Yongye International Announces Second Quarter 2013 Unaudited Financial Results

Yongye International Announces Second Quarter 2013 Unaudited Financial Results

PR Newswire

BEIJING, Aug. 9, 2013

BEIJING, Aug. 9, 2013 /PRNewswire-FirstCall/ -- Yongye International, Inc.
(NASDAQ: YONG), ("Yongye" or the "Company") a leading developer, manufacturer,
and distributor of crop nutrient products in the People's Republic of China
("PRC"), today announced its financial results for the quarter ended June 30,
2013.

Second Quarter 2013 Financial Highlights

  oRevenue increased 69.6% to $301.3 million from $177.6 million in the
    second quarter of 2012.
  oGross profit increased 74.6% year-over-year to $188.8 million.
  oIncome from operations increased 104.1% to $109.2 million.
  oNet income attributable to Yongye increased 110.3% to $86.4 million from
    $41.1 million for the same period of 2012. Diluted earnings per share for
    the quarter was $1.50, compared to $0.74 for the same period of 2012.
  oAdjusted net income attributable to Yongye, which excludes non-cash
    expenses related to the amortization of the acquired Hebei customer list,
    share-based compensation for management and independent directors, and a
    change in the fair value of derivative liabilities, was $87.2 million, or
    $1.51 per diluted share, compared to $43.0 million, or $0.78 per diluted
    share for the same period of last year*.
  oOperating cash flow was $188.0 million for six months ended June 30, 2013,
    compared to $8.1 million in the same period of 2012.

Mr. Zishen Wu, Chairman and Chief Executive Officer of Yongye, stated, "We are
extremely pleased with our solid performance in the second quarter of 2013.
Our effective channel management and successful promotional activities drove
significant top line growth, with revenues increasing 69.6% year-on-year. In
particular, during the quarter we saw strong demand for Shengmingsu and two of
our new products, as well as the continued expansion of our branded retailer
network. During the quarter we remained focused on our efforts to collect
outstanding account receivables, and as of the end of the second quarter we
had collected all overdue accounts receivable."

Mr. Wu continued, "We believe that the underlying fundamentals of our business
remain strong, and going forward, we are confident that we can achieve our
full year guidance for shipments and our targets for the expansion of our
branded retailer network. Lastly, on behalf of the board and management, I
would like to sincerely thank our shareholders for their patience during the
recent months while we worked hard to enable trading in our shares to resume.
We believed that the Company is well-positioned for long-term growth and the
management team is now once again fully focused on executing our strategy to
further grow the business and maximize value for our shareholders."

Second Quarter 2013 Results

Sales increased by $123.7 million, or 69.6%, to $301.3 million in the second
quarter of 2013, from $177.6 million for the same period of 2012. The
significant increase in revenue was primarily due to more effective channel
management, continued retail network development, an increase in promotional
marketing programs, and increased demand for the Company's liquid crop
nutrient.In the second quarter of 2013, $298.0 million, or 98.9% of total
sales, was attributable to sales of liquid crop nutrient, and $3.3 million, or
1.1% of total sales, was attributable to sales of powder animal nutrient.
Regarding liquid crop nutrient, the original crop nutrient product contributed
$243.9 million, or 82.0% of total liquid crop nutrient sales, while two new
products for crop seeds and roots contributed $54.1 million, or 18.0% of the
total liquid crop nutrient sales. During the second quarter of 2013, the
number of branded retailers increased from 35,246 to 35,409.

Gross profit was $188.8 million in the second quarter of 2013, compared to
$108.1 million in the same period of 2012, an increase of 74.6%. Gross margin
was 62.6% in the second quarter of 2013, compared to 60.9% for the same period
of 2012. The increase in gross margin was mainly due to the scale effect of
increased sales as compared to the same period of 2012.

Selling expenses increased by $26.4 million, or 68.5%,to $65.0 million in the
second quarter of 2013, from $38.6 million for the same period of 2012. The
increase in selling expenses was primarily due to an increase in advertising
and promotion expenses and expenditure on seminars for distributors of $27.2
million.

General and administrative ("G&A") expenses decreased by $5.4 million, or
62.3%, to $3.3 million in the second quarter of 2013, from $8.7 million for
the same period of 2012.The decrease in G&A expenses was mainly due to the
management equity compensation expenses that were recorded in the second
quarter of 2012.

