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Yong continues to grow revenue and earnings.

Full Year 2011 Financial Highlights

Revenue increased 82.3% to $390.4 million in 2011 from $214.1 million in 2010

Gross profit increased 91.4% year-over-year to $228.3 million

Income from operations increased 76.6% to $105.6 million from $59.8 million in 2010

Net income attributable to Yongye increased 75.2% to $84.9 million, or $1.55 per diluted share, compared to $48.4 million, or $1.05 per diluted share, in the same period of 2010

Adjusted net income attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities, was $93.0 million, or $1.71 per diluted share, compared to $54.1 million, or $1.17 per diluted share, in the same period of 2010*

Earnings report and outlook here:

Here's a short blog entry about the conference call.

The market is not impressed though. Yong is down 8%. I wonder if it is the incredible increase in expenses. One thing I'm worried about though is their cost increase in the area of General and administrative expenses. I don't quite understand where this huge increase is coming from. If you look at it, the last quarterly expenses in this line where 50% larger than for the entire FY2010. That's a bit worrysome. I wonder if it is the stock compensation for directorrs/executives.

Q4 11 Q4 10 FY 11 FY10

General and administrative expenses 17,975,496 6,998,352 35,694,045 13,994,936

Any thoughts?

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