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International Investing / China Connection


Subject:  Re: Research in SH Date:  9/15/2011  11:54 PM
Author:  DCWD40 Number:  3413 of 3436

SEED cratered yesterday on news of a drop in sales and its CEO resignation:

During the third quarter of fiscal 2011, the Company generated revenues of RMB244.7 million (US$37.4 million), compared with RMB462.2 million (US$68.1 million) generated in the three months ended June 30, 2010. The goods already sold and delivered to customers can be seen as Deferred Revenue line on the balance sheet and the Advances from Customers records the advance cash receipts from customers this selling season. The lower amount of revenues this quarter is in part due to a later application of the distributor discount this 2011 selling season resulting in a later recognition of revenue this year.

Gross profit for the three months ended June 30, 2011 was RMB85.8 million (US$13.1 million) co