2015 Q3 Form 10-Q Financial Statement

#000114420415065400 Filed on November 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $54.20M $51.30M
YoY Change 5.65% 1.98%
Cost Of Revenue $30.00M $26.63M
YoY Change 12.66% -4.33%
Gross Profit $24.20M $24.67M
YoY Change -1.92% 9.81%
Gross Profit Margin 44.65% 48.09%
Selling, General & Admin $14.80M $14.19M
YoY Change 4.33% 55.28%
% of Gross Profit 61.16% 57.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.02M $11.75M
YoY Change -6.18% 107.33%
% of Gross Profit 45.55% 47.62%
Operating Expenses $14.80M $14.19M
YoY Change 4.33% 55.28%
Operating Profit $9.400M $10.49M
YoY Change -10.37% -21.35%
Interest Expense -$400.0K $455.7K
YoY Change -187.77% 95.44%
% of Operating Profit -4.26% 4.35%
Other Income/Expense, Net $0.00 -$384.4K
YoY Change -100.0% 30.79%
Pretax Income $9.000M $10.10M
YoY Change -10.91% -22.52%
Income Tax $1.800M $2.004M
% Of Pretax Income 20.0% 19.83%
Net Earnings $7.200M $8.099M
YoY Change -11.1% -21.96%
Net Earnings / Revenue 13.28% 15.79%
Basic Earnings Per Share $0.25
Diluted Earnings Per Share $2.400M $0.25
COMMON SHARES
Basic Shares Outstanding 35.93M shares 32.38M shares
Diluted Shares Outstanding 32.38M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.40M $41.10M
YoY Change 129.68% -8.46%
Cash & Equivalents $94.40M $41.12M
Short-Term Investments
Other Short-Term Assets $69.60M $38.30M
YoY Change 81.72% 22.76%
Inventory $105.4M $100.6M
Prepaid Expenses
Receivables $67.40M $75.06M
Other Receivables $0.00 $1.978M
Total Short-Term Assets $336.8M $257.1M
YoY Change 31.01% 16.06%
LONG-TERM ASSETS
Property, Plant & Equipment $42.00M $47.28M
YoY Change -11.16% -44.51%
Goodwill $5.204M
YoY Change 0.12%
Intangibles $24.82M
YoY Change -5.97%
Long-Term Investments
YoY Change
Other Assets $40.10M $120.3K
YoY Change 33221.7% 56.03%
Total Long-Term Assets $109.5M $157.7M
YoY Change -30.56% 10.64%
TOTAL ASSETS
Total Short-Term Assets $336.8M $257.1M
Total Long-Term Assets $109.5M $157.7M
Total Assets $446.3M $414.8M
YoY Change 7.6% 13.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.900M $2.812M
YoY Change 74.23% -27.68%
Accrued Expenses $5.200M $3.206M
YoY Change 62.2% 13.94%
Deferred Revenue
YoY Change
Short-Term Debt $20.80M $22.95M
YoY Change -9.36% 40.77%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.10M $72.94M
YoY Change 9.81% 36.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $80.10M $72.94M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $80.10M $72.90M
YoY Change 9.88% 36.01%
SHAREHOLDERS EQUITY
Retained Earnings $179.2M
YoY Change 13.25%
Common Stock $116.3M
YoY Change 7.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $366.2M $341.8M
YoY Change
Total Liabilities & Shareholders Equity $446.3M $414.8M
YoY Change 7.6% 13.94%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $7.200M $8.099M
YoY Change -11.1% -21.96%
Depreciation, Depletion And Amortization $11.02M $11.75M
YoY Change -6.18% 107.33%
Cash From Operating Activities $7.060M $17.43M
YoY Change -59.5% -506.92%
INVESTING ACTIVITIES
Capital Expenditures $2.590K $231.1K
YoY Change -98.88% -64.23%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.330M
YoY Change -100.0% -90.96%
Cash From Investing Activities $0.00 -$2.560M
YoY Change -100.0% -90.31%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $200.0K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.920M -650.0K
YoY Change 195.38% -347.34%
NET CHANGE
Cash From Operating Activities 7.060M 17.43M
Cash From Investing Activities 0.000 -2.560M
Cash From Financing Activities -1.920M -650.0K
Net Change In Cash 5.140M 14.22M
YoY Change -63.85% -146.72%
FREE CASH FLOW
Cash From Operating Activities $7.060M $17.43M
Capital Expenditures $2.590K $231.1K
Free Cash Flow $7.057M $17.20M
YoY Change -58.97% -448.9%

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt">Reclassification</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2015 consolidated financial statement presentation. Such reclassifications did not affect total revenues, operating income or net income or cash flows as previously reported.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2015Q3 us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>NOTE 1 &#150; ORGANIZATION AND DESCRIPTION OF BUSINESS</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">China Green Agriculture, Inc. (the &#8220;Company&#8221;, &#8220;Parent Company&#8221; or &#8220;Green Nevada&#8221;), through its subsidiaries, is engaged in the research, development, production, distribution and sale of humic acid-based compound fertilizer, compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, highly-concentrated water-soluble fertilizers and mixed organic-inorganic compound fertilizer and the development, production and distribution of agricultural products, such as top-grade fruits, vegetables, flowers and colored seedlings.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Unless the context indicates otherwise, as used in the notes to the financial statements of the Company, the following are the references herein of all the subsidiaries of the Company (i) Green Agriculture Holding Corporation (&#8220;Green New Jersey&#8221;), a wholly-owned subsidiary of Green Nevada incorporated in the State of New Jersey; (ii) Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (&#8220;Jinong&#8221;), a wholly-owned subsidiary of Green New Jersey organized under the laws of the PRC; (iii) Xi&#8217;an Hu County Yuxing Agriculture Technology Development Co., Ltd. (&#8220;Yuxing&#8221;), a Variable Interest Entity (&#8220;VIE&#8221;) in the PRC controlled by Jinong through contractual agreements; (iv) Beijing Gufeng Chemical Products Co., Ltd., a wholly-owned subsidiary of Jinong in the PRC (&#8220;Gufeng&#8221;), and (v) Beijing Tianjuyuan Fertilizer Co., Ltd., Gufeng&#8217;s wholly-owned subsidiary in the PRC (&#8220;Tianjuyuan&#8221;).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The Company&#8217;s corporate structure as of September 30, 2015 is set forth in the diagram below:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="center"><font style="FONT-SIZE: 10pt"><img src="tpg01.jpg"/></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The unaudited consolidated financial statements were prepared by Company pursuant to the rules and regulations of the Securities Exchange Commission (&#8220;SEC&#8221;). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;) were omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company&#8217;s Annual Report on Form 10-K. The results for the three months ended September 30, 2015, are not necessarily indicative of the results to be expected for the year ending June 30, 2016.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q3 us-gaap Deposits
Deposits
81850 USD
CY2015Q3 us-gaap Deposits
Deposits
500000 CNY
CY2015Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Use of estimates</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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