Got this on my platform, you're correct, no 10-Q filed yet
Yasheng Group Announces Third Quarter 2010 Results
3Q10 Revenue Advances 29.7% Year-Over-Year to $235.6 Million; EPS Increases 33.3% to $.20 11/11 12:09 PM
REDWOOD CITY, CA -- (MARKET WIRE) -- 11/11/10 -- Yasheng Group (YHGG:$2.7500,$0.2300,9.13%) , a high-growth diversified China-based agricultural company with US headquarters in California, today announced results for the third quarter and nine months ended September 30, 2010.
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3Q10 3Q09 9M10 9M09 FY09
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Revenues $235.6 $181.6 $595.2 $539.8 $739.6
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Net Income $31.7 $24.0 $68.6 $60.8 $79.0
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EPS $.20 $.15 $.44 $.39 $.51
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In millions except EPS.
Revenues
3Q10 revenues increased $54.0 million or 29.7% to $235.6 million compared to $181.6 million for the third quarter last year. Year-to-date revenues increased $55.4 million or 10.3% to $595.2 million compared to $539.8 million for the same period last year.
Chairman Zhou Changsheng said, "Yasheng Group (YHGG:$2.7500,$0.2300,9.13%) had a very successful third quarter. Aside from an uptrend in pricing in the general economy in China, which benefitted the company, third quarter top-line growth was considerably stronger than for the first two quarters, because of our contract renegotiations. The renewal of our fixed price contracts that we had in place for the first half of 2010 gave us stronger pricing for the third quarter. What's more, most of our products are harvested in the third quarter and a large part of them are sold out in this quarter, which allows us to benefit from price increases."
Cost of Goods Sold
3Q10 cost of goods sold, which is defined as direct production costs such as raw materials, direct labor, overhead and miscellaneous other supplies, increased $45.5 million or 29.1% year-over-year to $201.8 million from $156.3 million for the third quarter last year. Year-to-date cost of goods sold increased $46.7 million or 9.8% to $521.8 million from $475.1 million for the same period last year.
Chairman Zhou Changsheng continued, "We kept costs in line with sales due to our continued emphasis on cost control that we exercised throughout our entire production chain. However, earlier this year our production was adversely affected by heavy snow storms from January through May in Northwest China, which disrupted our planting and lead to an increase in production costs."
Gross Profit and Gross Margin
3Q10 gross profit increased $8.6 million or 34.1% year-over-year to $33.8 million from $25.2 million for the third quarter last year. Year-to-date gross profit increased $8.7 million or 13.6% to $73.4 million from $64.6 million for the same period last year. Operating margins rose significantly due to increased product pricing and the heightened focus on cost control exercised throughout production.
Net Income
3Q10 net income grew to $31.7 million or $.20 per share from $24.0 million or $.15 per share for the same period last year. Year-to-date net income increased to $68.6 million or $.44 per share compared to $60.8 million or $.39 per share for the same period last year.
Chairman Zhou Changsheng summarized, "Our solid financial performance for the third quarter was primarily the result of increased pricing attributable to the positive growth economics in China, our successful price renegotiations, and contributions from key projects we implemented during the past year to optimize our operations and control cost. Given the positive economics and our successful harvest during the second and third quarters, we anticipate continued growth and a strong fourth quarter."
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