$1.62 per diluted share, compared to $84.9 million, or $1.55 per diluted share, in the same period of 2011.
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Full Year 2012 Financial Highlights
•Revenue increased 13.5% to $443.0 million in 2012 from $390.4 million in 2011.
•Shipment of Yongye's agricultural nutrient products increased 33.9% to $542.2 million in 2012 from $405.1 million in 2011, exceeding the Company's guidance of $510 million.
•Gross profit increased 14.9% year-over-year to $262.4 million.
•Income from operations increased 10.7% to $116.9 million from $105.6 million in 2011.
•Net income attributable to Yongye increased 10.4% to $93.7 million, or $1.62 per diluted share, compared to $84.9 million, or $1.55 per diluted share, in the same period of 2011.
•Adjusted net income attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, a change in the fair value of derivative liabilities, and goodwill impairment charge, was $111.4 million, or $1.94 per diluted share, compared to $93.0 million, or $1.71 per diluted share, in the same period of 2011.*
•Operating cash outflow was $51.4 million in 2012 compared to an operating cash outflow of $31.2 million in 2011.
•At the end of 2012, the amount of accounts receivable outstanding was $302.6 million, of which $114.9 million was past the Company's six-month credit term. As of March 29, 2013, the Company has collected approximately $225 million from its distributors, including the entire overdue accounts receivable balance as of December 31, 2012.
Fourth Quarter 2012 Financial Highlights
•Revenue increased 58.9% to $71.3 million from $44.9 million in the fourth quarter of 2011.
•Gross profit increased 62.2% year-over-year to $38.4 million.
•Income from operations was $18.7 million, compared to a loss from operations of $7.8 million in the fourth quarter of 2011.
•Net income attributable to Yongye was $19.4 million, or $0.32 per diluted share, compared to a net loss of $2.2 million, or a loss of $0.05 per diluted share, in the same period of 2011.
•Adjusted net income attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, a change in the fair value of derivative liabilities, and goodwill impairment charge was $20.4 million, or $0.34 per diluted share, compared to a loss of $0.5 million, or a loss of $0.03 per diluted share, in the same period of 2011.*
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