Research and development ("R&D") expenses were $11.4 million in the second
quarter of 2013, compared to $7.4 million for the same period of 2012. The R&D
expenses mainly consisted of field test expenses for existing and new products
on different crops and in various geographic markets.

Income from operations was $109.2 million in the second quarter of 2013,
compared to $53.5 million in the same period of 2012. Excluding non-cash
expenses related to the amortization of the acquired Hebei customer list,
share-based compensation for management and independent directors, second
quarter 2013 adjusted income from operations was $109.9 million, or 36.5% of
sales.* The increase in income from operations was mainly due to the increases
in sales and gross margin, as well as the significant decrease in G&A
expenses.

Net income attributable to Yongye was $86.4 million, or $1.50 per diluted
share in the second quarter of 2013, compared to net income of $41.1 million,
or $0.74 per diluted share, in the same period of 2012. Excluding the impact
of non-cash expenses related to the amortization of the acquired Hebei
customer list, share-based compensation for management and independent
directors and a change in the fair value of derivative liabilities, adjusted
net income attributable to Yongye for the second quarter of 2013 was $87.2
million, or $1.51 per diluted share, compared to adjusted net income of $43.0
million, or $0.78 per diluted share in the same period of 2012.* The increase
was primarily due to the increases in sales and gross margin, as well as the
decrease in G&A expenses.

Six Month Financial Results

Revenue for the six months ended June 30, 2013 increased 43.2% to $346.6
million from $242.0 million for the comparable period in 2012, while gross
profit was $210.4 million, compared to $143.5 million in the first six months
of 2012. Gross margin was 60.7% for the six months ended June 30, 2013, as
compared to 59.3% for the same period of 2012.

Income from operations in the first six months of 2013 was $110.3 million,
compared to $75.4 million in the same period of 2012. Net income attributable
to Yongye for the first six months of 2013 was $85.8 million, compared to
$57.5 million in the prior year period. In the first six months of 2013, net
income per diluted share was $1.47, as compared to $1.02 diluted earnings per
share for the same period of 2012. Excluding the impact of non-cash expenses
related to the amortization of the acquired Hebei customer list, share-based
compensation for management and independent directors and a change in the fair
value of derivative liabilities, adjusted net income attributable to Yongye
for the six months ended June 30, 2013 was $87.3 million, or $1.50 per diluted
share, compared to $61.3 million, or $1.09 per diluted share in the same
period last year.*

(*) See the table following this press release for a reconciliation of gross
profit, income from operations, net income and diluted EPS to exclude non-cash
items related to the amortization of the acquired Hebei customer list, 
share-based compensation for management and independent directors, and a
change in the fair value of derivative liabilities to the comparable financial
measure prepared in accordance with US Generally Accepted Accounting
Principles ("U.S. GAAP").

Financial Condition

Balance Sheet and Cash Flow

As of June 30, 2013, the Company had $254.6 million in cash and restricted
cash, compared to $44.6 million as of December 31, 2012. Working capital was
$486.5 million, compared to $383.3 million at the end of 2012. The Company had
$75.2 million in short-term bank loans and $18.8 million in current and
non-current long-term loans and payables, and $2.8 million in current and
non-current capital lease obligations as of June 30, 2013. Stockholders'
equity totaled $534.1 million as of June 30, 2013, compared to $436.3 million
at the end of 2012. Cash flow provided by operating activities was $188.0
million and $8.1 million for the six months ended June 30, 2013 and 2012,
respectively. The change was primarily driven by collection of accounts
receivable, as well as the reduction of inventory. Other factors include an
increase of $29.9 million in earnings.

Accounts Receivable

Accounts receivable decreased by $22.0 million from the end of 2012, which was
mainly due to the collection of accounts receivable during the first half of
2013. As of June 30, 2013, the amount of gross accounts receivable outstanding
was $280.8 million. None of the accounts receivable were past the Company's
six-month credit period. The Company provided an allowance for doubtful
accounts in the amount of US$9.2 million, taking into account current market
conditions, the customers' financial condition, the accounts receivable ageing
and the customers' repayment patterns. The Company continues to take measures
to increase collection efforts and closely monitor its distributors' financial
status.

