or 0.4%, of Gufeng's net sales for the three months ended March 31, 2016. The selling expenses of Jinong for the three months ended March 31, 2017 were $16,894,249, or 64.2%, of Jinong's net sales, as compared to selling expenses of $3,207,775, or 10.2%, of Jinong's net sales for the three months ended March 31, 2016. Our selling expenses - amortization of our deferred assets were $1,556,031, or 1.9%, of net sales for the three months ended March 31, 2017, as compared to $8,780,893 or 11.2%, of net sales for the three months ended March 31, 2016, a decrease of $7,224,862, or 82%. This decrease was due to the fact that some of the deferred assets were fully amortized and therefore no amortization was recorded on the fully amortized assets during the three months ended March 31, 2017. General and administrative expenses consisted primarily of related salaries, rental expenses, business development, depreciation and travel expenses incurred by our general and administrative departments and legal and professional expenses including expenses incurred and accrued for certain litigation. General and administrative expenses were $3,971,890, or 4.9%, of net sales for the three months ended March 31, 2017, as compared to $2,204,771, or 2.8%, of net sales for the three months ended March 31, 2016, an increase of $1,767,119, or 80%. The increase in general and administrative expenses was mainly due to VIEs, which had $657,652 of general and administrative expenses during the last three months. Net income for the three months ended March 31, 2017 was $8,191,675, a decrease of $60,096, or 0.7%, compared to $8,251,771 for the three months ended March 31, 2016. Net income as a percentage of total net sales was approximately 10.1% and 10.5% for the three months ended March 31, 2017 and 2016, respectively For the Nine Months Ended March 31, 2017 Total net sales for the nine months ended March 31, 2017 were $201,935,263, an increase of $12,146,518, or 6.4%, from $189,788,745 for the nine months ended March 31, 2016. This increase was largely due to the inclusion of VIEs' net sales during the nine months ended March 31, 2017, which contributed approximately $43 million, or 21.3%, of the total net sales. The total net sales without including VIEs' net sales for the nine months ended March 31, 2017 were $158,895,515, a decrease of $30,893,230, or 16.3%, from the same period a year ago. For the nine months ended March 31, 2017, Jinong's net sales decreased of $13,042,389, or 13.4%, to $84,570,215 from $97,612,604 for the nine months ended March 31, 2016. This decrease was mainly attributable to the decrease in Jinong's sales volume, which was the result of Jinong's implementation of its sales strategy that rebalanced the production of fertilizer types during the last nine months. For the nine months ended March 31, 2017, Gufeng's net sales were $67,734,572, a decrease of $17,841,992, or 20.8%, from $85,576,564 for the nine months ended March 31, 2016. This decrease was mainly attributable to Gufeng's lowering selling prices and volumes to answer market demand during the nine months ended March 31, 2017. For the nine months ended March 31, 2017, Yuxing's net sales were $6,590,728, a slight decrease of $8,849, or 0.1%, from $6,599,577 during the nine months ended March 31, 2016. Total cost of goods sold for the nine months ended March 31, 2017 was $137,971,361, an increase of $19,740,635, or 16.7%, from $118,230,726 for the nine months ended March 31, 2016. This increase was mainly due to the production and sale of VIEs' products, which accounted for $37,173,460, or 26.9%, of total cost of goods sold. The total cost of goods sold without including VIEs' cost of goods sold for the three months ended March 31, 2017 was $100,797,901, a decrease of $17,432,825, or 14.7%, from the same period a year ago. Cost of goods sold by Jinong for the nine months ended March 31, 2017 was $37,744,757, a decrease of $3,583,536, or 8.7%, from $41,328,293 for the nine months ended March 31, 2016. The decrease was primarily attributable to its lower net sales. Cost of goods sold by Gufeng for the nine months ended March 31, 2017 was $57,843,171, a decrease of $14,724,662, or 20.3%, from $72,567,833 for the nine months ended March 31, 2016. This decrease was primarily attributable to the less products sold during the last nine months. For the nine months ended March 31, 2017, cost of goods sold by Yuxing was $5,209,973, an increase of $875,373, or 20.2%, from $4,334,600 for the nine months ended March 31, 2016. This increase was mainly due to the increase in Yuxing's net sales and the higher labor costs. Total gross profit for the nine months ended March 31, 2017 decreased by $7,594,117 to $63,963,902, as compared to $71,558,019 for the nine months ended March 31, 2016. Gross profit margin was 31.7% and 37.7% for the nine months ended March 31, 2017 and 2016, respectively. Gross profit generated by Jinong decreased by $9,458,853, or 16.8%, to $46,825,458 for the nine months ended March 31, 2017 from $56,284,311 for the nine months ended March 31, 2016. Gross profit margin from Jinong's sales was approximately 55.4% and 57.7% for the nine months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to higher raw material cost and higher packaging cost. For the nine months ended March 31, 2017, gross profit generated by Gufeng was $9,891,401, a decrease of $3,117,330, or 24%, from $13,008,731 for the nine months ended March 31, 2016. Gross profit margin from Gufeng's sales was approximately 14.6% and 15.2% for the nine months ended March 31, 2017 and 2016, respectively. The decrease in gross profit percentage was mainly due to the increased weight for lower-margin products sales in Gufeng's total sales answering market demand. For the nine months ended March 31, 2017, gross profit generated by Yuxing was $1,380,755, a decrease of $884,222, or 39% from $2,264,977 for the nine months ended March 31, 2016.  