China Agritech Inc. (CAGC), whose two-for-one-forward split of its common stock, which will be reflected beginning Monday's opening trade, announced stellar preliminary results for 2009 and issued an upbeat revenue outlook for the year ending December 31, 2010.
The organic fertilizer manufacturer and distributor in China said that its preliminary unaudited annual revenues for 2009 rose by 66% to $75.0 million from $45.2 million reported in 2008. The 2009 preliminary revenue exceeds the company's higher revised guidance of $70 million.
China Agritech's preliminary unaudited annual net income attributable to common shareholders for 2009 increased by 82% to $15.7 million from $8.6 million reported in 2008. The company's 2009 preliminary earnings are in line with its higher revised guidance of $15.6 issued last November .
According to the company, its 2009 results benefited from increased organic liquid fertilizer sales and successful introduction of new organic granular fertilizer products.
During 2009, China Agritech completed three organic granular fertilizer plants with a total production capacity of 200,000 total metric tons and started commercial production in the Anhui and Harbin facilities. The company noted that its Xinjiang facility will commence its commercial production in the second quarter of 2010.
The company remains optimistic of its newly introduced granular products continuing to gain market share and build traction among Chinese farmers.
Based on current production of its fertilizers, China Agritech anticipates revenue for 2010 to reach approximately $114 million, a 52% increase over the 2009 preliminary unaudited revenues.
Yu Chang, CEO of China Agritech, said, "We believe the company's shareholders will benefit from the greater liquidity in the company's common stock created by the stock split. The success of our strategic plan through the introduction of our new organic granular fertilizers combined with our organic liquid fertilizers, has generated increased financial results and shareholder interest. The greater liquidity may make the stock more attractive for certain institutions and improve our trading characteristics".
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