Recent Developments

Expansion of Branded Retailer Network

The Company continued the expansion of its branded retailers from 35,246 as of
March 31, 2013 to 35,409 as of June 30, 2013. The Company remains focused on
expanding its distribution networks and deepening its penetration in existing
markets.

Resumption of Trading of Common Stock on NASDAQ

As the Company previously announced on June 17, 2013, Yongye's common stock
resumed trading on the NASDAQ Stock Market on Monday, June 17, 2013. Yongye is
pleased to have resolved this issue and sincerely thanks its shareholders for
their patience during the recent months while the Company worked hard to
provide what was needed to satisfy NASDAQ requirements and enable trading to
resume.

Update on Go-private Proposal

On June 17, 2013, the Company announced that (i) Mr. Zishen Wu, the Company's
Chairman and Chief Executive Officer, (ii) Full Alliance International
Limited, (iii) MSPEA Agriculture Holding Limited, and (iv) Abax Global Capital
(Hong Kong) Limited ("Abax"), on behalf of funds managed and/or advised by it
and its nominee entities and its and their affiliates, have confirmed with the
special committee ("Special Committee") of the board of directors of the
Company that they remain interested in pursuing the proposed going private
transaction described in the proposal letter delivered to the board of
directors onOctober 15, 2012.

On May 16, 2013, the Special Committee was provided a letter issued by Abax to
Full Alliance International Limited ("Full Alliance"). The Letter, dated as of
May 15, 2013, informed Full Alliance that Abax remains interested in pursuing
the proposed going private transaction described in the proposal letter
delivered to the Board of Directors on October 15, 2012, on the terms and
conditions as outlined in the amended and restated financing commitment letter
issued by Abax to Full Alliance on April 1, 2013, and as amended on April 16,
2013, which expired on May 15, 2013. According to the letter dated May 15,
2013, Abax continues to be focused on this transaction and will re-engage in
the going private transaction as soon as the trading suspension is lifted.

As a reminder, no decisions have been made by the Special Committee with
respect to the Company's response to the proposed going private transaction.
There can be no assurance that any definitive offer will be made, that any
agreement will be executed, or that this or any other transaction will be
approved or consummated.

Business Outlook

According to the Company's revenue recognition policy, certain distributors'
revenue is being recognized on a cash basis rather than a shipment basis. In
addition, the Company's distributors' payment cycle has been longer compared
to prior years. As a result, the Company is not in a position to predict with
specificity what its revenue will be until cash collection is completed. As
such, to provide further clarity for investors, Yongye will continue to
provide expectations on shipments, a metric that is not impacted by the
revenue recognition issue mentioned above.

For the full year 2013, the Company reiterates its expectation that total
shipments will be in the range of $650 million to $680 million, representing
growth of 20% to 25% over 2012. The Company continues to expect that its
branded retailer network will be expanded to 36,000 by the end of 2013, which
represents a 3% increase over the 2012 year-end number of 35,058.

Conference Call

The Company will host a conference call at 8:30 a.m. Eastern Time on August 9,
2013, to discuss its second quarter and half year 2013 results.

To participate in the live conference call, please dial the following number
five to ten minutes prior to the scheduled conference call time: +1 (855)
298-3404. International callers should dial +1 (631) 514-2526. The conference
pass code is 3706166.

For those who are unable to participate on the live conference call, a replay
will be available for fourteen days starting from 11:30 a.m. Eastern Time on
August 9 to 11:59 p.m. Eastern Time on August 23. To access the replay, please
dial +1 (866) 846-0868. International callers should dial +61 (2) 9641-7900.
The replay pass code is 3706166. A webcast recording of the conference call
will be accessible through Yongye's website at www.yongyeintl.com.

