Shawshank, VA 5/19/2011 (PennyPayDay) -- Yongye International, Inc. (NASDAQ:YONG) a developer, manufacturer, and distributor of Shengmingsu brand plant and animal nutrient products in the People's Republic of China ("PRC"), recently announced, in a press release, its financial results for the quarter ended March 31, 2011."Due to our expanded distribution network, deeper penetration in our existing market and the significantly enhanced market recognition of our Shengmingsu product, Yongye has achieved another successful quarter with strong top line, bottom line, and operating cash flow growth," stated Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye International.
Revenue for the three months ended March 31, 2011 was $50.2 million compared to $24.9 million for the same period in 2010, an increase of 101.4%.
Gross profit was $27.3 million for the three months ended March 31, 2011, compared to $13.9 million for the three months ended March 31, 2010, an increase of 97.0%.
Net income attributable to Yongye was $8.4 million, or $0.16 per diluted share, compared to a net income of $4.4 million, or $0.10 per diluted share, in the same period last year.
As of March 31, 2011, the Company had $44.6 million in cash, compared to $42.0 million as of December 31, 2010.
The Company continues to expect to achieve 2011 revenues of between $315 million and $325 million, representing an increase of 47.1% and 51.8% over 2010's revenue of $214.1 million. The Company expects adjusted net income of between $80 million and $82 million, representing an increase of between 47.9% and 51.6% over 2010 adjusted net income of $54.1 million.
For more information, please visit the Company's website at http://www.yongyeintl.com.
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