Press Releases

NEW YORK, Nov. 11 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that the Company's Chief Financial Officer, John C. Wobensmith, is scheduled to present at the Stephens Inc. Fall Investment Conference in New York on Wednesday, November 18, 2009 at 10:30 a.m. ET.

The presentation will be broadcast live over the Internet and can be accessed at http://www.wsw.com/webcast/stph13/gnk/index.html. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Genco Shipping's website at www.gencoshipping.com.

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco Shipping & Trading Limited currently owns a fleet of 34 drybulk vessels consisting of eight Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,734,000 dwt. After the expected delivery of one additional vessel the Company has agreed to acquire, Genco Shipping & Trading Limited will own a fleet of 35 drybulk vessels, consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,905,000 dwt.

SOURCE Genco Shipping & Trading Limited

PHILADELPHIA--(BUSINESS WIRE)-- ARAMARK Corporation, a world leader in providing professional services, will host a conference call to review its financial results for the fourth quarter and full fiscal year of 2009 on Wednesday, November 18, 2009 at 3:00 p.m. Eastern Time. The broadcast of the conference call will be available through the Investor Relations section of the ARAMARK Web site at www.aramark.com (click on the Webcast icon and follow the instructions). A replay of the call will be available through the Audio Archives section of the same web address beginning at 5:00 p.m. Eastern Time on November 18, 2009.

Any material financial information disclosed in the conference call may be obtained by accessing the replay of the conference call. During the conference call reference will be made to the Company's most recent 8-K filing which can be located on the Investor Relations page of the ARAMARK website under the section called SEC Filings.

Interested parties without access to the Internet may dial the following numbers:

Domestic Callers: (888) 466-4462

International Callers: (719) 325-2226

In addition to the replay available on the ARAMARK Web site, a replay of the call will also be accessible through Wednesday, November 25, 2009 by using the following information:

Domestic Callers: (888) 203-1112

International Callers: (719) 457-0820

Pass Code: 5740675

About ARAMARK

ARAMARK is a leader in professional services, providing award-winning food services, facilities management, and uniform and career apparel to health care institutions, universities and school districts, stadiums and arenas, and businesses around the world. In FORTUNE magazine's 2009 list of "World's Most Admired Companies," ARAMARK was ranked number one in its industry, consistently ranking since 1998 as one of the top three most admired companies in its industry as evaluated by peers and analysts. ARAMARK seeks to responsibly address issues that matter to its clients, customers, employees and communities by focusing on employee advocacy, environmental stewardship, health and wellness, and community involvement. Headquartered in Philadelphia, ARAMARK has approximately 260,000 employees serving clients in 22 countries. Learn more at the company's Web site, www.aramark.com, or www.twitter.com/aramarknews.

    Source: ARAMARK Corporation

    XI'AN, China, Nov. 11 /PRNewswire-Asia-FirstCall/ --

    -- Company Exceeds First Quarter FY2010 Revenue and EPS Guidance
    -- Q1 FY2010 Sales Increase 27% to $11.3 million, Net Income increases
       50% to $5.2 million with EPS of $0.24
    -- Q1 FY2010 Gross Margin Increases to 62% from 56% Y-O-Y, Operating
       Margin Increases to 55% from 48% Y-O-Y
    -- Company Increases Fiscal Year 2010 Guidance: Revenue, Net Income and
       EPS of at least $47.9 million, $19.7 million, and $0.88,
       respectively
    -- Management to Host Earnings Conference Call on November 12 at 9:00
       am ET

China Green Agriculture, Inc. (NYSE Amex: CGA; "China Green Agriculture" or "the Company"), a leading producer and distributor of humic acid ("HA") based compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), today announced its financial results for the first fiscal quarter ending September 30, 2009.