Use of Non-GAAP Financial Measures

GAAP results for the three and six months ended June 30, 2013 and 2012 include
non-cash items related to the amortization of the acquired Hebei customer
list, share-based compensation for management and independent directors, and a
change in the fair value of derivative liabilities. To supplement the
Company's condensed consolidated financial statements presented on a U.S. GAAP
basis, the Company has provided adjusted financial information excluding the
impact of these items in this release. Such adjustment is a departure of U.S.
GAAP; however, the Company's management believes that these adjusted measures
provide investors with a better understanding of how the results relate to the
Company's historical performance. These adjusted measures should not be
considered an alternative to net income, or any other measure of financial
performance or liquidity presented in accordance with U.S. GAAP. These
measures are not necessarily comparable to a similarly titled measure of
another company. A reconciliation of the adjustments to U.S. GAAP results
appears in the table accompanying this press release. This additional adjusted
information is not meant to be considered in isolation or as a substitute for
U.S. GAAP financials. The adjusted financial information that the Company
provides also may differ from the adjusted information provided by other
companies.

About Yongye International, Inc.

Yongye International, Inc. is a leading crop nutrient company headquartered in
Beijing, with its production facilities located in Hohhot, Inner Mongolia,
China. Yongye's principal product is a liquid crop nutrient, from which the
Company derived substantially all of the sales in 2012. The Company also
produces powder animal nutrient product which is mainly used for dairy cows.
Both products are sold under the trade name "Shengmingsu," which means "life
essential" in Chinese. The Company's patented formula utilizes fulvic acid as
the primary compound base and is combined with various micro and macro
nutrients that are essential for the health of the crops. The Company sells
its products primarily to provincial level distributors, who sell to the
end-users either directly or indirectly through county-level and village-level
distributors. For more information, please visit the Company's website at
www.yongyeintl.com.

Safe Harbor Statement

This press release contains certain statements that may include
"forward-looking statements." All statements other than statements of
historical fact included herein are "forward-looking statements." These
forward-looking statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions, involving
known and unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are reasonable,
they do involve assumptions, risks and uncertainties, and these expectations
may prove to be incorrect. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission and
available on the SEC's website (http://www.sec.gov). All forward-looking
statements attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these risk factors. Other than as
required under the securities laws, the Company does not assume a duty to
update these forward-looking statements.

Contacts

Yongye International, Inc.
Ms. Kelly Wang
Finance Director- Capital Markets
Phone: +86-10-8231-9608; +86-10-8232-8866 x 8827
E-mail: ir@yongyeintl.com

FTI Consulting
Mr. John Capodanno (U.S. Contact)
Phone: +1-212-850-5705
E-mail: john.capodanno@fticonsulting.com

Ms.May Shen
Phone: +86-10-8591-1951
E-mail:may.shen@fticonsulting.com



YONGYE INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
                                            June30,2013    December31,2012
Current assets
Cash                                        US$ 254,597,903  US$  44,511,404
Restricted cash                                 40,000            40,000
Accounts receivable, net of allowance for       271,642,613       293,600,762
doubtful accounts
Inventories                                     102,612,609       118,693,596
Deposits to suppliers                           32,843,422        24,048,028
Prepaid expenses                                545,202           312,648
Other receivables                               994,291           1,189,633
Deferred tax assets                             14,393,497        11,591,797
Total Current Assets                            677,669,537       493,987,868
Property, plant and equipment, net              25,874,858        26,224,957
Intangible asset, net                           17,814,625        18,909,349
Land use right, net                             4,851,869         4,807,313
Prepayment for mining project                   36,533,079        35,792,410
Distributor vehicles                            41,477,531        44,125,293
Total Assets                                US$ 804,221,499  US$  623,847,190
Current liabilities
Short-term bank loans                       US$ 75,234,197   US$  50,857,163
Long-term loans and payables - current          9,958,907         9,149,280
portion
Capital lease obligations - current portion     470,367           395,878
Accounts payable                                23,666,805        12,364,193
Income tax payable                              23,701,721        3,196,078
Advance from customers                          834,190           154,944
Accrued expenses                                54,350,071        31,389,630
Other payables                                  3,003,119         2,828,262
Derivative liabilities - fair value of          -                 348,364
warrants
Total Current Liabilities                       191,219,377       110,683,792
 Long-term loans and payables                  8,841,092         10,254,922
 Capital lease obligations - non-current       2,288,956         2,134,155
 Other non-current liability                  6,822,113         6,683,802
 Deferred tax liabilities                      6,221,630         6,618,794
Total Liabilities                           US$ 215,393,168  US$  136,375,465
Redeemable Series A convertible preferred
shares: par value
$.001; 7,969,044 shares authorized;
6,079,545 shares issued                     US$
and outstanding as of June 30, 2013 and
December 31, 2012,                              54,713,640   US$  51,208,657
respectively
Equity
Common stock: par value $.001; 75,000,000
shares
authorized; 50,685,216 shares and
50,604,026 shares issued and               US$ 50,685       US$  50,604
outstanding at June 30, 2013 and December
31, 2012,
respectively
Additional paid-in capital                      155,265,347       154,792,050
Retained earnings                               323,002,825       240,679,395
Accumulated other comprehensive income          29,865,542        19,950,447
Total equity attributable to Yongye            508,184,399       415,472,496
International, Inc.
Noncontrolling interest                         25,930,292        20,790,572
Total Equity                               US$ 534,114,691  US$  436,263,068
Commitments and Contingencies                   -                 -
Total Liabilities, Redeemable Series A          804,221,499       623,847,190
Convertible Preferred Shares and Equity     US$              US$



