Origin Agritech Limited (SEED) Reports Improved Second Quarter Financial Results for Three
Months ended March 31, 2010
Cash and Cash Equivalents at March 31, 2010 rose 68.31% to RMB 392.13 million from RMB 232.99
million at March 31, 2009
Deferred Revenues and Advances from Customers at March 31, 2010 were RMB 734.72 million in
total from RMB 608.61 million at March 31, 2009, an increase of 20.72%
Net Loss of RMB 28.20 million for Q2 2010 decreased from net loss of RMB 81.32 million for Q2
BEIJING--(BUSINESS WIRE)--May 11, 2010-- Origin Agritech Limited (NASDAQ: SEED) (“Origin”
or the “Company”) , a technology-focused supplier of crop seeds in China, today announced unaudited
financial results for the second quarter ended March 31, 2010. Headquartered in Beijing, Origin Agritech Limited
is China’s leading, vertically-integrated agricultural biotechnology company specializing in research, development
and production to supply the growing populations of China. Origin holds the exclusive rights to the first transgenic
(GM) commercial corn for China and prepares its financial statements in accordance with generally accepted
accounting principles (GAAP) of the United States.
FINANCIAL RESULTS OVERVIEW
During the second quarter of fiscal 2010, the Company generated revenues of RMB 1.60 million (US $0.24
million), an increase of 38.55% from RMB 1.16 million (US $0.17 million) generated in the three months ended
March 31, 2009. While the majority of our revenues are recognized in the third quarter, Origin does possess
limited revenue mainly from the sale of non-standard seed contracts which may fluctuate from year to year. These
generally do not comprise any significant portion of our overall annual revenues.
Gross loss for the three-months ended March 31, 2010 was RMB 5.94 million (US $0.87million) compared to
RMB 3.37 (US $0.49 million) in the same period of the prior year.
Total operating expenses for the three-months ended March 31, 2010 were RMB 31.41 million (US $4.