    Summary Results


    Q1 2010 Results
                                    Q1 2010       Q1 2009      CHANGE
    Net Sales                    $11.3 million   $8.9 million    +27%
    Gross Profit                 $7.0 million    $5.0 million    +41%
    Net Income                   $5.2 million    $3.5 million    +50%
    EPS (Basic and Diluted)      $0.24           $0.19           +27%
    Weighted Shares Outstanding  21.6 million    18.4 million    +17%

First Quarter 2010 Results

Net sales for the first quarter of fiscal year 2010 totaled $11.3 million, up 27% from $8.9 million in the same quarter of fiscal year 2009. Jinong, which is the division that sells humic acid based compound fertilizers, accounted for 90% of our total net sales. The top three selling products accounted for 16% of the fertilizer sales. For the first quarter of fiscal year 2010, Jinong's net sales increased $2.6 million, or 33.5%, to $10.2 million from $7.6 million for the same quarter of fiscal year 2009. This increase was primarily due to the increase in production capacity and the sales from more high-end products including our new highly-concentrated powdered fertilizer products. Sales volume increased 201 tons, or 5% to 4,315 tons in the first quarter of fiscal year 2010, versus 4,114 tons in the same period of fiscal year 2009. Sales from our Jintai division, namely top-grade fruits, vegetables, flowers and colored seedlings decreased 12.5% from a year ago and accounted for $1.1 million, or 10% of total net sales.

Gross profit for the first quarter of fiscal year 2010 totaled $7 million, an increase of 41% from $5 million in the same quarter of fiscal year 2009. Gross profit margin was 62% for the first quarter of fiscal year 2010, up from 56% a year ago.

Operating income for the first quarter of fiscal year 2010 was $6.2 million, up 44.5% from $4.3 million in the first quarter of fiscal year 2009. Operating margin was 55%, compared to 48% in the same quarter of fiscal year 2009.

Net income for the first quarter of fiscal year 2010 was $5.2 million, or $0.24 per basic and fully diluted share, up 50% compared with net income of $3.5 million, or $0.19 per basic and fully diluted share, during the same period in fiscal year 2009. In the first quarter of 2010, the weighted average shares outstanding were 21.6 million shares (which include shares issued from public offering in July 2009) versus 18.4 million shares in the year ago period.

"We are very pleased that our financial results have exceeded both our revenue and EPS guidance for the first quarter fiscal year 2010 which were driven by our new production line and sales of more high-end products, notably our highly-concentrated powdered fertilizer products," stated Mr. Tao Li, Chairman, President and Chief Executive Officer of China Green Agriculture. "While our margins have historically been the highest in the organic fertilizer industry, we were able to expand our margins due to the increasing sales of our new high margin products. The recent increase of our production capacity coupled with our growing nationwide distribution network will allow us to drive revenue and earnings throughout the year as we build on being one of the leading organic compound fertilizer producers in China."

Financial Condition

As of September 30, 2009, the Company had $35.1 million in cash and cash equivalents, an increase of $17.4 million from June 30, 2009, primarily due to the net proceeds from the public offering in July 2009. The Company maintained short term loans of $2.2 million and shareholders' equity of $85.5 million. The Company had no long term debt as of September 30, 2009. Net accounts receivable stood at $11.7 million as of September 30, 2009 with trailing twelve month days sales outstanding of 86 compared to corresponding days sales outstanding of 92. For the fiscal quarter ending September 30, 2009, the Company had $4.3 million in cash flows from operating activities, while capital expenditures amounted to approximately $13.1 million primarily due to the purchase of land use rights for the expansion of the new greenhouse facility.

Revised 2010 Guidance

China Green Agriculture's first 2010 fiscal quarter revenue of $11.3 million and EPS of $0.24 exceeded the high end of its previously announced revenue and EPS guidance for the first 2010 fiscal quarter of $10.5 million to $11.2 million and $0.19 to $0.21, respectively, due to strong sales from its green fertilizer products.

For the second fiscal quarter ending December 31, 2009, management expects revenues of $10.4 million to $11.0 million, net income of $4.2 million to $4.6 million, and EPS of $0.18 to $0.20 per fully diluted shares, respectively. For the fiscal year ending June 30, 2010, management increased guidance and now expects revenues of $47.9 million to $49.8 million, net income of $19.7 million to $20.6 million, and EPS of $0.88 to $0.92 based on 22.6 million fully diluted shares, respectively. This guidance reflects the anticipated strong sales resulting from our increased production capacity as well as the expanded margins on high-end fertilizer products.

