REDWOOD CITY, CA--(Marketwire - November 17, 2011) - Yasheng Group (OTCQB: YHGG) (XETRA: YSF), a high-growth diversified China-based agricultural company with US headquarters in California, today announced results for the third quarter ended September 30, 2011.
------------------------------------------------------------------------ Three Months Ended Three Months Ended Sept. 30, 2011 Sept. 30, 2010 Change ------------------------------------------------------------------------ Revenue $277.8M $235.6M +18% ------------------------------------------------------------------------ Net Income $38.1M $31.7M +20% ------------------------------------------------------------------------ EPS $.25 $.20 +25% ------------------------------------------------------------------------
Revenue
Sales are generated primarily from our farming operations and related sideline products in China. Net sales for the three months ended September 30, 2011 increased marginally by $42 million, or 17.9%, to $277.8 million, as compared to $235.6 million for the three months ended September 30, 2010. These comparisons show that our sales in the third quarter have grown more significantly than the same period in 2010.
The overall increase in net sales was primarily a result of the strong harvest in the third quarter and the rising prices of agricultural products attributable to increasing demand in China. We also benefited from our expanded marketing network which covers more provinces, with more distributors and direct clients.
Net Income
Our net income for the period grew to $38.1 million or $.25 per basic share, from $31.7 million or $.20 per basic share for the prior-year period.
Yasheng Group
Yasheng Group, founded over 30 years ago, is a US holding company that conducts primarily agricultural operations in the Northwest of China. Today it is one of China’s leading producers and marketers with six major product segments including field crops, vegetables, fruit, specialty crops, hops, hemp, seeds, beef and poultry. Yasheng is a supplier of high-quality agricultural products to world-famous conglomerates such as McDonald’s, KFC, Tsingtao Beer, and Pepsi. The company is led by a highly qualified management team and it has total assets of approximately $1.7 billion, over 15,000 employees, and a history of strong sales and earnings growth. Please visit us on our website www.yashenggroup.com and register to receive future press releases directly.
Yasheng Group currently generates its revenue in China. We as a company do not export from China to the United States. We have plans to begin exporting from the United States and are committed to the long-term relationship between the two countries.
Safe Harbor Statement
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the company’s various filings with the Securities and Exchange Commission. The company assumes no obligation to update these forward-looking statements.
Contact Information
Yasheng Group
IR Department
(650) 363-8345 Ext. 2
(866) YASHENG
www.yashenggroup.com
