HEILONGJIANG, China, May 8 /PRNewswire-Asia/ -- Yanglin Soybean, Inc. (OTC Bulletin Board: YSYB) ("Yanglin" or the "Company"), a leading producer and processor of high-quality, non-genetically modified (non-GM) soybean products in China, today announced its preliminary unaudited financial results for the first quarter ended March 31, 2009.
Unaudited preliminary revenues are expected to be approximately $43 million compared with $65.3 million in the first quarter of 2008. Unaudited preliminary net loss in the first quarter of 2009 is expected to be approximately $2.3 million compared with net income of $5.9 million in the same quarter in 2008.
Yanglin's business during the first quarter was impacted by, among other factors, a material increase in the price of (non-GM) domestic soybeans caused by the government's national strategic reserve purchase at higher than the price formed under normal market mechanism, in response to an increase in the supply of imported GM soybeans, which sell at lower prices. The Company is actively engaged in maintaining efficiency to control its cost of production.
Mr. Shulin Liu, Chief Executive Officer of Yanglin Soybean commented, "The start to 2009 was challenging, however, we remain positive in a recovery in our domestic markets and better performance in the following quarters. Periods of slower demand for our quality soybean products have traditionally been short-lived, and the products that we provide are essential. As we look ahead, we anticipate China to have another good soybean harvest in 2009, thus helping to alleviate the tight domestic commodity supplies situation. Finally, our strong balance sheet, and solid business model should help us navigate through these periods. We will deploy our cash conservatively and remain focused on creating long-term shareholder value, as we have the right strategy, markets and mix of products in place to perform well in the years ahead."
About Yanglin
Yanglin Soybean, Inc. is a leading non-genetically modified (non-GM) soybean processor in China. The Company manufactures soybean oil, salad oil and soybean meal with an annual processing capacity of 520,000 metric tons in 2008. The Company's products are sold directly to its customers or through distributors. Majority of Yanglin Soybean's customers are located in Northern China.
Forward Looking Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release and oral statements made by the Company constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding our ability to prepare the company for growth, the Company's planned capacity expansion and predictions and guidance relating to the Company's future financial performance. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as unanticipated changes in product demand, pricing and demand trends for the Company's products, changes to government regulations, risk associated with operation of the Company's facilities, risk associated with large scale implementation of the company's business plan, the ability to attract new customers, ability to increase its product's acceptance, cost of raw materials, downturns in the Chinese economy, and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. Investors are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
For more information, please contact
Yanglin Soybean, Inc.
Mr. Bode Xu
Chief Financial Officer
Email: yanglin_bodexu@hotmail.com
Grayling
Eddie Cheung
Investor Relations
Tel: +1-646-284-9414
Email: eddie.cheung@us.grayling.com
