Key Developments For Zhongpin Inc.
Zhongpin Inc. (HOGS.O) (Nasdaq)
ZHONGPIN INC. Comments On Q4 2009 Revenue Guidance
ZHONGPIN INC. announced that for the fourth quarter 2009, it expects sales revenues of at least $210 million. The meaning of at least of course does not mean that those numbers are the only numbers possible. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $230 million for the same period.
ZHONGPIN INC. Lowers FY 2009 Guidance
ZHONGPIN INC. announced that for fiscal 2009, it expects revenue to be in the range of $720-$730 million and diluted earnings per share (EPS) has been revised downward, assuming stable but not increasing pork price in the fourth quarter and to adjust for the higher average common shares outstanding. The new diluted earnings per share range for fiscal 2009 to be in the range of $1.38-$1.40. According to Reuters Estimates, analysts were expecting the Company to report EPS of $1.53 on revenues of $755 million for fiscal 2009.
ZHONGPIN INC. Closes $60 Million Public Offering of Common Stock And Announces Full Exercise of Over Allotment Option
ZHONGPIN INC. announced the closing on October 15, 2009 of its previously announced public offering of 4,000,000 shares of common stock, and the sale of an additional 600,000 shares of common stock at the public offering price of $13.25 per share pursuant to the over-allotment option, which was exercised in full by the underwriters prior to the closing. The exercise of the over-allotment option brings the total number of shares sold by the Company in this public offering to 4,600,000 shares and the total gross proceeds to $60.95 million. The aggregate net proceeds received by the Company totaled approximately $56 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund expansion plans, to repay short term indebtedness and for working capital and general corporate purposes. Piper Jaffray & Co. acted as the sole book-running manager for the offering.
ZHONGPIN INC. Prices Common Stock Offering
ZHONGPIN INC. announced that it has priced its previously announced underwritten registered public offering of 4,000,000 shares of its common stock at $13.25 per share. In connection with the offering, Zhongpin has also granted the underwriters a 30 day option to purchase up to an additional 600,000 shares of common stock to cover over-allotments, if any. Piper Jaffray & Co. acted as the sole book-running manager for the offering. Net proceeds, after underwriting discounts and commissions and expenses, will be approximately $49 million. The offering is expected to close on October 14, 2009. Zhongpin intends to use the net proceeds from the offering to fund expansion plans, repay short term indebtedness, and for working capital and general corporate purposes. The offering was made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on June 18, 2009 and amended on July 14, 2009.
ZHONGPIN INC. Announces Common Stock Offering
ZHONGPIN INC. announced that it intends to offer shares of its common stock in a public offering. Piper Jaffray & Co. is acting as the sole book running manager for the offering and Susquehanna Financial Group, LLLP is acting as co-manager. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on June 18, 2009 and amended on July 14, 2009.
