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No. of Recommendations: 1
Well........I believe the 10-K has to be filed by Friday so this week should be interesting! Five months of radio silence from the company has been painful, especially with the market moving up roughly 10% during that time. Let's hope for some good news this week.
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buckeye123,

What would you consider good news? What would you consider bad news?

Ellipsoid
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No. of Recommendations: 5
I e-mailed John from FTI consulting about the timing of the 10K and Q4 earnings and got the following response:

The company has not yet announced its Q4 earnings date, but will do so within the next day or two.

Thanks for your patience.

Best,
John


Looks like we should expect the announcement of the earnings release date tomorrow or Thursday, followed by a Friday earnings release. I think the focus for Q4 is really about the cash collections and the A/R balance, with hopefully an update on the collections as of mid-March. Q4 is not a significant quarter from a sales perspective.
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wouter - thanks for reaching out to FTI and posting the update.

Q4 is not a significant quarter from a sales perspective

Not historically. However with not recognizing some of the Q2 shipments to riskier customers until collected, there is at least the potential that a good chunk of them were collected in Q4 if they paid within the 6 month terms, which would mean much higher Q4 revenue than last year.
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The company has not yet announced its Q4 earnings date, but will do so within the next day or two.

Thanks for your patience.

Best,
John

Any word on what's happening with reporting Q4???
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someone posted on the Yahoo boards (take it for what it's worth) that IR told them it would be announced at the latest on monday as "that is the last day to file". I had thought it was today but I could be wrong. Either way if they haven't announced prior to market open, I doubt they will after close given the time difference, so I guess monday it is.
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couldn't resist, bought some more July $5 calls at 75c

dice are rolling
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I got an out of office reply from John, but the Yahoo posted response seems consistently phrased with their prior e-mail responses. Here's the out of office announcement:


I will be out of the office on Friday, March 15 attending a family event. I will respond to your note at my earliest convenience.

Best,
John
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I actually sold off all my options before close yesterday and this morning at the open and sold a chunk of shares at the open. I'll buy everything back once they file, but at the current price, the downside risk in the short-term is greater if they don't file vs the upside if they do file. I would not expect news on the buyout in their release, so their earnings should not cause a huge pop. I do still hold shares, but it's no longer a huge part of my portfolio...temporarily. I'm willing to miss out on 20 cents of share price to avoid the significant downside if they don't file on time. I know it's probably an overreaction and I hope to buy everything back real soon.
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Hi wouter, my thinking is the same. I sold about half my position at the open to lock in some gains (I don't use options). I think the best guess may be that they got caught up in some accounting shennanigans that KPMG wouldn't sign off on--thought that's a just a guess I saw posted elsewhere.

I still think the most likely scenario is that the buyout will proceed, but there does some to be a bit more uncertainty now--enough so that I no longer want to be overweight on Yongye--but I still have plenty to do well if this ends well. I'll see how things unfold into next week before deciding whether to buy those shares back again.
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Just released...

BEIJING, March 15, 2013 /PRNewswire-FirstCall/ -- Yongye International, Inc. (YONG) ("Yongye" or the "Company"), a leading developer, manufacturer, and distributor of crop nutrient products in the People's Republic of China ("PRC"), today announced that it has filed a notification of late filing on Form 12b-25 with the SEC arising from delays in compiling certain information required relating to accounts receivable and related allowance for doubtful accounts for the year ended December 31, 2012.

The Company expects to file its Annual Report on Form 10-K by April 2 and plans to schedule its fourth quarter and full year 2012 earnings conference call to coincide with the filing of its 10-K. Details regarding the earnings announcement and earnings conference call will be provided at the appropriate time.
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A little more detail from the filing:

The annual report of Yongye International, Inc. (the “Company”) on Form 10-K for the fiscal year ended December 31, 2012 (the “Form 10-K”) could not be filed within the prescribed time period due to the fact that the Company was unable to compile certain information relating to accounts receivable and related allowance for doubtful accounts without unreasonable expense or effort. As a result, the Company could not solicit and obtain the necessary review and approvals of the Form 10-K and signature thereto in a timely fashion prior to the due date of the report.

Looks like KPMG won't sign off until they get more support or agreement on treatment of the allowance for doubtful accounts and the AR account. Not great, but it could be worse. Doesn't sounds like fraud.

The Company expects that the results of operations for the year ended December 31, 2012 will reflect an approximate 14% increase in net sales, 15% increase in gross profit and 10% increase in net income from the corresponding amounts for the year ended December 31, 2011.

Looks like the price was down 5% after-hours:

After Hours : 5.05 -0.27 (5.08%) 7:58PM EDT

It may dip below 5 on Monday and based on the filing explanation and preliminary results being in the expected range, I may pick up a portion of the shares I sold this morning.
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Sorting out the red flags from the red herrings is tough.
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Looks like they are playing games to make the stock price go down and make the offer look good.

Ellipsoid
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ellipsoid ...

... playing games ...

I'd considered that possibility too.


istraveler
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