News / Business
China Agritech, Inc. (CAGC) Increases Revenue and Income Guidance for 2009
In the company’s news Friday,
China Agritech, Inc. announced that it is increasing its annual net revenue and net income guidance for the year ending December 31, 2009. This increase follows a 56.9% increase in net revenues and 91.2% rise in net income for the second quarter ending in June 2009. The revised 2009 guidance is based on the company’s current views on changing operating and market conditions.
The company expects that net revenue for the year 2009 could reach as high as $70 million, compared to the previous guidance estimate of over $60 million. The revised guidance for net income is approximately $12.5 million compared with the previous $9.5 million guidance. Diluted earnings per share are expected to be reported at $1.88, based on the current average number of diluted shares outstanding. The new guidance represents almost a 55% increase for net revenues and around a 45% rise for net income over 2008’s results.
Chairman and Chief Executive Officer of China Agritech, Mr. Yu Chang, commented, “We are gratified with the success of our new regional production facilities and our expanded line of organic fertilizers. We now offer farmers more solutions to grow their crops and improve soil fertility. We may also benefit from the Chinese government’s promotion of organic food and therefore organic fertilizers, as well as from the measures enacted to improve farmers’ wealth.”
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
