UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 14, 2018
CHINA GREEN AGRICULTURE, INC.
(Exact name of Registrant as specified in charter)
| Nevada | 001-34260 | 36-3526027 | ||
| (State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
| of incorporation) | Identification No.) |
| 3rd Floor, Borough A, Block A. No. 181, |
| South Taibai Road, Xi’an, Shaanxi Province |
| People’s Republic of China 710065 |
| (Address of principal executive offices) (Zip Code) |
Registrant’s telephone number, including area code: +86-29-88266368
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425)
☐ Soliciting material pursuant to Rule14a-12 under the Exchange Act (17CFR240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
On February 14, 2018, China Green Agriculture, Inc., a corporation incorporated under the laws of the State of Nevada (the “Company”), issued a press release announcing (i) certain financial results for the second quarter ended December 31, 2017 of fiscal year 2018; (ii) the guidance for the revenues and net incomes for the third quarter ended March 31, 2018 and the fiscal year ended June 30, 2018; and (iii) a conference call to be held by the Company on Wednesday, February 14, 2018 at 7:00 a.m. Eastern Time to discuss the results of operations for the second quarter ended December 31, 2017. A copy of the press release is attached hereto as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
The following is filed as an exhibit to this report:
| Exhibit No. | Description | |
| 99.1 | Press Release, dated February 14, 2018. |
| 1 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 14, 2018
| CHINA GREEN AGRICULTURE, INC. | ||
| (Registrant) | ||
| By: | /s/ Zhuoyu Li | |
| Name: | Zhuoyu Li | |
| Title: | Chief Executive Officer | |
2
Exhibit 99.1
China Green Agriculture Reports Second Fiscal Quarter 2018’s Financial Results, Meets Revenue Guidance, Beats Income Guidance, and Raises Full Year Income Guidance
XI’AN, China, Feb 14, 2018 /GLOBE NEWSWIRE / --
China Green Agriculture, Inc. (NYSE: CGA; “China Green Agriculture” or the “Company”), a company which mainly produces and distributes humic acid-based compound fertilizers, varieties of compound fertilizers and agricultural products through its subsidiaries and variable interest entities in China, today announced its financial results for the second quarter of Fiscal Year 2018, confirmed revenue guidance, and raised income guidance for full Fiscal Year 2018.
|
Summary
Second Fiscal Quarter 2018 Results (USD)
|
|
(Three Months ended December 31, 2017)
Highlights:
|
| ● | Revenue meets guidance. |
| ● | Net income beats guidance. |
| ● | Net sales of 63.4 million, meets guidance of $58 million to $65 million. |
| ● | Gross Profit of 18.5 million. |
| ● | Net Income of 7.8 million, exceeds guidance of $4.7 million to $6 million by 30%. |
| ● | EPS (Diluted) of $0.20 based on 38.5 million fully diluted shares. |
|
(Six Months ended December 31, 2017)
|
| ● | Net sales of 126.7 million. |
| ● | Net Income of 12.9 million. |
| ● | EPS (Diluted) of $0.34 based on 38.5 million fully diluted shares. |
Guidance
| ● | 3rd Fiscal Quarter 2018: management expects Revenue of $68 million to $78 million; Net Income of $6 million to $8 million; EPS of $0.15 to $0.20 based on 38.5 million fully diluted shares. |
| ● | Fiscal Year 2018: management confirms to expect Revenue of $263 million to $301 million; raises to expect Net Income of $23 million to $32 million; EPS of $0.60 to $0.83 based on 38.5 million fully diluted shares. |
“We had finished another solid quarter. Our results continue to validate the strength of our market positions," said Mr. Zhuoyu Li, the Chairman and CEO of the Company. "With strong engagement in both manufacturing and wholesale business, our company’s fundamentals continue to improve. The development of the wholesale segment demonstrates our commitment to investing in growth segments throughout our business and is key to the future of our company.”
Conference Call
The Company will hold a conference call at 7:00 a.m. EST on Wednesday, February 14, 2018. Any interested participants are welcome to join in the call by following the dial-in details as set out below.
| US Dial In (toll free): |
1-866-682-6100 |
|
| Int’l Dial In: | 1-404-267-0373 |
A playback will be available through February 21, 2018. To listen, please call 1- 888-640-7743 within the United States or 1-754-333-7735 when calling internationally. Replay Access Code# 142381.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company’s business, products and financial results. The Company’s actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, the foreign exchange risk amid the unexpected announcements by the PRC government and various other factors beyond the Company’s control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company’s reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations.
For more information, please contact:
China Green Agriculture, Inc.
Tel: +86-29-88266383
Email: info@cgagri.com
SOURCE: China Green Agriculture, Inc.