QualityStocks: QualityStocks News Origin Agritech Limited (SEED) Reports 75% Increase in Q3 EPS - 8/28/08

Aug 29, 2008 (M2 PRESSWIRE via COMTEX) -- SEED | Quote | Chart | News | PowerRating -- www.QualityStocks.Net would like to highlight Origin Agritech Limited (NASDAQ: SEED). The company is a holding company with no operations of its own. Origin, together with State Harvest Holdings Limited, conduct operations in China primarily through Origin's People's Republic of China (PRC) Operating Companies comprising Beijing Origin State Harvest Biotechnology Limited, Beijing Origin Seed Limited (Beijing Origin) and its four subsidiaries.

In the company's news yesterday,

Origin Agritech Limited (SEED) reported fiscal third quarter 2008 financial results during extended trading. Revenues increased 7.7% to RMB 490.7 (US $71.5 million), compared to RMB 455.5 (US $59.8 million) for the same period in 2007. Net income increased 63% to RMB 60.1 million (US $8.8 million) year-over-year from RMB 36.9 million (US $4.9 million). Earnings per share were US $0.38 vs. US $0.20 in Q3 2007.

Gross margins for the quarter improved to 29.4% from 23.9%. Average sales prices across corn seed types increased 10.3%, while operating expenses decreased 7.8%. Origin has $48.8 million in cash on the balance sheet and shareholder's equity of $48.5 million.

The company issued full-year 2008 guidance. Revenues are expected to total US $75 - $80 million. Origin anticipates 2008 earnings of US $0.5 - $2.0 million. Excluding non-cash interest expense of US $2.65 million, the company expects non-GAAP earnings of US $3.0 - $4.5 million.

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Forward-Looking Statement: This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.

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