"We will continue to capitalize on the market opportunities within China's highly fragmented organic fertilizer industry supported by our expanded production capacity and our designated R&D platform," stated Mr. Li. "Our goal is to continue to introduce new high margin products to the market quickly, providing one of the most assorted product mixes of compound fertilizers available in China. We have boosted our marketing efforts with a focus on promoting the quality image of the 'Jinong' brand through both distributors and retail stores in our effort to drive incremental revenue and earnings growth while continuing to expand both our gross and operating margins. We feel our recent initiatives will provide sustainable growth which will give us the capability to reach full utilization of our 55,000 metric ton capacity over the next three years while further gaining market share in China's green fertilizer market," Mr. Li concluded.

Conference Call

The Company will conduct a conference call at 9:00 a.m. ET on Thursday, November 12, 2009. Interested participants should call 1-877-407-9210 when calling within the United States or 1-201-689-8049 when calling internationally. When prompted by the operator, please mention "China Green Agriculture's First Quarter Fiscal Year 2010 Financial Results" to join the call.

    Event:          CGA First Quarter Fiscal Year 2010 Conference Call
    Date:           November 12, 2009
    Time:           9:00 a.m. ET
    US Dial In:     1-877-407-9210
    Intl' Dial In:  1-201-689-8049
    Conference ID#: 336896

The call is being webcast by Vcall and can be accessed at China Green Agriculture's website at http://www.ir-site.com/cgagri/events.asp. Investors can also access the webcast at http://www.InvestorCalendar.com .

A playback will be available through November 19, 2009. To listen, please call 1-877-660-6853 within the United States or 1-201-612-7415 when calling internationally. Replay Passcodes (both required for playback): Account #: 286; Conference ID #: 336896.

About China Green Agriculture, Inc.

China Green Agriculture, Inc. produces and distributes humic acid ("HA") based compound fertilizer through its wholly owned subsidiary, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd., ("Jinong"). Jinong produces and sells over 130 different kinds of fertilizer products per year. All of Jinong's fertilizer products are certified by the PRC government as green food production materials, as stated by the China Green Food Research Center. Jinong's fertilizers are mainly highly concentrated liquids which require an application of approximately 120 ml per mu per application. Its average end user has approximately four mu of land (one mu = .165 acres). Jinong also has the capacity to produce highly concentrated powdered fertilizers. China Green Agriculture currently markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 21 provinces, 4 autonomous regions and 3 municipal cities in the PRC. The leading five provinces which collectively accounted for 36.4% of the Company's fertilizer revenue for the year ended June 30, 2009 are Shandong (9.5%), Shaanxi (8.3%), Heilongjiang (6.5%), Xinjiang (6.5%) and Anhui (5.9%). For more information, visit http://www.cgagri.com .

Safe Harbor Statement

This press release contains forward-looking statements 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 and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, the impact of competitive products or pricing, changes in technology, additional financing requirements, development of new products, government approval processes, technological changes, 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 Securities and Exchange Commission. 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.

    For more information, please contact:

    In the US:
    China Green Agriculture, Inc.
     Ms. Ying Yang, Chief Financial Officer
     Tel:   +1-626-623-2575
     Email: yangying@cgagri.com

    OR

    HC International, Inc.
     Ted Haberfield, Executive VP
     Tel:   +1-760-755-2716
     Email: thaberfield@hcinternational.net

    In China:

    China Green Agriculture, Inc.
     Mr. Jonnie Wang, Secretary of Board, Investor Relations Officer
     Tel:   +86-29-8826-6368
     Email: wangxilong@cgagri.com


- Financial Tables Follow -



                  CHINA GREEN AGRICULTURE INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                   AS OF SEPTEMBER 30, 2009 AND JUNE 30, 2009
                                   (UNAUDITED)

    ASSETS
                                         September 30, 2009     June 30, 2009
    Current Assets
    Cash and cash equivalents                  $35,156,962       $17,795,447
    Restricted cash                                 58,813            83,579
    Accounts receivable, net                    11,709,073         8,167,715
    Inventories                                  8,143,916         7,162,249
    Other assets                                   160,826           129,213
    Deferred offering cost                              --           160,500
    Advances to suppliers                           77,423            95,255
    Total Current Assets                        55,307,013        33,593,958