The gross profit margin was approximately 20.9% and 34.3% for the nine months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to the higher labor cost during the nine months ended March 31, 2017. Gross profits generated by VIEs were $5,866,288 with a gross profit margin of approximately 13.6% for the nine months ended March 31, 2017. Net income for the nine months ended March 31, 2017 was $21,049,266, an increase of $1,284,288, or 6.5%, compared to $19,764,978 for the nine months ended March 31, 2016. Net income as a percentage of total net sales was approximately 10.4% and 10.4 % for the nine months ended March 31, 2017 and 2016, respectively. As of March 31, 2017, cash and cash equivalents were $118,259,995, an increase of $15,363,509, or 14.9%, from $102,896,486 as of June 30, 2016. Net cash provided by operating activities was $17,499,348 for the nine months ended March 31, 2017, a decrease of $2,386,999, or 12%, compared to $19,886,347 for the nine months ended March 31, 2016. Net cash used in investing activities for the nine months ended March 31, 2017 was $359,030, an increase of $342,422, or 2061.8%, from $16,608 for the nine months ended March 31, 2016. Net cash provided by financing activities for the nine months ended March 31, 2017 was $1,928,115, compared to cash used in financing activities of $17,493,160 for the nine months ended March 31, 2016. For the ongoing fourth quarter ending June 30, 2017, amid the marketing efforts both online and offline, management has an expectation of net sales of $80 to $100 million, net income of $4 to $8 million, and EPS of $0.10 to $0.21, based on 38.6 million fully diluted shares. For the fiscal year ended June 30, 2017, management has an expectation of net sales of $281 million to $301 million, net income of $25 million to $29 million, and an EPS of $0.65 to $0.75, based on 38.6 million fully diluted shares. The Company will hold a conference call at 7:00 a.m. ET on Monday, May 15, 2017. Any interested participants are welcome to join in the call by following the dial-in details as set out below. When prompted by the operator, please indicate "China Green Agriculture's Third Quarter of Fiscal Year 2017 Financial Results" to join the call. To access the replay, please dial any of the following numbers: The replay will be available 1 hour after the end of the conference. The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd ("Gufeng") and a variable interest entities: Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"), Shaanxi Lishijie Agrochemical Co., Ltd. ("Lishijie"), Songyuan Jinyangguang Sannong Service Co., Ltd. (Jinyangguang"), Shenqiu County Zhenbai Agriculture Co., Ltd. ("Zhenbai Argi"), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. ("Wangtian"), Aksu Xindeguo Agricultural Materials Co., Ltd. (Xindeguo"), Xinjiang Xinyulei Eco-agriculture Science and Technology Co., Ltd. ("Xinyulei"), Sunwu Xiangrong Agricultural Materials Co., Ltd. (Xiangrong), and Anhui Fengnong Seed Co. Ltd. (Fengnong). For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-green-agriculture-inc-reports-financial-results-for-the-third-quarter-of-fiscal-year-2017-300457334.html


"On January 1, 2017, Jinong completed the strategic acquisition of two companies located in Heilongjiang and Anhui provinces in China." Mr. Zhuoyu Li, President of the Company, stated, "Based upon these acquisitions, we are now penetrating  the six market areas in which these newly joined companies  are positioned. We are moving quickly towards our goal of building one of the key production and distribution platforms in rural China." "I am very pleased with the successful acquisitions. They help us take a step forward for transformation of our Company" said Mr. Tao Li, Chairman and Chief Executive Officer of the Company. "Our performance in business operations improved, generating $8.2 million net income in the third quarter ended March 31, 2017. Looking ahead to the 2017 Fiscal Year, we expect to reach revenue of $281 to $301 million; net income of $25 to $29 million; and EPS of $0.65 to $0.75, based on 38.6 million fully diluted shares." Third Quarter of FY2017 Results of Operations Total net sales for the three months ended March 31, 2017 were $81,305,628, an increase of $2,667,154, or 3.4%, from $78,638,474 for the three months ended March 31, 2016. This increase was largely due to the inclusion of net sales from certain newly acquired Variable Interest Entities ("VIEs") during the three months ended March 31, 2017, which contributed approximately $21.3 million, or 26.3%, of the total net sales. The total net sales without inclusion of the VIEs' net sales for the three months ended March 31, 2017 were $59,956,323, a decrease of $18,682,151, or 23.8%, from the same period a year ago. For the three months ended March 31, 2017, Jinong's net sales decreased by $5,285,418, or 16.7%, to $26,316,821 from $31,602,239 for the three months ended March 31, 2016. This decrease was mainly attributable to the decrease in Jinong's sales volume, which was the result of Jinong's implementation of its sales strategy that rebalanced the production of fertilizer types during the last three months. For the three months ended March 31, 2017, Gufeng's net sales were $30,858,499, a decrease of $12,903,559 or 29.5% from $43,762,058 for the three months ended March 31, 2016. This decrease was mainly attributable to Gufeng's lowering selling prices and volumes to answer market demand during the three months ended March 31, 2017. For the three months ended March 31, 2017, Yuxing's net sales were $2,781,003, a decrease of $493,174 or 15.1%, from $3,274,177 during the three months ended March 31, 2016. The decrease was mainly attributable to the decrease in market demand and the lower prices on Yuxing's top-grade flowers. Total cost of goods sold for the three months ended March 31, 2017 was $59,952,995, an increase of $6,048,810, or 11.2%, from $53,904,185 for the three months ended March 31, 2016. The increase was mainly due to the production and sale of VIEs' products, which accounted for $19,260,074, or 32.1% of total cost of goods sold. The total cost of goods sold without including VIEs' cost of goods sold for the three months ended March 31, 2017 was $40,692,921, a decrease of $13,211,264, or 24.5%, from the same period a year ago. Cost of goods sold by Jinong for the three months ended March 31, 2017 was $12,143,167, a decrease of $1,210,055, or 9.1%, from $13,353,222 for the three months ended March 31, 2016. The decrease in cost of goods sold was primarily attributable to the decrease in net sales during the last three months. Cost of goods sold by Gufeng for the three months ended March 31, 2017 was $26,319,435, a decrease of $11,789,876, or 30.9%, from $38,109,311 for the three months ended March 31, 2016. This decrease was primarily attributable to fewer products sold during the last three months. For the three months ended March 31, 2017, cost of goods sold by Yuxing was $2,230,319, a decrease of $211,333, or 8.7%, from $2,441,652 for the three months ended March 31, 2016. This decrease was mainly due to the decrease in Yuxing's net sales during the last three months. Total gross profit for the three months ended March 31, 2017 decreased by $3,381,656 to $21,352,633, as compared to $24,734,289 for the three months ended March 31, 2016. Gross profit margin was 26.3% and 31.5% for the three months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to the Jinong, Gufeng and Yuxing's decreased gross margins for the three months ended March 31, 2017, compared to the same period last year. Gross profit generated by Jinong decreased by $4,075,363, or 22.3%, to $14,173,654 for the three months ended March 31, 2017 from $18,249,017 for the three months ended March 31, 2016. Gross profit margin from Jinong's sales was approximately 53.9% and 57.7% for the three months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to the higher percentage of raw material cost and packaging cost. For the three months ended March 31, 2017, gross profit generated by Gufeng was $4,539,064, a decrease of $1,113,683, or 19.7%, from $5,652,747 for the three months ended March 31, 2016. Gross profit margin from Gufeng's sales was approximately 14.7% and 12.9% for the three months ended March 31, 2017 and 2016, respectively. The decrease in gross profit percentage was mainly due to the increased weight for lower-margin products sales in Gufeng's total sales answering market demand. For the three months ended March 31, 2017, gross profit generated by Yuxing was $550,684, a decrease of $281,841, or 33.9% from $832,525 for the three months ended March 31, 2016.  