Q2 FinancialsGRE just reported Q2/6 mth financials. They earned 0.09 / share in Q2 (from 0.07 in 2012) and 0.19 / share for the six mth period over 0.15 in 2012. 0.19 eps for 6 mths in its typically "slowest" half and quarter. See below.
GreenStar earns $2.86-million in Q2
2013-08-22 08:27 ET - News Release
Mr. Robert Macdonald reports
GREENSTAR REPORTS 34% INCREASE IN REVENUES AND 39% INCREASE IN NET INCOME FOR THE SECOND QUARTER OF 2013
GreenStar Agricultural Corp. has released its financial results for the three- and six-month periods ending June 30, 2013.
Key Financial Metrics ---------------------------------------------------------------------------- In thousands except share data and EPS Q2 2013 Q2 2012 Change YTD 2013 YTD 2012 Change ---------------------------------------------------------------------------- Key Operation Results Unaudited Unaudited Unaudited Unaudited ---------------------------------------------------------------------------- Total revenue $ 9,446 $ 7,028 34.41% $ 20,006 $ 16,003 25.01% ---------------------------------------------------------------------------- Gross profit $ 4,574 $ 3,182 43.75% $ 9,082 $ 7,046 28.90% ---------------------------------------------------------------------------- EBITDA(1 ) $ 4,357 $ 3,010 44.75% $ 8,847 $ 6,582 34.41% ---------------------------------------------------------------------------- Net profit before income tax $ 3,944 $ 2,813 40.21% $ 8,025 $ 6,194 29.56% ---------------------------------------------------------------------------- Profit for the period $ 2,863 $ 2,066 38.58% $ 5,894 $ 4,575 28.83% ---------------------------------------------------------------------------- EPS - basic $ 0.19 $ 0.14 35.71% $ 0.39 $ 0.30 30.00% ---------------------------------------------------------------------------- EPS - diluted(2) $ 0.09 $ 0.07 28.57% $ 0.19 $ 0.15 26.67% ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Jun.30, Dec. 31, 2013 2012 Change ---------------------------------------------------------------------------- Key Balance Sheet Highlights Unaudited Audited ---------------------------------------------------------------------------- Cash and cash equivalents $ 14,240 $ 7,836 81.73% ---------------------------------------------------------------------------- Total assets $ 55,243 $ 46,614 18.51% ---------------------------------------------------------------------------- Total Liabilities $ 5,857 $ 6,307 -7.13% ---------------------------------------------------------------------------- Shareholders' Equity $ 49,386 $ 40,308 22.52% ---------------------------------------------------------------------------- Weighted average number of shares outstanding (basic, in thousands) 15,070 15,070 - ---------------------------------------------------------------------------- Working capital per share, diluted $ 0.88 $ 0.62 41.94% ---------------------------------------------------------------------------- Net assets per share, diluted $ 1.58 $ 1.29 22.48%
"Despite challenging economic conditions in both the domestic Chinese market, and internationally, the Corporation managed to substantially grow, both its top line revenues and net profit in the period. Historically, over the past three years, the second quarter and first half represented 17% and 38% respectively of annual revenues, said Mr. Guan Lianyun, Chairman and CEO of GreenStar. "We are beginning to see the positive effect that GreenStar's increased land base is having on the overall results. The Corporation's fresh produce volumes increased dramatically during the quarter and the first half of 2013, and when combined with selling price increases, the results delivered robust revenue and earnings growth for GreenStar. We believe that the Corporation is well positioned to continue on this established path of growing revenues and profits, and enhancing shareholder value."
Q2 2013 Financial Highlights
-- Revenue of $9.4 million, an increase of 34.4% over $7 million in Q2 2012 -- Gross profit of $4.6 million, an increase of 43.8% over $3.2 million in Q2 2012 -- EBITDA of $4.4 million, an increase of 44.8% over $3 million in Q2 2012 -- Net profit of $2.9 million, an increase of 38.6% over $2.1 million in Q2 2012 -- Earnings per share (fully diluted) of $0.09, an increase of 28.6% over $0.07 in Q2 2012
2013 YTD Financial Highlights
-- Revenue of $20 million, an increase of 25% over $16 million in the first half 2012 -- Gross profit of $9.1 million, an increase of 29% over $7.0 million in the first half 2012 -- EBITDA of $8.8 million, an increase of 34.4% over $6.6 million in the first half 2012 -- Net profit of $5.9 million, an increase of 28.8% over $4.6 million in the first half 2012 -- Earnings per share (fully diluted) of $0.19, an increase of 26.7% over $0.15 in the first half 2012
Shareholders' equity $49.4 million, an increase of 22.5% over $40.3 million as at December 31, 2012.
GreenStar invites readers to review Management's Discussion & Analysis, as filed on SEDAR, for a more complete review and analysis of the Corporation's financial information and performance.