AgFeed Industries Inc. (FEED.PK), an international agribusiness company with hog production operations in the U.S. and one of the largest independent hog producers and manufacturers of animal nutrients in China, reported unaudited total revenue for the six months ended June 30, 2012 of $177.4 million.
The company also estimates that it incurred a net loss for the first half of 2012 in the range of $2.0 million - $3.5 million, which included $2.9 million (after tax) of legal and other expenses associated with the previously announced investigation by the Special Committee of the Board and the resulting professional fees and expenses related to the restatement of the Company's financial statements.
As reported on January 31, 2012, the Special Committee of the Board completed its investigation into certain accounting issues in the animal nutrition and legacy farm hog operations in China. During the investigation by the Special Committee and subsequent further evaluation by management, accounting irregularities were uncovered in both of those segments.
The company said that its Board and management continue to work closely with McGladrey & Pullen, LLP, the Company's independent public accountants, and the Company's predecessor accounting firm on restating the Company's financial statements for the 2008 fiscal year and subsequent periods through the first two quarters of 2011.
The auditors are currently conducting their fieldwork in connection with the audit of the restated financial statements, the company said. The company said it believes that the effect of the restatements will be non-cash items and will not affect current liquidity.
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by RTT Staff Writer
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