The gross profit margin was approximately 19.8% and 25.4% for the three months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to the higher percentage of labor cost during the three months ended March 31, 2017. Gross profits generated by VIEs were $2,089,231 with a gross profit margin of approximately 9.8% for the three months ended March 31, 2017. Our selling expenses consisted primarily of salaries of sales personnel, advertising and promotion expenses, freight-out costs and related compensation. Selling expenses were $6,130,825, or 7.5%, of net sales for the three months ended March 31, 2017, as compared to $3,441,511, or 4.4%, of net sales for the three months ended March 31, 2016, an increase of $2,689,314, or 78.1%. The selling expenses of VIEs were $912,957, or 1.8%, of VIEs' net sales. The selling expenses of Yuxing were $10,690, or 0.4%, of Yuxing's net sales for the three months ended March 31, 2017, as compared to $47,110, or 1.4%, of Yuxing's net sales for the three months ended March 31, 2016. The selling expenses of Gufeng were $80,781, or 0.3%, of Gufeng's net sales for the three months ended March 31, 2017, as compared to $186,626, or 0.4%, of Gufeng's net sales for the three months ended March 31, 2016. The selling expenses of Jinong for the three months ended March 31, 2017 were $16,894,249, or 64.2%, of Jinong's net sales, as compared to selling expenses of $3,207,775, or 10.2%, of Jinong's net sales for the three months ended March 31, 2016. Our selling expenses - amortization of our deferred assets were $1,556,031, or 1.9%, of net sales for the three months ended March 31, 2017, as compared to $8,780,893 or 11.2%, of net sales for the three months ended March 31, 2016, a decrease of $7,224,862, or 82%. This decrease was due to the fact that some of the deferred assets were fully amortized and therefore no amortization was recorded on the fully amortized assets during the three months ended March 31, 2017. General and administrative expenses consisted primarily of related salaries, rental expenses, business development, depreciation and travel expenses incurred by our general and administrative departments and legal and professional expenses including expenses incurred and accrued for certain litigation. General and administrative expenses were $3,971,890, or 4.9%, of net sales for the three months ended March 31, 2017, as compared to $2,204,771, or 2.8%, of net sales for the three months ended March 31, 2016, an increase of $1,767,119, or 80%. The increase in general and administrative expenses was mainly due to VIEs, which had $657,652 of general and administrative expenses during the last three months. Net income for the three months ended March 31, 2017 was $8,191,675, a decrease of $60,096, or 0.7%, compared to $8,251,771 for the three months ended March 31, 2016. Net income as a percentage of total net sales was approximately 10.1% and 10.5% for the three months ended March 31, 2017 and 2016, respectively For the Nine Months Ended March 31, 2017 Total net sales for the nine months ended March 31, 2017 were $201,935,263, an increase of $12,146,518, or 6.4%, from $189,788,745 for the nine months ended March 31, 2016. This increase was largely due to the inclusion of VIEs' net sales during the nine months ended March 31, 2017, which contributed approximately $43 million, or 21.3%, of the total net sales. The total net sales without including VIEs' net sales for the nine months ended March 31, 2017 were $158,895,515, a decrease of $30,893,230, or 16.3%, from the same period a year ago. For the nine months ended March 31, 2017, Jinong's net sales decreased of $13,042,389, or 13.4%, to $84,570,215 from $97,612,604 for the nine months ended March 31, 2016. This decrease was mainly attributable to the decrease in Jinong's sales volume, which was the result of Jinong's implementation of its sales strategy that rebalanced the production of fertilizer types during the last nine months. For the nine months ended March 31, 2017, Gufeng's net sales were $67,734,572, a decrease of $17,841,992, or 20.8%, from $85,576,564 for the nine months ended March 31, 2016. This decrease was mainly attributable to Gufeng's lowering selling prices and volumes to answer market demand during the nine months ended March 31, 2017. For the nine months ended March 31, 2017, Yuxing's net sales were $6,590,728, a slight decrease of $8,849, or 0.1%, from $6,599,577 during the nine months ended March 31, 2016. Total cost of goods sold for the nine months ended March 31, 2017 was $137,971,361, an increase of $19,740,635, or 16.7%, from $118,230,726 for the nine months ended March 31, 2016. This increase was mainly due to the production and sale of VIEs' products, which accounted for $37,173,460, or 26.9%, of total cost of goods sold. The total cost of goods sold without including VIEs' cost of goods sold for the three months ended March 31, 2017 was $100,797,901, a decrease of $17,432,825, or 14.7%, from the same period a year ago. Cost of goods sold by Jinong for the nine months ended March 31, 2017 was $37,744,757, a decrease of $3,583,536, or 8.7%, from $41,328,293 for the nine months ended March 31, 2016. The decrease was primarily attributable to its lower net sales. Cost of goods sold by Gufeng for the nine months ended March 31, 2017 was $57,843,171, a decrease of $14,724,662, or 20.3%, from $72,567,833 for the nine months ended March 31, 2016. This decrease was primarily attributable to the less products sold during the last nine months. For the nine months ended March 31, 2017, cost of goods sold by Yuxing was $5,209,973, an increase of $875,373, or 20.2%, from $4,334,600 for the nine months ended March 31, 2016. This increase was mainly due to the increase in Yuxing's net sales and the higher labor costs. Total gross profit for the nine months ended March 31, 2017 decreased by $7,594,117 to $63,963,902, as compared to $71,558,019 for the nine months ended March 31, 2016. Gross profit margin was 31.7% and 37.7% for the nine months ended March 31, 2017 and 2016, respectively. Gross profit generated by Jinong decreased by $9,458,853, or 16.8%, to $46,825,458 for the nine months ended March 31, 2017 from $56,284,311 for the nine months ended March 31, 2016. Gross profit margin from Jinong's sales was approximately 55.4% and 57.7% for the nine months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to higher raw material cost and higher packaging cost. For the nine months ended March 31, 2017, gross profit generated by Gufeng was $9,891,401, a decrease of $3,117,330, or 24%, from $13,008,731 for the nine months ended March 31, 2016. Gross profit margin from Gufeng's sales was approximately 14.6% and 15.2% for the nine months ended March 31, 2017 and 2016, respectively. The decrease in gross profit percentage was mainly due to the increased weight for lower-margin products sales in Gufeng's total sales answering market demand. For the nine months ended March 31, 2017, gross profit generated by Yuxing was $1,380,755, a decrease of $884,222, or 39% from $2,264,977 for the nine months ended March 31, 2016.  