    Plant, Property and Equipment, Net          28,973,205        17,341,654

    Construction In Progress                            --         9,609,649

    Intangible Assets, Net                      11,734,412         1,073,165

    Total Assets                               $96,014,630       $61,618,426

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current Liabilities
    Accounts payable                              $595,166          $926,883
    Unearned revenue                                67,458            24,000
    Other payables and accrued expenses          1,719,745         1,091,168
    Advances from other unrelated
     companies                                     298,546           326,970
    Amount due to related parties                   69,464            31,160
    Taxes payable                                5,544,691         2,887,828
    Short term loans                             2,193,752         3,170,290
    Total Current Liabilities                   10,488,822         8,458,299

    Common Stock, $.001 par value,
     6,313,617 shares subject to
     redemption                                         --        20,519,255

    Stockholders' Equity
    Preferred Stock, $.001 par value,
     20,000,000 shares authorized, Zero
     shares issued and outstanding                      --                --
    Common stock, $.001 par value,
     115,197,165 shares authorized,
     22,681,425 shares issued and
     outstanding (12,281,569 as of June
     30, 2009)                                      22,682            12,282
    Additional paid-in capital                  49,712,354         2,060,162
    Statuary reserve                             4,026,529         3,468,530
    Retained earnings                           29,332,043        24,642,768
    Accumulated other comprehensive
     income                                      2,432,200         2,457,130
    Total Stockholders' Equity                  85,525,808        32,640,872

    Total Liabilities and Stockholders'
     Equity                                    $96,014,630       $61,618,426




                  CHINA GREEN AGRICULTURE INC. AND SUBSIDIARIES
           CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
              FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
                                   (UNAUDITED)

                                                   2009               2008

     Net sales                                  $11,276,820        $8,880,002
     Cost of goods sold                           4,317,862         3,930,893
     Gross profit                                 6,958,958         4,949,109
     Operating expenses
     Selling expenses                               215,672           216,376
     General and administrative expenses            534,179           437,129
     Total operating expenses                       749,850           653,505
     Income from operations                       6,209,108         4,295,604
     Other income (expense)
     Other income (expense)                             966             4,275
     Interest income                                 29,266           140,395
     Interest expense                               (61,309)         (320,864)
     Total other income (expense)                   (31,077)         (176,194)
     Income before income taxes                   6,178,031         4,119,410
     Provision for income taxes                     930,757           621,483
     Net income                                   5,247,274         3,497,927
     Other comprehensive income
     Foreign currency translation
      gain/(loss)                                   (24,930)           (6,179)
     Comprehensive income                        $5,222,344        $3,491,748

    Basic weighted average shares
     outstanding                                 21,632,488        18,381,702
    Basic net earnings per share                      $0.24             $0.19
    Diluted weighted average shares
     outstanding                                 21,650,546        18,381,702
    Diluted net earnings per share                    $0.24             $0.19




                  CHINA GREEN AGRICULTURE INC. AND SUBSIDIARIES
                            STATEMENTS OF CASH FLOWS
             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
                                   (UNAUDITED)

                                                   2009              2008
    Cash flows from operating activities
    Net income                                  $5,247,274        $3,497,927
    Adjustments to reconcile net income
     to net cash
    provided by operating activities
    Issuance of stock options for
     compensation                                       --            25,133
    Depreciation                                   444,215           368,094
    Amortization                                    43,185            26,740
    Decrease / (Increase) in current
     assets
    Accounts receivable                         (3,532,758)       (2,750,170)
    Other receivables                              (30,915)            8,258
    Inventories                                   (974,125)       (2,583,908)
    Advances to suppliers                           17,933           (66,825)
    Other assets                                     2,171            15,756
    (Decrease) / Increase in current
     liabilities
    Accounts payable                              (332,626)           30,941
    Unearned revenue                                43,432            91,989
    Tax payables                                 2,653,822         1,603,503
    Other payables and accrued expenses            709,662           174,431
    Net cash provided by operating
     activities                                  4,291,270           441,868

    Cash flows from investing activities
    Acquisition of plant, property, and
     equipment                                  (2,437,738)             (897)
    Acquisition of intangible assets           (10,703,302)               --
    Additions to construction in progress               --           (41,223)
    Net cash used in investing activities      (13,141,040)          (42,120)

    Cash flows from financing activities
    Repayment of loan                             (979,876)         (116,701)
    Proceeds issuance of shares                 27,143,338                --
    Restricted cash                                 24,766            28,311
    Net cash provided by / (used in)
     financing activities                       26,188,228           (88,391)

    Effect of exchange rate change on
     cash and cash equivalents                      23,057            (4,671)
    Net increase in cash and cash
     equivalents                                17,361,515           306,686

    Cash and cash equivalents, beginning
     balance                                    17,795,447        16,612,416
    Cash and cash equivalents, ending
     balance                                   $35,156,962       $16,919,102

    Supplement disclosure of cash flow
     information
    Interest expense paid                         $(61,309)        $(122,511)
    Income taxes paid                                  $--               $--

SOURCE China Green Agriculture, Inc.

