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China Organic Provides Preliminary Earnings
Estimate for Third Quarter 2008
Oct 07, 2008
China Organic Agriculture, Inc. (OTCBB: CNOA), a growth-driven
agricultural products company, announced preliminary results for the
third quarter 2008. The Company anticipates revenue between $34
million and $36 million, net income between $8 million and $9
million, and earnings per share of $0.14 to $0.16.
"I¡¯m happy to report solid estimates for the third quarter 2008,¡±
said Jinsong Li, Chief Executive Officer of China Organic. "Revenue
of over $30 million in a single quarter will be a record for CNOA.
With a majority of these sales coming from our Ankang subsidiary, we
can be assured our business model¡¯s focus on trading opportunities
will provide strong growth for shareholders.¡±
As discussed in previous reports, this large jump in revenue for the
quarter compared to the first two quarters of 2008 is largely due to
the cyclical nature of rice sales. Since harvest takes place in the
third and fourth quarters of the year, sales tend to be higher in
these quarters. Nevertheless, CNOA¡¯s recent sales are still
considered quite large, compared with last year¡¯s third quarter
results of $22.4 million.
"I look forward to releasing more updates about China Organic
shortly¡± said Mr. Li. "I will be detailing our vision for China
Organic Agriculture in a strategic initiatives outline next week.
Under my leadership I hope to mold CNOA into a purveyor of premium
international food products, not only to our existing Chinese
customers, but to the broader consumer market throughout Asia as
well.¡±
About China Organic Agriculture
China Organic Agriculture is an active trader of agricultural
products in China. The Company's high-growth business plan is
designed to enable it to capitalize effectively on China's
burgeoning economy and expanding class of consumers with the ability
to acquire upscale products. The Company has developed an extensive
distribution network throughout many of China's major cities,
including Beijing, Shanghai and Nanjing, and is positioned to
leverage those networks to establish broad distribution of a number
of agricultural, food and related premium products. The Company has
experienced significant growth since its inception in 2002 and has
implemented a number of strategic initiatives to expand sales and
revenues. For more information, please visit:
www.chinaorganicagriculture.com
FORWARD-LOOKING STATEMENTS: This document includes forward-looking
statements. Forward-looking statements include, but are not limited
to, statements concerning future acquisitions, estimates of, and
increases in, production, cash flows and values, statements relating
to the continued advancement of China Organic Agriculture¡¯s products
and other statements which are not historical facts. When used in
this document, the words such as "could," "plan," "estimate,"
"expect," "intend," "may," and similar expressions are
forward-looking statements. Although China Organic Agriculture Inc.
believes that its expectations reflected in these forward-looking
statements are reasonable, such statements involve risks and
uncertainties and no assurance can be given that actual results will
be consistent with these forward-looking statements. Important
factors that could cause actual results to differ from these
forward-looking statements include, but are not limited to, those
set forth in our reports filed with the Securities and Exchange
Commission, together with the risks discussed in our press releases
and other communications to shareholders issued by us from time to
time, such as our ability to raise capital as and when required, the
availability of raw products and other supplies, competition, the
costs of goods, government regulations, and political and economic
factors in the People's Republic of China in which our subsidiaries
operate.
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