The gross profit margin was approximately 20.9% and 34.3% for the nine months ended March 31, 2017 and 2016, respectively. The decrease in gross profit margin was mainly due to the higher labor cost during the nine months ended March 31, 2017. Gross profits generated by VIEs were $5,866,288 with a gross profit margin of approximately 13.6% for the nine months ended March 31, 2017. Net income for the nine months ended March 31, 2017 was $21,049,266, an increase of $1,284,288, or 6.5%, compared to $19,764,978 for the nine months ended March 31, 2016. Net income as a percentage of total net sales was approximately 10.4% and 10.4 % for the nine months ended March 31, 2017 and 2016, respectively. As of March 31, 2017, cash and cash equivalents were $118,259,995, an increase of $15,363,509, or 14.9%, from $102,896,486 as of June 30, 2016. Net cash provided by operating activities was $17,499,348 for the nine months ended March 31, 2017, a decrease of $2,386,999, or 12%, compared to $19,886,347 for the nine months ended March 31, 2016. Net cash used in investing activities for the nine months ended March 31, 2017 was $359,030, an increase of $342,422, or 2061.8%, from $16,608 for the nine months ended March 31, 2016. Net cash provided by financing activities for the nine months ended March 31, 2017 was $1,928,115, compared to cash used in financing activities of $17,493,160 for the nine months ended March 31, 2016. For the ongoing fourth quarter ending June 30, 2017, amid the marketing efforts both online and offline, management has an expectation of net sales of $80 to $100 million, net income of $4 to $8 million, and EPS of $0.10 to $0.21, based on 38.6 million fully diluted shares. For the fiscal year ended June 30, 2017, management has an expectation of net sales of $281 million to $301 million, net income of $25 million to $29 million, and an EPS of $0.65 to $0.75, based on 38.6 million fully diluted shares. The Company will hold a conference call at 7:00 a.m. ET on Monday, May 15, 2017. Any interested participants are welcome to join in the call by following the dial-in details as set out below. When prompted by the operator, please indicate "China Green Agriculture's Third Quarter of Fiscal Year 2017 Financial Results" to join the call. To access the replay, please dial any of the following numbers: The replay will be available 1 hour after the end of the conference. The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd ("Gufeng") and a variable interest entities: Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"), Shaanxi Lishijie Agrochemical Co., Ltd. ("Lishijie"), Songyuan Jinyangguang Sannong Service Co., Ltd. (Jinyangguang"), Shenqiu County Zhenbai Agriculture Co., Ltd. ("Zhenbai Argi"), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. ("Wangtian"), Aksu Xindeguo Agricultural Materials Co., Ltd. (Xindeguo"), Xinjiang Xinyulei Eco-agriculture Science and Technology Co., Ltd. ("Xinyulei"), Sunwu Xiangrong Agricultural Materials Co., Ltd. (Xiangrong), and Anhui Fengnong Seed Co. Ltd. (Fengnong). For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-green-agriculture-inc-reports-financial-results-for-the-third-quarter-of-fiscal-year-2017-300457334.html


With Revenue, Net income Beating the Guidance, Provides Guidance of Revenue and Net Income for the Second Quarter of Fiscal Year 2017 and confirms the Guidance of Fiscal Year 2017 China Green Agriculture, Inc. (NYSE: CGA) ("China Green Agriculture" or the "Company"), a company mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced its financial results for the quarter ended September 30, 2016. The Company's results for the current fiscal quarter include the operating results of Shaanxi Lishijie Agrochemical Co., Ltd.("Lishijie"), a VIE in the PRC controlled by Jinong; Songyuan Jinyangguang Sannong Service Co., Ltd., ("Jinyangguang"), a VIE in the PRC controlled by Jinong; Shenqiu County Zhenbai Agriculture Co., Ltd. ("Zhenbai"), a VIE in the PRC controlled by Jinong; Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. ("Wangtian"), a VIE in the PRC controlled by Jinong; Aksu Xindeguo Agricultural Materials Co., Ltd. ("Xindeguo"), a VIE in the PRC controlled by Jinong; Xinjiang Xinyulei Eco-agriculture Science and Technology co., Ltd. ("Xinyulei"), a VIE in the PRC controlled by Jinong. Lishijie, Jinyangguang, Zhenbai, Wangtian, Xindeguo, and Xinyulei may also collectively be referred to as the "the VIE Companies", which we acquired on June 30 2016 and whose results were not included in our results for any period prior to the acquisition. "We are pleased with our strong performance on business operation in the first quarter. As the VIE Companies added $13.3 million to our net sales. Our total net sales increased 14.2% to $61.9 million and net income increased 1.5% to $7.4 million, compared to those of the same period last year," stated Mr. Tao Li, Chairman and Chief Executive Officer of Company. "Looking ahead to the second quarter of fiscal year 2017, we expect net sales between $60 and $65 million, net income between $5 and $7 million, and EPS between $0.13 and $0.19 based on approximately 37.6 million fully diluted weighted average shares outstanding for the second quarter ended December 31, 2016. We are confident about achieving our target for the second quarter of fiscal year 2017." Results of Operations for the First Three Months of Fiscal Year 2017 Total net sales for the three months ended September 30, 2016 were $61.9 million, an increase of $7.7 million or 14.2%, from $54.2 million for the three months ended September 30, 2015. This increase was largely due to the inclusion of VIEs' net sales during the three months ended September 30, 2016, which contributed approximately $13.3 million, or 21.5%, of the total net sales. The total net sales without including VIEs' net sales for the three months ended September 30, 2016 were $48.6 million, a decrease of $5.6 million, or 