YONGYE INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                                                                           For the Three Months Ended          For the Six Months Ended
                                                                                           June30,2013     June30,2012     June30,2013     June30,2012
Sales  US$ 301,337,371  US$ 177,625,986  US$ 346,605,891  US$ 241,991,630
Cost of sales                                                                                   112,573,340       69,535,733        136,209,761       98,488,872
Gross profit                                                                                    188,764,031       108,090,253       210,396,130       143,502,758
Selling expenses                                                                                64,964,122        38,554,590        80,399,182        52,757,647
Research and development expenses                                                               11,354,348        7,384,804         12,346,018        8,893,542
General and administrative expenses, including a reversal of
allowance for doubtful accounts of nil and US$6,334,832 for                                     3,262,946         8,646,763         7,332,918         6,437,292
six months ended June 30, 2013 and 2012, respectively
Income from operations                                                                          109,182,615       53,504,096        110,318,012       75,414,277
Other income/(expenses)
Interest expense                                                                                (1,662,688)       (1,102,126)       (3,529,066)       (2,106,295)
Interest income                                                                                 441,338           75,336            607,096           135,410
Other (expenses)/income, net                                                                    (3,912)           2,662             (68,248)          34,716
Change in fair value of derivative liabilities                                                  -                 9,889             -                 69,287
Total other expenses, net                                                                       (1,225,262)       (1,014,239)       (2,990,218)       (1,866,882)
Earnings before income tax expense                                                              107,957,353       52,489,857        107,327,794       73,547,395
Income tax expense                                                                              16,858,170        9,272,206         16,853,091        13,012,428
Net income                                                                                      91,099,183        43,217,651        90,474,703        60,534,967
Less: Net income attributable to the noncontrolling interest                                    4,658,198         2,107,788         4,646,290         3,042,814
Net income attributable to Yongye International, Inc.                                      US$ 86,440,985   US$ 41,109,863   US$ 85,828,413   US$ 57,492,153
Net income per common stock:
Basic                                                                                      US$ 1.50         US$ 0.75         US$ 1.47         US$ 1.02
Diluted                                                                                    US$ 1.50         US$ 0.74         US$ 1.47         US$ 1.02
Net income                                                                                      91,099,183        43,217,651        90,474,703        60,534,967
Foreign currency translation adjustment, net of nil income taxes                                7,745,289         297,059           10,408,525        2,638,310
Comprehensive income                                                                            98,844,472        43,514,710        100,883,228       63,173,277
Less: Comprehensive income attributable to the noncontrolling interest                          5,025,640         2,121,775         5,139,720         3,165,670
Comprehensive income attributable to Yongye International, Inc.                                 93,818,832        41,392,935        95,743,508        60,007,607