Jet Edge Water Jets Cut Virtually Every Material

MCMURRAY, Penn.--(BUSINESS WIRE)-- Jet Edge, Inc., a leading manufacturer of ultra-high pressure waterjet and abrasivejet systems for precision cutting, coating removal and surface preparation, is pleased to announce that Allegheny Machine Tool Systems Inc. (AMTSI) is distributing Jet Edge waterjets in Western Pennsylvania.

Located in McMurray, Pa., AMTSI has been distributing and supporting machine tools in Western Pennsylvania, Western Maryland and West Virginia since 1992. In addition to Jet Edge water jets, the company carries EDM machines, lathes, mills, CAD-CAM systems and grinders. AMTSI also provides applications engineering expertise, training, technical support, parts and service. AMTSI's technicians are authorized to provide local service on Jet Edge waterjet systems.

About Jet Edge

Established in 1984, Jet Edge is a global designer and manufacturer of waterjet systems for precision cutting, surface preparation and coating removal. Jet Edge water jets are used around the world in a broad range of industries, from the world's leading airlines to automotive, aerospace, industrial manufacturers, machine and job shops. Water jets cut virtually every material, including metals, stone, plastics, composites, food, rubber, foam, paper and much more. Jet Edge waterjet systems are proudly made in the U.S.A. For more information about Jet Edge, visit www.jetedge.com, e-mail sales@jetedge.com or call 1-800-JET-EDGE (538-3343).

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6098082&lang=en

    Source: Jet Edge Waterjet Systems

MOUNTAIN VIEW, Calif., Nov. 11 /PRNewswire-FirstCall/ -- Synopsys, Inc. (Nasdaq: SNPS), a world leader in software and IP for semiconductor design, verification and manufacturing, today announced it will report results for the fourth quarter and fiscal year 2009 on Wednesday, Dec. 2, 2009, after the market close.

A conference call to review the results will begin at 2 p.m. PT (5 p.m. ET) and will be hosted by Aart de Geus, chairman and chief executive officer, and Brian Beattie, chief financial officer.

Financial and other statistical information to be discussed on this conference call will be available on the corporate website at http://www.synopsys.com immediately before the call. A live webcast will also be available on this site. Participants should access the live webcast at least 10 minutes prior to the start of the call. A webcast replay can be accessed on the corporate website beginning Wednesday, Dec. 2, 2009, at approximately 5:30 p.m. PT. The replay will remain available until Synopsys announces its first quarter fiscal year 2010 results in February 2010. In addition, a dial-up replay of the conference call will be available beginning Dec. 2, 2009 at 4:00 p.m. PT, ending on Dec. 16, 2009 at midnight. The replay telephone number is USA (800) 475-6701, and International (320) 365-3844, Access Code: 122503.

About Synopsys

Synopsys, Inc. (Nasdaq: SNPS) is a world leader in electronic design automation (EDA), supplying the global electronics market with the software, intellectual property (IP) and services used in semiconductor design, verification and manufacturing. Synopsys' comprehensive, integrated portfolio of implementation, verification, IP, manufacturing and field-programmable gate array (FPGA) solutions helps address the key challenges designers and manufacturers face today, such as power and yield management, software-to-silicon verification and time-to-results. These technology-leading solutions help give Synopsys customers a competitive edge in bringing the best products to market quickly while reducing costs and schedule risk. Synopsys is headquartered in Mountain View, California, and has more than 65 offices located throughout North America, Europe, Japan, Asia and India. Visit Synopsys online at http://www.synopsys.com/.

    Investor Contact:
    Roberta Reid
    Synopsys, Inc.
    (650) 584-1901

SOURCE Synopsys, Inc.