10.3%, from the same period a year ago. For the three months ended September 30, 2016, Jinong's net sales decreased $3.3 million, or 9.5%, to $31.4 million from $34.7 million for the three months ended September 30, 2015. This decrease was mainly attributable to the decrease in Jinong's sales volume, which was result of Jinong's implementation of its new sales strategy that further focuses on producing high-margin liquid fertilizer during the last three months. For the three months ended September 30, 2016, Gufeng's net sales were $15.8 million, a decrease of $2.4 million, or 13.3% from $18.2 million for the three months ended September 30, 2015. This decrease was mainly attributable to Gufeng's lower selling prices to answer market demand during the three months ended September 30, 2016. For the three months ended September 30, 2016, Yuxing's net sales were $1.4 million, an increase of $0.2 million or 9.2%, from $1.2 million for the three months ended September 30, 2015. The increase was mainly attributable to the increase in market demand and the higher prices on Yuxing's top grade flowers during the three months ended September 30, 2016. Total cost of goods sold for the three months ended September 30, 2016 was $38.5 million, an increase of $8.5 million, or 28.2%, from $30 million for the three months ended September 30, 2015. The increase was mainly due to the production and sale of VIEs' products, which accounted for $10.8 million, or 28.0% of total cost of goods sold. The total cost of goods sold without including VIEs' cost of goods sold for the three months ended September 30, 2016 was $27.7 million, a decrease of $2.3 million, or 7.7%, from the same period a year ago. Cost of goods sold by Jinong for the three months ended September 30, 2016 was $13.3 million, a decrease of $1.2 million, or 8.7%, from $14.5 million for the three months ended September 30, 2015. The decrease in cost of goods sold was primarily attributable to the 9.5% decrease in net sale during the last three months. Cost of goods sold by Gufeng for the three months ended September 30, 2016 was $13.4 million, a decrease of $1.3 million, or 9.2%, from $14.7 million for the three months ended September 30, 2015. This decrease was primarily attributable to the less products sold during the last three months. For three months ended September 30, 2016, cost of goods sold by Yuxing was $1 million, an increase of $0.3 million, or 47.3%, from $0.7 million for the three months ended September 30, 2015. This increase was mainly due to the increase in Yuxing's net sales and the labor costs. Total gross profit for the three months ended September 30, 2016 decreased by $0.8 million, or 3.1%, to $23.4 million, as compared to $24.2 million for the three months ended September 30, 2015. Gross profit margin was 37.9% and 44.6% for the three months ended September 30, 2016 and 2015, respectively. The decrease in gross profit margin was mainly due to the recent acquisition of VIEs, which mainly sells low-margin fertilizer products. The gross profit without including VIE's gross profit was $20.9 million with a gross profit margin of 43.0%. Gross profit generated by Jinong decreased by $2 million, or 10.0%, to $18.2 million for the three months ended September 30, 2016, from $20.2 million for the three months ended September 30, 2015. Gross profit margin from Jinong's sales was approximately 57.8% and 58.1% for the three months ended September 30, 2016 and 2015, respectively. The decrease in gross profit margin was mainly due to higher raw material cost and higher packaging cost. For the three months ended September 30, 2016, gross profit generated by Gufeng was $2.4 million, a decrease of $1.1 million, or 30.5%, from $3.5 million for the three months ended September 30, 2015. Gross profit margin from Gufeng's sales was approximately 15.3% and 19.1% for the three months ended September 30, 2016 and 2015, respectively. The decrease in gross profit percentage was mainly due to the further increased weight for sales of lower-margin products in Gufeng's total sales to answering the market demand. For the three months ended September 30, 2016, gross profit generated by Yuxing was $0.3 million, a decrease of $0.2 million, or 41.7% from $0.5 million for the three months ended September 30, 2015. The gross profit margin was approximately 22.9% and 42.8% for the three months ended September 30, 2016 and 2015, respectively. The decrease in gross profit margin was mainly due to the higher labor cost during the three months ended September 30, 2016. Gross profit generated by VIEs were $2.5 million with a gross profit margin of approximately 19.1% for the three months ended September 30, 2016. Our selling expenses consisted primarily of salaries of sales personnel, advertising and promotion expenses, freight-out costs and related compensation. Selling expenses were $5 million, or 8.1%, of net sales for the three months ended September 30, 2016, as compared to $2.3 million or 4.3% of net sales for the three months ended September 30, 2015, an increase of $2.7 million, or 113.8%. This increase was primarily due to Jinong, and the inclusion of VIEs' selling expenses for the three months ended September 30, 2016. General and administrative expenses consisted primarily of related salaries, rental expenses, business development, depreciation and travel expenses incurred by our general and administrative departments and legal and professional expenses including expenses incurred and accrued for certain litigations. General and administrative expenses were $3.3 million, or 5.2% of net sales for the three months ended September 30, 2016, as compared to $2.8 million, or 5.1%, of net sales for the three months ended September 30, 2015, an increase of $0.5 million, or 17.4%. The increase in general and administrative expenses was mainly due to VIEs, which had $0.5 million general and administrative expenses during the last three months. Net income for the three months ended September 30, 2016 was $7.4 million, an increase of $0.2 million, or 1.5%, compared to $7.2 million for the three months ended September 30, 2015. Net income as a percentage of total net sales was approximately 11.9% and 13.4% for the three months ended September 30, 2016 and 2015, respectively. As of September 30, 2016, cash and cash equivalents were $108 million, an increase of $5 million, or 5.1%, from $103 million as of June 30, 2016. Net cash provided in operating activities was $5.1 million for the three months ended September 30, 2016, a decrease of $2 million, or 27.1% from cash provided by operating activities of $7.1 million for the three months ended September 30, 2015. Company had $4.6 million in short-term loans as of September 30, 2016, compared to $4.7 million in short-term loans as of June 30, 2016. We had accounts receivable of $116.5 million as of September 30, 2016, as compared to $117 million