YONGYE INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                               For the Six Months Ended
                                                                                                               June30,2013     June30,2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                                                                     US$ 90,474,703    US$ 60,534,967
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization                                                                                      9,022,233         7,072,522
Amortization of loan discount                                                                                      666,669           -
Gain on sale of property, plant and equipment                                                                      (33,606)          -
Reversal of allowance for doubtful accounts                                                                        -                 (6,334,832)
Change in fair value of derivative liabilities                                                                     -                 (69,287)
Stock compensation expense                                                                                         -                 2,424,316
Deferred tax (benefit)/expense                                                                                     (3,499,936)       300,108
Changes in operating assets and liabilities:
Accounts receivable                                                                                                25,732,611        (27,170,173)
Inventories     18,719,380        (17,028,433)
Deposit to suppliers                                                                                               (8,065,168)       (22,118,726)
Prepaid expenses                                                                                                   (225,945)         4,212,958
Other receivables                                                                                                  208,755           134,726
Distributor vehicles                                                                                               (122,129)         (5,099,274)
Accounts payable                                                                                                   11,042,430        (1,002,120)
Income tax payable                                                                                                 20,353,028        5,610,204
Advance from customers                                                                                             673,134           (3,988,722)
Accrued expenses                                                                                                   22,467,679        10,413,691
Other payables                                                                                                     618,762           193,633
Net Cash Provided by Operating Activities                                                                          188,032,600       8,085,558
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment                                                                          (639,704)         (1,449,852)
Net Cash Used in Investing Activities                                                                              (639,704)         (1,449,852)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term bank loans                                                                                72,504,632        25,318,859
Repayment of long-term loans and payables                                                                          (3,247,998)       (3,091,865)
Repayment of short-term bank loans                                                                                 (49,947,636)      (28,483,717)
Proceeds from warrants exercised                                                                                   125,014           -
Repayment for capital lease obligations                                                                            (157,984)         -
Net Cash Provided by/(Used in) Financing Activities                                                                19,276,028        (6,256,723)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH                                                                    3,417,575         418,177
NET INCREASE IN CASH                                                                                               210,086,499       797,160
Cash at beginning of period                                                                                        44,511,404        81,154,880
Cash at end of period                                                                                          US$ 254,597,903   US$ 81,952,040
Supplemental cash flow information:
Cash paid for income taxes                                                                                     US$ -             US$ 7,128,066
Cash paid for interest expense                                                                                     2,649,612         2,069,219
Noncash investing and financing activities:
Acquisition of property, plant and equipment under capital leases                                                  331,434           -
Acquisition of distributor vehicles by assuming long-term loans and payables                                       2,251,093         9,820,930
Acquisition of property, plant and equipment included in other payables                                            986,975           422,754
Exercise of warrants that were liability classified                                                                348,364           -
Paid-in-kind dividends on redeemable Series A convertible preferred shares                                         3,504,983         1,808,667



YONGYE INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL DATA
                        Gross Profit
                        Three Months Ended June 30,  Six Months Ended June 30,
                        2013          2012           2013         2012
GAAP amount per
consolidated            $188,764,031  $108,090,253   $210,396,130 $143,502,758
statement of income
Amortization of the
acquired Hebei          $736,994      $723,827       $1,465,200   $1,448,871
customer list
Adjusted Amount         $189,501,025  $108,814,080   $211,861,330 $144,951,629
                        Income from Operations
                        Three Months Ended June 30,  Six Months Ended June 30,
                        2013          2012           2013         2012
GAAP amount per
consolidated            $109,182,615  $53,504,096    $110,318,012 $75,414,277
statement of income
Amortization of the
acquired Hebei          $736,994      $723,827       $1,465,200   $1,448,871
customer list
Non-cash management     -             $1,212,158     -            $2,424,316
compensation expense
Adjusted Amount         $109,919,609  $55,440,081    $111,783,212 $79,287,464
                        Net income (attributable to Yongye)
                        Three Months Ended June 30,  Six Months Ended June 30,
                        2013          2012           2013         2012
GAAP amount per
consolidated            $86,440,985   $41,109,863    $85,828,413  $57,492,153
statement of income
Amortization of the
acquired Hebei          $736,994      $723,827       $1,465,200   $1,448,871
customer list
Non-cash management     -             $1,212,158     -            $2,424,316
compensation expense
Change in fair value of -             ($9,889)       -            ($69,287)
derivative liabilities
Adjusted Amount         $87,177,979   $43,035,959    $87,293,613  $61,296,053
Weighted average shares 50,685,216    49,445,176     50,677,590   49,453,572
-- diluted
Adjusted diluted        $1.51         $0.78          $1.50        $1.09
earnings per share

SOURCE Yongye International, Inc.

Website: http://www.yongyeintl.com
 
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