Contact Information: Contacts: In China: Matt Feng Investor Relations China Tel: 133-1130-0320 matt.feng@agriacorp.com In the U.S.: David Pasquale Senior Vice President U.S. Tel: +914-337-1117 david.pasquale@agriacorp.com
Agria Updates Planned Third Quarter Reporting Schedule
| Source: Agria Corporation
BEIJING--(Marketwire - November 11, 2008) - Agria Corporation (NYSE : GRO ) (the "Company" or
"Agria"), an innovative China-based agri-solutions provider, today
announced the Company has not finalized the process of closing quarterly
results and no longer intends to report financial results for the third
quarter ended September 30, 2008 on November 13, as was previously planned.
While there is no statutory deadline for a foreign private issuer to issue
a quarterly earnings release, the Company's management remains committed to
doing so in a timely manner.
As noted in the Company's press release on October 24, 2008, based on
preliminary results, the company now expects revenue for the third quarter
of 2008 to be at the high end of the company's prior outlook. The company
previously expected third quarter of 2008 revenue to be in the range of RMB
76 million (US$11 million) to RMB 80 million (US$11.7 million). This
compares to RMB 73 million in the third quarter of 2007. The expected
increase is mainly attributable to increased sales in the company's sheep
segment. As noted in prior press releases, due to normal seasonality of the
industry, corn seed revenue is typically nil in the third quarter with the
major selling season occurring in the fourth quarter.
For the full year 2008, Agria now expects revenue to be approximately RMB
550 million. This is below the company's prior outlook for full year 2008
revenue to be in the range of approximately RMB 738 million (US$108
million) to RMB 771 million (US$112 million), and compares to RMB 671
million for the full year 2007. The expected decline is primarily
attributable to the negative impact on our previous forecast of anticipated
but not closed acquisitions.
The Company has repurchased 200,000 ADSs since the announcement of its
announced repurchase program on August 12, 2008. It expects to report a
third quarter 2008 ending cash and cash equivalents balance of
approximately RMB 1.19 billion (US$175 million), with total bank borrowings
remaining at RMB 8.8 million (US$1.3 million).
About Agria Corporation
Agria Corporation (NYSE : GRO ) is an innovative China-based agri-solutions
provider focusing on research and development, production and distribution
of three different types of upstream agricultural products. Its diversified
portfolio of products comprises corn seeds, sheep breeding and seedlings,
including proprietary products. The Company has access to approximately
27,000 acres of farmland in seven provinces and its extensive distribution
network provides direct or third party distribution in 14 provinces. For
more information about Agria Corporation, please visit www.agriacorp.com.
Safe Harbor Statement:
This announcement contains forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "confident" and
similar statements. Agria may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and Exchange
Commission on Forms 20-F and 6-K, etc., in its annual report to
shareholders, in press releases and other written materials and in oral
statements made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements about
Agria's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A
number of important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, those risks outlined in
Agria's filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of this
announcement unless otherwise stated, and Agria does not undertake any
obligation to update any forward-looking statement, except as required
under applicable law.