as of June 30, 2016, a decrease of $0.5 million or 0.4%. For the ongoing second quarter ending December 31, 2016, management expects net sales between $60 and $65 million, net income between $5 and $7 million, and EPS between $0.13 and $0.19 based on approximately 37.6 million fully diluted shares. For the fiscal year ended June 30, 2017, management expects net sales between $277 million and $300 million, net income between $20 million and $27 million, and an EPS between $0.53 and $0.72 based on approximately 37.6 million fully diluted shares. The Company will hold a conference call at 7:30 a.m. ET on Monday, November 14, 2016. Any interested participants are welcome to join in the call by following the dial-in details as set out below. To access the replay, please dial any of the following numbers: The replay will be available 1 hour after the end of the conference. The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd ("Gufeng") and variable interest entities, Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"), Shaanxi Lishijie Agrochemical Co., Ltd. ("Lishijie"), Songyuan Jinyangguang Sannong Service Co., Ltd. ("Jinyangguang"), Shenqiu County Zhenbai Agriculture Co., Ltd. ("Zhenbai Argi"), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. ("Wangtian"), Aksu Xindeguo Agricultural Materials Co., Ltd. ("Xindeguo"), and Xinjiang Xinyulei Eco-agriculture Science and Technology co., Ltd. ("Xinyulei"). For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-green-agriculture-inc-reports-the-financial-results-for-the-first-quarter-of-fiscal-year-2017-300362038.html


XI'AN, China, Nov 11, 2016 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that it will host an earning call to discuss the first quarter of fiscal year 2017's financial results on 7:30 AM Eastern Time on Monday, November 14, 2016. To participate in the conference call, please dial any of the following numbers: To access the replay, please dial any of the following numbers: The replay will be available 1 hour after the end of the conference. The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd ("Gufeng") and a variable interest entity, Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"). Shaanxi Lishijie Agrochemical Co., Ltd. ("Lishijie"), Songyuan Jinyangguang Sannong Service Co., Ltd. (Jinyangguang"), Shenqiu County Zhenbai Agriculture Co., Ltd. ("Zhenbai Argi"), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. ("Wangtian"), Aksu Xindeguo Agricultural Materials Co., Ltd. (Xindeguo"), and Xinjiang Xinyulei Eco-agriculture Science and Technology co., Ltd. ("Xinyulei"). For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-green-agriculture-announced-to-hold-an-earnings-conference-call-for-q1-fy2017-on-november-14-2016-300361364.html


With Net income Meeting the Guidance Provides Guidance on the Third Fiscal Quarter 2017 and Confirms Guidance on Full Year Revenues and Net IncomesXI'AN, China, Feb. 14, 2017 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA) ("China Green Agriculture" or the "Company"), a company mainly produces and distributes humic acid-based compound fertilizers, varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced its financial results for the second quarter ended December 31, 2016 and provided guidance on revenues and net incomes of the Third Fiscal Quarter 2017 and Fiscal Year 2017. "We had successfully closed a new round of strategic acquisitions at the beginning of 2017. We welcome our new team members, the founders of Xiangrong and Fengnong, on board. Let's work together to unlock the intrinsic value of our Company. " said Mr. Zhuoyu Li, President of the Company. " I'm also happy with the performance of the other six companies we acquired last year, which contributed approximately $8.4 million, representing 14.3% of the total sales during the three months ended December 31, 2016. These six companies had formed a solid base for Company's transformational growth strategy." Mr. Tao Li, Chairman and Chief Executive Officer of the Company, stated, "We are very pleased with our performance in business operation, generating $4.3 million net income in the second quarter ended December 31, 2016," he concluded. "Looking ahead to the Fiscal Year 2017, we expect revenue of $277 to $300 million; net income of $20 to $27 million; and EPS of $0.52 to $0.7 based on 38.5 million fully diluted shares. I believe Zhuoyu Li and his team will continue to execute the Company's transformational growth strategy successfully." Second Quarter of FY2017 Results of Operations Total net sales for the three months ended December 31, 2016 were $58,745,013, an increase of $1,779,013, or 3.1%, from $56,966,000 for the three months ended December 31, 2015. During the last quarter, the currency value of the Chinese RMB against the US dollar had decreased by 5%. Such depreciation was more rapid than our expectation from the beginning of the fiscal year. While the revenue reported in US dollars is lowered by the depreciation in currency exchange, the revenue earned in RMB is in line with our expectations. The year-over year increase of net sales was largely due to the inclusion of variable interest entities' (the "VIEs") net sales during the three months ended December 31, 2016, which contributed approximately $8.4 million, or 14.3%, of the total net sales. The total net sales without including VIEs' net sales for the three months ended December 31, 2016 were $50,346,547, a decrease of $6,619,453, or 11.6%, from the same period a year ago. For the three months ended December 31, 2016, Jinong's net sales decreased by $4,476,887, or 14.3%, to $26,825,674 from $31,302,561 for the three months ended December 31, 2015. This decrease was mainly attributable to the decrease in Jinong's sales volume, which was result of Jinong's implementation of its new sales strategy that further focuses on producing high-margin liquid fertilizer during the last three months. For the three months ended December 31, 2016, Gufeng's net sales were $21,066,559, a decrease of $2,513,115 or 10.7% from $23,579,674 for the three months ended December 31, 2015. This decrease was mainly attributable to Gufeng's lowering selling prices to answer to market demand during the three months ended December 31, 2016. For the three months ended December 31, 2016, Yuxing's net sales were $2,454,314, an increase of $370,549 or 17.8%, from $2,083,765 during the three months ended December 31, 2015. The increase was mainly attributable to the increase in market demand and the higher prices on Yuxing's top-grade flowers. Total cost of goods sold for the three months ended December 31, 2016 was $39,564,772, an increase of $5,234,340, or 15.2%, from $34,330,432 for the three months ended December 31, 2015. The increase was mainly due to the production and sale of VIEs' products, which accounted for $7,159,707, or 18.1% of total cost of goods sold. The total cost of goods sold without including VIEs' cost of goods sold for the three months ended December 31, 2016 was $32,405,065, a decrease of $1,925,367, or 5.6%, from the same period a year ago. Cost of goods sold by Jinong for the three months ended December 31, 2016 was $12,332,360, a decrease of $1,102,326, or 8.2%, from $13,434,686 for the three months ended December 31, 2015. The decrease in cost of goods sold was primarily attributable to the decreased in net sales during the last three months. Cost of goods sold by Gufeng for the three months ended December 31, 2016 was $18,138,659, a decrease of $1,574,189, or 8.0%, from $19,712,848 for the three months ended December 31, 2015. This decrease was primarily attributable to the less products sold during the last three months. For the three months ended December 31, 2016, cost of goods sold by Yuxing was $1,934,046, an increase of $751,148, or 63.5%, from $1,182,898 for the three months ended December 31, 2015. This increase was mainly due to the increase in Yuxing's net sales and the labor cost. Total gross profit for the three months ended December 31, 2016 decreased by $3,455,327 to $19,180,241, as compared to $22,635,568 for the three months ended December 31, 2015. Gross profit margin was 32.6% and 39.7% for the three months ended December 31, 2016 and 2015, respectively. The decrease in gross profit margin was mainly due to the Jinong, Gufeng and Yuxing's decreased gross margins for the three months ended December 31, 2016, compared to the same period last year. Gross profit generated by Jinong decreased by $3,374,561, or 18.9%, to $14,493,314 for the three months ended December 31, 2016 from $17,867,875 for the three months ended December 31, 2015. Gross profit margin from Jinong's sales was approximately 54.0% and 57.1% for the three months ended December 31, 2016 and 2015, respectively. The decrease in gross profit margin was mainly due to the higher raw material cost and packaging cost. For the three months ended December 31, 2016, gross profit generated by Gufeng was $2,927,900, a decrease of $938,926, or 24.3%, from $3,866,826 for the three months ended December 31, 2015. Gross profit margin from Gufeng's sales was approximately 13.9% and 16.4% for the three months ended December 31, 2016 and 2015, respectively. The decrease in gross profit percentage was mainly due to the increased weight for lower-margin products sales in Gufeng's total sales answering to market demand. For the three months ended December 31, 2016, gross profit generated by Yuxing was $520,268, a decrease of $380,599, or 42.2% from $900,867 for the three months ended December 31, 2015. The gross profit margin was approximately 21.2% and 43.2% for the three months ended December 31, 2016 and 2015, respectively. The decrease in gross profit margin was mainly due to the higher labor cost during the three months ended December 31, 2016. Gross profit generated by VIEs were $1,238,759 with a gross profit margin of approximately 14.7% for the three months ended December 31, 2016. Our selling expenses consisted primarily of salaries of sales personnel, advertising and promotion expenses, freight-out costs and related compensation. Selling expenses were $3,965,382, or 6.8%, of net sales for the three months ended December 31, 2016, as compared to $5,285,103 or 9.3% of net sales for the three months ended December 31, 2015, a decrease of $1,319,721, or 25.0%. The selling expenses of VIEs were $248,248, or 3.0%, of VIEs' net sales. The selling expenses of Yuxing were $11,264 or 0.5% of Yuxing's net sales for the three months ended December 31, 2016, as compared to $135,466, or 6.5% of Yuxing's net sales for the three months ended December 31, 2015. The selling expenses of Gufeng were $68,080 or 0.3% of Gufeng's net sales for the three months ended December 31, 2016, as compared to $110,972, or 0.5% of Gufeng's net sales for the three months ended December 31, 2015. The selling expenses of Jinong for the three months ended December 31, 2016 were $3,637,790 or 13.6% of Jinong's net sales, as compared to selling expenses of $5,038,665, or 16.1% of Jinong's net sales for the three months ended December 31, 2015. Our selling expenses - amortization of our deferred assets were $3,475,438, or 5.9%, of net sales for the three months ended December 31, 2016, as compared to $8,664,752 or 15.2% of net sales for the three months ended December 31, 2015, a decrease of $5,189,314, or 59.9%. This decrease was due to the fact that some of the deferred assets were fully amortized and therefore no amortization was recorded on the fully amortized assets during the three months ended December 31, 2016. General and administrative expenses consisted primarily of related salaries, rental expenses, business development, depreciation and travel expenses incurred by our general and administrative departments and legal and professional expenses including expenses incurred and accrued for certain litigations. General and administrative expenses were $4,633,905, or 7.9% of net sales for the three months ended December 31, 2016, as compared to $2,905,982, or 5.1%, of net sales for the three months ended December 31, 2015, an increase of $1,727,923, or 59.5%. The increase in general and administrative expenses was mainly due to VIEs, which had $208,164 general and administrative expenses during the last three months. Net income for the three months ended December 31, 2016 was $5,506,011, an increase of $1,238,476, or 29.0%, compared to $4,267,535 for the three months ended December 31, 2015. Net income as a percentage of total net sales was approximately 9.4% and 7.5% for the three months ended December 31, 2016 and 2015, respectively. For the Six Months Ended December 31, 2016 Total net sales for the six months ended December 31, 2016 were $120,629,635, an increase of $9,479,364, or 8.5%, from $111,150,271 for the six months ended December 31, 2015. This increase was largely due to the inclusion of VIEs' net sales during the six months ended December 31, 2016, which contributed approximately $21.7 million, or 18.0%, of the total net sales. The total net sales without including VIEs' net sales for the six months ended December 31, 2016 were $98,939,192, a decrease of $12,211,079, or 11.0%, from the same period a year ago. For the six months ended December 31, 2016, Jinong's net sales decreased of $7,756,971, or 11.8%, to $58,253,394 from $66,010,365 for the six months ended December 31, 2015. This decrease was mainly attributable to the decrease in Jinong's sales volume, which was result of Jinong's implementation of its new sales strategy that further focuses on producing high-margin liquid fertilizer during the last six months. For the six months ended December 31, 2016, Gufeng's net sales were $36,876,073, a decrease of $4,938,433 or 11.8% from $41,814,506 for the six months ended December 31, 2015. This decrease was mainly attributable to Gufeng's lowering selling prices to answer to market demand during the six months ended December 31, 2016. For the six months ended December 31, 2016, Yuxing's net sales were $3,809,725, an increase of $484,325 or 14.6%, from $3,325,400 during the six months ended December 31, 2015. The increase was mainly attributable to the increase in market demand and higher prices on Yuxing's top-grade flowers. Total cost of goods sold for the six months ended December 31, 2016 was $78,018,366, an increase of $13,691,825, or 21.3%, from $64,326,541 for the six months ended December 31, 2015. This increase was mainly due to the production and sale of VIEs' products, which accounted for $17,913,386, or 23.0% of total cost of goods sold. The total cost of goods sold without including VIEs' cost of goods sold for the three months ended December 31, 2016 was $60,104,980, a decrease of $4,221,561, or 6.6%, from the same period a year ago. Cost of goods sold by Jinong for the six months ended December 31, 2016 was $25,601,590, a decrease of $2,373,481, or 8.5%, from $27,975,071 for the six months ended December 31, 2015. The decrease was primarily attributable to its lower net sales. Cost of goods sold by Gufeng for the six months ended December 31, 2016 was $31,523,736, a decrease of $2,934,786, or 8.5%, from $34,458,522 for the six months ended December 31, 2015. This decrease was primarily attributable to the less products sold during the last six months. . For the six months ended December 31, 2016, cost of goods sold by Yuxing was $2,979,654, an increase of $1,086,706, or 57.4%, from $1,892,948 for the six months ended December 31, 2015. This increase was mainly due to the increase in Yuxing's net sales and the higher labor costs. Total gross profit for the six months ended December 31, 2016 decreased by $4,212,461 to $42,611,269, as compared to $46,823,730 for the six months ended December 31, 2015. Gross profit margin was 35.3% and 42.1% for the six months ended December 31, 2016 and 2015, respectively. Gross profit generated by Jinong decreased by $5,383,490, or 14.2%, to $32,651,804 for the six months ended December 31, 2016 from $38,035,294 for the six months ended December 31, 2015. Gross profit margin from Jinong's sales was approximately 56.1% and 57.6% for the six months ended December 31, 2016 and 2015, respectively. The decrease in gross profit margin was mainly due to higher raw material cost and higher packaging cost. For the six months ended December 31, 2016, gross profit generated by Gufeng was $5,352,337, a decrease of $2,003,647, or 27.2%, from $7,355,984 for the six months ended December 31, 2015. Gross profit margin from Gufeng's sales was approximately 14.6% and 17.6% for the six months ended December 31, 2016 and 2015, respectively. The decrease in gross profit percentage was mainly due to the increased weight for lower-margin products sales in Gufeng's total sales answering to market demand. For the six months ended December 31, 2016, gross profit generated by Yuxing was $830,071, a decrease of $602,381, or 42.1% from $1,432,452for the six months ended December 31, 2015. The gross profit margin was approximately 21.8% and 43.1% for the six months ended December 31, 2016 and 2015, respectively. The decrease in gross profit margin was mainly due to the higher labor cost during the six months ended December 31, 2016.Gross profit generated by VIEs were $3,777,057 with a gross profit margin of approximately 17.4% for the six months ended December 31, 2016. Net income for the six months ended December 31, 2016 was $12,857,591, an increase of $1,344,384, or 11.7%, compared to $11,513,207 for the six months ended December 31, 2015. Net income as a percentage of total net sales was approximately 10.7% and 10.4 % for the six months ended December 31, 2016 and 2015, respectively. As of December 31, 2016, cash and cash equivalents were $116,574,852, an increase of $13,678,366, or 13.3%, from $102,896,486 as of June 30, 2016. Net cash provided by operating activities was $18,178,990 for the six months ended December 31, 2016, an increase of $2,492,170, or 15.9%, compared to $15,686,820 for the six months ended December 31, 2015. Net cash used in investing activities for the six months ended December 31, 2016 was $74,353, an increase of $58,688, or 374.6% from $15,665 for the six months ended December 31, 2015. Net cash provided by financing activities for the six months ended December 31, 2016 was $300,000, compared to cash used in financing activities of $3,276,000 for the six months ended December 31, 2015. For the ongoing third quarter ending March 31, 2017, amid the marketing efforts both online and offline, management has expectation of net sales of $72 to $82 million, net income of $4 to $7 million, and EPS of $0.1 to $0.18 based on 38.5 million fully diluted shares. For the fiscal year ended June 30, 2017, management has expectation of net sales of $277 million to $300 million, net income of $20 million to $27 million, and an EPS of $0.52 to $0.7 based on 38.5 million fully diluted shares. The Company will hold a conference call at 7:30 a.m. ET on Tuesday, February 14, 2017. Any interested participants are welcome to join in the call by following the dial-in details as set out below. When prompted by the operator, please indicate "China Green Agriculture's Second Quarter of Fiscal Year 2017 Financial Results" to join the call. To access the replay, please dial any of the following numbers: The replay will be available 1 hour after the end of the conference. The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng") and a variable interest entities: Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"), Shaanxi Lishijie Agrochemical Co., Ltd. ("Lishijie"), Songyuan Jinyangguang Sannong Service Co., Ltd. (Jinyangguang"), Shenqiu County Zhenbai Agriculture Co., Ltd. ("Zhenbai Argi"), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. ("Wangtian"), Aksu Xindeguo Agricultural Materials Co., Ltd. ("Xindeguo"), Xinjiang Xinyulei Eco-agriculture Science and Technology Co., Ltd. ("Xinyulei"), Sunwu Xiangrong Agricultural Materials Co., Ltd. ("Xiangrong"), and Anhui Fengnong Seed Co. Ltd. ("Fengnong"). For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations. For more information, please contact: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/china-green-agriculture-inc-reports-financial-results-for-the-second-quarter-of-fiscal-year-2017-300406880.html


XI'AN, China, Nov. 14, 2016 /PRNewswire/ -- With Revenue, Net income Beating the Guidance, Provides Guidance of Revenue and Net Income for the Second Quarter of Fiscal Year 2017 and confirms the Guidance of Fiscal Year 2017 Net sales of first quarter of Fiscal Year 2017...


XI'AN, China, Nov. 11, 2016 /PRNewswire/ --  China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products...

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